JAKARTA, Aug 11 (Reuters) - An 80 percent dive in the premium paid for certified "green" palm oil could discourage producers from applying for certification, an industry official said on Tuesday, marking a setback in efforts to control deforestation.
Vengeta Rao, secretary general of the Roundtable on Sustainable Palm Oil (RSPO), said in an interview that the slide in the premium would slow down interest but was unlikely to stop certification givenn continued interest from some buyers.
Under fire from green groups and some Western consumers, the palm oil industry established the RSPO in 2004 to develop an ethical certification system that includes commitment to preserve rainforest and wildlife.
But while more certified output is ready for sale, demand is lagging behind. The RSPO has so far sold about 100,000 tonnes, or about 6.2 percent, of certified green palm oil since the first shipment last November.
As a result, the premium to conventional palm oil had slumped to $10-15 a tonne now from $50 in November, Rao told Reuters on the sidelines of an industry meeting.
Wednesday, August 12, 2009
Breaking News-RTRS-Oil World sees strong rise in U.S. soyoil exports
HAMBURG, Aug 11 (Reuters) - U.S. July/December 2009 soyoil exports are likely to rise to around 800,000 tonnes from 330,000 tonnes in the same period in 2008 and up from 540,000 tonnes in the first half of this year, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
A major reduction in July/December soyoil exports is expected from rival suppliers Argentina and Brazil following poor soybean crops and rising use of soyoil for biodiesel production, Oil World said.
A major reduction in July/December soyoil exports is expected from rival suppliers Argentina and Brazil following poor soybean crops and rising use of soyoil for biodiesel production, Oil World said.
Breaking News-RTRS-CORRECTED-UPDATE 2-Atticus closing two hedge funds
NEW YORK, Aug 11 (Reuters) - Investor Timothy Barakett on Tuesday said Atticus Capital, which suffered some of the hedge fund industry's steepest losses last year, is closing two of its three funds and will return $3 billion to shareholders.
The Atticus founder and chief executive told investors in a letter that he is closing down his flagship fund, Atticus Global, and the $600 million Atticus Trading fund "solely" for personal reasons.
Atticus, the management company, will remain open. Barakett said partner David Slager intends to continue to manage the $1.2 billion Atticus European Fund.
The Atticus founder and chief executive told investors in a letter that he is closing down his flagship fund, Atticus Global, and the $600 million Atticus Trading fund "solely" for personal reasons.
Atticus, the management company, will remain open. Barakett said partner David Slager intends to continue to manage the $1.2 billion Atticus European Fund.
Trader's Highlight
DJI-NEW YORK, Aug 11 (Reuters) - U.S. stocks fell on Tuesday after a prominent banking analyst warned the sector's
fundamentals have yet to improve, and an unexpectedly large drop in wholesale inventories raised worries about an economic recovery.
Financial stocks, which had gained about 25 percent in the last month, tumbled after Rochdale Securities analyst Richard Bove painted a gloomy outlook for the banking industry. He said bank stocks are trading on "fumes," and he expects a short-term
pull-back in their stock prices.
The Dow Jones industrial average <.DJI> closed down 96.28 points, or 1.03 percent, to 9,241.67. The Standard & Poor's 500 Index <.SPX> fell 12.77 points, or 1.27 percent, to 994.33. The technology-laced Nasdaq Composite Index <.IXIC> slid 22.51
points, or 1.13 percent, to 1,969.73.
Investors were also cautious as a two-day monetary policy meeting by the U.S Federal Reserve got under way on Tuesday. The focus will be on signs from the Fed of an exit strategy from its quantitative easing policy. Also weighing was a report on July retail sales, due Thursday.
NYMEX-NEW YORK, Aug 11 (Reuters) - U.S. crude oil futures remained down in post-settlement trading on Tuesday despite a surprise crude stock drawdown in weekly inventory data from the industry group American Petroleum Institute.
"This API report overall is mildly supportive because of the bigger-than-expected drawdown in gasoline stocks. But traders won't probably do much until tomorrow's EIA data comes in," said Phil Flynn, analyst at PFGBest Research in Chicago.
Flynn said traders were waiting for the results of the Federal Reserve's policy-setting meeting on interest rates on Wednesday.
The U.S. Energy Information Administration will release its own report on Wednesday at 10:30 a.m. EDT (1430 GMT).
On the New York Mercantile Exchange, September crude settled down $1.15, or 1.63 percent, at $69.45 a barrel, trading from $68.71 to $71.25.
CBOT-SOYBEANS - August up 46 cents per bushel at $12.16-1/2. November up 28-1/2 at $10.38-1/2.
News China bought more U.S. soy and shrinking supply of soybeans lifting market. Positioning noted ahead of the release early on Wednesday of USDA's August crop reports.
CBOT-SOYOIL - August soyoil 1.53 cents per lb at 38.02. Support from gains in soybeans.
FCPO-JAKARTA, Aug 11 (Reuters) - Malaysian palm oil futures rose 2.7 percent on Tuesday to their highest closing in two months, reversing early losses as investors bet on good demand prospects after seeing a pick up in physical buying, traders said.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange settled up 64 ringgit to 2,464 ringgit ($702.39), the highest level since June 12. The contract bounced back from the day's low of 2,376 ringgit. Overall volume was more than double the usual at 23,676 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Aug 11 (Reuters) - Singapore shares rose almost 2
percent on Tuesday as slightly better-than-expected second-quarter GDP data cheered the market and boosted index heavyweights such as Oversea-Chinese Banking Corp and SingTel. The government's warning that the pace of growth might not be sustained failed to dent the mood.
Malaysia's index <.KLSE> edged down 0.14 percent and Thailand's <.SETI> inched down 0.11 percent, but the Philippine index <.PSI> eked out a small gain of 0.4 percent and Vietnam's <.VNI> ended 0.6 percent higher.
In Kuala Lumpur, AMMB Holdings rose 2.2 percent after it reported higher quarterly earnings, while plantation firm IOI Corp fell 0.4 percent as Malaysian palm oil futures edged down.
fundamentals have yet to improve, and an unexpectedly large drop in wholesale inventories raised worries about an economic recovery.
Financial stocks, which had gained about 25 percent in the last month, tumbled after Rochdale Securities analyst Richard Bove painted a gloomy outlook for the banking industry. He said bank stocks are trading on "fumes," and he expects a short-term
pull-back in their stock prices.
The Dow Jones industrial average <.DJI> closed down 96.28 points, or 1.03 percent, to 9,241.67. The Standard & Poor's 500 Index <.SPX> fell 12.77 points, or 1.27 percent, to 994.33. The technology-laced Nasdaq Composite Index <.IXIC> slid 22.51
points, or 1.13 percent, to 1,969.73.
Investors were also cautious as a two-day monetary policy meeting by the U.S Federal Reserve got under way on Tuesday. The focus will be on signs from the Fed of an exit strategy from its quantitative easing policy. Also weighing was a report on July retail sales, due Thursday.
NYMEX-NEW YORK, Aug 11 (Reuters) - U.S. crude oil futures remained down in post-settlement trading on Tuesday despite a surprise crude stock drawdown in weekly inventory data from the industry group American Petroleum Institute.
"This API report overall is mildly supportive because of the bigger-than-expected drawdown in gasoline stocks. But traders won't probably do much until tomorrow's EIA data comes in," said Phil Flynn, analyst at PFGBest Research in Chicago.
Flynn said traders were waiting for the results of the Federal Reserve's policy-setting meeting on interest rates on Wednesday.
The U.S. Energy Information Administration will release its own report on Wednesday at 10:30 a.m. EDT (1430 GMT).
On the New York Mercantile Exchange, September crude
CBOT-SOYBEANS - August
News China bought more U.S. soy and shrinking supply of soybeans lifting market. Positioning noted ahead of the release early on Wednesday of USDA's August crop reports.
CBOT-SOYOIL - August soyoil
FCPO-JAKARTA, Aug 11 (Reuters) - Malaysian palm oil futures rose 2.7 percent on Tuesday to their highest closing in two months, reversing early losses as investors bet on good demand prospects after seeing a pick up in physical buying, traders said.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, Aug 11 (Reuters) - Singapore shares rose almost 2
percent on Tuesday as slightly better-than-expected second-quarter GDP data cheered the market and boosted index heavyweights such as Oversea-Chinese Banking Corp and SingTel. The government's warning that the pace of growth might not be sustained failed to dent the mood.
Malaysia's index <.KLSE> edged down 0.14 percent and Thailand's <.SETI> inched down 0.11 percent, but the Philippine index <.PSI> eked out a small gain of 0.4 percent and Vietnam's <.VNI> ended 0.6 percent higher.
In Kuala Lumpur, AMMB Holdings
NYMEX CRUDE Daily: Losing ground
Market is losing ground following prices tested the downside support at USD 70-69. Thus, market looks may move sideways to bias downside potential in near term. We are now looking for the upside resistance at 72.84 followed by 73.38. To the downside, support is pegged at 66 followed by 64.
DJI Daily: May take a breathe
Market may take a breathe after the recent rebound. Thus, market may move in sideways with resistance and support is at 9437.71 and 9100-9000 levels respectively.
FKLI Daily: May due for correction
Market may due for correction in near term with showing little sign of tiredness. Currently, upside resistance is at 1189.5 followed by 1200. While, downside support is at 1175.5-1170 followed by 1158.5.
FCPO Daily: Bulls run likely to continue
Market extended its winning streak to end with long white candle after violated 2440-2450 levels. Bulls run looks likely to continue in near term. As for now, we are looking for the upside resistance at 2500-2530. Downside support is pegged at 2380 followed by 2354-2345 (gap left over on 10/8/2009).
Trader's Comment: The “bull” was still in control as it erased its earlier losses and continue to march forward steadily.
The “bull” was still in control as it erased its earlier losses and continue to march forward steadily. Benchmark Oct09 was initially in a mix to easier mood as it hovered between 2402-2376 through out the morning sessions after opened RM8 lower at 2392. However, the emerge of short covering activities and some aggressive speculative buying led prices immediately gap up higher during second session opening and continue to rally strongly for the rest of the sessions. It hit intra day high of 2471 before ended RM65 higher at 2464. Positive external vege oil markets had also lend tremendous support to the BMD as eCBOT soy oil gained almost 2% higher while Dalian palm ended with 1% higher. Daily volume increased significantly with a total of 23,676 contracts changed hands.
Subscribe to:
Posts (Atom)
