KUALA LUMPUR, Nov 2 (Reuters) - Planned palm oil carbon emission targets will be delayed by at least a year as planters clash with NGOs on calculating the vegetable oil's environmental impact, officials said on Monday.
The measure was aimed at combating the negative image of palm oil output, which green groups say has been partly fuelled by producers in Southeast Asia cutting down swathes of rainforests and draining carbon-rich peatlands.
But Malaysian and Indonesian producers say imposing limits on land expansion based on greenhouse gas emissions was an unfair barrier to trade as oil palm estates could act as net carbon sink.
The CO2 targets were delayed by a year pending further study and watered down to a voluntary undertaking during the Roundtable of Sustainable Palm Oil (RSPO) that brings together producers, buyers and NGOS this week in the Malaysian capital.
Tuesday, November 3, 2009
Breaking News-RTRS-UPDATE 1-Malaysia replanting scheme to cut palm output
KUALA LUMPUR, Nov 2 (Reuters) - A replanting scheme should cut Malaysian palm oil output by half a million tonnes in 2009 and 2010 as stocks start to build up, a government minister said on Monday.
Under a state-funded programme, smallholders are expected to replant some 200,000 hectares of plantation land with new trees, said the country's Commodities Minister Bernard Dompok.
Under a state-funded programme, smallholders are expected to replant some 200,000 hectares of plantation land with new trees, said the country's Commodities Minister Bernard Dompok.
Trader's Highlight
DJI-NEW YORK, Nov 2 (Reuters) - U.S. stocks rose on Monday after another round of solid economic reports but pulled off session highs after a Federal Reserve official's warning about banks' loan losses.
The Dow Jones industrial average <.DJI> gained 76.71 points, or 0.79 percent, to end at 9,789.44. The Standard & Poor's 500 Index <.SPX> climbed 6.69 points, or 0.65 percent, to 1,042.88. The Nasdaq Composite Index <.IXIC> added 4.09 points, or 0.20 percent, to 2,049.20.
NYMEX-NEW YORK, Nov 2 (Reuters) - U.S. crude oil futures rebounded on Monday as a trio of economic reports on domestic manufacturing, construction and pending home sales showed that the economy continues to recover from recession.
Late-session trading was choppy, and at one point crude futures gave up earlier gains as Wall Street sold off after rallying in the morning on the upbeat economic data.
On the New York Mercantile Exchange, December crude settled up $1.13, or 1.47 percent, at $78.13 a barrel, trading from $76.56 to $78.66.
CBOT-SOYBEANS - November up 19-1/2 cents at $9.97-1/2 a bushel; January up 21-1/2 at $9.98.
Weak dollar and strong export inspections support but expectations for more soybeans to move into marketing channels this week as U.S. harvest weather improves overhangs prices.
CBOT-SOYOIL - December up 0.39 cent at 36.79 cents a lb. Firm crude oil supports.
FCPO-JAKARTA, Nov 2 (Reuters) - Malaysian crude palm oil futures finished flat on Monday, recouping losses of up to 2.4 percent earlier in the day, as a rebound in crude oil and soy prices sparked some short-covering in late trade, traders said.
The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange closed flat at 2,208 ringgit ($647.5), after dropping as low as 2,154 ringgit early in the day. Overall volume was 18,601 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Nov 2 (Reuters) - Stocks in Thailand fell more than
1.0 percent on Monday, leading major Southeast Asian markets lower, with sagging energy shares such as PTT Exploration and Production and oil and gas giant PTT weighing on Bangkok.
Singapore's index <.FTSTI> dipped 0.22 percent after Friday's 0.7 percent gain, Malaysia's index <.KLSE> eased 0.12 percent, but Indonesian shares <.JKSE> snapped earlier falls to close up 0.17 percent.
The Dow Jones industrial average <.DJI> gained 76.71 points, or 0.79 percent, to end at 9,789.44. The Standard & Poor's 500 Index <.SPX> climbed 6.69 points, or 0.65 percent, to 1,042.88. The Nasdaq Composite Index <.IXIC> added 4.09 points, or 0.20 percent, to 2,049.20.
NYMEX-NEW YORK, Nov 2 (Reuters) - U.S. crude oil futures rebounded on Monday as a trio of economic reports on domestic manufacturing, construction and pending home sales showed that the economy continues to recover from recession.
Late-session trading was choppy, and at one point crude futures gave up earlier gains as Wall Street sold off after rallying in the morning on the upbeat economic data.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
Weak dollar and strong export inspections support but expectations for more soybeans to move into marketing channels this week as U.S. harvest weather improves overhangs prices.
CBOT-SOYOIL - December
FCPO-JAKARTA, Nov 2 (Reuters) - Malaysian crude palm oil futures finished flat on Monday, recouping losses of up to 2.4 percent earlier in the day, as a rebound in crude oil and soy prices sparked some short-covering in late trade, traders said.
The benchmark January palm oil contract
REGIONAL EQUITIES-BANGKOK, Nov 2 (Reuters) - Stocks in Thailand fell more than
1.0 percent on Monday, leading major Southeast Asian markets lower, with sagging energy shares such as PTT Exploration and Production and oil and gas giant PTT weighing on Bangkok.
Singapore's index <.FTSTI> dipped 0.22 percent after Friday's 0.7 percent gain, Malaysia's index <.KLSE> eased 0.12 percent, but Indonesian shares <.JKSE> snapped earlier falls to close up 0.17 percent.
FCPO Daily: Range trading likely to continue
Market recouped and rebounded from its early losses to end off the day high had printed a long white candle. However, the overall immediate technical landscape remains mix view as market is still consolidate in between 2250 to 2130 levels. A breakout from the either way may provide us more clearer direction in near term market.
FKLI Daily: Surviving at 1230 levels
Market defended well at the underline support at 1230 levels and fully covered the upside gap left over at 1241.5-1243. This had provided some cushion to the downside move. Hence, market looks may continue to consolidate in near term. Immediate upside resistance is pegged at 1260 followed by 1273.5. While, to the downside, support is lies at 1230 followed by 1200.
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