JAKARTA, April 21 (Reuters) - Indonesia will cut its palm oil export tax for May to 17.5 percent from 22.5 percent and reduce its cocoa bean export tax to 10 percent from 15 percent, a government official said on Thursday.
The palm oil tax aims to ensure domestic requirements are met in Southeast Asia's biggest economy and to reduce volatility in local cooking oil prices.
Friday, April 22, 2011
Trader's Highlight
DJI-NEW YORK, April 21 (Reuters) - U.S. stocks posted their first positive week in three as more healthy earnings news lifted Wall Street on Thursday, though gains were limited with another 180 S&P names due to report next week.
Apple's blowout results and strong reports from a number of industrials kept sentiment on the bullish side, after investors were on guard for disappointments headed into this week.
The Dow Jones industrial average <.DJI> was up 52.45 points, or 0.42 percent, at 12,505.99. The Standard & Poor's 500 Index <.SPX> was up 7.02 points, or 0.53 percent, at 1,337.38. The Nasdaq Composite Index <.IXIC> was up 17.65 points, or 0.63 percent, at 2,820.16.
NYMEX-NEW YORK, April 21 (Reuters) - U.S. crude oil futures ended higher for the third straight day on Thursday as a weaker dollar attracted more buying from investors.
Crude oil also rose on a spate of short-covering ahead of the Easter weekend, amid fighting in Libya and ongoing unrest in the Middle East.
On the New York Mercantile Exchange, crude for June delivery settled at $112.29, up 84 cents, or 0.75 percent, trading from $111 to $112.48. For the week, front-month crude gained $2.63, or 2.4 percent, after a $3.13 or 2.78 percent loss the week before. Prices have risen in four of the last five weeks.
CBOT-CHICAGO, April 21 (Reuters) - U.S. soybean futures ended higher on Thursday, with the spot contract up nearly 2 percent on the day and up almost 4 percent on the week, buoyed by the unwinding of long corn/short soybean spreads, fund buying and a soft U.S. dollar, traders said.
Positioning ahead of the three-day holiday weekend and the expiration of May grain and soybean options also underpinned prices, they said.
Soy futures hovered near the $13.80 options strike, although the May options had just 4,670 open positions at the level as of Wednesday's close. Larger open interest was evident at the $14 strike with 10,115 open options positions.
FCPO-KUALA LUMPUR, April 21 (Reuters) - Malaysian palm oil slipped on Thursday after top producer Indonesia cut its export tax for next month, potentially attracting orders away from Malaysia.
Palm oil exports from Malaysia, the No.2 supplier, have lagged since December, when higher prices in the first quarter discouraged purchases. Further declines in exports as output recovers could boost stocks and pressure prices.
Benchmark July crude palm oil contract on Bursa Malaysia Derivatives Exchange fell 0.1 percent to settle at 3,312 ringgit ($1,098) a tonne.
The July contract on Wednesday hit a one-week high of 3,336 ringgit -- a level unseen since April 14.
Technicals are positive. Reuters analysis shows palm oil will rise to 3,362 ringgit per tonne, based on its wave pattern a Fibonacci retracement analysis.
Trading volumes were light, with 20,020 lots of 25 tonnes each, compared to the usual 25,000 lots, as refiners waited on the sidelines due to the stronger ringgit currency that will cut into margins.
REGIONAL EQUITIES-BANGKOK, April 21 (Reuters) - Most major Southeast Asian stock markets edged higher on Thursday with a global oil price surge boosting appetite for resource shares, although gains were offset by investors cashing in recent climbers ahead of market holidays.
Market players generally turned cautious as several Asian bourses will be shut on Friday for Good Friday and Easter, including Hong Kong <.HSI>, Singapore <.FTSTI>, Indonesia <.JKSE> and the Philippines <.PSI>.
Malaysia gained $35 million inflows on Thursday, adding to the $55 million inflows of the previous session and Thai stocks took in $87 million on top of the $141 million of inflows for the past three sessions, the exchange said.
Apple's blowout results and strong reports from a number of industrials kept sentiment on the bullish side, after investors were on guard for disappointments headed into this week.
The Dow Jones industrial average <.DJI> was up 52.45 points, or 0.42 percent, at 12,505.99. The Standard & Poor's 500 Index <.SPX> was up 7.02 points, or 0.53 percent, at 1,337.38. The Nasdaq Composite Index <.IXIC> was up 17.65 points, or 0.63 percent, at 2,820.16.
NYMEX-NEW YORK, April 21 (Reuters) - U.S. crude oil futures ended higher for the third straight day on Thursday as a weaker dollar attracted more buying from investors.
Crude oil also rose on a spate of short-covering ahead of the Easter weekend, amid fighting in Libya and ongoing unrest in the Middle East.
On the New York Mercantile Exchange, crude for June delivery
CBOT-CHICAGO, April 21 (Reuters) - U.S. soybean futures ended higher on Thursday, with the spot contract up nearly 2 percent on the day and up almost 4 percent on the week, buoyed by the unwinding of long corn/short soybean spreads, fund buying and a soft U.S. dollar, traders said.
Positioning ahead of the three-day holiday weekend and the expiration of May grain and soybean options also underpinned prices, they said.
Soy futures hovered near the $13.80 options strike, although the May options had just 4,670 open positions at the level as of Wednesday's close. Larger open interest was evident at the $14 strike with 10,115 open options positions.
FCPO-KUALA LUMPUR, April 21 (Reuters) - Malaysian palm oil slipped on Thursday after top producer Indonesia cut its export tax for next month, potentially attracting orders away from Malaysia.
Palm oil exports from Malaysia, the No.2 supplier, have lagged since December, when higher prices in the first quarter discouraged purchases. Further declines in exports as output recovers could boost stocks and pressure prices.
Benchmark July crude palm oil contract
The July contract on Wednesday hit a one-week high of 3,336 ringgit -- a level unseen since April 14.
Technicals are positive. Reuters analysis shows palm oil will rise to 3,362 ringgit per tonne, based on its wave pattern a Fibonacci retracement analysis.
Trading volumes were light, with 20,020 lots of 25 tonnes each, compared to the usual 25,000 lots, as refiners waited on the sidelines due to the stronger ringgit currency that will cut into margins.
REGIONAL EQUITIES-BANGKOK, April 21 (Reuters) - Most major Southeast Asian stock markets edged higher on Thursday with a global oil price surge boosting appetite for resource shares, although gains were offset by investors cashing in recent climbers ahead of market holidays.
Market players generally turned cautious as several Asian bourses will be shut on Friday for Good Friday and Easter, including Hong Kong <.HSI>, Singapore <.FTSTI>, Indonesia <.JKSE> and the Philippines <.PSI>.
Malaysia gained $35 million inflows on Thursday, adding to the $55 million inflows of the previous session and Thai stocks took in $87 million on top of the $141 million of inflows for the past three sessions, the exchange said.
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