JAKARTA, Aug 25 (Reuters) - Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25 percent previously, a trade ministry official said on Thursday.
The changes, which include setting the minimum for the export tax at 7.5 percent versus 1.5 pct previously, will take effect from Oct. 1, the trade ministry official, who declined to be named, told Reuters.
The export tax cap on palm oil olein products (downstream), was cut to 13 percent from 25 percent, according to finance ministry documents, which set the implementation date on 30 days from Aug. 15.
Friday, August 26, 2011
Trader's Highlight
DJI-NEW YORK, Aug 25 (Reuters) - U.S. stocks fell on Thursday as investors raised cash ahead of a critical speech from Fed Chairman Ben Bernanke, hoping he will give them a clearer picture of the Fed's plans for the struggling economy.
Several negatives contributed to the market's weakness after three days of gains. Jitters over a sharp drop in German stocks and a report showing continued U.S. job market weakness helped fuel the selling.
Stocks rose earlier this week, partly on expectation the soft U.S. economy could trigger another round of monetary stimulus from the Federal Reserve, much like the one suggested by Bernanke at the same conference in Jackson Hole, Wyoming, a year ago.
The Dow Jones industrial average .DJI dropped 170.89 points, or 1.51 percent, to 11,149.82. The Standard & Poor's 500 Index .SPX fell 18.33 points, or 1.56 percent, to 1,159.27. The Nasdaq Composite Index .IXIC lost 48.06 points, or 1.95 percent, to 2,419.63.
NYMEX-NEW YORK, Aug 25 (Reuters) - U.S. crude futures edged up on Thursday in a volatile session as refined products futures surged on concerns that Hurricane Irene will disrupt supply on the East Coast.
The storm was projected to hit the U.S. eastern seaboard by the weekend, and the U.S. Coast Guard was closely monitoring its track but had not imposed any traffic restrictions on the New York Harbor, the delivery hub for NYMEX-traded gasoline futures.
On the New York Mercantile Exchange, October crude CLV1 rose 14 cents, or 0.16 percent, to settle at $85.30 a barrel, having traded from $83.01 to $86.56.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed slightly lower on profit-taking after the market hit a one-month high this week and on selling due to a firmer dollar, traders said.
Traders were reluctant to establish large positions ahead of a key speech Friday by Federal Reserve chairman Ben Bernanke that could announce a new round of measures to stimulate the economy.
FCPO-KUALA LUMPUR, Aug 25 (Reuters) - Malaysian palm oil futures fell on Thursday on worries over slower overseas demand after top producer Indonesia revised its export tax structure that could make its shipments cheaper and on caution over the global economy.
Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25.0 percent previously, a trade ministry official said on Thursday
The changes, which take effect from Oct. 1, could make shipments cheaper than those from the world's No.2 producer, weighing on Malaysian palm oil futures.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 fell as much as 1.9 percent to 2,978 ringgit ($1,000.504) a tonne before paring some losses to end 1.4 percent lower.
Overall traded volume was 20,899 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-HONG KONG, Aug 25 (Reuters) - Southeast Asian stocks were mostly lower on Thursday, underperforming other Asian markets as foreign investors seeking value showed a preference for markets such as China and Hong Kong.
Regional markets got an initial lift as global equities rallied but the gains faded towards the close, with Thailand's SET index .SETI the worst performer, ending down 1.9 percent.
Analysts at Credit Suisse said in a report that the Indonesian market's price-to-book ratio at about 3.6 is more than double the 1.5 seen during the lows of the 2008/09 financial crisis.
Malaysia's Sime Darby SIME.KL, which returned to a profit in its fourth quarter following a dismal performance a year before, rose 1.2 percent.
Several negatives contributed to the market's weakness after three days of gains. Jitters over a sharp drop in German stocks and a report showing continued U.S. job market weakness helped fuel the selling.
Stocks rose earlier this week, partly on expectation the soft U.S. economy could trigger another round of monetary stimulus from the Federal Reserve, much like the one suggested by Bernanke at the same conference in Jackson Hole, Wyoming, a year ago.
The Dow Jones industrial average .DJI dropped 170.89 points, or 1.51 percent, to 11,149.82. The Standard & Poor's 500 Index .SPX fell 18.33 points, or 1.56 percent, to 1,159.27. The Nasdaq Composite Index .IXIC lost 48.06 points, or 1.95 percent, to 2,419.63.
NYMEX-NEW YORK, Aug 25 (Reuters) - U.S. crude futures edged up on Thursday in a volatile session as refined products futures surged on concerns that Hurricane Irene will disrupt supply on the East Coast.
The storm was projected to hit the U.S. eastern seaboard by the weekend, and the U.S. Coast Guard was closely monitoring its track but had not imposed any traffic restrictions on the New York Harbor, the delivery hub for NYMEX-traded gasoline futures.
On the New York Mercantile Exchange, October crude CLV1 rose 14 cents, or 0.16 percent, to settle at $85.30 a barrel, having traded from $83.01 to $86.56.
CBOT-SOYBEANS-Soybean futures at the Chicago Board of Trade closed slightly lower on profit-taking after the market hit a one-month high this week and on selling due to a firmer dollar, traders said.
Traders were reluctant to establish large positions ahead of a key speech Friday by Federal Reserve chairman Ben Bernanke that could announce a new round of measures to stimulate the economy.
FCPO-KUALA LUMPUR, Aug 25 (Reuters) - Malaysian palm oil futures fell on Thursday on worries over slower overseas demand after top producer Indonesia revised its export tax structure that could make its shipments cheaper and on caution over the global economy.
Indonesia, the world's top palm oil producer, will cap its export tax for the edible oil at 22.5 percent from 25.0 percent previously, a trade ministry official said on Thursday
The changes, which take effect from Oct. 1, could make shipments cheaper than those from the world's No.2 producer, weighing on Malaysian palm oil futures.
The benchmark November crude palm oil contract on Bursa Malaysia Derivatives KPOc3 fell as much as 1.9 percent to 2,978 ringgit ($1,000.504) a tonne before paring some losses to end 1.4 percent lower.
Overall traded volume was 20,899 lots of 25 tonnes each, below the usual 25,000 lots.
REGIONAL EQUITIES-HONG KONG, Aug 25 (Reuters) - Southeast Asian stocks were mostly lower on Thursday, underperforming other Asian markets as foreign investors seeking value showed a preference for markets such as China and Hong Kong.
Regional markets got an initial lift as global equities rallied but the gains faded towards the close, with Thailand's SET index .SETI the worst performer, ending down 1.9 percent.
Analysts at Credit Suisse said in a report that the Indonesian market's price-to-book ratio at about 3.6 is more than double the 1.5 seen during the lows of the 2008/09 financial crisis.
Malaysia's Sime Darby SIME.KL, which returned to a profit in its fourth quarter following a dismal performance a year before, rose 1.2 percent.
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