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Emily Chow

REFILE-China iron ore imports slip in Oct for first time in four months

08 Nov 2019

BEIJING/SHANGHAI, Nov 8 China's iron ore imports in October fell for the first time in four months, customs data showed on Friday, as shrinking profit margins reduced demand for the raw material at steel mills.

Total palm oil output of Indonesia, Malaysia seen flat in 2020 - analyst Mistry

07 Nov 2019

GUANGZHOU/SHANGHAI, Nov 7 Total palm oil production in Indonesia and Malaysia is expected be flat next year, due to dry weather and low fertiliser application in the world's top two producers of the vegetable oil, according to industry analyst Dorab Mistry.

Palm oil body to wield stick to get consumer goods giants to go green

17 Oct 2019

KUALA LUMPUR A palm oil industry watchdog will adopt rules next month that will impose fines on consumer goods companies like Unilever and Nestle if they don't start buying more green palm oil to help curb deforestation in Southeast Asia, the regulating body said.

PREVIEW-Malaysia Sept palm stocks set to snap six months of falls - survey

07 Oct 2019

* Sept stocks seen rising 11.9% to 2.52 mln T - survey * Output seen 4.6% higher at 1.91 mln T - survey * Exports seen down 19.4% to 1.40 mln T - survey * Malaysian Palm Oil Board data due Oct 10 By Emily Chow KUALA LUMPUR, Oct 7 Malaysian palm oil stockpiles in September likely rose for the first time in seven months, as production grew and export demand eased for the edible oil, a Reuters survey showed. Inventories in the world's second-largest palm oil producer are forecast to rise 11.9% from August to 2.52 million tonnes in September, their highest in five months, according to a median estimate of eight planters, traders and analysts polled by Reuters. Higher stocks could put further pressure on benchmark palm oil prices, which hit a more than one-month low at the end of September. Prices have been trading in a tight range since then, and were last 0.6% higher at 2,161 ringgit ($515.63) at the midday break on Monday. Stockpiles were largely expected to rise as exports slumped for the first time in three months. Exports likely shrank by 19.4% to 1.40 million tonnes from a three-year high in the previous month, as demand from markets such as India eased. "We saw lower exports to India as they purchased more refined oil from Indonesia instead due to the recent change in duty structure," said a manager at a Malaysian plantation firm, who declined to be named as he was not authorised to speak to the media. "Though September exports are lower month-on-month, they are still considered good as August exports were the highest in three years." India, the world's biggest edible oils importer, in September raised the tax on refined palm oil from Malaysia to 50% from 45% for six months to curb imports and boost local refining. Industry players had forecast that Indian demand for Malaysian refined palm oil would drop sharply following the tax hike, limiting further exports from the Southeast Asian country and leading to higher inventories. Malaysian palm oil output likely rose in line with seasonal trend, contributing to the gain in inventories and marking a third straight month of gains in production. The poll pegged September production at 1.91 million tonnes, up 4.6% from the previous month and the highest in nearly a year. "Fresh fruit bunch yields remain strong and growth is mainly coming from East Malaysia estates," Ivy Ng, regional head of plantations research at CIMB Investment Bank, said in a note. Malaysia's eastern states of Sabah and Sarawak are the country's top two producing regions of palm oil. Official palm oil data will be published by the Malaysian Palm Oil Board ‪after 0430 GMT on Oct. 10. The median results from the Reuters survey put Malaysia's consumption in September at 294,124 tonnes. Breakdown of September estimates (in tonnes): Range Median Production 1,860,000 - 1,980,000 1,906,313 Exports 1,300,000 - 1,590,000 1,396,820 Imports 30,000 - 70,000 52,800 Closing Stocks 2,400,000 - 2,600,000 2,520,000 * Official stocks of 2,251,831 tonnes in August plus the above estimated output and imports yield a total September supply of 4,210,944 tonnes. Based on the median of exports and closing stocks estimate, Malaysia's domestic consumption in September is estimated to be 294,124 tonnes. ($1 = 4.1910 ringgit) (Reporting by Emily Chow; Editing by Subhranshu Sahu)

India's duty hike blunts appetite for refined Malaysian palm oil

05 Sep 2019

KUALA LUMPUR/MUMBAI India's demand for Malaysian refined palm oil is likely to drop sharply in October following a tax hike, curtailing further exports from the Southeast Asian country and leading to higher inventories.

Malaysia's top supermarket chain bans 'palm-oil-free' products, government urges others to follow

05 Sep 2019

KUALA LUMPUR Malaysia's biggest supermarket chain Mydin has removed products labeled palm-oil-free from its stores, its top executive said on Thursday, as part of a campaign by the world's second-largest producer of the oil to protect the commodity's image at home and abroad.

PREVIEW-Malaysia Aug palm stocks set to hit 13-month low - Reuters survey

05 Sep 2019

* Aug. stocks seen edging down 7.1% to 2.22 mln T -survey * Output seen slightly up 1.8% at 1.77 mln T -survey * Exports forecast to rise 14.5% to 1.70 mln T -survey * Malaysian Palm Oil Board data due Sept. 10 By Emily Chow KUALA LUMPUR, Sept 5 Malaysian palm oil stockpiles are forecast to fall for a sixth straight month in August to the lowest in more than a year, as stronger exports outpace a slight rise in output, a Reuters survey showed. Inventories in Malaysia, the world's second-largest palm oil producer, are expected to fall 7.1% from the previous month to 2.22 million tonnes at end-August, the lowest since July 2018, according to a median estimate of seven planters, traders and analysts polled by Reuters. A further inventory decline could support benchmark palm oil prices, which rose to a seven-month high last week. Prices have since eased, but was last up 0.3% at 2,187 ringgit ($521.96) on Thursday evening. The expected drawdown in stocks was due mainly strong gains in exports, which were seen rising 14.5% from July to 1.70 million tonnes in August. It would be the second consecutive month of gains, and the sharpest monthly rise since March, with poll respondents pointing to increasing demand from India and China. India, the world's largest edible oils importer has posted a strong jump in imports of refined palm oil from Malaysia this year following a change in Indian duties. On Wednesday it boosted the tax for six months. China, another key edible oils buyer, has also been relying on palm as a soyoil substitute, as a trade war with the U.S. has curbed soybean imports after Beijing imposed tariffs on American cargoes. The survey pegged August output at 1.77 million tonnes, up 1.8% from the previous month, to the highest since December 2018, although three poll respondents forecast falling output. "Production in many regions was down month-on-month during the first half of August, partly due to the dry weather," said a manager at a plantations company, who declined to be named as he was not authorized to speak to the media. "However, rains during the last 10 days of the month, especially in East Malaysia, after a relatively long dry spell have given a boost in production." Poll respondents added that output would rise from now until the year-end, estimating peak production to be around October to November this year. Official palm oil data will be published by the Malaysian Palm Oil Board ‪after 0430 GMT on Sept. 10. The median results from the Reuters survey put Malaysia's consumption in August at 304,677 tonnes. Breakdown of August estimates (in tonnes): Range Median Production 1,668,000 - 1,830,000 1,770,000 Exports 1,570,000 - 1,722,851 1,700,000 Imports 40,000 - 80,000 65,000 Closing Stocks 2,110,000 - 2,420,000 2,222,000 * Official stocks of 2,391,677 tonnes in July plus the above estimated output and imports yield a total August supply of 4,226,677 tonnes. Based on the median of exports and closing stocks estimate, Malaysia's domestic consumption in August is estimated to be 304,677 tonnes. ($1 = 4.1900 ringgit) (Reporting by Emily Chow; editing by Richard Pullin)

Palm edges up on stronger overnight soyoil

04 Sep 2019

KUALA LUMPUR Malaysian palm oil futures rose over 1% on Wednesday before paring some gains, lifted by higher overnight prices of soyoil on the Chicago Board of Trade (CBOT) and a technical correction.

Palm slides to two-week low as U.S. soyoil, slowing demand growth weighs

03 Sep 2019

KUALA LUMPUR Malaysian palm oil futures fell over 2% at the close of trade on Tuesday, pressured by weaker export growth and losses in soyoil on the Chicago Board of Trade.

Malaysia's Sime Darby Plantation eyes specialty products for stability

03 Sep 2019

* Focus on specialty products to bring higher margins - Sime Darby Plantation executive

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