Tuesday, February 22, 2011

20110222 1814 FCPO EOD Daily Chart Study.

FCPO closed : 3669, changed : +13 points, volume : higher.
Bollinger band reading : little downside biased.
MACD Histrogram : getting lower, seller in control.
Support : 3650, 3620, 3550 level.
Resistance : 3700, 3720, 3750 level.
Comment :
FCPO closed recorded small gain with better volume changed hand while soy oil reopen and traded severely higher following world major commodities higher price development. News wise, Reuters reported that Indonesia may keep Mar 2010 palm oil export tax unchanged.
Daily chart formed an down doji bar candle traded range bound through out the day testing support and resistance level to closed little higher with the reading suggesting a little downside biased market development.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20110222 1801 FKLI EOD Daily Chart Study.

FKLI closed : 1506 changed : -16 points,  volume : lower.
Bollinger band reading : side way range bound little downside biased.
MACD Histrogram : recovering, seller still having small exposure.
Support : 1500, 1485, 1470 level.
Resistance : 1515, 1530, 1540 level.
Comment :
FKLI closed recorded severe loss with lower volume transacted doing 7.5 points discount compare to cash market as middle east Libya political condition getting worst while all regional market closed negatively.
Daily chart formed a down bar candle resume downward movement after tested middle Bollinger band resistant level recently with the reading suggesting a side way range range bound little downside biased development potentially testing lower support level near lower Bollinger band.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20110222 0941 Local & Global Economic Related News.

Seoul, South Korea (CNN) -- South Korea's financial watchdog has pledged to supply liquidity and buy back bad property loans to try and calm the market after six savings banks had their operations suspended in recent days.

Spain: 'Cajas' have EUR 100b of 'problematic' assets. The total exposure of Spanish savings banks to real estate and building amounts to EUR 217b (USD 297b), of which EUR 100b is classed as "potentially problematic," the Bank of Spain said. The banks, known as Cajas, had covered 100 percent of actual losses connected to the industry with provisions and of the "potentially problematic" assets, 38 percent is covered, Bank of Spain Governor Miguel Angel Fernandez Ordonez said in Madrid. (Source: Bloomberg)

Japan: Raised its assessment of the economy for a second straight month as exports and industrial production spur growth in a nation coming out of a contraction in the fourth quarter. The economy is "emerging from a recent pause in activity," the Cabinet Office said in a monthly report in Tokyo. The recovery will continue as overseas nations expand, the statement said. (Source: Bloomberg)

India: Bonds are rebounding with the second-best performance in Asia so far this month as the government signals it will raise taxes and narrow the budget deficit in the coming year. Investors in rupee notes earned 0.6%, the biggest gain after rupiah debt, while Philippine securities lost 1.2%, the most in the region, indexes compiled by HSBC Holdings Plc show. The yield on India's benchmark bonds has dropped 13 basis points from an eight-month high of 8.23% on Jan. 17. Montek Singh Ahluwalia, the prime minister's top economic adviser, said this week India will withdraw the fiscal stimulus injected during the global financial crisis as the economy expands. (Source: Bloomberg)

Vietnam: To raise power prices, risking faster inflation. Vietnam will increase average electricity prices by 15.3% starting March 1, putting pressure on inflation to accelerate from a 23-month high. The tariffs will rise to VND 1,242 (6 cents) per kilowatt-hour from VND1,077, Hoang Quoc Vuong, deputy minister of trade and industry, confirmed in a mobile-phone text message to Bloomberg News. (Source: Bloomberg)  

Malaysia: Bank Negara expects GDP to grow 5% to 6%
Malaysia is expected to meet its target GDP growth of 5% to 6% this year, following a 7.2% growth in 2010. Bank Negara had forecasted a 4.5% to 5.5% growth for 2010. Bank Negara governor Tan Sri Dr Zeti Akhtar Aziz gave no indication if interest rates will be raised in the near future. She said that an important part of the economic recovery is the strong recovery in private investment as capacity utilization increases and as the dynamic nature of Malaysia’s economy presents new investment opportunities in new growth areas. (Financial Daily)

Thailand: Economy grew 1.2% last quarter
Thailand’s economy strengthened in the fourth quarter on exports and consumer spending, capping the fastest annual expansion in 15 years. GDP rose 1.2% q-o-q, compared with a revised 0.3% decline in the third quarter, which reflected a mid-2010 slump stemming from political unrest and flooding. Economists expected a 0.9% gain. The expansion slowed to 3.8% y-o-y from a revised 6.6% y-o-y advance in the third quarter. Private consumption rose 3.8% y-o-y, manufacturing expanded 4.8% and total investment advanced 6.4%. Exports climbed 22.3% in January y-o-y. For the full year, the economy grew 7.8% in 2010. (Bloomberg)

Hong Kong: Unemployment rate falls to 3.8%
Hong Kong’s unemployment rate fell to its lowest level in more than two years, helping bolster spending and economic growth in the city. The jobless rate for the three months through January was 3.8%, lower than the forecasted 4% and the lowest level since November 2008. Hong Kong’s GDP expanded at an annual pace of 6.8% pace in the third quarter and officials estimate 2010 full-year growth may be 6.5%. (Bloomberg)

Middle East: Bahrain, Libya gets debt rating cut
Bahrain and Libya’s sovereign credit ratings were cut as the two Arab countries struggle to contain antigovernment protests. Bahrain’s long-term rating was reduced by one level to A- and the short-term rating lowered to A-2 at S&P’s Ratings. Libya’s long-term foreign and local currency issuer default rating was cut to BBB from BBB+ at Fitch Ratings. S&P expects demonstrations in Manama, Bahrain to persist and placed the country’s debt on “creditwatch with negative implications,” meaning it may be lowered again.(Bloomberg)

EU: German business confidence unexpected rises
German business confidence unexpectedly rose to a fresh record high in February as booming exports spurred hiring and consumer spending. The business climate index increased to 111.2 from 110.3 in January. That’s the highest since records for a reunified Germany began in 1991. The German government expects Europe’s largest economy to expand 2.3% this year after record growth of 3.6% in 2010. (Bloomberg)

EU: Services, manufacturing expand most in four years
Growth in Europe’s services and manufacturing industries accelerated to the fastest pace in more than four years in February, led by stronger output in Germany. A composite index based on a survey of euro-area purchasing managers rose to 58.4 in February from 57 in January, above the median forecast of 56.9. The euro area’s manufacturing gauge rose to 59 in February from 57.3 while the services indicator increased to 57.2 from 55.9. Germany’s manufacturing index increased to 62.6 from 60.5 while its services gauge slipped to 59.5 from 60.3. (Bloomberg)

G-20: China fights against West's economic formula. China led resistance to making bulging foreign-exchange reserves a measure of economic imbalances as Group of 20 finance officials struggled for consensus on realigning the skewed world economy. Sparring over early warning indicators reflected the split among fast-growing emerging countries and debt-laden advanced economies over how to prevent a repeat of the harshest recession since World War II. (Source: Bloomberg)

U.S: House approves Republicans' USD 61b in spending cuts, setting up a budget confrontation with Democrats that threatens a government shutdown. Members adopted changes that will make agreement with the Senate difficult, including a ban on funds for President Barack Obama's health-care overhaul and for Planned Parenthood, which provides abortions. The measure would block regulations on greenhouse-gas emissions, for-profit colleges and the Federal Communications Commission's "net neutrality" Internet rules. (Source: Bloomberg)

U.K: Retail sales rose almost four times as much as forecast in January as consumer spending rebounded after the coldest December in a century. Sales gained 1.9% MoM, when they fell a revised 1.4% MoM as snow and freezing temperatures kept Britons from shopping, the Office for National Statistics said. From a year earlier, sales increased 5.3% YoY.(Source: Bloomberg)

China: Leading economic indicator in December fell for the first time since 2008, highlighting the risk that monetary tightening may trigger a slowdown in the fastest- growing major economy. The index slid 0.5% to 154.3 in December from November, The Conference Board, a New York-based research organization, said on its website, citing preliminary data. (Source: Bloomberg)

China: Tells Banks to set aside bigger reserves to cool inflation. China's central bank ordered lenders to set aside more money as reserves for the second time this year, draining cash from the financial system to restrain inflation and limit the risk of asset bubbles. Reserve ratios will climb half a percentage point effective Feb. 24, the People's Bank of China said in an announcement made 10 days after an interest-rate increase. (Source: Bloomberg)

Singapore: To spend SGD 6.6b as elections loom. The government will hand cash to all adult citizens as a "dividend" from record growth, upgrade homes and invest in improving productivity, Finance Minister Tharman Shanmugaratnam said in the city state's budget speech. Companies will be required to increase contributions into employees' pension funds and pay more to hire foreign workers, he said. (Source: Bloomberg)

20110222 0940 Malaysia Corporate Related News.

Parkson: To accelerate expansion in China. MD Alfred Cheng said the company will open 8 to 9 stores a year through 2013, after opening 5 last year and spend up to RMB500m this year on new stores and remodeling existing outlets. (Source: Malaysian Reserve)

MAS: Offering up to 85% discount for all destinations. Malaysia Airlines (MAS) is offering up to 85% discount to all destinations in conjunction with the 8th edition of the Malaysia Airlines Travel Fair (MATF'11) from Feb 21 to Feb 28. The travel period for the fares is from March 21 to Dec 31. MAS is also offering up to 50% discount for business class seats for all of its destinations for the first time. (Source: Malaysian Reserve)

Healthcare: Medical records online by 2015. At least 20 government hospitals nationwide will be able to serve patients faster by 2015 when medical records are accessible online. However, having a common database for medical records has raised concerns on privacy and confidentiality. (Source: New Straits Times)  

Maybank mulling ways to trim stake in BII
Malayan Banking (Maybank) is evaluating proposals on how best to reduce its stake in Bank Internasional Indonesia (BII) to 80% by June this year, its chief said. The Indonesian market regulator has given it until June to meet a 20% free float requirement for BII. Maybank, which held about 97.5% of BII, has already managed to sell less than 1% in the market and is also looking at undertaking private placements, president and chief executive officer Datuk Seri Abdul Wahid Omar said. (BT)

Amway lines up 7 new products, 4 more shops
Amway (Malaysia) Holdings plans to maintain its sales growth momentum of past years through the launch of seven new products, and the opening of between three and four more Amway shops this year. The seven new products will be for the beauty and food supplement categories. Amway Malaysia managing director Low Han Kee said besides its on going efforts to grow its energetic distributor network, globally Amway will be spending a lot of time and resources in developing its information technology (IT) capabilities. Some half a billion dollars (RM1.5tn) have been allocated for its IT initiative. (BT)

Ekuinas to buy stake in education group
Ekuiti Nasional (Ekuinas), a Government-linked private equity fund management company, will acquire a 51% stake in the APIIT/UCTI Education Group for RM102m. A share sale agreement between Ekuinas and Sapura Resources for the controlling stake was completed effective 18 Feb, the former said in a statement yesterday. “This acquisition completes Ekuinas’ fourth investment for 2010 and Ekuinas looks forward to working together with the management in accelerating the growth of the education group with the view to further strengthen its position as a high quality provider of educational excellence among Malaysian students and those from abroad,” it said. (StarBiz)

Berjaya Food plans to open more outlets
Berjaya Food (BFood) sees the current trend of healthy food consumption as an opportunity for its business to expand in the country through its chain of Kenny Rogers Roasters restaurants. BFood has a 100% stake in Berjaya Roasters (M) SB, which operates the chain of Kenny Rogers Roasters restaurants in Malaysia. Chief executive officer Datuk Francis Lee says the group plans to open eight to ten new outlets throughout Malaysia this financial year (ended 30 April 2011), promoting its healthy menus to society. BFood is en route for a listing on Bursa Malaysia's Main Market, scheduled for March, offering 35.84 million shares of 50 sen each, or 25.35% stake in BFood, via the initial public offering (IPO). (StarBiz)

Mizuho gets commercial banking licence
Mizuho Corporate Bank (M) has received the Finance Minister’s approval for its commercial banking licence. The banking group said in a statement yesterday that the licence would enable it to provide a full range of financial services to multinational companies seeking to establish and expand its broad manufacturing base. Mizuho, which received approval from Bank Negara in June 2010, said this was important, in view of the increasing business between Malaysia and other countries, including Japan. “Mizuho is a global financial institution and a leading provider of financial solutions to multinational corporations. We believe our extensive network and presence in more than 30 countries will help to facilitate international trade linkages and investment flows between Malaysia and other parts of the world,” it said. (StarBiz)

Notion VTec targets RM45m net profit for FY11
Hard disk drive component maker Notion VTec forecasts its revenue and net profit to be RM280m and RM45m respectively for the current fiscal year as the company reorganises its production portfolio. The company is also aiming in reducing its exposure to US dollar-denominated sales to 70% from about 90%, a move deemed pivotal to safe guard the exporter’s top line. (FinancialDaily)

Oriented Media in reverse takeover
Beleaguered Oriented Media Group (OMedia) may find a white knight in construction outfit Bina Puri Holdings. It was reported in The Busy Weekly that Bina Puri will be injecting its polyol manufacturing business and power assets in Indonesia into OMedia in exchange for new shares, making Bina Puri the largest shareholder in OMedia, after the reverse takeover (RTO) is concluded. (FinancialDaily)

UMW: Toyota targets 90,000 units sales. Automobile giant UMW Toyota Motor is anticipating nationwide sales to exceed 90,000 units this year to maintain its market share at 15% this year. UMW Toyota's strategy was to launch a series of new models this year, such as the new Lexus CT200h hatchback next week. (Source: The Star)

Ramunia: In talks with Coral Alliance. Ramunia Holdings Bhd is in talks with oil and gas outfit Coral Alliance Sdn Bhd-believed to be linked to Tengku Datuk Ibrahim Petra and Robert Lee, former directors of Petra Energy Bhd- for a possible synergistic tie-up or even an acquisition of the latter. In any case, a joint venture or an acquisition of Coral Alliance by Ramunia will benefit the latter as Coral Alliance is said to be the frontrunner for a hook-up and topside maintenance contract from Petronas. (Source: The Edge Financial Weekly)

Ivory: Secures major tenants for Penang Times Square. Penang-based Ivory Properties Group Bhd has signed up several tenants that will take up sizeable areas in Times Square, along Jalan Datuk Keramat. The shopping centres total tenancy will increase from about 50% now to about 80% by April or May. The new tenants are reputable restaurateurs such as Tao, Ming Garden and Coffee Island. (Source: The Edge Financial Weekly)

Manufacturing: Solutia to invest RM305m on sulfur factory. US-based Solutia Inc is set to invest RM305m to build a new high-tech facility to manufacture insoluble sulfur, a vulcanising agent for critical application in tire industry. It is part of an expansion plan to the current plant operating in Gebeng industrial area here and by doing so, Solutia will double the capacity, making it the worlds largest manufacturing site for insoluble sulfur. (Source: The Star)

EPF: Declares 5.8% dividend for 2010. The Employees Provident Fund (EPF) announced a 5.8% dividend for the year ended Dec 31, 2010, slightly higher than the 5.65% given out in 2009. The RM21.6b dividend payout is the highest in the history and a 11.55% increase compared with the RM19.37b paid out in 2009. (Source: The Edge Financial Daily) 

20110222 0905 Global Market Related News.

Crude hits 2-yr high, near $94.50 on Libya unrest
TOKYO, Feb 22 (Reuters) - U.S. crude futures extended gains , with the March contract  reaching $94.49 per barrel, the highest for any nearby month since October 2008, as concern grew that violence in Libya could lead to wider supply disruptions from the OPEC country.
The March contract, which expires later in the day, stood at $94 per barrel at 0016 GMT, up more than $3 from late New York levels on MondayU.S. markets were closed on Monday for the Presidents Day holiday, so the contract's previous close for regular session trade was Friday's settlement at $86.20.

Oil jumps on Libya unrest; Asia shares fall
SINGAPORE, Feb 22 (Reuters) - Oil prices rose and Asia stock prices fell as markets anxiously watched the unfolding crisis in Libya, with investors turning to safe haven gold which in turn pushed up silver to its highest level in 31 years.
"The market is not reacting much to the decision," said Takeshi Shibasaki, chief financial analyst at Mizuho Securities. "Standard and Poor's has already cut Japan's rating, and separately there already were expectations among participants that Moody's would do something."    

U.S. corn, wheat recover as oil, strong demand support
SINGAPORE, Feb 22 (Reuters) - U.S. corn and wheat futures rose, recovering from declines in the last session, buoyed by crude oil prices that strengthened as a result of the unrest in Libya.
"Pretty much all commodities, including grains, are up this morning and oil is certainly the leader," said Brett Cooper, senior manager for markets at FCStone Australia.

Brazil soy harvest to get break from rain
SAO PAULO, Feb 21 (Reuters) - Rains that have been blanketing Brazil's grain belt are breaking up over the main harvesting regions in the south and center-west this week, local forecaster Somar said on Monday.
Brazil's is heading for a bumper soy harvest that is beginning to spread and should peak in March and April. Analysts have been raising forecasts and are seeing the current crop surpassing the record 69 million tonne crop of 2009/10.

Gold slips from 7-wk high; silver hits 31-yr peak
SINGAPORE, Feb 22 (Reuters) - Gold slipped after rising to its highest in seven weeks, but sentiment was still underpinned by deadly unrest in North Africa and the Middle East as well as uncertainty over the future of oil prices, while silver jumped to its strongest level since 1980. 
"I think the current situation there is really akin to a keg of dynamite," said Ong Yin Ling, investment analyst at Phillip Futures in Singapore."Whether Gaddafi will be toppled or whether we will witness a revolution, I think the final outcome is still uncertain. But the situation is likely to get worse before it gets better. Going forward (gold) could still remain supported due to the crisis, which is unlikely to be resolved anytime soon."    

OIL: Brent crude rises more than $2 on Libya concerns
TOKYO, Feb 22 (Reuters) - Brent crude oil futures rose by more than $2 to as high as $108.18 per barrel from the previous close on continued fears that violence in Libya could lead to wider supply disruptions from the OPEC country.
On Monday, spreading unrest in Libya shut down 6 percent of oil output in Africa's No.3 producer and prompted a number of energy firms to pull out international staff, sending Brent oil prices above $105 a barrel.

COMMODITIES: Oil, gold prices surge on Libyan unrest
LONDON, Feb 21 (Reuters) - Unrest in Libya sparked a rally in oil and gold prices on Monday while a buoyant outlook for industrial metals demand also kept those markets on the boil.
"Libya is a significant producer and exporter of good quality crude oil and threats by the tribal leader to stop production is worrisome," said Christophe Barret, an oil analyst at Credit Agricole Corporate and Investment Bank.

GLOBAL: Asian shares fall; oil, gold rise on Libya unrest
SINGAPORE, Feb 22 (Reuters) - Oil prices rose and Asia stock prices fell on Tuesday as markets watched the growing crisis in Libya, with investors turning to safe haven gold which in turn pushed up silver to its highest level in 31 years.
The single currency also lacked the vigour to break above key resistance after Germany's main ruling party suffered a crushing defeat at a regional election in the city-state of Hamburg on Sunday.

Libya turmoil hits oil, restrains equities
LONDON, Feb 21 (Reuters) - Oil prices charged to a fresh 2-1/2 year high on Monday as traders eyed increasing violence in major producer Libya, feeding fears about rising inflation and restraining gains in equities.
"There is uncertainty about supplies. Markets don't like uncertainty," said Bernard McAlinden investment strategist at NCB Stockbrokers.

Bernanke-Don't blame easy money for capital swings
PARIS, Feb 18 (Reuters) - U.S. Federal Reserve Chairman Ben Bernanke defended easy money policies in advanced economies against the charge they are overheating emerging markets, saying factors such as exchange rate rigidity are also to blame.
Speaking ahead of an economic summit in Paris that will include many critics of the Fed's aggressive bond buying program, Bernanke acknowledged that strong capital flows from advanced economies to emerging markets may be having negative spillover effects.

China factory growth at 7-month low -HSBC flash PMI
BEIJING, Feb 21 (Reuters) - The steady ratcheting-up of monetary tightening has combined with the Lunar New Year holiday to weigh on China's factories in February, even as inflation has continued to accelerate, a survey showed on Monday.
The HSBC flash manufacturing purchasing managers' index (PMI), making its debut, hit 51.5 in February, down from a final reading of 54.5 a month earlier.

WTO issues ruling on China export restraints
WASHINGTON, Feb 18 (Reuters) - The World Trade Organization on Friday issued a confidential preliminary ruling in a landmark case against China's export restrictions on raw materials used to manufacture steel, aluminum and chemical products.
The United States, European Union and Mexico launched the  case in 2009, complaining that Chinese export restrictions on minerals such as bauxite and magnesium discriminated against foreign manufacturers and gave an unfair advantage to domestic producers.

PRECIOUS-Gold rises above $1,400/oz as MEast violence spreads
LONDON, Feb 21 (Reuters) - Gold prices rose above $1,400 an ounce on Monday for the first time in nearly seven weeks as violence flared in North Africa and the Middle East, boosting interest in the precious metal as a haven from risk.
Tensions have spread from Egypt and Tunisia, where protests unseated leaders earlier this month, across the Middle East and North Africa, threatening the grip of long-entrenched autocratic leaders.

FOREX-Euro hurt as Middle-East tensions boil over
LONDON, Feb 21 (Reuters) - The euro slipped on Monday as worries stemming from rising tension in North Africa and the Middle East weighed on risk sentiment, although hawkish comments from European Central Bank officials and data offered support.
It lacked the vigour to break above key resistances after Germany's main ruling party suffered a crushing defeat at a regional election in the city-state of Hamburg on Sunday.

Food inflation set to continue - fund manager
DUBAI, Feb 21 (Reuters) - Food inflation is set to continue for some time as populations shift to industrial areas and emerging economies grow, Charles Funnell, a soft commodities trader with Swiss-based fund manager Aisling Analytics, said.
Funnell also said in an interview with Reuters Insider television that sugar importers were struggling to make margins due to high price volatility, and that in his view regulators may move to set "reasonability limits" to calm price swings.

20110222 0903 Soy Oil & Palm Oil Related News.

Soy Oil Futures reopened today, up 1.02 at 57.50.

Palm down to 4-wk low after China steps up inflation fight
KUALA LUMPUR, Feb 21 (Reuters) - Malaysian palm oil futures fell to a one-month low on concerns demand from China may slow after the government moved to drain cash from the economy and rein in inflation.
"Currently, Malaysia's palm oil market is still lagging but it was moving in tandem with weak overseas markets," said a trader in Kuala Lumpur.

China authorities refuse soy, soyoil import tax cut -paper
BEIJING, Feb 21 (Reuters) - Chinese authorities have reportedly rejected a proposal to cut soy and soyoil import tariffs, according to a local media report.
The China Business News cited one industry source as saying that the proposed reduction had been rejected by authorities in charge of the matter, although the paper did not identify any of them.

India castor seed output seen up 21.8 percent
AHMEDABAD, Feb 19 (Reuters) - India's castor seed output in 2010/11 is likely to rise 21.8 percent to 1.19 million tonnes following higher acreage and increased yield due to a favorable monsoon, a survey by The Solvent Extractors' Association of India (SEA) showed on Saturday.
In 2009/10, the output was 978,000 tonnes, the data showed.

Argentine soy crop seen slightly up on rains-gov't
BUENOS AIRES, Feb 18 (Reuters) - The Argentine government is more upbeat about the country's soy output following recent rains, and sees 2010/11 soy output at above 50 million tonnes, Agriculture Deputy Secretary Oscar Solis said on Friday.
Solis in early January estimated the country's soybean harvest at below 50 million tonnes, but he said he now feels more optimistic as recurrent rainfall in January and February eased the impact of weeks of dryness on soy crops.

Argentine 2010/11 soy output seen above 50 mln T
BUENOS AIRES, Feb 18 (Reuters) - Argentina's 2010/11 soy harvest is seen at above 50 million tonnes, Agriculture Deputy Secretary Oscar Solis told Reuters on Friday.
The Agriculture Ministry has not officially forecast soy output this season, but dryness caused by the La Nina weather phenomenon has prompted many crop analysts to lower estimates for the country's output to below 50 million tonnes.

Rocketing food prices to boost Indonesia downstream palm investment
JAKARTA, Feb 21 (Reuters) -     Rising food prices and a government drive to develop Indonesia's commodity processing sector will lure more firms to invest in palm oil products in the world's top maker of the oil, despite erratic power, bad roads and aging ports that complicate the task of processing and moving goods.
Record food prices may have thrown many emerging market nations into a tizzy, but Indonesian producers of the edible oil, used to make everything from biscuits to ice cream, have seen margins rise and are giving the green light to more investments. 

Indonesia palm oil output to hit 22mln T in 2011 -IPOB
JAKARTA, Feb 18 (Reuters) - Indonesia's palm oil production is estimated to rise by 7-9 percent in 2011, while global consumption will rise 5 percent annually over the next five years, the Indonesian Palm Oil Board (IPOB) said on Friday.
Maturing plantation areas combined with farmers using better harvesting techniques due to heavy rains, is likely to see  output in Indonesia, the world's top palm oil producer, hit 22 million tonnes this year, Derom Bangun, vice chairman at the IPOB told Reuters.