Thursday, November 29, 2012

20121129 1535 Soy Oil & Palm Oil Related News.

Malaysia to detail crude palm oil tax cut in Dec-official
29-Nov-2012 15:20
NUSA DUA, Indonesia, Nov 29 (Reuters) - Malaysia, the world's second largest palm oil producer, will announce details of its proposed cut to crude palm oil export taxes by the end of December, a government official said on Thursday.
"We will make an announcement on the exact pricing in the last few days of December," said the official who declined to be named due to sensitivity of the issue.
The tax, due to take effect on Jan. 1, is aimed at making crude exports more competitive in the face of a tax cut for refined grades by top producer Indonesia last year.
The Malaysian government has proposed pegging the tax at between 4.5 and 8.5 percent depending on the market prices, a cut from the current 23 percent.

VEGOILS-Palm oil falls to 2-week low on stocks concerns - RTRS
29-Nov-2012 13:07
Palm oil to test support at 2,353 ringgit -technicals Traders eye 2013 price forecasts at Bali conference on Thurs, Fri Indonesia palm oil output to climb 7 pct to 27 mln tonnes in 2013 India oilseed industry pushes for hike in import taxes -sources
(Updates prices, adds detail)
By Chew Yee Kiat
SINGAPORE, Nov 29 (Reuters) - Malaysian palm oil futures fell to a 2-week low on Thursday, extending losses for a third straight session as weak sentiment continued to dominate the market with investors worrying over record high stocks.
Traders are looking out for Malaysia's palm products export figures for November due Friday, with expectations of a slight decline compared to a month ago. The latest data for first 25 days of the month showed a drop of less than 2 percent. PALM/ITS PALM/SGS
A lower export demand may push Malaysian inventory levels slightly higher in November despite slowing production.
"The market is still under pressure. Exports should be down by more than 1.5 percent for the month," said a trader with a foreign commodities brokerage in Malaysia.
"People are asking whether production can neutralise exports, and I think it's unlikely that stocks will go up sharply," he added.
By the midday break, the benchmark February contract FCPOc3 on the Bursa Malaysia Derivatives Exchange fell 0.9 percent to 2,372 ringgit ($777) per tonne. Prices earlier touched a low of 2,367 ringgit, a level last seen on Nov. 14.
Technicals suggested palm oil is expected to test a support at 2,353 ringgit, a break below which will lead to a further drop to 2,288 ringgit. (Full Story)
Total traded volumes stood at 9,955 lots of 25 tonnes each, thinner than the usual 12,500 lots, as some traders remained on the sidelines ahead of top analysts presenting their price forecasts for 2013 at the Indonesian Palm Oil Association's two-day conference in Bali on Thursday and Friday. (Full Story)
Palm oil output in the world's biggest producer Indonesia is expected to climb 7 percent next year to 27 million tonnes, a top industry association official said on the sidelines of the conference, as three years of acreage expansion efforts bear fruit. (Full Story)
Two trading sources also told Reuters at the conference that India's oilseed industry has submitted a proposal to the government to raise import taxes on palm oil and other edible oils, arguing demand for local output is being hurt after a sharp fall in prices. (Full Story)
In related markets, Brent crude rose on Thursday, as U.S. lawmakers appeared to be inching closer to a deal on the "fiscal cliff" and tensions in the Middle East worsened. (Full Story)
In other vegetable oil markets, U.S. soyoil for December delivery BOZ2 fell 0.3 percent in early trade. The most-active May 2013 soybean oil contract DBYcv1 on the Dalian Commodity Exchange lost 0.7 percent by the midday break.

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