Homepage
PR Newswire
09-06-2021, 09:18 PM
(This post was last modified: 09-06-2021, 09:20 PM by Curiousparty.)
Ripe for a very strong H2 rebound!!!
Effect of botched Q1/Q2 forward hedging is wearing off soon!
If the cut in export levy materializes, then plantation counters such as Bumitama will strongly take off!!
___
https://www.spglobal.com/platts/en/marke...on-sources
Indonesia may cut export levy by $100/mt: sources
New Delhi — Buying interest for palm oil has seen a reduction in Asia markets during the week ending May 21 as traders go into wait-and-watch mode ahead of potential cuts to the $255/mt export levy that Indonesia charges to subsidize its national bio-diesel program, multiple sources told S&P Global Platts.
According to trade sources, a $100/mt cut in the export levy has been proposed and may be announced in the coming weeks. However, there is no official announcement yet.
"Prices have fallen steeply recently and I don't think anybody is rushing to buy much until July at least," Marcello Cultrera, institutional sales manager for Singapore-based Phillip Futures said.
"Until there is more clarity, some will stay on the sidelines."
The same opinion was voiced by two other analysts and an edible oils trader who spoke to Platts on the matter.
Palm oil orders are usually booked a month or two in advance. Therefore the current dip in buying interest could be reflected in July and August shipments.
Indonesia is the world's largest producer of palm oil and accounts for about half of the world's supply for the versatile ingredient used in cooking, confectionary, cosmetics and as a biofuel.
The Indonesian Palm Oil Board (GAPKI) did not immediately respond to a request for comment.
Effect of botched Q1/Q2 forward hedging is wearing off soon!
If the cut in export levy materializes, then plantation counters such as Bumitama will strongly take off!!
___
https://www.spglobal.com/platts/en/marke...on-sources
Indonesia may cut export levy by $100/mt: sources
New Delhi — Buying interest for palm oil has seen a reduction in Asia markets during the week ending May 21 as traders go into wait-and-watch mode ahead of potential cuts to the $255/mt export levy that Indonesia charges to subsidize its national bio-diesel program, multiple sources told S&P Global Platts.
According to trade sources, a $100/mt cut in the export levy has been proposed and may be announced in the coming weeks. However, there is no official announcement yet.
"Prices have fallen steeply recently and I don't think anybody is rushing to buy much until July at least," Marcello Cultrera, institutional sales manager for Singapore-based Phillip Futures said.
"Until there is more clarity, some will stay on the sidelines."
The same opinion was voiced by two other analysts and an edible oils trader who spoke to Platts on the matter.
Palm oil orders are usually booked a month or two in advance. Therefore the current dip in buying interest could be reflected in July and August shipments.
Indonesia is the world's largest producer of palm oil and accounts for about half of the world's supply for the versatile ingredient used in cooking, confectionary, cosmetics and as a biofuel.
The Indonesian Palm Oil Board (GAPKI) did not immediately respond to a request for comment.
[I am not here to promote any stocks. Please always do your own research before embarking on any investment decision. I will not be liable for any of your own decisions. Your use of any information or materials is entirely at your own risk. It is your responsibility to ensure that any products, services or information meet your specific requirements. I do not produce material which meets the objectives of any specific financial and risk profile of investors.]