KL palm firms to set up database<\/p>\n
KUALA LUMPUR: Malaysia's palm oil industry plans to set up a
\ndatabase in a move to reduce market dependence on foreign
\nintelligence and to boost competitiveness, a report said
\nWednesday.<\/p>\n
The intelligence unit, with an annual allocation of five
\nmillion ringgit (US$1.32 million), will give market players a
\nsteady stream of reports on crop production and price, said Abdul
\nKhalid Ibrahim, chairman of the Malaysian Palm Oil Association.<\/p>\n
"With strong market intelligence, companies will be better at
\nanticipating demand and supply and adjusting operations
\naccordingly to compete against the world's 15 other edible oils,"
\nhe told the New Straits Times daily.<\/p>\n
The facility, enabling traders to monitor analyses and updates
\non supply and demand, would reduce the market's dependence on
\nforeign sources such as the Chicago Board of Trade commodity
\nmarket.<\/p>\n
"The sector has been relying too much on information from
\nabroad ... as a leading producer, we should have greater
\ninfluence on the market," said Abdul Khalid, adding foreign
\nsources could sometimes be misleading. -- AFP<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/kl-palm-firms-to-set-up-database-1447893297",
"image": ""
},
"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
}