{
    "success": true,
    "data": {
        "id": 1277547,
        "msgid": "malaysian-palm-oil-closes-at-new-low-1447893297",
        "date": "2000-09-14 00:00:00",
        "title": "Malaysian palm oil closes at new low",
        "author": null,
        "source": "REUTERS",
        "tags": null,
        "topic": null,
        "summary": "Malaysian palm oil closes at new low KUALA LUMPUR (Reuters): Malaysian palm oil futures closed at their lowest in over 13 months as players liquidated positions due to worries about sales following Indonesia's decision to cut export taxes. Traders said concern over growing domestic stocks and weaker Chicago soyoil futures overnight also weighed on prices.",
        "content": "<p>Malaysian palm oil closes at new low<\/p>\n<p>KUALA LUMPUR (Reuters): Malaysian palm oil futures closed at<br>\ntheir lowest in over 13 months as players liquidated positions<br>\ndue to worries about sales following Indonesia's decision to cut<br>\nexport taxes.<\/p>\n<p>Traders said concern over growing domestic stocks and weaker<br>\nChicago soyoil futures overnight also weighed on prices.<\/p>\n<p>The benchmark third-month November futures contract ended down<br>\n18 ringgit at 972 ringgit ($255.79) a ton, its weakest level<br>\nsince July 30, 1999.<\/p>\n<p>Volume increased to 1,759 lots against 845 on Tuesday.<\/p>\n<p>\"Sentiment is very weak and players simply liquidate their<br>\npositions. The market could go lower,\" said one trader.<\/p>\n<p>Traders pegged immediate support at 950 ringgit.<\/p>\n<p>Indonesian Finance Minister Prijadi Praptosuhardjo on Tuesday<br>\nsigned a decree cutting export tax on crude palm oil to five<br>\npercent from 10 percent, effective immediately.<\/p>\n<p>The decree also cut export taxes on crude olein to two percent<br>\nfrom eight percent and refined bleached deodorized palm olein to<br>\ntwo percent from six percent. It also reduced the export tax on<br>\nRBD palm oil to two percent from six percent.<\/p>\n<p>Malaysian traders said the tax cuts would encourage more<br>\nexports from Indonesia, the world's second largest producer after<br>\nMalaysia, and spark stiffer competition between the two countries<br>\nin the international market.<\/p>\n<p>Prices also eased ahead of this week's exports, output and<br>\nstocks data, traders said.<\/p>\n<p>The official Malaysian Palm Oil Board will issue its August<br>\nfigures on Friday.<\/p>\n<p>Cargo surveyors Societe Generale de Surveillance Malaysia Sdn<br>\nBhd and Intertech Testing Services will also release on Friday<br>\nexports data for September 1-15. On Thursday, private forecaster<br>\nIvan Wong will issue his final estimates of August exports,<br>\nstocks and output.<\/p>\n<p>Physical prices also fell due to a lack of demand for refined<br>\nproducts coupled with ample supplies.<\/p>\n<p>Sept (south) crude palm oil was offered at 940 ringgit a ton<br>\nagainst bids of 935. It traded from 950 to 940.<\/p>\n<p>Sept (central) was offered at 935 ringgit against bids of 930,<br>\nand trades were reported at 945 to 930.<\/p>\n<p>Among refined products, Sept RBD palm oil was offered at $260<br>\na ton FOB, Oct at $262.50 and Nov\/Dec at $265.<\/p>\n<p>There were offers for Sept and Oct RBD palm olein at $282.50,<br>\nand Nov\/Dec at $287.50.<\/p>\n<p>Sept\/Oct RBD palm stearin was offered at $202.50 and Sept\/Oct<br>\npalm fatty acid distillate was offered at $170.<\/p>",
        "url": "https:\/\/jawawa.id\/newsitem\/malaysian-palm-oil-closes-at-new-low-1447893297",
        "image": ""
    },
    "sponsor": "Okusi Associates",
    "sponsor_url": "https:\/\/okusiassociates.com"
}