Palm oil markets hold back<\/p>\n
KUALA LUMPUR (Reuters): Southeast Asian palm oil markets are
\nlikely to watch official Malaysian February crop data this week
\nand look out for whether Indonesia lifts its ban on crude palm
\noil exports, regional traders said.<\/p>\n
Malaysia's Palm Oil Registration and Licensing Authority
\n(PORLA) will announce February's output, stock and export crop
\ndata at 0430 GMT on Monday.<\/p>\n
"Palm players are waiting to see how the PORLA February
\nnumbers will be before taking up huge positions," said a senior
\ntrader in Malaysia. "We are unable to predict the data as PORLA
\ncan come out with many surprises. So just wait."<\/p>\n
Crop forecaster Ivan Wong on Friday estimated February's
\noutput at 599,000 tons, end-February stocks at 740,000 tons and
\nexports in February at 465,000 tons.<\/p>\n
"And secondly, the market is waiting for news from Indonesia
\nwhether the government will lift the export ban as the new
\ncabinet has been announced," the trader added.<\/p>\n
Indonesia's President Soeharto announced his new cabinet on
\nSaturday, appointing his close associate, timber tycoon Mohamad
\n"Bob" Hasan, as industry and trade minister.<\/p>\n
Indonesian traders said political developments there would
\nalso be the focus of attention this week. "This week we will see
\nthe new cabinet minister and we will find out how the market will
\nreact," said one trader in Indonesia.<\/p>\n
"I think prices will stay at the same level. The market will
\nwait (to see) what the new Trade and Industry Minister is going
\nto do with the export ban of crude palm oil," said another
\nIndonesia trader.<\/p>\n
Indonesia has imposed an indefinite ban on the export of crude
\npalm oil in order to stabilize prices and supply.<\/p>\n
Indonesian palm olein price was quoted at 2,900 rupiah\/kg last
\nweek.<\/p>",
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"sponsor": "Okusi Associates",
"sponsor_url": "https:\/\/okusiassociates.com"
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