Palm oil prices close the week higher<\/p>\n
LONDON (Reuters): Palm oil prices ended the week higher on the
\nEuropean vegetable oil market on Friday.<\/p>\n
Trade talk that the Indonesian government has set a base price
\nfor the palm oil export tax has been rumored for a few days and
\nhad no impact.<\/p>\n
Traders said the Indonesian government has set a base price of
\n$610 a ton for crude palm oil and $640 a ton for olein both
\nprices are valid for the period July 8 to August 8.<\/p>\n
No official confirmation from Indonesia was available.<\/p>\n
\"This is the price you pay the tax on regardless whether the
\ninternational prices goes up or down,\" said a trader.<\/p>\n
Traders calculated the duty payable on crude palm oil at $366
\na ton and $352 a ton for olein.<\/p>\n
Indonesia increased the export duty on crude palm oil to 60
\npercent on Tuesday and to 55 percent from 35 percent on olein in
\nan attempt to slow export which have starved the local cooking
\noil market of palm oil and sent prices soaring.<\/p>\n
Traders said the believed the Indonesian government was using
\nthe Rotterdam market as it's bases for the prices.<\/p>\n
News that India had cut it's import duty on edible oils from
\n25 percent to 15 percent with effect from July 10 boosted prices
\nand triggered active trading in palm olein during the morning.<\/p>\n
Traders estimate that around 20,000 to 30,000 tonnes of palm
\nolein changed hands in Indian related business.<\/p>\n
India said last week that it would imported 150,000 tonnes of
\npalm olein ahead of the ahead of the Hindu festival months of
\nAugust to November.<\/p>\n
\"150,000 tonnes is a lot and that is what has set the
\nspeculators diving into the market,\" said one trader.<\/p>\n
\"However, if olein gets' too expensive the Indian government
\nmay switch to rape oil,\" the trader added.<\/p>\n
At the close of business in Europe crude palm oil was
\nunchanged while products were $2.50 higher with no further
\nbusiness reported.<\/p>\n
Lauric oils were mixed with coconut oil $5 up after Aug\/Sep
\ntraded in a switch with Sep\/Oct with a $15 spread.
\nPalmkernel oil closed $10 to $5 lower.<\/p>\n
Dutch soy oil closed unchanged and neglected while rape oil
\nwas one to 1.25 guilders down after Jul traded at 125.00 and
\n125.50 and Feb\/Apr 126.50 guilders per 100 kilos fob ex-mill.<\/p>",
"url": "https:\/\/jawawa.id\/newsitem\/palm-oil-prices-close-the-week-higher-1447893297",
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"sponsor_url": "https:\/\/okusiassociates.com"
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