KL palm firms to set up database

KL palm firms to set up database

KUALA LUMPUR: Malaysia's palm oil industry plans to set up a
database in a move to reduce market dependence on foreign
intelligence and to boost competitiveness, a report said
Wednesday.

The intelligence unit, with an annual allocation of five
million ringgit (US$1.32 million), will give market players a
steady stream of reports on crop production and price, said Abdul
Khalid Ibrahim, chairman of the Malaysian Palm Oil Association.

"With strong market intelligence, companies will be better at
anticipating demand and supply and adjusting operations
accordingly to compete against the world's 15 other edible oils,"
he told the New Straits Times daily.

The facility, enabling traders to monitor analyses and updates
on supply and demand, would reduce the market's dependence on
foreign sources such as the Chicago Board of Trade commodity
market.

"The sector has been relying too much on information from
abroad ... as a leading producer, we should have greater
influence on the market," said Abdul Khalid, adding foreign
sources could sometimes be misleading. -- AFP