Latest News: Page 102

Global oil prices fell after U.S. supplies disappoint

14

Jul

Global oil prices fell after U.S. supplies disappoint

The U.S. benchmark, West Texas Intermediate (WTI) for August delivery, fell $2.05 to settle at $44.75 a barrel on the New York Mercantile Exchange.In [...]

Global oil prices fell after U.S. supplies disappoint. The U.S. benchmark, West Texas Intermediate (WTI) for August delivery, fell $2.05 to settle at $44.75 a barrel on the New York Mercantile Exchange.In London, Brent North Sea crude for September delivery, the global benchmark, slid to $46.26 a barrel, shedding $2.21 from Tuesday's close.The data from the US Department of Energy (DoE) `has put a damper on the overall market,` said Carl Larry of Frost & Sullivan. `Supply still seems to be ample. Overall, people still don't think demand is that great.`The contracts had jumped almost five percent Tuesday after OPEC said it expected a global supply glut to shrink this year and next as output by non-cartel producers falls.But Wednesday's US inventory data weighed on the market. Commercial crude oil inventories declined by 2.5 million barrels in the week to July 8, but remained at historically high levels. Analysts had forecast a fall of three million barrels, according to a Bloomberg News survey.Product stockpiles meanwhile unexpectedly climbed, including gasoline and distillates such as diesel.Crude production, which has been steadily falling in recent months, rose by 50,000 barrels per day in the past week.The crude draw was not large enough to change market sentiment, Larry said. `The tone is bearish.`
Editor: AA Ariwibowohttp://www.antaranews.com/berita/573053/harga-minyak-dunia-turun-setelah-persediaan-as-mengecewakan

Golden Agri Resources Supports Sustainable Palm Oil Industry

13

Jul

Golden Agri Resources Supports Sustainable Palm Oil Industry

The Managing Director for Sustainability & Strategic Stakeholders Engagement of Golden Agri Resources (GAR) Agus Purnomo supports the [...]

Golden Agri Resources Supports Sustainable Palm Oil Industry. The Managing Director for Sustainability & Strategic Stakeholders Engagement of Golden Agri Resources (GAR) Agus Purnomo supports the government’s move to build a sustainable palm oil industry where companies will implement improved social and environmental policies. Agus said that this is because economic growth and environmental preservation can go hand in hand. `We also focus on helping oil palm farmers improve their productivity, welfare and sustainable farming practices,` he explained. Continuing the company’s commitment to sustainability with its zero deforestation and zero exploitation policies, GAR also supports the Indonesian government in accelerating the transformation process for the palm oil industry. This commitment continues, with a focus on the implementation of sustainable policies to protect and preserve the environment, as well as empowering plasma and independent farmers and achieving 100 percent traceability in the supply chain. `We are committed to supporting the government,` added the Chief Sustainability Officer of Wilmar International Limited Jeremy Goon. Meanwhile, the Deputy Chairman for International Relations of the Indonesian Chamber of Commerce and Industry (Kadin) Shinta Kamdani said that the companies that have signed the IPOP are committed to supporting the strengthening and improvement of ISPO as the international market standard. `Next, we hope for better coordination between the government and the private sector in transforming the palm oil sector,` said Shinta.(far/jos/jpnn) http://www.jpnn.com/read/2016/07/13/453377/Golden-Agri-Resources-Dukung-Industri-Sawit-Berkelanjutan-

Indonesia is ready to print its first Master of National Logistics

13

Jul

Indonesia is ready to print its first Master of National Logistics

"This is the initiative from entrepreneurs based on experience, etc. It turned out there is an important gap in education at master's or S2 [...]

Indonesia is ready to print its first Master of National Logistics. "This is the initiative from entrepreneurs based on experience, etc. It turned out there is an important gap in education at master's or S2 level in logistics. We totally support it," said Secretary General of the Ministry of Industry Syarif Hidayat in Jakarta, Tuesday.
 
With education adopted from the Netherlands, Syarif hopes that many industrialists will send their employees to further explore logistics science, which will most definitely impact the logistics costs in that industry.
 
"I believe that if businesspeople have an adequate knowledge about it, they will be able to do the arrangements much better," said Syarif.
 
Syarif believes that the necessity for HR in the logistics sector in the future will be increasing, considering the growth of the number of ports and infrastructures that are being built.
 
Meanwhile, the Chairperson of Yayasan Sejuta Sahabat Indonesia Eka Sari Lorena Soerbakti, who collaborated with the Maastricht School of Management (MSM) and Universitas Udayana, said that the school will be built in Bali and will start operating in November 2016.
 
"As of now there are 10 people who registered. Our target is 12 to 15 people. It will indeed be a small class," she said.
 
According to the owner of Eka Sari Lorena (ESL) Logistics, the logistics costs in Indonesia take up 20 to 30 percent of the entire industrial operational costs. The percentage itself is considered one of the highest in the world because in other countries, it is only around 9 to 12 percent.
 
She believes that with well-educated experts, it will impact the logistics costs up to 5 percent and simultaneously make Indonesia more competitive.
 
"If our calculation with logistics companies is correct, then they will be able to do their activities more efficiently and save up to 3 to 5 percent of their operational costs," said Lorena. 
Editor: Ade Marboen
http://www.antaranews.com/berita/572749/indonesia-siap-cetak-master-logistik-dalam-negeri

Malaysian Stockpiles Jump, Pressuring Palm Oil Prices

12

Jul

Malaysian Stockpiles Jump, Pressuring Palm Oil Prices

At the close of trading on Monday (11/7) futures contracts for CPO for delivery September 2016, the active contract on the Bursa Malaysia, fell 2 [...]

Malaysian Stockpiles Jump, Pressuring Palm Oil Prices. At the close of trading on Monday (11/7) futures contracts for CPO for delivery September 2016, the active contract on the Bursa Malaysia, fell 2 points or 0.09% to 2,359 ringgit per ton. This figure shows that throughout the current year, the price has already dropped 12.33%.   According to a Bloomberg survey median that involved eight respondents from analysts, contractors and traders, CPO stock in Malaysia stood at 1.72 million at the end of June, up 4.2%. Meanwhile, CPO production leapt 10% to 1.49 million tons, or increased 4.9%. In terms of exports, overseas shipments are predicted to decrease by 5.5% to 1.21 million tons, or the lowest level since 2008.    The Malaysian Palm Oil Board (MPOB) itself will release the official data on Tuesday (12/7/2016).   The Malaysian Palm Oil Association that manages a number of producer companies predicted CPO production last month would increase 10.5% to 1.51 million tons. This is based on the plant’s harvesting cycle and the lackluster demand for products made from palm oil.    The decreased exports are predicted to be because the Ramadan holiday period did not cause a spike in consumer demand. The main reason for this is the way purchases dropped in India, with its CPO import rate falling by 46% in June to 195,105 tons.    Ivy Ng, Regional Head of Plantations at CIMB Investment Bank Bhd, said that negative sentiment toward CPO meant the price this month will lie in the range of 2,300-2,600 ringgit per ton. The higher palm oil production is a sign that the poor weather from El Nino is improving.    Alan Lim, an analyst for MIDF Research, said in his research publication that CPO supplies in Malaysia, as the second largest palm oil producer in the world, reached 1.83 million tons at the end of June due to weakening demand. Last month’s export data showed a decrease of 10%. Despite that, supply is still under the 2 million ton psychological threshold, so it continues to support price stability. “We are maintaining the assumption that the average CPO price for 2016 will reach 2,450 ringgit per ton, up 14% from 2015, which was valued at 2,153.5 per ton,” he explained in the study that was cited by Bisnis.com on Monday (11/7/2016).  Source: Bisnis Indonesia

OIL PRICE: US Dollar Strengthens, WTI Falls to US$44.76/barrel

12

Jul

OIL PRICE: US Dollar Strengthens, WTI Falls to US$44.76/barrel

West Texas Intermediate crude for August delivery fell 65 cents to settle at $44.76 a barrel on the New York Mercantile Exchange on Monday, or [...]

OIL PRICE: US Dollar Strengthens, WTI Falls to US$44.76/barrel. West Texas Intermediate crude for August delivery fell 65 cents to settle at $44.76 a barrel on the New York Mercantile Exchange on Monday, or Tuesday morning Jakarta time. Meanwhile, Brent for September settlement lost 51 cents, or 1.1 percent, to $46.25 a barrel on the ICE Futures Europe exchange, the lowest close since May 10, 2016. The number of oil rigs operating in the US climbed by 10 last week to 351, according to data from Baker Hughes Inc. cited by Bloomberg. Oil prices fluctuated on Monday following a global stock market rally and a stronger US dollar, which reduced the appeal of commodities priced in the currency. “Oil has been choppy,” Phil Flynn, senior market analyst at Price Futures Group, told Bloomberg. It initially fell on concerns over rising supplies then advanced as stocks rallied, and ultimately settled lower on the stronger US dollar, he added. The Standard & Poor’s 500 Index climbed to a fresh record, while the Bloomberg Dollar Spot Index, which measures the greenback against 10 major currencies, rose as much as 0.6 percent on Monday. “The dollar index going higher at the same time that stocks are going higher is creating a bit of a mixed signal,” Bob Yawger, director of energy futures at Mizuho Securities USA, told Bloomberg. Source: Bisnis Indonesia

RUBBER PRICES ON JULY 12: Extending Strength Ignores Yen

12

Jul

RUBBER PRICES ON JULY 12: Extending Strength Ignores Yen

Rubber price rose by 0.60% or 0.90 points to 151.20 yen per kilogram (kg) at 7:09 WIB. Previously, rubber price opened with an increase by 0.20% or [...]

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