Latest News: Page 117

World oil prices rise ahead of Qatar gathering

12

Apr

World oil prices rise ahead of Qatar gathering

The US benchmark West Texas Intermediate (WTI) for May delivery rose 64 cents to $40.36 a barrel on the New York Mercantile Exchange. Brent North Sea [...]

World oil prices rise ahead of Qatar gathering. The US benchmark West Texas Intermediate (WTI) for May delivery rose 64 cents to $40.36 a barrel on the New York Mercantile Exchange. Brent North Sea crude for June settlement, the European benchmark, increased 89 cents to settle at $42.83 a barrel in London deals.The gains added to a more than six percent surge on Friday, after data showed a surprise drop in US stockpiles and weaker output.Bart Melek of TD Securities said focus remains on a meeting of key producers in Doha on April 17 that could yield an agreement to limit output in order to support crude prices.But Citi Futures analyst Tim Evans said reports of high production in Russia and Iraq were worrying signs for the oversupplied market. So too was news that Kuwait planned to boost its output further by the end of 2016. “These producers may simply be getting their last increase to the market ahead of a freeze, but it does not seem in the spirit of a production restraint and casts doubt on the likelihood that they will comply with any deal that is agreed,” Evans said.OPEC governor for Kuwait, Nawal al-Fezaia, said Tuesday that major oil producers could reach a deal on output freeze even if Iran does not join the move. However, investment bank Goldman Sachs warned Monday that the meeting later this week is unlikely to tighten a massively oversupplied market, according to AFP. (T.A026)
Editor: Ruslan Burhanihttp://www.antaranews.com/berita/554822/harga-minyak-dunia-naik-jelang-pertemuan-qatar

CPO PRICES April 11: Malaysia's production increases, CPO reverses to weakening

12

Apr

CPO PRICES April 11: Malaysia's production increases, CPO reverses to weakening

The June 2016 CPO futures contract, the most active contract on Bursa Malaysia, opened down by 0.26% to MYR2,673 per ton this morning. The commodity [...]

CPO PRICES April 11: Malaysia's production increases, CPO reverses to weakening. The June 2016 CPO futures contract, the most active contract on Bursa Malaysia, opened down by 0.26% to MYR2,673 per ton this morning. The commodity price had earlier improved by 0.63% to MYR2,697 per ton at 10:02 a.m. WIB.
However, at 2:02 p.m. WIB, the CPO price fell again by 0.67% to MYR2,662 per ton.
The Malaysian Palm Oil Board (MPOB) announced that the second-largest palm oil producer's palm oil stock fell 13.1% to 1.89 million metric tons in March 2016 as compared to the previous month. Production increased by 17% to 1.22 million tons, and exports by 23% to 1.33 million tons.
The CPO futures contract had previously closed with a loss for four consecutive days since the latest gain to 2,770 on 4 April.
Price Movement of the June 2016 CPO Contract

Date

Level

Change

11/4/2016(2:02 p.m. WIB)

2.622

-0.67%

8/4/2016

2.680

-1.11%

7/4/2016

2.710

-0.44%

6/4/2016

2.722

-1.23%

5/4/2016

2.756

-0.51%

Source: Bloomberg

Indonesian Coffee Finds Favour Among Britons

11

Apr

Indonesian Coffee Finds Favour Among Britons

Since the first event in 2011, the number of participants and visitors to the London Coffee Festival (LCF) has continued to increase, with an [...]

Indonesian Coffee Finds Favour Among Britons. Since the first event in 2011, the number of participants and visitors to the London Coffee Festival (LCF) has continued to increase, with an estimated 35,000 people visiting the festival or nearly 9,000 people/day, the Economic Functionary of the Indonesian Embassy in London, Hastin Dumadi, told Antara London, Sunday. According to Hastin Dumadi, there were 200 small to large companies participating in this festival, such as Starbucks, Illy, Lavazza, as well as small and medium-sized companies such as Altwien, Novell who sell robusta coffee from Sumatra, and Coffee Monger with arabica coffee originating from East Java. In this year's festival, several other `roasters` companies, like Cafe Pod that sells coffee from the Lake Laut Tawar area, and Extract Coffee Roasters that imports coffee from various regions in Indonesia, Peros that buys coffee from the Sumatra region, and Matthew Algie that buys coffee from Sulawesi. In addition to coffee exhibitions for robusta and arabica types, several companies also sell coffee drink processing machines as well as glasses and aprons for coffee baristas. From the observations of the Economic Functionary of the Indonesian Embassy in London, Hastin Dumadi, on average, coffee roasting companies that sell Indonesian coffee at the exhibition were in the form of roasted beans, but some were also in the form of capsules to be put into the coffee processing machine as sold by CafePod. Lara Hunter-Rodwell from Peros, which is part of the large coffee company Bewleys, said that the demand from buyers for coffee from Indonesia, such as from Sumatra, was also quite good and had continued to increase.Ashley Quinn from Extract Coffee Roasters said the same thing as Lara, that the demand for coffee, especially arabica coffee from Indonesia, continues to increase, but his company sometimes has difficulties in obtaining a stable supply of coffee from Indonesia.The same was also expressed by the Novell company, which has not sold coffee from Indonesia since the beginning of this year, because they have not received any supplies.Meanwhile, Brooke and Tarek El Khazindar, owners of Coffee Mongers, who primarily sell arabica coffee under the name `Mercator - Java`, said that with the increasing interest in drinking coffee by the British public, their company wanted to increase imports of coffee from Indonesia, which is considered to have a distinctive flavor.In addition to coffee from Indonesia, several other coffees that were widely sold at the exhibition were coffees originating from Latin American countries, including Brazil, Guatemala, Nicaragua, and from Africa, including Kenya, Ethiopia, and Tanzania.Coffee production in Indonesia does indeed fluctuate quite a bit. In 2014, Indonesia was the 4th largest coffee producing country in the world after Brazil, Vietnam, and Colombia.On average, 31 percent of Indonesia's total coffee exports go to Europe. With the increasing demand for coffee worldwide, including from the UK, where there is a large population of British people compared to other European countries, Indonesian exporters still have many opportunities to export coffee to the UK, he said.Indonesian companies can send product samples of their coffee to various coffee importing companies in the UK, information about which is easy to obtain because each company has a page or website.Coffee exporters can also participate in this activity next year, which will be held in early April 2017.
Editor: Suryantohttp://www.antaranews.com/berita/554556/kopi-indonesia-digemari-warga-inggris

Algeria witnesses surge in coffee export inquiries

11

Apr

Algeria witnesses surge in coffee export inquiries

That was conveyed by one of the entrepreneurs and an importer of Indonesian coffee from Algeria, Fouad Hamdani, so Secretary Three Pensosbud KBRI [...]

Algeria witnesses surge in coffee export inquiries. That was conveyed by one of the entrepreneurs and an importer of Indonesian coffee from Algeria, Fouad Hamdani, so Secretary Three Pensosbud KBRI Algerian, Darmia Dimu to Antara London, Monday. According to Fouad Hamdani, from his observations in recent years, coffee from Indonesia is one of the coffees that are quite popular in society here (Algeria). The characteristic flavors of coffee from Indonesia are quite distinctive and unique, making it a favorite of the locals, said Fouad, who is also the director of PT Africafe, one of the largest Algerian coffee companies that exports its products to other countries in Africa and Europe. When met by the Indonesian Ambassador to Algeria, Safira Machrusah at his factory last weekend, Fouad highlighted that the type of Indonesian coffee that entered Algeria in bulk was Robusta. While the Arabica type is still not very abundant. In total, the company imports coffee from Indonesia reaching 6,000 tons per year. His party is planning to increase the volume of imported coffee from Indonesia in the next few moments, considering the trend of the Algerian market demand for Indonesian Robusta coffee which tends to increase. Seeing the increasing trend in demand for Indonesian coffee, we will try to increase the volume of our coffee imports from Indonesia. But I can't yet be sure how big the increase will be because for more details, we will still conduct a market survey first. Nevertheless, his party revealed a number of constraints faced when importing coffee from Indonesia. Up until now, the importation process still has to go through third parties, namely traders from European countries such as Belgium and France. This is due to the fact that until now goods entering and leaving Indonesia to Algeria are subject to fairly high customs duties, due to the failure of the Second Joint Commission Meeting (SKB) between Indonesia and Algeria. For that reason, Fouad hopes that the Indonesian Ambassador can work towards increasing the level of trade cooperation between the two countries, especially in coffee commodities. He also hopes to be able to transact directly with coffee farmers from Indonesia, without going through third party intermediaries. In response to this, the Ambassador suggests that Algerian coffee entrepreneurs open a trade representative office in Indonesia. It is hoped that with the opening of a trade representative office in Indonesia, Algerian coffee importers can transact directly with producers from Indonesia, so that prices obtained can be more competitive.  The Ambassador continues to strive to hold the Second Joint Commission Meeting (SKB) between the two countries, especially to remove barriers which so far have been quite significant stumbling blocks for trade between the two countries. Algeria is one of the largest consumers of coffee in the Middle East and Africa. The trend of growing consumption of coffee in Algeria has experienced an increase in volume from three percent in 2012 to six percent during 2014. On average, Algerians consume about 13 grams of coffee per day, or as much as four kilograms per year. 
Editor: Ruslan Burhani
http://www.antaranews.com/berita/554599/permintaan-ekspor-kopi-ke-aljazair-meningkat

CPO PRICE ON APRIL 6: At the beginning of trading, down 1.23%

06

Apr

CPO PRICE ON APRIL 6: At the beginning of trading, down 1.23%

June 2016 CPO futures, the most-active contract on Bursa Malaysia, opened 1.23% lower at MYR2,722 a ton. Meanwhile, the ringgit was seen [...]

World oil prices gain on a weak US dollar

01

Apr

World oil prices gain on a weak US dollar

The US benchmark West Texas Intermediate for May delivery rose two cents to finish at $38.34 a barrel on the New York Mercantile Exchange. Brent [...]

World oil prices gain on a weak US dollar. The US benchmark West Texas Intermediate for May delivery rose two cents to finish at $38.34 a barrel on the New York Mercantile Exchange.  Brent North Sea crude for May delivery, the global benchmark, advanced 34 cents to settle at $39.60 a barrel in London deals, compared with Wednesday's close. Prices seesawed into negative and positive territory before finishing slightly higher. The price increase `is largely a function of the weaker dollar. The dollar is down sharply today and was at one point at a five-month low, so that's helping crude find a bid, rally into the green,` said Bob Yawger of Mizuho Securities USA. The dollar index, which measures the greenback against six other major currencies, fell 0.35 percent to 94.525 in late Thursday trade. A weaker greenback tends to make dollar-priced commodities more attractive to buyers using stronger currencies. The dollar has declined since Yellen offered a cautious tone Tuesday on hiking US interest rates in light of a slowing global economy. Still, analysts said the market remained focused on the global crude oversupply, which is keeping a lid on prices. The US reported Wednesday that its commercial crude oil inventories climbed last week to another record high, underscoring the supply glut. Yawger pointed to reports that OPEC increased production in March, even as the 13-nation cartel plans to meet with non-OPEC producers next month to discuss a potential output freeze aimed at stabilizing the market. Oil prices have fallen by more than 60 percent since mid-2014. `The rally is in the face of the April 17th meeting, so that's a bearish development and is contributing to the downside,` he said. The Organization of the Petroleum Exporting Countries and non-OPEC members will meet on April 17 in Doha to discuss the production freeze. Traders are hoping that a deal to cap output will help support crude prices. Tim Evans at Citi Futures noted that preliminary estimates of OPEC's March output show a net increase of 100,000 barrels per day. AFP and Xinhua reported. (A026)
Editor: Tasrief Tarmizi

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