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Oil gains as Russia-OPEC coordination talks support

27

Jan

Oil gains as Russia-OPEC coordination talks support

The US benchmark, West Texas Intermediate (WTI) for delivery in March, rose $1.11 to $31.45 a barrel on the New York Mercantile Exchange, AFP [...]

Oil gains as Russia-OPEC coordination talks support. The US benchmark, West Texas Intermediate (WTI) for delivery in March, rose $1.11 to $31.45 a barrel on the New York Mercantile Exchange, AFP reported. In London, Brent North Sea crude for March gained $1.30 to settle at $31.80 a barrel.Iraqi Oil Minister Adel Abdul Mahdi said at a conference in Kuwait that Baghdad was `ready to cooperate` on output cuts to boost prices, but only if non-OPEC producers also did so. Abdul Mahdi was also quoted by Bloomberg as outlining `flexibility` over output increases between Russia and the Organization of the Petroleum Exporting Countries (OPEC). Russian state-owned news agency Tass reported that Russian oil company Lukoil had urged the Kremlin to work with OPEC to limit production. That followed comments Monday from OPEC Secretary-General Abdullah el-Badri calling for OPEC and non-OPEC producers to cooperate to lift prices. Analysts expressed skepticism that a deal among oil producers was imminent. `(The) need for a production cut is clear -- as weve been saying for the past 18 months -- but its not yet clear whether Saudi Arabia and its OPEC allies are ready to return to the negotiating table,` said Tim Evans, an analyst at Citi Futures.  `And without Saudi, there will be no deal and the market will be left to rebalance naturally as non-OPEC output falls, a process that will be slow and painful.` `The usual talk of possible coordinated production cuts with Russia and OPEC is doing the rounds again,` added CMC Markets analyst Jasper Lawler. `Any such action seems unlikely with US shale producers likely to use any higher prices as an opportunity to increase their own output.`(Uu.A026)
Editor: B Kunto Wibisonohttp://www.antaranews.com/berita/542175/harga-minyak-naik-didukung-pembicaraan-koordinasi-rusia-opec

US dollar retreats ahead of Fed statement

27

Jan

US dollar retreats ahead of Fed statement

The U.S. central bank kicked off its two-day monetary policy meeting Tuesday and will release a statement on Wednesday, Xinhua reported. It is [...]

US dollar retreats ahead of Fed statement. The U.S. central bank kicked off its two-day monetary policy meeting Tuesday and will release a statement on Wednesday, Xinhua reported.  It is widely expected that the Fed will leave interest rates unchanged at this meeting amid the recent weakness in oil prices.  However, investors will scrutinize the central bank's statement for clues about the economic environment and the future path of tightening.  On the economic front, U.S. consumer confidence came in positive. The Conference Board Consumer Confidence Index now stands at 98.1 in January, up from 96.3 in December and above market consensus of 96.0.  The dollar index, which measures the greenback against six major currencies, was down 0.27 percent at 99.093 in late trading.  In late New York trading, the euro rose to 1.0849 U.S. dollars from 1.0837 dollars in the previous session, and the British pound increased to 1.4359 dollars from 1.4259 U.S. dollars in the previous session.  The Australian dollar edged up to 0.7014 U.S. dollar from 0.6972 dollar. The U.S. dollar bought 118.48 Japanese yen, lower than 118.49 yen of the previous session. The greenback increased to 1.0180 Swiss francs from 1.0155 Swiss francs, and it decreased to 1.4081 Canadian dollars from 1.4238 Canadian dollars. (T.A026)

Kulon Progo farmers produce various tea flavors

27

Jan

Kulon Progo farmers produce various tea flavors

One of Samigaluh Sukohadi tea farmer in Kulon Progo, Wednesday, said he produces various tea with flavors such as pegagan tea, scented tea, charred [...]

Kulon Progo farmers produce various tea flavors. One of Samigaluh Sukohadi tea farmer in Kulon Progo, Wednesday, said he produces various tea with flavors such as pegagan tea, scented tea, charred tea and white tea. `Previously, the harvested tea was sent to PT Pagilaran factory for Rp1,000 per kilogram. We think the price is cheap, thus we process it on our own in groups. We process it into several types of unique teas both in name and taste,` Sukohadi said. From various of those people's tea products, the most interesting ones are `charred tea` and `white-tea`. The two teas have rather complicated and exclusive ingredients and processes.White-tea is white in color, the original color of the tea leaves. There is not using any form of heat to dry it, thus the tea leaves' benefits are complete. `For this white tea, we have to harvest it before the sun shines. We do the harvesting after the dawn prayer, for at most half to one hour. Should it be exposed to sunlight, its benefit will be different,` he said. Sukohadi said that to dry white tea you only need to expose it to the wind, without using fire heat. The rule is strictly enforced. This white tea is brewed as a special drink. In Bali, the price is Rp3.5 billion per kilogram. Its consumers are mostly foreign tourists. `As for 'charred tea', we are using two to three pieces of leaves. The processing is done by drying it with the 'sangan' method. It is dried on earthen jar heated by fire on the bottom,` he said. He said Samigaluh's charred tea does have a `weird` taste, as it has a bitter astringent taste and also charred. `A weird taste. But with a bit of sugar the taste will be exclusive indeed. `We have a contract with a hotel in Bali. Every month we send two quintals of white tea, as well as some charred tea. There it is said foreign tourists prefer charred and white tea over scented tea,` he said. Sukohadi also said that on one side of his farm land a coffee shop is currently being built. He wants to complete the tea farm in the Nglinggo area with a tea house. He himself owns 2.5 hectares of land. `Currently, every Saturday and Sunday hundreds of visitors come to our tea farm. Enjoying the fresh air and the beautiful natural scene. They take a lot of selfies. It would be ideal if they could also drink tea in the middle of the tea farm,` he said.
Editor: B Kunto Wibisonohttp://www.antaranews.com/berita/542179/petani-kulon-progo-produksi-teh-berbagai-rasa

Weekend Arabica Coffee Prices Spike on Colombian Logistics Disruptions

25

Jan

Weekend Arabica Coffee Prices Spike on Colombian Logistics Disruptions

On Friday, Capital Economics, a London-based research consultancy, said it sees only a limited recovery in coffee prices over the coming year, as a [...]

Weekend Arabica Coffee Prices Spike on Colombian Logistics Disruptions. On Friday, Capital Economics, a London-based research consultancy, said it sees only a limited recovery in coffee prices over the coming year, as a forecast 2 percent increase in global demand from the U.S. Department of Agriculture easily outstrips an expected 0.4 percent gain in world output. In the immediate future, the fact that the currencies in Brazil and Colombia have weakened sharply against the dollar is encouraging exports as producers take advantage of the favorable exchange rate to sell dollar-priced beans, drawing down stockpiles in producing countries. However, the International Coffee Organization said Friday that this year is likely to see the first increase in global production in three years, and analysts predict ample rains will boost Brazil’s crop next year. ICE Futures U.S. March arabica coffee settled up 1.60 cents, or 1.40 percent, at $1.1600 per lb. Vibiz Research Center analysts estimate that the movement of arabica coffee prices on the ICE Futures New York will continue in a bearish pattern. The availability of production with plentiful rainfall in Brazil may increase expectations of increased production. Likewise, the potential for a stronger dollar with interest rate increases in the United States and the expected subsequent gradual increases will be potential triggers for weakening arabica coffee prices. ICE Futures New York arabica coffee is likely to test the support level at 1,1300 dollars and 1,1000 dollars, while resistance will be seen at 1,1900 dollars and 1,2200 dollars in the event of a continued increase. Freddy/VMN/VBN/Analyst-Vibiz Research Center Editor: Asido Situmorang
http://www.kpbn.co.id/adm/berita/index.php?sid=8d4112ce0aabe7aeef422c136a222624

CPO PRICE JAN 21: Malaysian Export Data Weighs on Palm Oil Rebound

21

Jan

CPO PRICE JAN 21: Malaysian Export Data Weighs on Palm Oil Rebound

April 2016 CPO futures, the most actively traded contract on Bursa Malaysia, was opened rising 0.12% to 2,458 ringgit, or Rp7.8 million, per [...]

CPO PRICE JAN 21: Malaysian Export Data Weighs on Palm Oil Rebound. April 2016 CPO futures, the most actively traded contract on Bursa Malaysia, was opened rising 0.12% to 2,458 ringgit, or Rp7.8 million, per ton.
However, the commodity immediately turned around and fell. CPO price weakened 0.29% to 2,448 ringgit per ton at 10.21 WIB.
CPO price is still depressed at a time when the commodity of vegetable oil substitute begins to rebound. Soybean oil price this morning rose by 0.34% to US$29.91 per pound, whereas WTI crude oil price rose by 1.13% to US$28.67 per barrel.
Negative sentiment that still affects CPO price trading is Malaysian export performance. SGS Testing Service estimates that Malaysian CPO export decreased by 10.5% year-over-year to reach 666,288 tons on December 1–20, 2016.
April 2016 CPO Contract Price Movement

Date

Level

Change

January 21, 2016(10.21 WIB)

2.448

-0.29%

January 20, 2016

2.455

-0.93%

January 19, 2016

2.478

+0.32%

January 18, 2016

2.470

+0.24%

January 17, 2016

2.464

+0.28%

Source: Bloomberg

20

Jan

U.S. oil price drops below $28 in Asia

The U.S. benchmark, West Texas Intermediate (WTI) crude for February delivery, fell as low as 27.92 U.S. dollars a barrel before recovering slightly. [...]

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