Latest News: Page 76

05

Oct

Asia-Pacific economies grow

IMF chief economist Maurice Obstfeld said in a press conference broadcast live from Washington DC, United States on Tuesday at 09:00 AM local time [...]

Asia-Pacific economies grow. IMF chief economist Maurice Obstfeld said in a press conference broadcast live from Washington DC, United States on Tuesday at 09:00 AM local time the number was slightly higher than the IMF's estimate in July 2016 at 4.1 percent and was expected to reach 4.6 percent in 2017.  `Overall, Asia-Pacific continues to show resilience amid the global slowdown,` he stated.  Despite the growth, the IMF noted that there were significant resilience differences among developing economies in the regions. In the Asia-Pacific Region, Chinas economic recovery remained the main factor influencing the economies of surrounding developing countries, including through government policies continuing to shift their dependence from investment and industry towards consumption and services. The policy was estimated to slow down short-term growth, but at the same time could build a foundation for long-term more sustainable economic expansion. However, Obstfeld stated that the Chinese government must act quickly to control credit, which is `increasing at an alarming pace`, and to stop granting capital to unprofitable state-owned companies. Amidst the recovery, the IMF estimated that the Chinese economy would grow 6.2 percent in 2017, lower than the 6.9 percent growth rate in 2016. To increase growth amidst the global slowdown, the IMF encouraged developing countries to continue reforming structurally in order to increase job creation, adaptability of job specialization, and to reduce trade barriers. The IMF will be holding a press conference regarding economic estimates for Asia-Pacific region countries, including Indonesia, on Thursday (Oct 6).
Editor: Ade Marboen
http://www.antaranews.com/berita/588429/ekonomi-asia-pasifik-bertumbuh

U.S. dollar bolstered by comments from Fed official

05

Oct

U.S. dollar bolstered by comments from Fed official

Richmond Fed President Jeffrey Lacker, a non-voting member of the Fed's policy-setting committee, said Tuesday that there was a strong case for [...]

U.S. dollar bolstered by comments from Fed official. Richmond Fed President Jeffrey Lacker, a non-voting member of the Fed's policy-setting committee, said Tuesday that there was a strong case for raising interest rates and that borrowing costs may need to rise significantly to keep inflation under control.  Cleveland Fed President Loretta Mester, meanwhile, said Monday that the U.S. central bank should not delay raising interest rates.  Analysts said the comments from the policymakers added to market speculation of an interest rate hike by the end of the year.  The U.S. dollar index, which measures the greenback against six major currencies, rose 0.46 percent to 96.137 by the end of trading.  In late New York trading, the euro fell to 1.1201 U.S. dollars from 1.1217 U.S. dollars, and the British pound decreased to 1.2739 U.S. dollars from 1.2859 U.S. dollars. The Australian dollar dropped to 0.7621 U.S. dollars from 0.7674 U.S. dollars.  The U.S. dollar bought 102.82 Japanese yen, higher than 101.57 yen in the previous session. The U.S. dollar also rose slightly to 0.9798 Swiss francs from 0.9733 Swiss francs, and gained to 1.3197 Canadian dollars from 1.3117 Canadian dollars. 
Editor: Ade Marboen
http://www.antaranews.com/berita/588438/dolar-as-menguat-didorong-pernyataan-pejabat-the-fed

04

Oct

European Sentiment Weighs on CPO Prices

"For the next week, the price of Fresh Fruit Bunches (FFB) of CPO Riau in the Indonesian commodity exchange has plummeted by Rp135.67 per kg, from [...]

European Sentiment Weighs on CPO Prices. `For the next week, the price of Fresh Fruit Bunches (FFB) of CPO Riau in the Indonesian commodity exchange has plummeted by Rp135.67 per kg, from Rp2.081,78/kg the previous week to Rp1.946,11 for a 10-20 year-old palm,` said Rusdi, Secretary of the CPO FFB Price Setting Team for Riau, in Pekanbaru, Tuesday (4/10/2016). According to Rusdi, the trend was no different from Malaysia, which also showed weakening prices. The drop in Riau CPO prices has also been influenced by the accusations of the government's lack of wisdom in managing the palm oil industry, such as deforestation and destruction of wildlife. However, he said, the Malaysian government has issued a refutation of this allegation submitted by The Malaysia Palm Oil Council (MPOC) CEO Dr Yusof Basiron. `Malaysia has implemented an environmentally friendly palm oil industry since requiring palm oil businesses to have an MSPO certificate, in the same way Indonesia requires an ISPO certificate,` he said. Meanwhile, the German government and industry are also concerned about the environmental impact of palm oil cultivation. German Chancellor Angela Merkel previously raised issues about the sustainability of oil palm plantations in Malaysia. In response, Malaysian Prime Minister Datuk Seri Najib Razak visited Germany to alleviate these concerns. `Given these circumstances, the price of CPO futures is expected to weaken in subsequent trading with negative sentiment from Europe. However, it will also be influenced by the movement of the price of crude oil, which if it continues to strengthen will boost CPO prices and vice versa,` he said. Other contributing factors are the balance of supply and demand, the price of similar commodities or substitutes, and the policies of importing countries. Other commodities that fell this week were oil, corn and soybeans, although their price drops were not as steep as for CPO. He noted that the price of CPO FFB for the Riau Province from 5 to 11 October 2016 was as follows: Rp1.393,91/kg for three-year-old palms, Rp1.555,12/kg for four-year-old palms, Rp1.663,49/kg for five-year-old palms, Rp1.713,73/kg for six-year-old palms, Rp1.778,75/kg for seven-year-old palms, and Rp1.834,29/kg for eight-year-old palms.The price of CPO FFB Riau for nine-year-old palms was Rp1.894,01/kg, 21-year-old palms Rp1.900,89/kg, 22-year-old palms Rp1.854,95/kg, 23-year-old palms Rp1.809,73/kg, and 24-year-old palms Rp1.791,50/kg, while the price for 25-year-old palms was Rp1.718,57/kg. The K index was 91.95 percent with a CPO price of Rp7.931,56/kg and kernel at Rp7.487,29/kg.

Source : ANTARA  Editor : Martin Sihombing

http://industri.bisnis.com/read/20161004/12/589315/sentimen-eropa-tekan-harga-cpo-

Palm Prices Fell Nearly 2 Percent on October 4 Hit by Weakness in Oil

04

Oct

Palm Prices Fell Nearly 2 Percent on October 4 Hit by Weakness in Oil

Oil prices dipped early on Tuesday, weighed down by a rise in Iranian exports that adds to a global supply overhang, although a planned OPEC-led [...]

Palm Prices Fell Nearly 2 Percent on October 4 Hit by Weakness in Oil. Oil prices dipped early on Tuesday, weighed down by a rise in Iranian exports that adds to a global supply overhang, although a planned OPEC-led supply cut later this year has lent crude some support.
U.S. West Texas Intermediate (WTI) crude futures were down 20 cents, or 0.41 percent, at $48.61 per barrel.
International Brent crude oil futures were trading at $50.77 per barrel, down 12 cents, or 0.24 percent, from their previous close.
See: Asian Oil Prices Pressured by Increased Iranian Exports
The decline in the price of crude oil has become a negative sentiment that has led to a downward trend in CPO prices. The weakening price of crude oil has reduced demand for alternative fuels like those made from CPO.
The most active CPO contract price at the Malaysian commodities exchange today showed a decline. The December 2016 contract, which is the most active, fell by -50 ringgit, or -1.9 percent, and traded at 2,586 ringgit per ton.
Analysts at Vibiz Research Center predict that going forward, the movement of CPO futures prices will track the price of crude oil which, if it continues to weaken, will put pressure on CPO prices. Price movements may also be affected by the movement of the ringgit and conditions of global demand and supply.
Freddy/VMN/VBN/Analyst-Vibiz Research Center
Editor: Asido Situmorang
Source: Freddy
http://ewfanalisa.tk/2016/10/04/harga-cpo-4-oktober-merosot-hampir-2-persen-tergerus-pelemahan-minyak/

CPO Price Oct 4: Ringgit Strengthens, Palm Oil Weakens

04

Oct

CPO Price Oct 4: Ringgit Strengthens, Palm Oil Weakens

The December 2016 CPO futures contract, the most active contract on Bursa Malaysia, weakened 1.75 percent or 46 points to RM2,590 (US$628.30) per ton [...]

CPO Price Oct 4: Ringgit Strengthens, Palm Oil Weakens. The December 2016 CPO futures contract, the most active contract on Bursa Malaysia, weakened 1.75 percent or 46 points to RM2,590 (US$628.30) per ton at 10:40 WIB.
Meanwhile, the ringgit exchange rate was seen to strengthen 0.24 percent to 4.1243 at 10:54 WIB. However, the ringgit strengthening was held back by the surge in the US dollar.
At 10:46 WIB, the US dollar index strengthened 0.2 percent or 0.194 points to 95.889. This figure is the highest level since 20 September 2016.
Not long ago, Dorab Mistry, Executive with Godrej International Ltd., explained that the CPO price could decrease to RM2,200 per ton in November 2016. The main influencing factor is the recovery in production following the correction since the beginning of the year due to hot weather.
Palm oil, which is used for various needs ranging from food to cosmetics and fuel, re-entered a bullish period in August following a decline in supply in Indonesia and Malaysia. This is because the drought resulting from El Niño has affected the planting process.
Supply in Malaysia declined to its lowest level in the last five years last month, namely 1.46 million tons. According to data from the Malaysian Palm Oil Council (MPOC), in addition to production problems, the decline in supply is also triggered by an increase in exports.
Meanwhile, Mistry continued, supply in Indonesia plunged to 1.6 million tons in August. This figure is far below the highest point of 5 million tons in November 2015.
`However, production has now rebounded so that the price will be burdened. Even next year, the market should be prepared for a further increase in production,` he said.
Nevertheless, the decline in CPO production throughout the current year has been far more severe than the estimates of some circles. This is seen as surprising enough for the market.

Editor : Bunga Citra Arum Nursyifani

http://market.bisnis.com/read/20161004/94/589255/harga-cpo-4-oktober-ringgit-menguat-sawit-melemah

Iran Urges OPEC to Decide on Oil Price Rise

04

Oct

Iran Urges OPEC to Decide on Oil Price Rise

The Organization of the Petroleum Exporting Countries (OPEC) should hold "serious talks" with non-OPEC producers in order to raise and stabilize the [...]

Iran Urges OPEC to Decide on Oil Price Rise. The Organization of the Petroleum Exporting Countries (OPEC) should hold `serious talks` with non-OPEC producers in order to raise and stabilize the price of oil in the international market, Rouhani was quoted as saying by Press TV, reported Xinhua.
`Efforts should be made so that the expert committee would make a decision on increasing the global oil price in the November OPEC meeting,` the Iranian president said in a telephone conversation with Venezuelan President Nicolas Maduro on Monday (3/10/2016).
On Wednesday (28/9/2016), OPEC member countries agreed during an extraordinary meeting in Algeria to cut crude production by 750,000 barrels per day in a bid to lift crude prices.
Oil prices reversed early losses to end higher in Asia on Tuesday morning, as Irans leader called on other oil producers to join OPEC in supporting the crude market.
West Texas Intermediate (WTI) crude for November delivery added 0.57 US dollar to settle at 48.81 US dollars a barrel on the New York Mercantile Exchange.
Meanwhile, Brent crude for December delivery increased 0.70 US dollar to close at 50.89 US dollars a barrel on the London ICE Futures Exchange.

Source : Antara  Editor   : M. Syahran W. Lubis

http://market.bisnis.com/read/20161004/94/589184/iran-serukan-opec-putuskan-kenaikan-harga-minyak

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