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Rabu, 26 Januari 2011

PalmOil HQ Palm Oil To Trade In MYR3,600-MYR3,700 Range -Sime Darby

Crude palm oil prices will likely trade in a range of MYR3,600-MYR3,700 a metric ton in the next few months, supported by tight supply in Malaysia and Indonesia and concerns about the soybean crop in Argentina, Franki Anthony, executive vice president at Sime Darby Plantation Sdn. Bhd., a unit of Sime Darby Bhd. (4197.KU) said Monday.

However, production is expected to rebound later in the year as the effects of a La Nina climate episode taper off, so palm oil prices may decline as the tightness in supply eases.
“We are happy if prices remain around MYR3,000-MYR3,700 this year,” Anthony said, adding that he expects the average palm oil price this year to be around MYR3,000/ton.

Sime Darby’s CPO production–which accounts for 6% of global annual output–in the fiscal year 2010-11 may “rise a little” from 2.16 million tons in the previous year to June, he said.
However, output at Sime Darby Plantations is expected to rebound from the second half of 2011 as the lean production cycle ends, Anthony said.

The improving production outlook is in line with forecasts by vegetable oil analysts of a strong pick-up in global palm oil output during calendar years 2011 and 2012, after two years of poor growth and persistently bad weather. Weather conditions–from an El Nino-related drought and to current La Nina conditions characterized by heavy rainfall in Southeast Asia–have sapped yields and continue to slow harvesting.

Production in Malaysia, the world’s second-largest producer of palm oil after Indonesia, last year fell for the second consecutive year to 17 million tons, from 17.6 million tons in 2009 and 17.7 million tons in 2008.

Production in Indonesia reached 20 million tons, compared with 19.2 million tons in 2009. Analysts and planters estimate that the country’s output will reach 23 million tons this year as weather conditions may improve in the second half.

The benchmark April contract on Bursa Malaysia Derivatives was trading at MYR3,761/ton at 0956 GMT, up 0.4% from Friday’s close.
Posted by Saham Pilihan at 05.30

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