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06.13
Indonesia Raise Rates Crude Palm Oil and Palm Oil Export Tax
Written By mine on Kamis, 13 Oktober 2011 | 06.13
Indonesia as biggest exporter of palm oil had recently hiked the tariffs applicable for Crude Palm Oil and halved export duties for refined palm oil. This made it unattractive for buyers of crude palm oil to import, and India being one of the biggest importers of crude palm oil has found it more attractive to import refined palm oil: it turning out to be relatively cheaper.
But, this has negatively affected the prospects of Indian edible oil refiners.
Coal export tax
Following this, Indonesia is now mulling imposition of taxes on the Coal sector. The country is the biggest exporter of thermal coal in the world and Indonesian coal output is expected to hit 340-354 million tonnes for 2011, as per industry group estimates.
India, China and South Korea are the biggest importers and many a company has pumped in gigantic amounts of money into the Indonesian coal sector to secure power supplies in their respective countries.
However, Indonesia may not get the tax implemented as there would be pronounced opposition, not only from the industries, but also from political parties.
The tax structure may render Indonesia an unattarctive destination and may alienate investor community, many fear.
The companies who have channelled money into the coal sector in Indonesia have already invested heavily, so much so that, it would be impossible for them to pull the plug and retrieve money. They are already entrenched.
"An export tax is a very long way away," said Supriatna Suhala, executive director of the Indonesian Coal Mining Association, to Reuters . "First the government has to revise the law, then re-negotiate contracts -- so it cannot be implemented in the near future."
The nation is also planning a regulation that would by 2014 require Coal producers to upgrade low-quality coal to a medium-quality coal before exporting.
This may prompt further value addition in the segment.
Cocoa tax
Currently, Indonesia is also being prompted by Cocoa processors to impose taxes on cocoa cakes in addition to cocoa beans which is already in place.
?The government?s aim to impose the export tax was to secure the cocoa beans for the local cocoa processing plants. But in reality, those local grinders are still dormant because they could not compete with the big ones, which are coming to Indonesia to develop their processing plants here, following the application of cocoa export tax in April last year,? Zulhefi Sikumbang, the chairman of the Indonesian Cocoa Association (Askindo), said to Agro Asia News.
This in turn is nudging cocoa processors to stress for tax implementation, the implications of which has to be studied.
Meanwhile, India government is reportedly planning to hike the taxes on refined palm oil to save the domestic processors. Raising taxes on refined palm oil would render it unattractive to buy refined palm oil from Indonesia and instead incentivize importers of the same to opt for Crude Palm Oil from Indonesia or Malaysia.
With inflation burning the wallets of consumers in emerging markets, along with protectionism?which at times is ruling the roost-- the commodity tax structures in different nations may come under pressure in coming months.
But, this has negatively affected the prospects of Indian edible oil refiners.
Coal export tax
Following this, Indonesia is now mulling imposition of taxes on the Coal sector. The country is the biggest exporter of thermal coal in the world and Indonesian coal output is expected to hit 340-354 million tonnes for 2011, as per industry group estimates.
India, China and South Korea are the biggest importers and many a company has pumped in gigantic amounts of money into the Indonesian coal sector to secure power supplies in their respective countries.
However, Indonesia may not get the tax implemented as there would be pronounced opposition, not only from the industries, but also from political parties.
The tax structure may render Indonesia an unattarctive destination and may alienate investor community, many fear.
The companies who have channelled money into the coal sector in Indonesia have already invested heavily, so much so that, it would be impossible for them to pull the plug and retrieve money. They are already entrenched.
"An export tax is a very long way away," said Supriatna Suhala, executive director of the Indonesian Coal Mining Association, to Reuters . "First the government has to revise the law, then re-negotiate contracts -- so it cannot be implemented in the near future."
The nation is also planning a regulation that would by 2014 require Coal producers to upgrade low-quality coal to a medium-quality coal before exporting.
This may prompt further value addition in the segment.
Cocoa tax
Currently, Indonesia is also being prompted by Cocoa processors to impose taxes on cocoa cakes in addition to cocoa beans which is already in place.
?The government?s aim to impose the export tax was to secure the cocoa beans for the local cocoa processing plants. But in reality, those local grinders are still dormant because they could not compete with the big ones, which are coming to Indonesia to develop their processing plants here, following the application of cocoa export tax in April last year,? Zulhefi Sikumbang, the chairman of the Indonesian Cocoa Association (Askindo), said to Agro Asia News.
This in turn is nudging cocoa processors to stress for tax implementation, the implications of which has to be studied.
Meanwhile, India government is reportedly planning to hike the taxes on refined palm oil to save the domestic processors. Raising taxes on refined palm oil would render it unattractive to buy refined palm oil from Indonesia and instead incentivize importers of the same to opt for Crude Palm Oil from Indonesia or Malaysia.
With inflation burning the wallets of consumers in emerging markets, along with protectionism?which at times is ruling the roost-- the commodity tax structures in different nations may come under pressure in coming months.
11.27
Crude Palm Oil Future Asian Eases On Profit-Taking External Cues
Written By mine on Selasa, 26 Oktober 2010 | 11.27
Crude palm oil futures on Malaysia's derivatives exchange eased Tuesday on profit-taking driven by weakness in overseas markets
and a firm dollar.
CPO futures held steady above the psychological level of MYR3,000 a metric ton, however, as production growth in October is likely to be weaker than earlier expected.
The benchmark January contract on the Bursa Malaysia Derivatives ended MYR18 lower at MYR3,053 a metric ton, after hitting a fresh 27-month high Monday at MYR3,084/ton, the highest level since July 28, 2008.
"October's production isn't likely to rise as sharply as previously thought, so fundamentals are still supporting the upside," said a vegetable oils exporter in Johor.
Prices may rally to resistance at MYR3,100/ton in the next trading session. he said.
Many trade participants have forecast an increase in October production of 5%-8% from the previous month, down from previous forecasts around 7%-15%.
September CPO production reached 1.56 million tons, according to data from the state-owned Malaysian Palm Oil Board.
"The correction in CPO prices is shallow and temporary. Any production
shortfall may induce buyers to buy more to fulfill export obligations," said a Singapore-based trading executive.
December soyoil futures on the Chicago Board of Trade futures had fallen 14 points in electronic trading to 49.33 cents a pound as of the end of trade on BMD.
In the physical market, trade was subdued with few trades reported, a
Singapore-based physical market broker said.
Palm olein cargoes for November were offered $5 lower at $1,020/ton.
Cash CPO for prompt shipment was offered MYR20 lower at MYR3,060/ton.
The most-active January rupiah-denominated CPO contract on the Indonesia Commodity and Derivatives Exchange was trading around 0.9% lower at IDR8,805/ton. The dollar-denominated January CPO contract on Globex was trading at $982/ton, down $6 from Monday's close.
Open interest on the BMD was 69,446 lots compared with 68,781 lots Monday, while 14,988 lots of CPO were traded compared with 19,159 lots. One lot is equivalent to 25 tons.
and a firm dollar.
CPO futures held steady above the psychological level of MYR3,000 a metric ton, however, as production growth in October is likely to be weaker than earlier expected.
The benchmark January contract on the Bursa Malaysia Derivatives ended MYR18 lower at MYR3,053 a metric ton, after hitting a fresh 27-month high Monday at MYR3,084/ton, the highest level since July 28, 2008.
"October's production isn't likely to rise as sharply as previously thought, so fundamentals are still supporting the upside," said a vegetable oils exporter in Johor.
Prices may rally to resistance at MYR3,100/ton in the next trading session. he said.
Many trade participants have forecast an increase in October production of 5%-8% from the previous month, down from previous forecasts around 7%-15%.
September CPO production reached 1.56 million tons, according to data from the state-owned Malaysian Palm Oil Board.
"The correction in CPO prices is shallow and temporary. Any production
shortfall may induce buyers to buy more to fulfill export obligations," said a Singapore-based trading executive.
December soyoil futures on the Chicago Board of Trade futures had fallen 14 points in electronic trading to 49.33 cents a pound as of the end of trade on BMD.
In the physical market, trade was subdued with few trades reported, a
Singapore-based physical market broker said.
Palm olein cargoes for November were offered $5 lower at $1,020/ton.
Cash CPO for prompt shipment was offered MYR20 lower at MYR3,060/ton.
The most-active January rupiah-denominated CPO contract on the Indonesia Commodity and Derivatives Exchange was trading around 0.9% lower at IDR8,805/ton. The dollar-denominated January CPO contract on Globex was trading at $982/ton, down $6 from Monday's close.
Open interest on the BMD was 69,446 lots compared with 68,781 lots Monday, while 14,988 lots of CPO were traded compared with 19,159 lots. One lot is equivalent to 25 tons.
