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CIMB Research maintains CPO price outlook at RM2,530 for 2013
February factory output down on lower activities
Malaysia-Market factors to watch on April 12 (Friday)

CIMB Research maintains CPO price outlook at RM2,530 for 2013

Posted: 11 Apr 2013 07:00 PM PDT

KUALA LUMPUR: CIMB Equities Research is maintaining its crude palm oil (CPO) price forecasts of RM2,530 for 2013 and RM2,700 for 2014 and also its Neutral rating for regional planters.

The research house said on Friday the emergence of biodiesel demand has created a floor price for CPO.

"There is potential upside of about US$250 per tonne (up 30%) for the CPO price, should it revert to its historical average premium over crude oil," it said.

CIMB Research said it was encouraged by the evidence presented by Dr James Fry, chairman of LMC International at Thursday's PAC seminar that the emergence of biodiesel demand has created a floor price for CPO.

Fry made six observations on the roller-coaster CPO price market in 2012.

* The price band linking palm oil with crude oil price, had survived its toughest test;

* The export tax for biodiesel in Indonesia and freight costs had reinforced the price band's floor price;

* Biodiesel (palm methyl ester) can be a very competitive fuel in Indonesia if processors passed on advantages they enjoyed via cheap feedstock costs;

* government policies created uncertainties in forecasting demand;

* palm kernel oil also traded within a price band with crude oil;

* and Indonesian seed sales statistics suggested that more palm oil estates were planted over the past few years than earlier thought.

"We agree with Dr Fry's assessment that the emergence of biodiesel demand has provided a new source of demand for palm oil and this helps establish a floor price for CPO during periods of excess supplies.

"A positive surprise for us are indications that Indonesian biodiesel plants are running at full capacities to cater to local and US biodiesel markets. But this is offset by his view of larger new palm oil plantations in Indonesia against the official figure which will translate to higher palm oil supplies from Indonesia in the coming years," said CIMB Research.

February factory output down on lower activities

Posted: 11 Apr 2013 06:45 PM PDT

Friday April 12, 2013

PETALING JAYA: Factory output as measured by the industrial production index (IPI) declined 4.5% year-on-year in February on decreased manufacturing, mining and electricity activities as tracked by the index's component indices.

According to data released by the Statistics Department, the manufacturing index fell 5.2%, mining dropped 3% and electricity slid 3%.

However, the IPI for January was revised to a positive 5.2% growth from 4.6%. On a seasonally adjusted basis, the February IPI decreased 1.2% month-on-month attributed to the reduction in all the component indices.

Citigroup Inc economist Kit Wei Zheng said in a report that the decline, although below the consensus 2.5% drop, was close to the expectations of a 5.9% decrease.

"Our estimates suggest the manufacturing sequential decline was led by food, beverages and tobacco and transport equipment and other manufactures, even as electrical and electronics declined year on year (February: -6.5%, January: 9.0%) terms," he said.

Malaysia-Market factors to watch on April 12 (Friday)

Posted: 11 Apr 2013 06:43 PM PDT

KUALA LUMPUR: Following is a list of events in Malaysia as well as news company-related and market news which could have an influence on the Malaysian market.

Stocks rise on Japan's liquidity surge, oil slips

SE Asia Stocks-Firmer; Malaysia hits new peak on blue-chips, foreign buying

WHAT IS HAPPENING IN MALAYSIA, IN TIMES LOCAL FOLLOWED BY GMT:

* Minister of Natural Resources and Environment Douglas Uggah Embas attends the handover ceremony of conservation centre project site and giant panda exhibition at Zoo Negara, Hulu Kelang at 9.30 am (0130 GMT).

* Prime Minister Najib Tun Razak launches 'Suara Generasiku' at Sri Putra Hall, National Sports Complex, Bukit Jalil at 3.30 pm (0730 GMT).

MARKET NEWS

> Nikkei edges down after touching new 5-year high; Fast Retailing falls

> Wall St gains for 4th day, but weak tech hurts Nasdaq

> U.S. bond prices rise, though Japanese bids elusive

> USD bulls frustrated by 100 yen barrier; NZD shines

> Gold rebounds from 1-week low as dollar slips

> Oil settles lower as demand view dims, inventory rises

> Palm oil slips to 1-week low on bearish USDA data MALAYSIA IN THE NEWS:

> Malaysia's pension fund accepts revised offer for stake in MISC

> PREVIEW-India's March palm oil imports fall as traders draw on stocks

> Global index shakeup looms as China's "frontier" market opens

> POLL-Bullish yuan bets at 20-mth high; most bearish on won in a year

> Fitch rates CIMB Niaga Auto Finance's MTN issuance at 'AA + (IDN). - Reuters

MARKETS-VEGOILS/ 12/04/13(Friday)

KUALA LUMPUR: The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets. FUNDAMENTALS

* Malaysian palm oil futures fell to the lowest in more than a week on Thursday, tracking weaker soy markets after a key U.S. industry report showed higher-than-expected global soybean stockpiles.

* Front-month Chicago Board of Trade soybean futures rose on Thursday due to strong nearby demand for physical supplies from U.S. crushers, traders said. * Oil prices settled lower on Thursday after the International Energy Agency (IEA) trimmed its forecast for oil demand growth this year, the third of the world's top forecasters to do so at a time of growing supplies. MARKET NEWS

* World equity markets rallied for a fourth day on Thursday, lifted by a surprise drop in Americans seeking unemployment benefits last week, while crude fell on a cut in global demand forecasts as U.S. oil supplies hit a two-decade high.

* Commodities came in mixed on Thursday, even within sectors, as markets like gold and copper were lifted by a weaker dollar and natural gas by falling inventories, while easing demand forecasts pressured crude oil prices. RELATED NEWS

> Drought risk alive this year in U.S. crop belt -meteorologist

> PREVIEW-India's March palm oil imports fall as traders draw on stocks

DATA/EVENTS

> Cargo surveyors to issue April 1-15 export data on Monday. Key commodity markets at 0017 GMT - Reuters

DIARY - Malaysia 12/04/13(Friday)

ALL TIMES ARE PROVISIONAL AND IN LOCAL TIME FOLLOWED BY GMT IN BRACKETS

FRIDAY, APR 12

* HULU KELANG - Natural Resources and Environment Minister Douglas Uggah Embas attends the handover ceremony of conservation centre project site and giant panda exhibition at Zoo Negara, Hulu Kelang at 0930am (0130).

* RAWANG, SELANGOR - Mah Sing Group Bhd organises M Residence 2@Rawang's Media Day at M Residence@Rawang Sales Gallery, Jalan Bandar tasik Puteri, Rawang at 0930am (0130).

* KUALA LUMPUR - Ken Holdings Bhd golds AGM at KL Golf & Country Club, Jalan 1.70D, off Jalan Bukit Kiara, Kuala Lumpur at 1000am (0200).

* PETALING JAYA - Sunway Integrated Properties Sdn Bhd organises The Sunway Property Show 2013 at Sunway Pyramid, Bandar Sunway, Petaling Jaya at 1000am (0200). * KUALA LUMPUR - Prime Minister Najib Razak launches 'Suara Generasiku' at Sri Putra Hall, National Sports Complex, Bukit Jalil at 1530pm (0730). * SHAH ALAM - Information, Communications and Culture Minister Rais Yatim opens the Islamic Artistic Expression Night Programme at Universiti Teknology Mara (UiTM), Shah Alam at 2000pm (1200).

SATURDAY, APR 13

BANGI, SELANGOR - Universiti Tenaga Nasional (Uniten) organises Uniten Conference 2013: Generating Leadership Qualities Through General Studies at College of Information Technology, Uniten, Bandar Baru Bangi at 0800am (0000).

MONDAY, APR 15

PETALING JAYA - Interview Motorola Solutions country president Mohd Rauf Nasir at Motorola Solutions, Menara Luxor, Off Pesiaran Tropicana, Petaling Jaya at 1000am (0200).

KUALA LUMPUR - Selangor Properties Bhd holds AGM at HELP University College, Damansara, Kuala Lumpur at 1100am (0300).

TUESDAY, APR 16 * KUALA LUMPUR - 2nd Hazards Asia Pacific Symposium organised by the Institution of Chemical Engineers and the Chemical Industries Council of Malaysia at Shangri-La Hotel, Kuala Lumpur at 0800am (0000). * KUCHING, SARAWAK - Yung Kong Galvanising Industries Bhd holds EGM at Borneo Convention Centre, Kuching at 1100am (0300).

WEDNESDAY, APR 17

KUALA LUMPUR - Release of March 2013 Consumer Price Index. * KUALA LUMPUR - Pantai Hospital Cheras free diabetic counselling at Diabetic Counselling Room, Pantai Hospital Cheras at 0830am (0030).

KUALA LUMPUR - Petronas Dagangan Bhd holds AGM at Mandarin Oriental Hotel, Kusls Lumpur at 1000am (0200).

SHAH ALAM - Paramount Corp Bhd holds EGM at The Saujana Hotel Kuala Lumpur, Saujana Resort , Shah Alam at 1030am (0230).

SHAH ALAM - Metronic Global Bhd holds EGM at No. 2, Jalan Astaka U8/83, Section U8, Bukit Jelutong, Shah Alam at 1100am (0300).

THURSDAY, APR 18 * KUALA LUMPUR - EU-Malaysia Trade and Investment Forum 2013 at Istana Hotel, Kuala Lumpur at 1030am (0230).

FRIDAY, APR 19 * KUALA LUMPUR - Cycle & Carriage Bintang Bhd holds AGM at Concorde Hotel, Kuala Lumpur at 0900am (0100).

KLANG, SELANGOR - WCT Bhd court convened meeting for warrants holders pursuant to Section 176(1) of the Companies Act 1965 at Premiere Hotel, Bandar Bukit Tinggi 1/KS6, Jalan Langat, Klang at 1100am (0300).

MONDAY, APR 22

KUALA LUMPUR - Release of International Reserves as at 15 April 2013.

KUALA LUMPUR - Affin Holdings Bhd holds AGM at The Royale Chulan Hotel, Jalan Conlay, Kuala Lumpur at 1000am (0200).

TUESDAY, APR 23

KUALA LUMPUR - Tradewinds Corp Bhd holds EGM at Istana Hotel, Jalan Raja Chulan, Kuala Lumpur at 0930am (0130).

PETALING JAYA - Media Prima Bhd holds AGM at The Royale Bintang Damansara, Petalong Jaya at 1000sm (0200).

TUESDAY, APR 30

KUALA LUMPUR - Release of March 2013 Money Supply data, and Detailed Disclosure International Reserves as at end March 2013.

WEDNESDAY, MAY 1

KUALA LUMPUR - Market and Public Holiday - Labour Day.

WEDNESDAY, MAY 8

KUALA LUMPUR - Release of International Reserves as at 30 April 2013 and March 2013 External Trade data.

THURSDAY, MAY 9

KUALA LUMPUR - Release of BNM Monetary Policy Statement, March 2013 Index of Industrial Production (IPI) and March 2013 Manufacturing Sales.

WEDNESDAY, MAY 15

KUALA LUMPUR - Release of 1st Quarter 2013 GDP.

WEDNESDAY, MAY 22

KUALA LUMPUR - Release of International Reserves as at 15 May 2013 and April 2013 Consumer Price Index.

FRIDAY, MAY 24

KUALA LUMPUR - Market and Public Holiday - Wesak Day.

FRIDAY, MAY 31

KUALA LUMPUR - Release of April 2013 Money Supply data and Detailed Disclosure of International Reserves as at end April 2013.

SATURDAY, JUN 1

KUALA LUMPUR - Market and Public Holiday - The Yang di-

Pertuan Agong's Birthday.

WEDNESDAY, JUN 5

KUALA LUMPUR - Release of April 2013 External Trade data.

FRIDAY, JUN 7

KUALA LUMPUR - Release of International Reserves as at 31 May 2013.

TUESDAY, JUN 11

KUALA LUMPUR - Release of April 2013 Index of Industrial Production (IPI) and April 2013 Manufacturing Sales.

WEDNESDAY, JUN 19

KUALA LUMPUR - Release of May 2013 Consumer Price Index.

FRIDAY, JUN 21

KUALA LUMPUR - Release of International Reserves as at 14 June 2013.

FRIDAY, JUN 28

KUALA LUMPUR - Release of May 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end May 2013.

THURSDAY, JUL 4

KUALA LUMPUR - Release of May 2013 External Trade data.

FRIDAY, JUL 5

KUALA LUMPUR - Release of International Reserves as at 28 June 2013.

THURSDAY, JUL 11

KUALA LUMPUR - Release of BNM Monetary Policy Statement, May 2013 Index of Industrial Production (IPI) and May 2013 Manufacturing Sales.

WEDNESDAY JUL 17

KUALA LUMPUR - Release of June 2013 Consumer Price Index.

MONDAY, JUL 22

KUALA LUMPUR - Release of International Reserves as at 15 July 2013.

WEDNESDAY, JUL 31

KUALA LUMPUR - Release of June 2013 Money Supply data, and release of Detailed Disclosure of International Reserves as at end June 2013.

MONDAY, AUG 5

KUALA LUMPUR - Release of June 2013 External Trade data.

WEDNESDAY, AUG 7

KUALA LUMPUR - Release of International Reserves as at 31 July 2013, June 2013 Index of Industrial Production (IPI) and June 2013 Manufacturing Sales.

THURSDAY-FRIDAY, AUG 8-9

KUALA LUMPUR - Market and Public Holiday - Hari Raya Puasa

(Eid-Fitr).

WEDNESDAY, AUG 21

KUALA LUMPUR - Release of 2nd Quarter 2013 GDP and July 2013 Consumer Price Index.

THURSDAY, AUG 22

KUALA LUMPUR - Release of International Reserves as at 15 August 2013.

FRIDAY, AUG 30

KUALA LUMPUR - Release July 2013 Money Supply data and release of Detailed Disclosure of International Reserves as at end July 2013.

SATURDAY, AUG 31

KUALA LUMPUR - Market and Public Holiday - National Day.

THURSDAY, SEP 5

KUALA LUMPUR - Release of BNM Monetary Policy Statement.

FRIDAY, SEP 6

KUALA LUMPUR - Release of International Reserves as at 30 August 2013, and July 2013 External Trade data.

WEDNESDAY, SEP 11

KUALA LUMPUR - Release of July 2013 Index of Industrial Production (IPI) and July 2013 Manufacturing Sales.

MONDAY, SEP 16

KUALA LUMPUR - Market and Public Holiday - Malaysia Day.

WEDNESDAY, SEP 18

KUALA LUMPUR - Release of August 2013 Consumer Price Index.

MONDAY, SEP 23

KUALA LUMPUR - Release of International Reserves as at 13 September 2013.

MONDAY, SEP 30

KUALA LUMPUR - Release of August 2013 Money Supply data and Detailed Disclosure of International Reserves as at end August 2013.

FRIDAY, OCT 4

KUALA LUMPUR - Release of August 2013 External Trade data.

MONDAY, OCT 7

KUALA LUMPUR - Release of International Reserves as at 30 September 2013.

THURSDAY, OCT 10

KUALA LUMPUR - Release of August 2013 Index of Industrial Production (IPI) and August 2013 Manufacturing Sales.

TUESDAY, OCT 15

KUALA LUMPUR - Market and Public Holiday - Hari Raya Haji

(Eid-Adha).

TUESDAY, OCT 22

KUALA LUMPUR - Release of International Reserves as at 14 October 2013.

WEDNESDAY, OCT 23

KUALA LUMPUR - Release of September 2013 Consumer Price Index

THURSDAY, OCT 31

KUALA LUMPUR - Release of September 2013 Money Supply data, and Detailed Disclosure of International Reserves as at end September 2013.

SATURDAY, NOV 2

KUALA LUMPUR - Market and Public Holiday - Deepavali.

TUESDAY, NOV 5

KUALA LUMPUR - Market and Public Holiday - Moslem New Year.

THURSDAY, NOV 7

KUALA LUMPUR - Release of BNM Monetary Policy Statement.

FRIDAY, NOV 8

KUALA LUMPUR - Release of September 2013 External Trade data.

MONDAY, NOV 11

KUALA LUMPUR - Release of International Reserves as at 31 October 2013, September 2013 Index Industrial Production (IPI) and September 2013 Manufacturing Sales.

FRIDAY, NOV 15

KUALA LUMPUR - Release of 3rd Quarter 2013 GDP.

WEDNESDAY, NOV 20

KUALA LUMPUR - Release of October 2013 Consumer Price Index.

FRIDAY, NOV 22

KUALA LUMPUR - Release of International Reserves as at 15 November 2013.

FRIDAY, NOV 29

KUALA LUMPUR - Release of October 2013 Money Supply data and Detailed Disclosure of International Reserves as at end October 2013.

FRIDAY, DEC 6

KUALA LUMPUR - Release of International Reserves as at 29 November 2013, and October 2013 External Trade data.

WEDNESDAY, DEC 11

KUALA LUMPUR - Release of October 2013 Index of Industrial Production (IPI) and October 2013 Manufacturing Sales.

WEDNESDAY, DEC 18

KUALA LUMPUR - Release of November 2013 Consumer Price Index.

FRIDAY, DEC 20

KUALA LUMPUR - Release of International Reserves as at 13 December 2013.

WEDNESDAY, DEC 25

KUALA LUMPUR - Market and Public Holiday - Christmas Day.

TUESDAY, DEC 31

KUALA LUMPUR - Release of November 2013 Money Supply data and Detailed Disclosure of International Reserves as at end November 2013

NOTE: The inclusion of diary items does not necessarily mean that Reuters will file a story based on the event. - Reuters

Kredit: www.thestar.com.my

Khamis, 11 April 2013