UBS yg semula downgrade saham plantation akhirnya upgrade harga cpo ke level
$1117/ton naik 31% dari forecast awal.
By Chan Tien Hin
Feb. 19 (Bloomberg) -- Sime Darby Bhd., the world's biggest
listed palm oil maker, led plantation stocks higher on the Kuala
Lumpur stock exchange after UBS AG lifted its palm oil price
forecasts, bolstering earnings growth prospects.
Sime climbed 30 sen, or 2.5 percent, to 12.20 ringgit at 11
a.m. local time, headed for its biggest gain since Jan. 25. IOI
Corp., the No. 2 planter, added 10 sen, or 1.3 percent, to 8
ringgit. Kuala Lumpur Kepong Bhd., Malaysia's third-biggest, jumped
30 sen, or 1.6 percent, to 18.80 ringgit. The gains by Sime and IOI
accounted almost half the benchmark stock index's 0.7 percent rise.
UBS, in a report today, raised its end-2008 palm oil price
forecast by 31 percent to $1,117 per ton and 53 percent to $1,173
at the end of 2009. The price of palm oil, used as a cooking
ingredient and an alternative fuel, jumped to a record yesterday
amid speculation demand for the vegetable oil may increase after
severe snowstorms damaged China's rapeseed crop.
Palm oil for April delivery on the Malaysia Derivatives
Exchange gained 119 ringgit, or 3.4 percent, to 3,599 ringgit
($1,117) a metric ton yesterday, the biggest gain since Feb. 4.
By Feiwen Rong
Feb. 19 (Bloomberg) -- Palm oil futures in Malaysia may
average $1,117 a ton this year after adverse weather in South
America and China hurt oilseed crops, worsening a shortfall in
supplies of vegetable oils, according to UBS AG.
The forecast is 31 percent higher than the UBS's previous
estimate of $850. Prices may average $1,173 next year before
declining to $1,015 in 2010 and $858 in 2011, the report said.
Palm oil reached a record 3,597 ringgit ($1,117) yesterday.
Almost half of China's rapeseed crop was affected by severe
snowstorms. Rapeseed, like soybeans, is used to make animal feed
and cooking oils. U.S. farmers last year planted more corn to
meet demand for ethanol, pushing sowings of soybeans to a 12-year
low. Oilseeds and vegetable oils are gaining as demand rises both
for cooking oil and biofuels.
``The Argentine and Brazilian soybean crops, harvested in
March-May, have deteriorated due to poor weather,'' the report
said. ``The severe winter experienced by China should lead to a
pick-up in demand and continued record wheat prices suggest it
maybe challenging to increase acreage for U.S. soybeans.''
Higher palm oil prices may boost earnings of plantation
companies, including Malaysia's IOI Corp., the world's second-
largest palm oil producer, the report said.
Palm oil for May delivery fell 29 ringgit, or 0.8 percent,
to 3,570 ringgit ($ 1,108) a ton at 11:57 a.m. local time on the
Malaysia Derivatives Exchange, the global benchmark.
Soybeans are grown mainly in the U.S., Brazil and Argentina,
while Indonesia and Malaysia produce about 90 percent of global
palm oil supply.
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