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Drumbeat: Ad Buzzaar
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Saturday, July 11, 1998
Indonesian coconut oil stable
REUTERS
Jakarta, July 10: Indonesian coconut oil prices were mostly stable on Friday as the copra supply remained tight, after the government left untouched its tax rate for the product, traders said. Traders said export activities continued as normal as the export taxes on crude coconut oil and RBD (refined, bleached, deodorised) coconut oil were unchanged at 20 per cent and 15 per cent, respectively. The government on Tuesday raised the export tax on crude palm oil to 60 per cent from 40 per cent, on crude olein to 60 per cent from 40 per cent, on RBD palm oil and RBD olein to 55 per cent from 35 per cent, and on crude palm kernel oil to 50 percent from 35 per cent. Coconut oil and olein are used as cooking oil in Indonesia. "Prices are generally stable and the export tax issue doesn't have any impact on export activities," said one trader in Jakarta. Traders said ex-factory coconut oil prices were stable at6,900-7,000 rupiah/kg. Copra hovered around 4,000 rupiah/kg against 3,000 rupiah/kg previously. Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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