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Oil prices continued to drop as supplies abound

26

Jul

Oil prices continued to drop as supplies abound

The US benchmark, West Texas Intermediate (WTI) for September delivery, tumbled $1.06 to $43.13 a barrel on the New York Mercantile Exchange, the [...]

Oil prices continued to drop as supplies abound. The US benchmark, West Texas Intermediate (WTI) for September delivery, tumbled $1.06 to $43.13 a barrel on the New York Mercantile Exchange, the lowest level in three months. In London, North Sea Brent for September delivery hit its lowest level since May, losing 97 cents to settle at $44.72 a barrel on the Intercontinental Exchange. `You are really getting the hangover from last week's EIA inventory report,` said Bob Yawger of Mizuho Securities, referring to weekly figures released by the US Energy Information Administration (EIA). The EIA reported last week that US crude oil stockpiles fell by a less-than-expected 2.3 million barrels, while gasoline supplies surged during the US peak summer driving season. The EIA's weekly report showed that US gasoline inventories jumped by a surprise 911,000 barrels last week, hitting their highest level since April. `Gasoline is just so oversupplied right now, it's hard to make a bullish case as long as that is the case.` Analysts said the strong dollar was also weighing on demand for oil futures, as it makes the commodity more expensive for holders of other currencies.  A rise in the number of active US crude rigs has also fuelled market concerns that the global supply glut will persist.Oilfield services company Baker Hughes said Friday that the number of rigs drilling for oil in the United States rose by 14 to 371 in the week ending July 22, the fourth straight weekly increase.  
Editor: Ade Marboen
http://www.antaranews.com/berita/575025/harga-minyak-terus-menurun-karena-persediaan-berlimpah?utm_source=topnews&utm_medium=home&utm_campaign=news

Sugarcane Waste Utilized, Kediri Islamic Boarding School Sugarcane Factory Start Selling Electricity to PLN

25

Jul

Sugarcane Waste Utilized, Kediri Islamic Boarding School Sugarcane Factory Start Selling Electricity to PLN

Electricity is produced using a Biomass Power Plant (PLTBm) that uses sugarcane waste. "Three days ago, we signed an electricity sales agreement with [...]

Sugarcane Waste Utilized, Kediri Islamic Boarding School Sugarcane Factory Start Selling Electricity to PLN. Electricity is produced using a Biomass Power Plant (PLTBm) that uses sugarcane waste.
`Three days ago, we signed an electricity sales agreement with PLN. This is the first time in Indonesia that a sugar factory has sold electricity,` said the Director of PTPN X Subiyono on Saturday (23/7/2016).
Electricity from the sugar factory will be connected to PLN's electrical interconnection system.
`The connecting infrastructure is being built now. In September, the interconnection to the PLN network will be complete,` he added.
Initially, only 3 megawatts of electricity will be sold to PLN. This volume is more than the total electricity produced which is 9 megawatts.
6 megawatts of it is used for the sugar factory's electrical needs. PTPN XI said that it is preparing to produce electricity from sugarcane waste at several other sugar factories, such as the Ngadiredjo Kediri sugar factory (20 megawatts), the Cukir Jombang sugar factory (10 megawatts), and the Gempolkrep Mojokerto sugar factory (20 megawatts).
Diversifying the sugar factory's business is considered important if the sugar industry in Indonesia wants to continue to grow.
`It is impossible to rely only on income from sugar, because sugar is a commodity whose price is always subject to government intervention,` he said.

Author
: Surabaya Contributor, Achmad Faizal

Editor
: Bambang Priyo Jatmiko

http://bisniskeuangan.kompas.com/read/2016/07/23/114550226/manfaatkan.limbah.tebu.pabrik.gula.pesantren.kediri.mulai.jual.listrik.ke.pln

22

Jul

Sugar prices increase post-Eid al-Fitr

"This is the highest price of sugar, particularly after Idul Fitri holiday. Currently there is no significant supply of sugar to the market, [...]

Sugar prices increase post-Eid al-Fitr. `This is the highest price of sugar, particularly after Idul Fitri holiday. Currently there is no significant supply of sugar to the market, including imported sugar by state logistics company Perum Bulog, so prices are still high,` Chairman of the Indonesian Market Traders Association (IKAPPI), Abdullah Mansuri, stated when contacted by Antara, Thursday. Abdullah Mansuri noted that the price of white sugar currently ranges between Rp16,500 per kilogram at the trader level, while the imports by state logistics company Perum Bulog are deemed insufficient to reduce sugar prices in traditional markets. According to Abdullah, Indonesia has currently entered the grinding season, which means that the supply of sugar for consumers should increase and prices in the market should start to decline. However, even though demand has fallen since D plus 7 of Idul Fitri, the price of granulated sugar has not declined but rather increased. `If farmers' sugar enters the market, coupled with imported sugar from Bulog, the price should be lowered. At the very least, it should be kept at around Rp13,000 per kilogram. This is an indication that Bulog is unable to carry out appropriate dissemination or distribution,` Abdullah stated. According to Abdullah, state logistics company Perum Bulog should increase supply for consumers in the market and lower the price of sugar. Moreover, government supervision regarding the price hike of basic commodities, especially sugar, has been deemed minimal and has failed to resolve the root causes that continue to increase commodity prices. Apart from the price of sugar, Abdullah noted that the prices of several other commodities also remained high, including beef and shallots. With regard to beef, the government's move to import was also deemed less appropriate. `The government has not really looked into consumer preferences, as the imported frozen meat is not liked by consumers. Demand for the dish has also not been very high, similar to buffalo meat. Meanwhile, the price of shallots has jumped to Rp40,000 per kilogram, even though there should be a significant decline after Idul Fitri,` Abdullah noted. Some time ago, the government had assigned state logistics company Bulog to import 100,000 tons of granulated crystal sugar (GKP) to reduce market prices. However, the price of granulated sugar for consumers remains high. Based on data from the Ministry of Trade's Basic Necessities Market Monitoring System (SP2KP) on Thursday, the average price of sugar at the national level was around Rp16,269.59 per kilogram, while on the first day of Idul Fitri, the price stood at Rp16,053.92 per kilogram. Meanwhile, the price of shallots has risen quite high. On the first day of Idul Fitri, the price was around Rp40,607.84 per kilogram, while currently it has reached Rp42,977.72 per kilogram, an increase of 5.83 percent. When compared to the price two weeks before Idul Fitri, the increase has reached 16.11 percent from Rp37,031.15 per kilogram on Wednesday (June 22). As for beef, the price is currently at Rp115,143.77 per kilogram, although the government is targeting a price reduction to reach Rp80,000 per kilogram.
Editor: Ruslan Burhanihttp://www.antaranews.com/berita/574345/harga-gula-pasir-naik-pasca-lebaran

US dollar firms on rate hike expectations

21

Jul

US dollar firms on rate hike expectations

The US Commerce Department reported Tuesday that private sector housing starts in June were at a seasonally adjusted annual rate of 1.189 million [...]

US dollar firms on rate hike expectations. The US Commerce Department reported Tuesday that private sector housing starts in June were at a seasonally adjusted annual rate of 1.189 million units, 4.8 percent above the revised May estimate. The latest reading also beat market consensus of 1.170 million units. The US Commerce Department also announced on Friday that the advance estimate of retail and food services sales for June rose 0.6 percent from the previous month to 457.0 billion US dollars, beating market consensus of a 0.1 percent increase. The dollar index, which tracks the greenback against six major currencies, increased 0.10 percent to 97.161 in late trading Wednesday, the highest level in four months. In late New York trading, the euro fell to 1.1005 dollars from 1.1012 dollars in the previous session, and the British pound rose to 1.3148 dollars from 1.3092 dollars. The Australian dollar decreased to 0.7475 dollar from 0.7505 dollar. The US dollar bought 106.86 Japanese yen, higher than 106.04 yen of the previous session. The US dollar rose to 0.9875 Swiss franc from 0.9858 Swiss franc, and it edged up to 1.3062 Canadian dollars from 1.3034 Canadian dollars, Xinhua reported. (X.A026)
Editor: Ruslan Burhanihttp://www.antaranews.com/berita/574214/dolar-as-menguat-didorong-ekspektasi-kenaikan-suku-bunga

Palm Oil Prices Drop Again in Riau, Here are the Latest Figures

20

Jul

Palm Oil Prices Drop Again in Riau, Here are the Latest Figures

"This decline is not expected to last. As the market balances, it turns out that increasing crude oil prices have also contributed to pressing CPO [...]

Palm Oil Prices Drop Again in Riau, Here are the Latest Figures. `This decline is not expected to last. As the market balances, it turns out that increasing crude oil prices have also contributed to pressing CPO price to reach its lowest position in the last four months,` said the Secretary for Determining Oil Palm Fresh Fruit Bunch Prices at Riau Plantation Agency, Rusdi, Tuesday (19/7/2016) in Pekanbaru. Here is the determinant for Oil Palm Fresh Fruit Bunch Prices in Riau Province, Number 28, period of July 20 to 26 2016: Age 3 years IDR1,212.93, Age 4 years IDR1,353.16, Age 5 years IDR1,447.44, Age 6 years IDR1,491.19, Age 7 years IDR1,547.76, Age 8 years IDR1,596.10, Age 9 years IDR1,648.08, Age 10 years up to 20 years IDR1,693.40, Age 21 years IDR1,654.12, Age 22 years IDR1,614.21, Age 23 years IDR1,574.94, Age 24 years IDR1,559.10, Age 25 years IDR1,495.76 "Index K 91.06 percent, CPO price IDR6,956.64. Kernel price IDR6,632.63. The price has decreased by IDR 71.97 per kilogram for age 10-20 years,` he ended. Editor: Rio Kasairy
http://faktariau.com/mobile/detailberita/9934/harga-sawit-riau-kembali-turun-berikut-harganya

Industry Ministry supports sugar factory expansion

20

Jul

Industry Ministry supports sugar factory expansion

"They will develop a sugar mill for consumption and industry in the new land," said Director General for Agro Industry at Industry Ministry Panggah [...]

Industry Ministry supports sugar factory expansion. `They will develop a sugar mill for consumption and industry in the new land,` said Director General for Agro Industry at Industry Ministry Panggah Susanto in Jakarta, Tuesday.Panggah made that statement after accompanying Industry Minister Saleh Husin receiving Director of PT Pabrik Gula Gorontalo N Sampoerno.Panggah said that the company currently has a sugar mill with a production capacity of 8,000 ton canes per day (tcd).The mill cultivates 8,000 hectares of sugar cane in South East Sulawesi.'The mill will be expanded from Southeast Sulawesi to another place for new investment,` said Panggah.Although he has yet to mention the value of investment, the company has obtained the right to use the land (HGU) to establish the mill.The sugar company is known to have a mill that produces tapioca with a production capacity of 300-500 tons per day, involving surrounding cassava farmers.The Industry Ministry also supports the business sector, given that Indonesias tapioca import is still high.
Editor: Suryantohttp://www.antaranews.com/berita/573961/kemenperin-dukung-ekspansi-pabrik-gula
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Ministry of Industry cooperates with Gapmmi to review refined sugar stock
Tuesday, 19 July 2016, 18:05 WIB| 1.715 Views
Reporter: Sella Panduarsa Gareta

Director General for Agro Industry at Industry Ministry, Panggah Susanto. (kemenperin.go.id)

Jakarta (ANTARA News) - Ministry of Industry is set to cooperate with the Indonesian Food and Beverage Entrepreneurs Association (Gapmmi) to review the refined sugar stock in the industry.`'Along with Gapmmi, we will ask and check the stock in the warehouses,` Director General for Agro Industry at Industry Ministry, Panggah Susanto, said in Jakarta, Tuesday.Panggah said that the scarcity of refined sugar is quite worrying as its production is disrupted in several areas, particularly in Thailand, an exporter of raw sugar to Indonesia.Therefore, said Panggah, Indonesia will import raw sugar from Brazil, so that if it usually takes a week when imported from Thailand, it will take 40 days when imported from Brazil.`'We do not have any other options but to import it from Brazil, so that we can anticipate if there is any delay,` said Panggah.Although the food and beverage industry is growing above the assumption, Panggah does not need to increase the quota for imported raw sugar this year.`'Our assumption was 5 percent, yet it turned out to be 7 percent. We are still using the 5 percent, but if we see that the stocks in our warehouses are running low, we should not let there be no stock at all,` Panggah said.According to Panggah, the quota for raw sugar until the end of 2016 reaches 3.2 million tons, and its realization up until now is 1.7 million tons.Meanwhile, its utilization until September 2016 is predicted to reach 2.7 million tons, so that there will be a remaining ration of 500 thousand tons to be proposed in the fourth quarter.
Editor: Suryantohttp://www.antaranews.com/berita/573971/kemenperin-gandeng-gapmmi-tinjau-stok-gula-rafinasi

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