Headlines
Malaysian analysts expect lower crude palm oil prices in 2023
Malaysian analysts expect lower crude palm oil prices in 2023
Malaysian analysts on Wednesday foresaw crude palm oil (CPO) prices to trend lower in 2023 on increased supply and slow demand.
Malaysia’s leading securities and investment group, Affin Hwang Investment Bank, said in a note that it believed that CPO prices could be supported at 3,700 ringgit.
That’s about 846 dollars to 4,000 ringgits (914 dollars) per tonne in the short-term, given the seasonally low production period in major producing countries of Indonesia and Malaysia due to the monsoon season.
However, for the full year of 2023, it anticipated CPO prices to potentially be lower year on year given the expectation that global production.
Production of the eight major vegetable oils would increase further in the 2023 season.
Also, it said the looming global recession could potentially curb consumption in many markets.
According to the research house, there are many uncertainties and price-determining factors to watch out for, which included the global harvest progress and actual yields achieved for all major edible oils.
Read Also: World Bank downgrades 2023 global growth forecast to 1.7%
And quantum of purchases from major importing countries, uncertainty over the export corridor for Ukrainian products, biodiesel production, weather developments, as well as Malaysian and Indonesian production and stock movements.
“We are keeping our CPO average selling price assumptions of 3,100 ringgits (709 dollars) to 3,200 ringgits (732 dollars) per ton for 2023,’’ it said.
Meanwhile, Hong Leong Investment Bank Research said in a note that it maintained the 2023-2024 CPO price assumptions of 4,000 ringgits (914 dollars) per ton to 3,800 ringgits (869 dollars) per tonne.
“We believe CPO price will sustain at above 4,000 ringgits (914 dollars) per ton over the next few months, possibly until the first quarter, and start trending down from the second quarter onwards,’’ said the research house.
It said the CPP stockpile will likely remain on a downtrend in the next few months, on the back of a seasonally low production cycle.
CGS CIMB, on the other hand, said in a note that it expects CPO prices to average 3,800 ringgits (869 dollars) per ton in 2023.
It predicted that the workers’ shortage issue would ease in mid-2023, boosting palm oil production.
However, it added that costs of production may stay high due to the full-year impact of minimum wage and higher fertiliser costs.
CGS CIMB expects CPO prices to soften from the second quarter onwards this year as palm oil output recovers with the entry of more foreign workers, while slower global growth could curb demand.
According to CGS CIMB, Malaysia’s total palm oil output grew 2 per cent to 18.45 million tonnes in 2022.
The rising mature palm oil area more than offset lower CPO yields due to shortages of foreign workers. (Xinhua/NAN)
Malaysian analysts expect lower crude palm oil prices in 2023
Headlines
Commission, journalists partner to revamp water sector in Kaduna
The Kaduna State Water Services Regulatory Commission (KADWREC) says it is partnering media practitioners towards revamping water services in the state.
Mr Dogara Bashir, the Executive Chairman of KADWREC, disclosed this on Monday at a one-day workshop organised for media practitioners on regulation of ‘Water, Sanitation and Hygiene’ (WASH) activities held in Kaduna.
Bashir said the commission was aware of the importance of the role media practitioners played in the society.
He stated that the workshop was to provide an avenue to liaise with them as important stakeholders on water supply and sanitation services in the state.
Bashir said: “As media practitioners, we believe you are a gateway to the citizens so, the workshop would acquaint you with some of the regulations already in place so that you can in turn transmit it to the public
“The state of water services in Kaduna State is in dire need of attention and the State Water Corporation and KADWREC were established towards addressing the seeming challenges.
“The commission is mandated to ensure better service delivery and regulation of water and sanitation services in the State.
“The idea is that once the regulations are developed, we send them to the State Ministry of Justice to gazette and then we get the state government to endorse and give the go ahead to commence the implementation of the regulations
“We intend to implement them fully come January, 2025 God willing, as we have embarked on advocacy activities having gone to zones 1 and 2 where we talked to traditional rulers, security agencies and the Judiciary.”
He disclosed that a special Court has already been attached to the commission by the Chief Judge of the State for service providers who may likely violate regulations.
The chairman further said that amongst the commission’s objectives include ensuring security, reliability and quality of service in the production and delivery of water to the consumers as well making regulations to control the sinking of boreholes.
Others included; maximising access to water services by promoting and facilitating consumer connections to distribution systems in urban and rural areas.
According to Bashir, they also include ensuring that regulatory decision-making has regards to all the relevant health, safety, environmental and social legislation applying to the water sector.
Bashir further said that the commission collaborate with the relevant state and federal agencies on water policies.
Crime
2 ladies docked for allegedly obtaining money by fraud
The police in Lagos have dragged two women, Mmesuma Ofunna, and Blessing Adimekwe, before an Ojo Magistrates’ Court in Lagos, over alleged obtaining money by false pretence.
Ofunna, 22, and Adimekwe, 25, were arraigned before the Magistrate, Mr L K J Layeni, on a four-count charge bordering on conspiracy, obtaining by false pretence, stealing and conduct likely to breach peace.
They each, however, pleaded not guilty to the charge.
The prosecutor, ASP Simon Uche, told the court that the defendants conspired with others now at large, to commit the offence on Oct. 26 at the Okokomaiko area of Ojo.
He alleged that they had obtained the sum of N70, 000 from one Faith Ahamefule, with a promise not to post her nude photo on social media.
The prosecutor alleged that the defendants later posted the nude photo of the nominal complainant on social media, knowing that their promise was false.
He alleged that they stole the N70, 0000, thereby conducting themselves in a manner likely to breach public peace.
The offence contravenes the provisions of sections 168(d), 287, 314, and 411 of the Criminal Law of Lagos State 2015.
The court granted the defendants bails in the sum of N500, 000 each, with two sureties each in like sum.
He adjourned the case until Jan. 8, 2025 for mention.
Headlines
Driver jailed 6 months for attempting to steal a car
A Jos Magistrates’ Court on Monday, sentenced a 37-year-old driver, Ahmad Umar to six months in imprisonment for attempting to steal a car.
The Magistrate, Shawomi Bokkos, summarily tried and sentenced the convict after he pleaded guilty to the charge.
Bokkos in his judgment, ordered the convict to pay an option of N30, 000 fine or spend six months in prison.
Earlier, the Prosecutor, Insp Ibrahim Gokwat, told the court that the case was reported on Oct. 10, at the Area Command Police station through a distress call by one Sydney Peacemorie the complainant.
Gokwat said the complainant parked his Toyota RAV4 in front of Access Bank and went inside to carry out some transactions, only to return to find the convict inside his car.
“The convict unlawfully opened the car and was in the driver’s seat when the complainant raised alarm and he was apprehended, but his accomplice escaped.
“The convict was severely beaten by a mob but was rescued by the police,” said Gokwat.
“The prosecutor said that the offence contravened the Plateau Penal Code Law.
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