The Hindu Business Line : Palm oil conference to focus on bio-diesel

IT is that time of the year when the world's top players in the vegetable oil and related industries as also service providers converge in Kuala Lumpur to foresee how the market would behave over the following months.

A day ahead of the annual palm and lauric oils conference and exhibition to discuss price outlook for 2006-2007, the mood is positive but not exactly upbeat. Again, it depends, whether one is a supplier or a consumer.

At a time when commodity markets in general are booming (energy, base metals, precious metals, as also sugar and cotton among agricultural items) the vegetable oil market has been somewhat of an exception. Rather steady conditions have prevailed since beginning of the new season in October 2005. It is only in the last couple of weeks that there have been signs of upward price pressure; but not many are sanguine that it would last long given the demand-supply fundamentals and limited fund interest.

As bio-diesel has assumed importance in the wake of firm crude prices, attention of this international meet is likely to be focused on the emerging scenario in the energy market and impact on vegetable oil prices.

Indian tariffs significant: Indian tariff structure is generally perceived as a key determinant of palm oil prices. The recommendation of Lahiri Committee should enthuse producers of palm oil, and especially Malaysia, which is keen to supply to India refined palmolein, rather than crude palm oil.

Organised by Bursa Malaysia, the event has attracted over 1,200 participants from about 40 countries. Key speakers include Dr James Fry of the London-based consultancy LMC International; Mr Thomas Mielke, editor of Hamburg-based Oil World; and Mr Dorab Mistry, London-based director of Godrej International Ltd.

Dr Peter Chin, Malaysian Minister for plantation industries and commodities is scheduled to deliver the keynote address. The meet will end with a panel discussion on likely price trends.

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