Commodity futures-palm oil profiles _ a you-shot of the faint

An overview of the Palm, palm oil guojing boiled, crush, squeezing process, get hair palm oil, palm oil is refined wool, removal of free fatty acids, natural colours, smells, are refined palm oil (RBDPO) and Palm salad (RBD PKO). According to the different requirements by fractionation, can get 24 degrees, 33 °, 44 ° and melting point of palm oil. Palm oil is rich in carotene (0.05%-0.2%), dark red-orange, the pigments not through neutralization effectively, through oxidation of the oil color to General light yellow. In the sunlight and air, palm oil is also gradually discolored. Palm oil slightly sweet taste with a pleasant aroma of violet. Room temperature is the consistency of semi-solid and melting point depends largely on the content of free fatty acids. The international market the free fatty acid content of low oil palm is called "soft" free fatty acid content higher palm oil called "hard." Palm oil is also known as "saturated fat" because it contains 50% of saturated fats. Fat is saturated fats and monounsaturated fats and polyunsaturated fat three ingredients. The human body on the digestion and absorption of palm oil more than 97%, and other all edible plants, palm oil itself does not contain cholesterol. Palm oil has two great features, one is more containing saturated fatty acids, good stability, not prone to oxidation. The second is in Palm oil is rich in vitamin A (500-700ppm) and vitamin E (500-800ppm). It is precisely because of the palm oil is rich in nutrients and oxidation resistance, in food industry and the chemical are widely used. Table 1: Palm oil major industrial uses category uses features of SOAP manufacturing SOAP economic good, keep the flavor more durable epoxy plasticizers and palm oil plastic stabilizers good economics polyol plastic manufacturing good hydrophobicity polyurethane manufacturing plastic foam manufacturing process, without detriment to the environment of the foaming agent acrylate coating rubber, candles, fatty acids cosmetics production colour, purity of SOAP SOAP with fatty acid advanced, easy-to-production recipes fatty acids with a flexible metal SOAP metal SOAP fatty acid esters industrial synthetic lubricants good lubricity, low temperature fluidity and antioxidant SOAP with fatty acid esters of high-quality white SOAP sulfonic acid methyl ester washing product production process is simple, effective decontamination, environmental protection, economic fatty alcohol surfactant glycerol medicine, industrial, military, commodity etc and as industrial uses the most widely used vegetable oil, palm oil in the food industry with other vegetable oils irreplaceable important role. Current palm oil has become my second only to oil's second largest oil consumer, 2006 our Palm oil imports 506.9 million tons, 2007, 1-5 months, our country's palm oil imports reached 199.4 million tons, an increase of 22.3%. Palm oil, use exceptional seasonal intensity, frequency, violent price fluctuations, spot enterprise. Dalian commodities exchange (hereinafter Exchange) to design and launch of the palm oil futures contracts, to spot enterprise risk management and investment provides the necessary tools and instruments. Second, palm oil production, trade and consumption survey (1) global palm oil production, trade and consumption of 1. global palm oil production of palm oil production in recent years a rapid growth, productivity growth is due to the increase in cultivated area and yield increase. Prior to 1989, global palm oil production is less than 1 000 000 tonnes, and in 1997, yield only a slight increase from 1000 ton to 20 million tons of small step forward. Edible palm oil and palm oil industry uses extensions to promote the rapid upgrading of palm oil production, beginning in 1998, the global palm oil production with Southeast Asian palm oil yield fast lifting and achieved a quantum leap in growth, as of 2006, the global palm oil production is already more than 35 million tons, equivalent to the 1950s yield 7 times, and exceeded the production of soybean oil. In all of vegetable oil, palm oil production and export of most concentrated. At present there are about 20 countries in the production of palm oil, mainly producing, exporting to Malaysia and Indonesia, the country's total production of the world's palm oil production, 86% of exports of both countries and the world's total export volume of palm oil 88%. Malaysia is the world's largest producer of palm oil, palm oil yield nearly 45% of the total output of the world. Malaysia Palm tree planting area is about the country's arable land, 1/3 up to 250 000 hectares. In 2005, Malaysia in Palm oil production reached a record high of 1520 million tons, yield in 20 years to grow to three times, mainly because of the substantial increase harvest area, 2006, Malaysia palm oil production is also maintained at 15 million tons. Indonesia is the world's second largest producer of palm oil, Indonesia's 2005 global palm oil production of palm oil production by 41%. In 2006, Indonesia's palm oil production in Malaysia has been exceeded. Because of the climate impact of palm oil production decline, Malaysia, and Indonesia Palm trees into maternity, yield enhancement-Wang, and further expansion of the plantations, in General, Indonesia palm oil yield more growth potential. 2. global palm oil trade conditions present in the world oil trade, palm oil is usually guided soya bean oil, in the export market is in a leadership position. In 1993, the global trade of palm oil trade volume weight from 10% in 1970 to 1977, 1985, 20% to 30%. In 1997, the world's total production of palm oil to 1741 million tons, and exports reached 1134.6 million tons. In 2006, the volume of trade of palm oil in the world oil trade and the proportion of the total amount of more than 50%. Malaysia is the world's largest palm oil producing and exporting countries, 90% of the total production of palm oil is used to export to Malaysia exports palm oil has only a very small part of palm oil is extracted hair without permission. WithOver the past few years the share of palm oil exports in Indonesia, Malaysia palm oil exports down to a half share of the world. 2006 global palm oil total export volume to 2800 million tons, of which Malaysia palm oil exports to 1300 million tons, accounting for the total export volume by 47%, Indonesia palm oil exports nearly 12 million tons, accounting for a total of 41% of exports, the export volume of the two countries and the world's total export volume of palm oil 88%. In addition, Nigeria, Ivory Coast, Papua New Guinea, Singapore, Colombia and other countries and regions also produce, export a certain number of palm oil. China, EU, India is the world's largest palm oil imports in the first three countries in 2006, these three countries imports respectively 4900, 4300, 3800 thousand tons in 2007, the three countries of imports has maintained a steady growth trend. 3. global palm oil consumption since 1995, palm oil consumption growth, in 2001, the global palm oil consumption for the 24 million tons in 2005, the global consumption of palm oil has reached more than 3300 tons, 4 years of consumption increased by 38%. In 2006, the world's palm oil consumption compared to 2005 and has grown to $ 3500 million tons. Overall, palm oil consumption concentrated in Asian countries, the EU enhances palm oil imports, to offset for bio-fuels industry needs to improve the supply of rapeseed oil. Currently, palm oil major consumer-owned India, EU-27 countries, China, Indonesia, Malaysia and Pakistan, these countries accounted for 60% of the total consumption. (Ii) our Palm oil imports, circulation and consumption profiles 1. Overview of China's import of palm oil of palm oil in China to import. In 2002, the country's palm oil began quota management system. In early 2006, the national release on Palm oil control to cancel the import tariff quotas, the implementation of automatic import license management, does not limit the number of imports, the related enterprises according to business needs. In 1996 our Palm oil imports only $ 101 million tonnes, 2001 imports rose to 152 million tons in 2004, imports reached 386 million tons in 2001-2004 palm oil imports increase of 154%. 2005 China's palm oil imports continue to grow throughout the palm oil imports-433 tons, 2006 imports to 514 million tons in 2005, a growth of about 19%. Malaysia and Indonesia is the palm oil major importing countries, from these two countries import of palm oil quantity of our Palm oil imports over 98% of the total, from Singapore, Viet Nam and other countries also have imported. In 2006, Malaysia imports total imports of 66%, Indonesia imports total imports of 33%. Domestic palm oil imports port more concentrated, Tianjin Port, Zhangjiagang and Huangpu Hong Kong imports totaling more than the national total imports of 60%, in addition, Qingdao, Shenzhen, Xiamen's palm oil imports also increased, accounting for total imports of around 5%. Palm oil consumption range widely distributed, North China, northeast of the palm oil consumption mainly from Tianjin and Qingdao, China, central China consumption of palm oil mainly from Zhangjiagang and taixing, southern China consumption of palm oil mainly from Huangpu, Shenzhen and Xiamen. In accordance with the melting point of view, our Palm oil imports at present does not exceed 24 degrees centigrade refined palm oil, while Mao palm oil imports is growing trend. 2004, 2005, 2006 24 ℃ refined palm oil imports total imports respectively accounted for 61%, 62% and 69%. Gross growth of palm oil imports is also very rapidly, 2004-2006, the domestic wool palm oil imports by 0.9 tons growth 65.6 million tons, accounting for the proportion of the total imports from 0.3% growth 13.0%. Palm stearin of imports is declining rapidly, 2004-2006, Palm stearin imports decreased by 133.7 tons 88.2 million tons, accounting for the proportion of the total imports from 37.4% 17.4%. Table 2: the situation in recent palm oil imports unit: tons of varieties 2004 2005 2006 24 ° 217.5267.6349.444 ° 133.7152.588.2 other refining oil 4.758.15 wool palm oil 0.94.965.6 total 357.5433.0508.2 source: online bangcheng agri-industries 2. China's palm oil processing and circulation of our Palm oil trade enterprises in the spot market, circulation developed. North China (Tianjin surroundings and Shandong), East (Zhangjiagang, taixing, Ningbo and Shanghai surrounding area) and South (Huangpu, Guangzhou, Shenzhen and Xiamen, surrounding region) is the palm oil imports, the processing, the sales area, the area of palm oil imports accounted for 92% of total imports, accounting for 24% in North China, accounting for 34% of East China, South China accounted for 34%. From Palm oil processing in China, China has thousands of palm oil processing enterprises, located in the main import port, the surrounding area. 2006 Customs import and export data shows that when carrying out large-scale oil palm oil imports are more than 50 enterprises, imports accounted for the total import volume of 60%. Currently there are ten thousand palm oil trade enterprises, of which the large trade enterprises directly imported from abroad, after entering the country through a large number of small and medium-sized distributors for distribution. In 2006, its palm oil imports of large and medium-sized trade enterprises are more than 80, imports accounted for the total import volume of 34%. These trade enterprises generally have no special storage warehouse, typically hire oil enterprises or warehousing enterprise storage tank. 3. our Palm oil consumption of palm oil consumption can be used for, can also be used for industrial consumption, from tradersStatistics show that China's palm oil consumption with consumption, of which 24 ° refining palm oil is the main species that occupy the market share of 60% or more. 1996-2001, the country's palm oil consumption quantity basic rendering smooth growth, 2001-2003: growth significantly in 2003 after growth weakened, but still has to refresh the history records. 2004-2006 palm oil consumption, consumption 250 million tons of 310 million tons, 375 million tons. Palm oil for industrial uses are also very widespread in recent years, China's consumption of palm oil industry has steadily increased. In 2002 our Palm oil industry consumption of 35 million tons in 2004 to reach the 110 million tons in 2002-2004 industrial consumption growth 214%. 2005, 2006, our Palm oil industry consumption respectively 120 tons and 130 000 tonnes, assumes a steady growth. From Palm oil consumption in the enterprise, the Palm for commercial distribution of the ratio is about 80%, direct access to Terminal consumption, for processing trade, tax-reserved area warehousing re-exports of the ratio is about 20%. At present the domestic scale to thousands of palm oil consumption in the enterprise, and small businesses, more than 5000 companies, mainly in the food and beverage, food processing and chemical industry. Representative enterprises including unified food group, the new group, instant noodle production enterprises, Guangzhou Procter, nice yiyang Corporation and so on chemical industry enterprises. Most consumer businesses generally do not themselves directly imports, mainly rely on intermediaries. 2006 direct imports of consumer enterprises about 30, imports accounted for the total amount of 2% of imports. Due to the melting point of palm oil is relatively high, the consumer has a seasonal, summer consumption is relatively large, the winter is relatively small. Consumer direct manifestation of the seasonality to imports of seasonally, from 2004-2006, 1, 2, the volume of imports in small comparison, approximately 16-29 tons, 6-9 months of imports is large, the month of August 2004, 2005 and August 2006 were then imports the largest month, reaching 41 million tons respectively, 50 000 tons and 67 million tons. Overall, the distribution of monthly import of palm oil more balanced, in recent years does not appear in a special small January imports or imports. III. impact of palm oil price movements of the main factors of palm oil is the world oil market. As the global economy, palm oil, with its unique nutrients, relatively low market price was favored by numerous industry, widely used in food and chemical industry etc. Palm oil is the oil Palm Palm fruit extract, Palm tree originated in West Africa, came to the end of the 18th World Malaysia, widely planted in Southeast Asia. Currently, the South-East Asia, South America, Africa, many countries planting Palm trees, palm oil production is highly concentrated in Malaysia and Indonesia. In the vegetable varieties, soybean oil and rapeseed oil price changes in height, while palm oil and soybean oil and rapeseed oil price changes you want. 2003-2006 statistical results show, palm oil and soybean oil price changes of the correlation coefficient is 0.728, and rapeseed oil correlation coefficient 0.725, soybean oil and rapeseed oil the correlation coefficient between 0.953. From price differences, 2003-2006, palm oil and soybean oil change intervals for price differences-450 ~-2000 Yuan/ton, and rapeseed oil change intervals for price differences-$ 550 ~-2350 Yuan/ton, and soybean oil and rapeseed oil change interval between spreads only-$ 130 ~ 450 Yuan/ton.