INDONESIA - Government to save $3bn in oil imports TODAY: No tier one data is due on Wednesday. RECAP: USD/IDR breached the 11300 mark, printing fresh highs since April 2009. Similarly, onshore spot breached the 10900 levels, reaching fresh multi-year highs. JKSE traded -3.3% down as it tumbled below the 4000 level, reaching Aug 2012 levels in late Asia trading. OUTLOOK: In additional details on its plan to cub oil imports, govt. said on Monday that the plan to increase the mandatory content of the fatty acid methyl ester made from crude palm oil in biodiesel products to 10%, from 7.5% would help reduce the CAD by nearly $3bn. Coordinating Minister for the economy Rajasa reiterated that he expected CAD to narrow in the coming quarters following a deficit of -$9.8bn in Q213 as the biodiesel policy would help reduce fuel imports that were $5.8bn In H113.. Minister Rajasa added that the program will also create domestic demand and in turn support the palm oil industry, enduring a slump in global commodities prices and a refusal by some countries to import the product because of environmental concern. STRATEGY: Prefer to buy on dips.
Posted on: Wed, 28 Aug 2013 00:24:24 +0000
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