Wilmar/ First Resources/ Golden Agri

Wilmar/ First Resources/ Golden Agri/ CPO: 50%-owned subsidiary Adani Wilmar, 2nd largest importer of cooking oil in India, stated that there was a 26% increase in CPO in the 3 months through Jan 2013. This increase may trim inventories in Malaysia and Indonesia, and bolster benchmark futures in KL for CPO prices. Expanding demand in India may counter the impact of an increase in import taxes and higher export duties in Indonesia as well. India meets more than 50% of its cooking oil demand through imports of mostly palm from Indonesia and Malaysia. Demand will expand 6% to 17.5m tons in FY13. CPO for May 2013 delivery fell 2.1% to Rm2419/ton yesterday. Inventories in Malaysia jumped to an all-time high of 2.63m tons in Dec 2012, before falling to 2.58m tons in Jan 2013. Wilmar is up slightly by 0.6% to $3.52; First Resources up slightly by 0.5% to $1.95; Golden Agri up 0.8% at $0.635;