Volatility Linkages Between Price Returns of Crude Oil and Crude Palm Oil in the ASEAN Region: A Copula Based GARCH Approach

2015 ◽  
pp. 428-439 ◽  
Author(s):  
Teera Kiatmanaroch ◽  
Ornanong Puarattanaarunkorn ◽  
Kittawit Autchariyapanitkul ◽  
Songsak Sriboonchitta
Keyword(s):  
Crude Oil ◽  
Palm Oil ◽  
Crude Palm Oil ◽  
Volatility Linkages

scholarly journals A cointegration analysis of crude palm oil price in Thailand

2018 ◽  
Vol 52 ◽  
pp. 00035
Author(s):  
Patchaya Songsiengchai ◽  
Shaufique F. Sidique ◽  
Marcel Djama ◽  
W.N.W. Azman-Saini
Keyword(s):  
Soybean Oil ◽  
Crude Oil ◽  
Error Correction ◽  
Palm Oil ◽  
Commodity Prices ◽  
Cointegration Analysis ◽  
Oil Price ◽  
Crude Palm Oil ◽  
Long Run ◽  
The World

Reliazing the pass-through effects of global commodity prices on domestic prices, this study develops a vector error correction model (VECM) to test for the determinants and direction of causality between global prices and crude palm oil (CPO) price in Thailand. Malaysian crude palm oil, world soybean oil and world crude oil prices were investigated as factors affecting the Thai CPO price. Using the Johansen cointegration test, the result unveils a presence of long-run relationship among the determinants. This long-run relationship, proposes that CPO price flows in Thailand are positively influenced by the Malaysian CPO price and the error correction term suggests that approximately 35 percent of total disequilibrium in Thai CPO price was corrected in the following month. Moreover, the findings show Granger causality from each of the Malaysian CPO price and the world soybean oil price for the Thai CPO price. Information flow regarding the price movements of the Malaysian CPO and soybean oil affect the Thai CPO price and vice-versa. Whereas, the evidence for a causal relationship that runs from the world crude oil price to the Thai CPO price is found, but not in reverse.

scholarly journals Terjadinya Isomerisasi dan Oksidasi - dan -Karoten Selama Proses Pengolahan CPO

2012 ◽  
Vol 11 (1) ◽  
pp. 14
Author(s):  
Reni Subawati Kusumaningtyas ◽  
Artanto Martosupono
Keyword(s):  
Crude Oil ◽  
Palm Oil ◽  
Oil Palm ◽  
Oxidation Process ◽  
The Other ◽  
Purification Process ◽  
Crude Palm Oil ◽  
Palm Fruit ◽  
Sterilization Process ◽  
Major Factors

Isomerization and oxidation has been known as the major factors of the degradation of carotenoid compounds.The carotenoid compounds in oil palm fruit are dominated by - and -karoten. Result of this experiment showedthat the isomerization of the - and -karoten during the process productions of crude palm oil (CPO) indicated bythe reducing of trans ? and trans -caroten concentrations and followed by the increasing of cis - and cis ?-caroten concentrations. Isomerization promote to increasing the concentration of cis - and cis -carotenapproximately 40 ppm and 19 ppm on the sterilization process, then 79 ppm and 134 ppm on the extraction andclarification process of crude oil. On the other hand, the purification process just only increased the concentrationof cis ?-karoten about 19 ppm. The Oxidation of the - and -caroten caused to the increasing of lutein andzeaxantin as the degradation product. The - and -caroten oxidation can be increasing the amount of lutein andzeaxantin approximately 1 ppm and 5 ppm on the sterile fruit, 22 ppm and 14 ppm on the extract crude oil, 1 ppmand 3 ppm on purifying oil. The oxidation process of oil palm extract in the vacuum drier tank can be increased thelutein concentration about 6 ppm.

scholarly journals THE ISOMERIZATION AND OXIDATION OF CAROTENOID COMPOUNDS IN THE OIL PALM FRUIT DURING PRODUCTIONS OF CPO

2010 ◽  
Vol 9 (1) ◽  
pp. 48-53
Author(s):  
Reni Subawati Kusumaningtyas ◽  
Leenawaty Limantara
Keyword(s):  
Crude Oil ◽  
Palm Oil ◽  
Oil Palm ◽  
The Other ◽  
Main Peak ◽  
Crude Palm Oil ◽  
Palm Fruit ◽  
Absorption Intensity ◽  
Sterilization Process ◽  
Major Factors

Isomerization and oxidation have been known as the major factors of the degradation of carotenoid compounds. Results showed that the isomerization of the carotenoid in the oil palm fruit, during the sterilization process, promotes the decrease of the concentration of trans a- and trans b-carotene approximately 21and 8%. The decrements have continued on the fruit digestion, pressing, and clarification processes. The isomerization is also indicated by the decreasing of the main peak spectra absorption intensity of a- and b-carotene about ±10,4%. The spectra  showed hypsocromic shift by ±3 nm. On the other hand, the oxidation of carotenoid has occurred in all steps of crude palm oil (CPO) production. The oxidation of a-carotene has caused the increasing amount of lutein: 49% of fruit after sterilization proces (BSt), 57% of crude oil after pressing (MSK), 17% of oil expurifier (MPF), and 5% of CPO product. The oxidation of b-carotene will increase the amount of zeaxantin: 53% of fruit after sterilization proces (BSt), 9% of crude oil after pressing (MSK), and 4% of oil expurifier (MPF).   Keywords: Isomerization Carotenoid, oxidation Carotenoid, oil palm

scholarly journals Characterization of Crude Palm Oil (CPO), Corn Oil and Waste Cooking Oil for Biodiesel Production

2021 ◽  
Vol 86 (2) ◽  
pp. 136-146
Author(s):  
Siti Nurul Akmal Yusof ◽  
Siti Mariam Basharie ◽  
Nor Azwadi Che Sidik ◽  
Yutaka Asako ◽  
Saiful Bahri Mohamed
Keyword(s):  
Physical Properties ◽  
Crude Oil ◽  
Vegetable Oils ◽  
Palm Oil ◽  
Corn Oil ◽  
Acid Catalyst ◽  
Waste Cooking Oil ◽  
Biodiesel Production ◽  
Crude Palm Oil ◽  
Cooking Oil

Biodiesel production is the reaction of raw oils with mixing and heating within catalyst and methanol. The raw oils usually come from vegetable oils and animal fats. Vegetable oils are a promising feedstock for biodiesel production since they are renewable in nature. Nevertheless, the physical properties of biodiesel pose some acute problems when used in an unmodified engine. It is important to diesel and biodiesels because it impacts components such as the fuel pump. Therefore, this paper intends to investigate the properties of biodiesel samples in terms of viscosity, density, flash point and acid values at different bio lipids and different mixing time. The evaluation is carried out on the three types of biodiesels: crude oil, crude palm oil, corn oil, and waste cooking oil. Methanol was chosen over the others for the transesterification process because it was cheaper. The esterification process, which reduces the amount of free fatty acids in the crude oil, will be performed with the help of an acid catalyst. Alkaline catalysts, in contrast, are used for the transesterification process. The comparison of all the samples shows that CPO is the better biodiesel than the other due to the physical properties of kinematic viscosity, density and flashpoint.

The Analysis of Potential of Straw Mushroom Development by Using Empty Fruit Bunches Material in Lampung Province

2019 ◽  
Vol 1 (2) ◽  
Author(s):  
Sarono Sarono
Keyword(s):  
Palm Oil ◽  
Efficiency Ratio ◽  
Crude Palm Oil ◽  
Production Scale ◽  
Empty Fruit Bunches ◽  
Straw Mushroom

The empty fruit bunches (EFB) are by-product of crude palm oil (CPO) production, and it is not widely used optimally. One of products produced from EFB with development potentials is straw mushroom. The objective of this research was to analyze the potentials of EFB material and straw mushroom based on EFB material in Lampung province. The result showed that the EFB potential in Lampung province was 111,144 ton annually and straw mushroom was 4,835 ton annually. The biology efficiency ratio of EFB into straw mushroom in production scale was averagely 3.93%. Districts having potentials for developing straw mushroom business by using EFB material were Mesuji, Middle Lampung, Tulang Bawang, Way Kanan, and North Lampung.

EFFECTIVE CROSS HEDGING: EVIDENCE FROM PHYSICAL CRUDE PALM OIL AND ITS INTER-RELATED AGRICULTURAL FUTURES CONTRACTS

2018 ◽  
Vol 17 (2) ◽  
pp. 123
Author(s):  
Noryati Ahmad ◽  
Ahmad Danial Zainudin ◽  
Fahmi Abdul Rahim ◽  
Catherine S F Ho
Keyword(s):  
Palm Oil ◽  
Futures Contracts ◽  
Crude Palm Oil ◽  
Oil Futures ◽  
Futures Contract ◽  
Agricultural Futures ◽  
Cross Hedging ◽  
Optimal Hedge ◽  
Excessive Speculation ◽  
Chicago Board Of Trade

Since its establishment, Crude Palm Oil futures contract (FCPO) has been used to directly hedge its physical crude palm oil (CPO). However, due to the excessive speculation activities on crude palm oil futures market, it has been said to be no longer an effective hedging tool to mitigate the price risk of its underlying physical market. This triggers the need for market players to find possible alternatives to ensure that the hedging role can be executed effectively. Thus this investigation attempts to examine whether other inter-related grains and oil seed futures contracts could serve as effective cross-hedging mechanisms for the CPO. Weekly data of inter-related futures contracts from Chicago Board of Trade (CBOT) and Dalian Commodity Exchange (DCE) are employed to cross hedge the physical crude palm oil prices. The study starts from 2006 until 2016. Empirical results indicate that FCPO is still the best futures contract for hedging purposes while Chicago Soybean (CBOTBO) provides second best alternative if cross-hedging is considered. Keywords: Crude palm oil, Crude palm oil futures, Cross Hedging, Optimal Hedge Ratio, Effective Hedging

A COMPARATIVE STUDY BETWEEN UNIVARIATE AND BIVARIATE TIME SERIES MODELS FOR CRUDE PALM OIL INDUSTRY IN PENINSULAR MALAYSIA

2020 ◽  
Vol 5 (1) ◽  
pp. 374
Author(s):  
Pauline Jin Wee Mah ◽  
Nur Nadhirah Nanyan
Keyword(s):  
Time Series ◽  
Palm Oil ◽  
Moving Average ◽  
Forecast Accuracy ◽  
Peninsular Malaysia ◽  
Time Series Models ◽  
Crude Palm Oil ◽  
Univariate Time Series ◽  
Import And Export ◽  
Bivariate Time Series

The main purpose of this study is to compare the performances of univariate and bivariate models on four time series variables of the crude palm oil industry in Peninsular Malaysia. The monthly data for the four variables, which are the crude palm oil production, price, import and export, were obtained from Malaysian Palm Oil Board (MPOB) and Malaysian Palm Oil Council (MPOC). In the first part of this study, univariate time series models, namely, the autoregressive integrated moving average (ARIMA), fractionally integrated autoregressive moving average (ARFIMA) and autoregressive autoregressive (ARAR) algorithm were used for modelling and forecasting purposes. Subsequently, the dependence between any two of the four variables were checked using the residuals’ sample cross correlation functions before modelling the bivariate time series. In order to model the bivariate time series and make prediction, the transfer function models were used. The forecast accuracy criteria used to evaluate the performances of the models were the mean absolute error (MAE), root mean square error (RMSE) and mean absolute percentage error (MAPE). The results of the univariate time series showed that the best model for predicting the production was ARIMA  while the ARAR algorithm were the best forecast models for predicting both the import and export of crude palm oil. However, ARIMA  appeared to be the best forecast model for price based on the MAE and MAPE values while ARFIMA  emerged the best model based on the RMSE value.  When considering bivariate time series models, the production was dependent on import while the export was dependent on either price or import. The results showed that the bivariate models had better performance compared to the univariate models for production and export of crude palm oil based on the forecast accuracy criteria used.

PEMANFAATAN CPO ASAM LEMAK BEBAS TINGGI SEBAGAI BAHAN BAKAR

2015 ◽  
Vol 11 (1) ◽  
Author(s):  
Zulaicha Dwi Hastuti ◽  
Dwi Husodo Prasetyo ◽  
Erlan Rosyadi
Keyword(s):  
Palm Oil ◽  
Crude Palm Oil ◽  
Plant Oil

Asam lemak bebas (alb) dalam Crude Palm Oil (CPO) merupakan salah satu parameter kualitas CPO.Munculnya asamlemak bebas ini dapat berasal dari faktor pemanenan dan penyimpanan. Asamlemak bebas yang tinggi dalam CPO dapat menurunkan harga CPO. Minyak mentah sawit inimerupakan salah satu sumber energi terbarukan yang diolah, antara lain, menjadi pure plant oil (PPO)dan biodiesel. Namun,masalah utama CPO sebagai bahan baku PPO dan biodiesel adalah asamlemak bebas. Asam lemak bebas dalam CPO yang dapat digunakan untuk PPO dan biodiesel tidakboleh lebih dari 1%. Oleh karena itu, dalam penelitian ini dilakukan usaha untuk menurunkan asamlemak bebas dalam CPO sehingga dapat dimanfaatkan sebagai bahan bakar. Metoda yang digunakanadalah esterifikasi. Asam lemak bebas dikonversi menjadi metil ester. Campuran metil ester dengantrigliserida ini merupakan bahan bakar yang dapat digunakan untuk pengganti BBM. Kondisi yangoptimal untuk proses esterifikasi CPO alb tinggi adalah sebagai berikut : suhu 65oC, waktu 360 menit,katalis 0,25%, dan perbandingan mol metanol 8:1. Dengan proses ini, asam lemak bebas dapatditurunkan menjadi 2,76% (konversi 89,39%). Pada kondisi yang sama dengan katalis yangditingkatkan menjadi 0,5%, asam lemak bebas dapat diturunkan menjadi 1,86% (konversi 92,85%).Pada kondisi yang sama, dengan katalis yang ditingkatkan menjadi 1%, asam lemak bebas dapatditurunkan menjadi 1,75% (konversi 93,28%).Kata kunci: asam lemak bebas, CPO, esterifikasi, PPO, biodiesel

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