Indonesian plantation company PT Astra Agro Lestari (Astra Agro) said in a statement on Tuesday its net profit in 1998 leapt 146.6 per cent to 223.4 billion rupiah because of a significant increase in exports. Net sales jumped 86 per cent to 853.7 billion in 1998 from 459.0 billion in 1997. The company said oil palm contributed to 91.6 per cent of total sales in 1998 due to a significant increase in the selling price of crude palm oil (CPO), from 1,200 rupiah per kg on average in 1997 to 2,850 rupiah per kg on average in 1998. "For the first time, the company has been able to export its four commodities. During 1998, the company exported 12,660 tonnes of CPO, 549 tonnes of rubber, 270 tonnes of tea and 700 tonnes of cocoa," the statement said. The company expected the government to continue to reduce the CPO export tax, boosting its exports.

Drought hits wheat crop in China

An estimated 2.35 million hectares (5.8 million acres) of land under winter wheathas been hit by drought in China's eastern Shandong province, officials said. Nearly 6,66,000 hectares of cropland was seriously hit, accounting for 17.8 per cent of the province's total acreage under winter wheat, said an agriculture official in Shandong, one of China's major wheat-producing regions.

"Shandong is suffering the most serious drought since 1916," the official said. Between September last year and February this year, rainfall in the province was 36 mm, 77 per cent below average, he said. Chinese media have said an estimated 22.3 million hectares of cropland to be drought hit.

NYMEX ACCESS up slightly

NYMEX ACCESS prices were slightly higher on Tuesday morning in Asia, extending the rise from New York, traders said. The May ACCESS contract was up six cents at $16.50 per barrel by 0410 GMT. It had settled 26 cents firmer at $16.44 in New York, receiving a boost from a string of refinery outages in the US West Coast which spurred gasoline futures higher. May SIMEX Brent crude wasunquoted at 0410 GMT, after it closed 17 cents firmer at $14.58 in London on last Monday, supported by local buys and spreads trading.

China to boost crude exploration

China will boost crude and natural gas exploration and production in the northwestern Tarim Basin, the official Xinhua News Agency said on Tuesday. Accumulated proven crude oil reserves in the basin were expected to total one billion tonnes by the end of next year, while proven natural gas reserves were estimated at 500 billion cubic metres, the news agency said.

Decline in metal prices

In Mumbai, prices of all types of metals declined on lower overseas advices and lack of industrial demand on the non-ferrous metal market. Tin and nickel both fell down by Rupee five each in the absence of buying interest from industrial units. Copper scrap heavy, copper wire bar, copper utensils, brass scrap, brass sheets cutting, lead all moved down by fifty paise each. Aluminium ingots, aluminium and zinc all closed lower by twentyfive paise each.

Steel markets steady

In New Delhi, steel market displayed a steady trend today when prices after moving in a narrow range on little trading enquiries and finished at last levels. Marketmen said arrival and offtake remained at a low ebb and volume of business small.

Grain prices stay firm

In New Delhi, prices ruled steady on the grains and pulses market on little trading activities and after moving in a small range, closed at previous levels. Marketmen said arrival and offtake was at a low ebb and volume of business small. They said activity was restricted also due to tight money market position.

Gur prices harden

In Muzzafar Nagar, gur shot up on both Muzzafar Nagar and Delhi gur market following frantic buying by stockist coupled with poor arrivals and closed with handsome gains. After a long gap trading started in gur pedi due to fresh arrivals of ready stocks. According to marketmen, higher neighbouring states advices as well as increased local partiesdemand boosted the market sentiment.