19:41 02 Apr RTRS-GateTrade to start online palm, coconut oil trading

RIO DE JANEIRO, Brazil, April 2 (Reuters) - U.S.-based GateTrade Inc. plans to start Internet trading of 10 palm oil and coconut oil products later this month, President and Chief Executive Susan Tan Luo said on Wednesday.
"The launch is timed to take advantage of broadband communication networks and higher prices expected in the next few months," Tan told Reuters at an international oilseed crushers' conference.
Tan said 29 companies from 11 producing and importing countries had registered to use the new electronic trading system which she claimed will reduce transaction fees by 30 percent and provide rapid, transparent and secure trading.
The countries include Malaysia, Indonesia, Philippines, India and China.
In addition to eight palm oil and two coconut oil products, Tan plans to start online soybean, soy oil, soy meal and rapeseed oil trading within 6 months. Corn and wheat trading could follow within two years.
((Reporting by Peter Blackburn; editing by Mark Porter; Reuters messaging: peter.blackburn.reuters.com@reuters.net; Rio de Janeiro newsroom 5521 2223 7149;))

Wednesday, 2 April 2003 19:41:06
RTRS [nN02272076]