FCPO rebound further

After the formation of reversal sign, market rebound further and violated the immediate resistance at 3017. Thus, market may want to challenge the next resistance at 3116-3127. Support is pegged at 3000-2994 (gap left over today).

Trader's comment: CPO futures rose lifted by crude oil and soyoil prices

CPO futures rose as a rebound in overnight NYMEX crude oil more than USD 4 per barrel and firmer CBOT soy oil prices lifted BMD to stay firm above 3000.Bargain hunting activities saw benchmark Oct 08 was traded in the range of 3000 to 3054 before late short covering interest pushed prices to settle at 3050, up RM 58. Total daily volume stood at 12,067 contracts changed hands.

FKLI holding well above 1150

FKLI continue to move up and was holding well above 1150. Market may want to challenge the gap left over on 30 Jun-1 July 2008 at 1175.5-1182.5. For downside, support is remained at 1146-1155 (gap left on 29-30 July, 2008).

KLSE stayed firm

Not much changes on the immediate daily technical outlook as market holding steady above 1160 level. We continue to look for the resistance at 1174-1188. While, support at 1150-1155 (gap left over on 29-30 Jul, 2008).

FCPO rebound to cover full upside gap

Market rebound further to cover full upside gap at 3017-3045 which left over on 28-29 Jul, 2007. We look for the next resistance at 3088. Support is at 2994-3015 (gap left over this morning).

FKLI stuck in upward channel

FKLI stuck in upward channel. Prices was traded in range for the morning session. We continue to look for the resistance at 1175.5-1186 (gap left over on 30 Jun-1 Jul, 2008). While, support is at 1155-1146 (gap left over yesterday).

KLSE moving steady

KLSE was moving steady through out the morning session. We continue to look for the resistance at 1168.51-1174.96. Support is pegged at 1155.58-1149.17 (gap left over yesterday).

Breaking News-RTRS-USDA says no to early land release from reserve

WASHINGTON, July 29 (Reuters) - U.S. farmers will not be allowed to withdraw land from the Conservation Reserve without penalty as crops will be large enough to meet feed and fuel needs, Agriculture Secretary Ed Schafer said on Tuesday.

Breaking News-RTRS-Central banks fire new round at credit crisis

WASHINGTON, July 30 (Reuters) - The U.S., European, and Swiss central banks on Wednesday extended emergency lending facilities for investment banks and expanded other liquidity programs to ease credit market strains that have weighed on the global economy for nearly a year.

Trader's Highlight

DJI-NEW YORK, July 30 (Reuters) - The Dow industrials and S&P 500 rose on Wednesday as a surprising increase in private-sector employment and central bank efforts to boost liquidity in stormy financial markets offset a surge in oil prices.The Dow Jones industrial average <.DJI> shot up 186.13 points, or 1.63 percent, to 11,583.69. The Standard & Poor's 500 Index <.SPX> advanced 21.06 points, or 1.67 percent, to 1,284.26. The Nasdaq Composite Index <.IXIC> gained 10.10 points, or 0.44 percent, to 2,329.72.

NYMEX-NEW YORK, July 30 (Reuters) - U.S. crude oil futures ended up more than $4, of nearly 4 percent, on Wednesday, rallying on data showing a surprise drawdown in gasoline stocks last week. September crude settled up $4.58, or 3.75 percent, at $126.77 a barrel, trading $120.80 to $126.79.

CBOT-SOYBEANS - August up 9-3/4 cents at $13.94 per bushel,new-crop November up 14 at $14.05.Led higher by rally in corn and crude oil. November 2009 contract rallying on news USDA will not allow farmers to withdraw land from the CRP without a penalty.

SOYOIL - August up 0.43 cent at 58.26 cents per lb.Following soybeans and gains in crude oil.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended higher Wednesday, erasing intraday losses on likely rise in exports, trade participants said.The benchmark October contract on Bursa Malaysia Derivatives ended MYR23
higher at MYR2,992 per ton, off the intraday low of MYR2,909/ton.

REGIONAL EQUITIES-July 30 (Reuters) - Most Southeast Asian markets edged up on Wednesday as credit crunch fears receded and financials gained.

Malaysia's top lender Maybank jumped 4.6 percent after the central bank blocked plans to buy a controlling stake in Bank Internasional Indonesia, a purchase investors had viewed as too costly.

Global equities rose as oil hovered under $122 a barrel and as investors reassessed Merrill Lynch's $5.7 billion writedown and share sale as a possible turning point in the credit crisis.

Among gainers, Singapore <.FTSTI> rose 1.4 percent on financials, Malaysia <.KLSE> gained 0.8 percent on banks, while the Philippine index <.PSI> jumped 2.3 percent on gains in banks
and telecom firms.

DJI extended its winning streak

DJI extended its winning streak to end up with another long white candle. Near term, market looks may want to challenge the resistance at 11634-11698 and support is at 11120-11130.

Trader's comment: CPO futures found support around 2900 level

CPO futures found support around 2900 level and reversed all of the early losses to end higher after a fairly active trading session. Short covering ahead of full July export data scheduled to release by private cargo surveyors and technical rebound after yesterday's sharp fall saw benchmark Oct 08 prices rallied to 2994 in late trading before it settling RM 23 higher at 2992. Market anticipates full July export figures between 1.37-1.4 mln tonnes.

FCPO is bottom out !!

FCPO is bottom out following the formation of reversal candle after the recent decline. Market may want to rebound and challenge the resistance at 3017 followed by 3116-3127. Support is pegged at 2861

FKLI eyeing upside gap at 1175.5-1182.5?

Market violated the recent high at 1154.5 and stayed firm with its upward momentum. Looks like market is targeting to challenge the gap left over on 30 Jun-1 July 2008 at 1175.5-1182.5. For downside, support is pegged at 1146-1155 (gap left over today).

KLSE march higher violated the resistance 1153-1157

KLSE march higher and violated the resistance at 1153-1157. Market may continue its upward momentum in near term. Look for the resistance at 1174-1188. While, support at 1150-1155 (gap left over today).

USD/MYR looks pretty rangy

USD/MYR chart looks pretty rangy between 3.28-3.20 for the moment. It has been trading within this range since mid May 08 till now while looking for a new direction. Chart and technical point of view appear to be quite supportive after a good rebound from 3.1300 some where end April 08.

FCPO in range bounde mode after yesterday steep fall

Market was in range bound mode for morning session after yesterday hit fresh new low at 2861. As for now, immediate resistance is at 3017-3045 (gap left over yesterday). For downside, immediate support is pegged at 2861.

Breaking News-DJN UPDATE: Dry Weather Likely In SE Asia Oil Palm Growing Areas

KUALA LUMPUR (Dow Jones)--Malaysia and Indonesia, Asia's largest oil palm
growers, may face dry weather this week, which will help in the crop's harvest,
according to Chicago-based forecaster T-storm Weather.

Breaking News-RTRS-POLL-Malaysia July palm stocks seen easing from 25-yr high

RTRS-Malaysia end-July palm oil stocks seen down 0.9% from June to 2.02 mln tonnes-Reuters
RTRS-Malaysia's July palm oil output seen up 3.7% from June-POLL
RTRS-Malaysia's July palm oil exports seen up 16.1% from June-POLL

FKLI climbed up further

FKLI climbed up further after recent high at 1154.5 violated. Market may continue its upward move in near term. Currently, we looking the resistance at 1175.5-1186 (gap left over on 30 Jun-1 Jul, 2008). While, support is at 1155-1146 (gap left over this morning).

KLSE violated its resistance at 1157-1155

Market gap up and violated the resistance at 1157-1155. We now looking the resistance at 1168.51-1174.96. Support is pegged at 1155.58-1149.17 (gap left over this morning).

Breaking News-RTRS-US SEC extends emergency short sale rule through Aug 12

WASHINGTON, July 29 (Reuters) - U.S. securities regulators have extended an emergency rule aimed at curbing abusive short selling in the stocks of 19 major financial firms, including mortgage giants Freddie Mac and Fannie Mae .

The Securities and Exchange Commission on Tuesday extended through Aug. 12 its temporary rule that is part of an agency crackdown on possible market manipulation that some blame for steep declines in the shares of financial companies.

The rule requires investors to borrow a stock before selling it short and to deliver the stock on the settlement date.

Short sellers arrange to borrow shares they consider overvalued and sell them in hopes of making profit when the price drops.

The rule applies to Lehman Brothers , Goldman Sachs , Merrill Lynch , Morgan Stanley , JPMorgan Chase & Co and Citigroup Inc , among others.

Breaking News-Vegoil price fall sparks physical demand-Oil World

HAMBURG, July 29 (Reuters) - The global fall in vegetable oil prices in July has sparked a recovery in physical demand noticeably for biofuel production, Hamburg-based oilseeds analysts Oil World said on Tuesday.

Breaking News-RTRS-Oil World sees July surge in Argentine soybean exports

HAMBURG, July 29 (Reuters) - A surge in Argentine soybean exports is likely in July and cut U.S. shipments, Hamburg-based oilseeds analysts Oil World said on Tuesday.

Trader's Highlight

DJI-July 29 (Reuters) - U.S. stocks rebounded on Tuesday, rising more than 2 percent on another sharp slide in oil prices and after Merrill Lynch's latest write-down and share sale hinted at a possible turning point in the credit crisis.The Dow Jones industrial average <.DJI> rose 266.48 points, or 2.39 percent, at 11,397.56. The Standard & Poor's 500 Index <.SPX> gained 28.82 points, or 2.33 percent, at 1,263.19. The Nasdaq Composite Index <.IXIC> rose 55.40 points, or 2.45 percent, at 2,319.62.

NYMEX-NEW YORK, July 29 (Reuters) - U.S. crude oil futures ended more than $2 per barrel lower on Tuesday as OPEC signaled no output cuts, in spite of tumbling prices, while U.S. housing data deepened demand worries in a weak economy.September crude settled down $2.54, or 2.04 percent, at $122.19 a barrel, trading between $120.42, the lowest price since $119.33 on May 6, and $125.85.

CBOT-SOYBEANS - Down 16 cents per bushel to up 1-1/2, with August down 16 at $13.84-1/4 per bushel.Ends down on improving crop conditions and current good soy growing weather in the United States. Falling crude oil also weighs, especially on soyoil. But market ended above the day's lows with support from gains in corn and some outlooks for hotter weather late this week and next week in the U.S.

Oil World sees July surge in Argentine soybean exports.

SOYOIL - Down 1.32 to 1.49 cents per lb, with August down 1.47 at 57.83 cents per lb.
Following soy in volatile weather market with falling crude oil prices.

FCPO-KUALA LUMPUR, July 29 (Reuters) - Malaysian crude palm oil futures dropped as much as 4.7 percent to seven-and-a-half month lows on Tuesday, slipping below a key resistance level of 3,000 ringgit on signs of rising stocks of the vegetable oil.The benchmark October contract on the Bursa Malaysia Derivatives Exchange fell as much as 140 to 2,861 ringgit ($877) a tonne, the lowest level since December 12, 2007. The contract then clawed back some losses to settle down 32 ringgit at 2,969 ringgit.

REGIONAL EQUITIES-July 29 (Reuters) - Most Southeast Asian stock markets fell on Tuesday as more writedowns by U.S. investment bank Merrill Lynch fueled selling of regional financial shares.

The U.S. bank said it would take a fresh $5.7 billion writedown to offload toxic debt, adding to worries that the year-long global credit crisis is far from over and will further
undermine the global economy.

Singapore <.FTSTI> fell 0.8 percent and Thailand <.SET> 1.3 percent to their lowest in a week. Malaysia <.KLSE> edged 0.3 percent down while the Philippine index <.PSI> dipped 0.6 percent.

DJI reversed from its yesterday losses

DJI reversed from its yesterday losses to end with a long white candle. Market remains stayed above the downtrend line. We continue to look for the resistance at11634-11698 and support at 11120-11130.

FCPO fresh year low

Bear continue to hammer the market momentum following the physiological support at 3000 violated. Prices sank to hit the fresh year low at 2861 and recovered with printed a long lower shadow candle. Gap at 2907-2885 left over on 12-13 Dec, 2007 was fully covered. We continue to look for 1st support at 2838-2840 followed by 2814-2800 (gap left over on 25-31 Oct, 2007). Resistance is remained at 3150-3160.

Trader's comment: CPO futures tumbles further to hit fresh new year low

CPO futures tumbles further to hit fresh new year low following Dalian palm and soyoil closed sharply lower. A prominent trade house was the features seller at the FOB market had further dampened the market sentiment. Benchmark Oct08 prices was slammed down to 2861 in the afternoon session. Later, it managed to bounce back and rebounded to settle RM32 lower at 2969. Daily volumes were heavy with 19,096 contracts changed hands.

FKLI stuck in upward channel

FKLI prices recouped some of it early losses to end off high and remains stuck in upward channel with immediate resistance at 1154.5. While, immediate support is at 1136.5-1135 (gap left over 28 Jul, 2008).

KLSE gains capped

KLSE remains stayed above the downtrend line but gains capped. Immediate resistance and support is at 1157-1153 and 1130 respectively.

Sinking of FCPO

FCPO is sinking with prices earlier broke 3000 physiological support then followed by 2900 in afternoon session. We now looking 1st support at 2838-2840 followed by gap left over on 26-30 Oct, 2007 at 2814-2800. Resistance is at 3017-3045 (gap left over this morning).

FKLI top at 1154.5?

FKLI prices slid after yesterday top at 1154.5. We now look at the 1st support at 1136.5-1135 (gap left over on 25-28 Jul, 2008) followed by 1119-1120.

KLSE facing resistance at 1157-1155

KLSE gap down after the opening bell. Resistance was seen at 1157-1155 and support at 1141-1139 (gap left over on 25-28 Jul, 2008).

Trader's Highlight

DJI-NEW YORK, July 28 (Reuters) - U.S. stocks tumbled on Monday as fear of more credit and housing market turmoil battered financial shares and a mixed bag of quarterly results added to uncertainty the outlook for corporate profits.The Dow Jones industrial average <.DJI> sank 239.61 points, or 2.11 percent, to 11,131.08. The Standard & Poor's 500 Index <.SPX> shed 23.39 points, or 1.86 percent, to 1,234.37. The Nasdaq Composite Index <.IXIC> lost 46.31 points, or 2.00 percent, to 2,264.22.

NYMEX-NEW YORK, July 28 (Reuters) - U.S. crude oil futures rose more than a dollar on Monday, amid supply worries after militants attacked two major crude oil pipelines in Nigeria belonging to Royal Dutch Shell. September crude settled up $1.47, or 1.19 percent, at $124.73, trading from $122.63 to $125.22.

CBOT-SOYBEANS - August up 1-1/2 cents at $14.00-1/4 per bushel, new-crop November up 9-1/2 at $13.96. Some outlooks for hotter August weather in the U.S. soy region viewed supportive, as hotter conditions could harm soy pod-setting. Front-month August under pressure as spreads adjust ahead of delivery period.

SOYOIL - August up 0.13 cent at 59.30 cents per lb.Losing ground to soymeal on meal/oil spreads.

FCPO-JAKARTA, July 28 (Reuters) - Malaysian crude palm oil futures fell 2.2 percent to the lowest level in more than eight months on Monday as worries about a build-up in supply weighed on the market.The benchmark October contract on the Bursa Malaysia Derivatives Exchange closed down 2.25 percent, or 69 ringgit, at 3,001 ringgit ($919) a tonne, the lowest level since November 7, 2007.

REGIONAL EQUITIES-SINGAPORE, July 28 (Reuters) - Most Southeast Asian markets rose on Monday as oil prices held under $125 a barrel, but Singapore edged lower due to weakness in property stocks.

Indonesia <.JKSE> gained 1.4 percent, Malaysia <.KLSE> and the Philippines <.PSI> added 1.1 percent, while Vietnam <.VNI> advanced 1.2 percent.

DJI tumbles with triple digit losses

Prices reversed early gains and approaching back to the downtrend line after DJI failed to break through the resistance at11634-11698 and tumbles with another long black candle. Market may enter back to bearish atmosphere if downtrend line violated.

FCPO looks ugly

The recent low at 3027 was violated and market close with a long black candle. The earlier gains had completely swept off. We now looking at support at 2838-2840. Resistance is at 3150-3160.

Trader's comment: CPO futures surrendered all early gains!!

CPO futures surrendered all early gains to finish broadly lower as intra-day long liquidation activities emerged after earlier gains were not able to sustain. Benchmark Oct08 prices rallied to hit intra-day high at 3162 on the back of higher soyoil prices in e-CBOT and firmer crude oil prices in Asian trading timezone. However, prices began to lose ground after it failed to sustain at the higher end due to lack of follow through. Then, market was under selling pressure till the end of the session. It slammed down to settle RM69 lower at 3001.

FKLI double digit up

Downtrend line was violated completely and prices continue to march higher. Market may want to challenge the resistance at 1159 followed by 1175.5-1182.5 (gap left over on 30 Jun-1 Jul, 2008). While, support is at 1136.5-1135 (gap left over today).

KLSE violated downtrend line

KLSE violated the downtrend line and covered full gap left over on 3-4 Jul, 2008 at 1138.03-1153.33. Market may continue to move sideways to higher in near term. Resistance and support is at 1187.67 and 1116.14-1112.51 (gap left over on 22-23 Jul, 2008) respectively.

FCPO eyeing gap

FCPO recover from last Friday losses and may want to challenge the gap left over on 23 Jul, 2008 at 3211-3245. While, support is at 3112-3088 (gap left over on this morning).

FKLI inching higher on firmer underline support

Firmer underline support at 1119-1120 had attracted more buying support and saw prices penetrated the recent high at 1148.5 on 24 Jul. Market may want to challenge the next resistance at 1158.5-1159 followed by 1175.5-1186 (gap left over over 1 Jul-30 Jun, 2008). For downside, support is at 1136.5-1135 (gap left over this morning).

KLSE violated the recent high at 1153.30

Recent high at 1153.30 on 11 Jul, 2008 was violated this morning. Market may want to challenge the next resistance at 1155.52 followed by 1188.18. While, support is pegged at 1141.85-1139.92 (gap left over this morning).

Breaking News-RTRS-Malaysia to counter falling palm oil prices-paper

KUALA LUMPUR, July 27 (Reuters) - Malaysia will take urgent measures to counter the recent slide in international crude palm oil prices and ensure that it does not become a long-term trend, Commodities Minister Peter Chin was quoted as saying on Sunday.

Chin said the government would lower the current stock of crude palm oil in Malaysia by exporting it to countries such as India, Pakistan, China and the Middle East instead of exporting refined palm oil, while increasing exports in winter to the western countries where it could be used as bio-fuel.

Other measures include increasing the usage of crude palm oil for bio-fuel production, encouraging local power producers to use crude palm oil as raw material, and having more industries use the commodity as feedstock fuel, instead of diesel, he said.

Trader's Highlight

DJI-NEW YORK, July 25 (Reuters) - U.S. stocks rose on Friday as a drop in oil prices, and stronger-than-expected data on consumer sentiment and housing blunted the latest concerns about the health of U.S banks.The Dow Jones industrial average <.DJI> rose 21.41 points, or 0.19 percent, to 11,370.69. The Standard & Poor's 500 Index <.SPX> added 5.22 points, or 0.42 percent, to 1,257.76, while the Nasdaq Composite Index <.IXIC> jumped 30.42 points, or 1.33 percent, to 2,310.53.

NYMEX-NEW YORK, July 25 (Reuters) - U.S. crude oil futures ended lower on Friday, hitting seven-week lows as the dollar rose on upbeat economic data and as an industry consultant forecast higher OPEC oil output this month.On the New York Mercantile Exchange, September crude settled down $2.23, or 1.78 percent, at $123.26 a barrel.

CBOT-SOYBEANS - Up 5 to 15 cents per bushel, with August up 13-3/4 at $13.98-3/4 per bushel.Turns higher when wheat soars. Technical gains amid oversold signals and concerns about possible hotter U.S. weather in August when soy sets pods boosted prices.

SOYOIL - Up 0.10 to 0.25 cent per lb, with August up 0.24 at 59.17 cents per lb. Spillover support from gains in soy.

FCPO-KUALA LUMPUR, July 25 (Reuters) - Malaysian crude palm oil futures fell on Friday as players took profit despite news of higher July 1-25 palm oil exports.The benchmark October contract on the Bursa Malaysia Derivatives Exchange closed down 43 ringgit, or 1.4 percent, at 3,070 ringgit ($944.9) a tonne. An immediate support was pegged at 3,000 ringgit.

REGIONAL EQUITIES-Most Southeast Asian stock markets slipped on Friday following a negative prognosis for economic growth, but were mostly higher on week thanks to a
pullback in crude oil prices.

Indonesian <.JKSE> and Philippine shares <.PSI> outperformed the region this week to gain 4.9 and 5.2 percent respectively over last week, but Jakarta was down half a percent on Friday.
The Philippine index gave up 0.9 percent on Friday.Malaysia <.KLSE> finished flat on the day and rose 3.3 percent for the week, while Singapore <.FTSTI> fell 1.9 percent on Friday but rose 2.6 percent this week on financials and property.

DJI Weekly: Firm support at 10827.71

DJI slowly recover from earlier losses and support at 1082.71 was quite firm to hold. Market may consolidate in near term. We look for the resistance and support at 11924.19 and 10827.71 level respectively in near term.

FCPO Weekly: Bull wave the white flag

Bull had wave the white flag when the support at 3033 (low since 1st Apr) violated and prices sink to the low at 3027. Bear may continue to lead the market momentum in near term. For now look for the support at 2838-2814. While, resistance is at 3335-3358 (gap left over on 20 -27 Jun).

Trader's comment:Good export number failed to excite the FCPO market as the numbers were within expectation

Good export number failed to excite the FCPO market as most players had more or less anticipated that number. ITS put 1-25 July08 export at 1.13 million tonnes while SGS pegged at 1.11 million tonnes (yesterday market was talking about 1.10 million tonnes). At closed, Oct08 settled RM43 lower at 3070 after trading between 3116 to 3065.

FKLI Weekly: Posture exactly like KLSE

FKLI have the same chart posture like KLSE also closing with a long white candle for the week. Consolidation phase is in place. We look for the resistance and support at 1187 and 1083 level respectively.

KLSE Weekly: Long white candle for the week closing

Good closing for the week with a long white candle had helped to cushion the recent sharp fall. However, market needed more strength to break through the downtrend line in order to change the current bearish atmosphere. Thus, market may consolidate in near term with support at 1098.47 and resistance is at 1153.30-1157.47.

FCPO moving sideways

Sideways movement as prices stuck in range of 3065-3116 in morning session. Immediate support is pegged at 3027, while resistance at 3127.

Double top formation for FKLI

FKLI formed a double top after prices failed to sustain at 1148.5. Prices then tested the immediate support at 1120-1125 in morning session. Market may under pressure in near term. As for now, we look for the support at 1110-1103.5 (gap left over on 23rd Jul, 2008). Immediate resistance is at 1129.5-1134 (gap left over this morning).

Market view: hold short if prices break 1120 with buy stop at 1135-1138.

KLSE stuck in sideways channel

KLSE stuck in sideways channel between 1141.13 to 1130.46. Breakout from the either upper or lower channel will giving a clearer picture to the market.

Breaking News-RTRS-Malaysia central bank says no briefing on rate decision

KUALA LUMPUR, July 25 (Reuters) - Malaysia's central bank does not plan to hold a press briefing on its monetary policy decision later in the day, a spokesman said on Friday.

The central bank meets to review policy on Friday and is scheduled to announce its decision through a statement at 1000 GMT.

There has been market speculation that the authority will hold a news conference after its policy review.

Trader's Highlight

DJI-NEW YORK, July 24 (Reuters) - U.S. stocks tumbled more than 2 percent on Thursday after a report showing yet another drop in U.S. home sales prompted investors to take profits in financial shares, which had rallied over the past week.The Dow Jones industrial average <.DJI> fell 283.10 points, or 2.43 percent, to close at 11,349.28. The Standard & Poor's 500 Index <.SPX> slid 29.65 points, or 2.31 percent, to 1,252.54, while the Nasdaq Composite Index <.IXIC> shed 45.77 points, or 1.97 percent, to 2,280.11.

NYMEX-NEW YORK, July 24 (Reuters) - U.S. crude oil futures ended more than $1 higher on Thursday and refined products also closed higher, helped by a technical rebound after recent heavy losses, traders and analysts said.September crude settled up $1.05, or 0.84 percent, at $125.49 a barrel, trading from $123.50, lowest since June 5, to $126.44.

CBOT-SOYBEANS - Down 9-1/4 to 13 cents, with August down 9-1/4 at $13.85 per bushel.Good crop weather in the U.S. Midwest and increased export competition from Argentina. Census pegs June U.S. soy crush 140.91 mln bu, slightly above average trade estimate for 140.25 mln.

SOYOIL - Up 0.35 to 0.45 cent, with August up 0.38 at 58.93 cents per lb.Census pegs June soyoil stocks 2.894 bln lbs, below average trade estimate for 2.904 bln.

FCPO-JAKARTA, July 24 (Reuters) - Malaysian crude palm oil futures rose 2.8 percent on Thursday on short-covering after hitting an 8-month low the previous day and as investors bet on a recovery in exports to soak up a build up in stocks.The benchmark October contract on the Bursa Malaysia Derivatives Exchange settled up 86 ringgit or 2.84 percent at 3,113 ($957) ringgit a tonne.

REGIONAL EQUITIES-SINGAPORE, July 23 (Reuters) - Most Southeast Asian stock markets climbed on Wednesday as a further dip in oil prices eased inflation fears.

Singapore's benchmark index <.FTSTI> leapt 3.1 percent to its highest in four weeks, while Malaysia <.KLSE> gained 2.7 percent.The Philippine index <.PSI> added 2.2 percent, Thailand <.SETI> rose 1.7 percent while Jakarta <.JKSE> edged up 0.6 percent.

DJI swept away some of it earlier gains

A long black candle printed and covered some of it earlier gains had slow down the market upside momentum. Market may enter to bearish atmosphere if any chances to break through again the immediate downtrend line. We continue to look for the resistance at 11808.73, while support at 10827.71.

CPO futures rebounded from yesterday sharp fall

CPO futures rebounded from yesterday sharp fall to end generally higher on short covering activities and on expecting of higher export number for 1-25 July which scheduled to release by private cargo surveyors tomorrow. Market is talking about 1.1 million tonne. Last month (1-25 June) was at 899k (ITS) and 926k (SGS).

FCPO reversed from yesterday losses on technical rebound

Bear took a breathe after yesterday sharp losses. Technical rebound saw FCPO prices reversed to close off high. Immediate support is pegged at 3027 and resistance is at 3211-3225 (gap left over on 23rd Jul, 2008).

Consolidation phase in FKLI

FKLI broke the immediate resistance at 1146 and surged to the intra-day high at 1148.5 before easing off to end in negative territory. Looks market may consolidate further in near term. We now looking at the resistance and support at 1159 and 1110-1109 (gap left over on 23rd Jul, 2008) respectively.

KLSE close to stay firm

Buying support continue after yesterday violated the immediate downtrend line and saw KLSE to close firm today. Consolidation phase may extend in near term. We look for the upside resistance of 1153.3. Support is pegged at 1116.14-1112.51 (gap left over on 23rd Jul, 2008).

Comex Gold: chances to challenge 1000 mark looks gloomy

Chances to challenge 1000 mark looks gloomy as prices finish in lower end with long black candle for the last two trading session. Chart wise, it had penetrated the immediate up-trend line follow by a gap down left over yesterday. Some kind of reversal top had formed. Hence, may face some selling pressure in near term.

Technical rebound on FCPO

Technical rebound after yesterday steep fall down. We continue to look for the support at 3027. Resistance is at 3140-3150.

Market tone: weak

FKLI in consolidation mode

FKLI may continue to move in consolidation mode in near term. Continue to look for the resistance at 1159 while support is at 1120-1125.

Market view: sideways to higher

KLSE retreat after yesterday sharp rebound

KLSE retreated after yesterday sharp rise and market may enter to a consolidation phase in near term before starting a new direction.

Market tone: sideways to higher

Breaking News-RTRS-Malaysia CPI a shocking 27 year high 7.7% y/y in Jun

Trader's Highlight

DJI-NEW YORK, July 23 (Reuters) - U.S. stocks rose on Wednesday as financial shares climbed on hopes lawmakers will approve a rescue plan for mortgage finance companies Fannie Mae and Freddie Mac and as the price of oil fell.The Dow Jones industrial average <.DJI> rose 29.88 points, or 0.26 percent, to 11,632.38, while the Standard & Poor's 500 Index <.SPX> gained 5.11 points, or 0.40 percent, to 1,282.11, a three-week closing high. The Nasdaq Composite Index <.IXIC> was up 21.92 points, or 0.95 percent, at 2,325.88.

NYMEX-NEW YORK, July 23 (Reuters) - U.S. crude oil futures ended at a six-week low on Wednesday, extending losses for a second straight day, as large builds in gasoline and distillate stocks trumped a bigger-than-forecast draw in crude supplies.New front-month September crude settled down $3.98, or 3.1 percent, at $124.44 a barrel, the lowest since the June 4 settlement of $122.30.

CBOT-SOYBEANS - Down 20 to 25-1/2 cents per bushel, with August down 22-1/2 at $13.94-1/4 per bushel.Good U.S. crop weather, strong dollar and falling crude oil weigh on soy prices. Prospects for Argentina to export more soy and soy products following Argentine government decision late last week to scrap a hike in soy export taxes also bearish for U.S. soy.

SOYOIL - Down 1.35 to 1.67 cents per lb, with August down 1.58 at 58.55 cents per lb.

FCPO-KUALA LUMPUR, July 23 (Reuters) - Malaysian crude palm oil futures plummeted nearly 7 percent to hit 8-month lows as profit-taking in crude oil swept through allied vegetable oil markets amid rising global inventory levels.The benchmark October contract on the Bursa Malaysia Derivatives Exchange ended down 225 ringgit at 3,027 ringgit ($934) per tonne, the lowest since December 24.

REGIONAL EQUITIES-Most Southeast Asian stock markets climbed on Wednesday as a further dip in oil prices eased inflation fears.

Singapore's benchmark index <.FTSTI> leapt 3.1 percent to its highest in four weeks, while Malaysia <.KLSE> gained 2.7 percent.The Philippine index <.PSI> added 2.2 percent, Thailand <.SETI>rose 1.7 percent while Jakarta <.JKSE> edged up 0.6 percent.

DJI remains positive posture

Technical landscape on daily DJI remains positive. Market may continue to move sideways to higher in near term. Look for the resistance at 11808.73, while support at 10827.71.

Trader's comment: CPO futures dropped 7%

CPO futures plunged further to end 7 percent lower and broke the year low of 3033 which set on 1st Apr. Trading volume was heavy with 21,970 contracts changed hands. Market sentiment just bearish with a prominent trade house was selling aggressively in the physical market.

FCPO plunged further with triple digit losses at new low for the year

A long black candle fall down sharply violated the low at 3033 and dipped further to close at fresh year low at 3027. Will market challenge the support at 2838-2843 tomorrow? Resistance is at 3211-3225 (gap left over today).

Market tone: weak

KLSE with double digit up at day high

Immediate downtrend-line was penetrated with KLSE closed with a long white candle. Market may want to move sideways to higher in near term with target upside at 1153.30. While, support is at the gap leftover today at 1116.14-1112.51)

Market tone: sideways to higher

Bull strong defend to violate the immediate downtrend line for FKLI

Bull re-gained energy to strike and violate the immediate downtrend line. We look for the upside target at 1146 followed by 1159. Downside was pretty support at 1083.0-1086.5.

Market view: sideways to higher

CBOT soyoil futures (2nd contract month): targeting 55.00 to 56.00

Soyoil prices unable to hold at 68.00 and finished with long black candle for 3 sessions and penetrated up-trend channel support line followed by few sessions of bad closed. Looks targeting underline support at between 55.00 to 56.00 level.

NYMEX crude oil futures (spot month): looks heading for 119 to 120 (underline support)

Crude oil prices hit all time high at 147 followed by two more attempt. The last tried hit 146.73 on 15/7 and unable to sustain then finish with long black bar. It then broke the immediate up-trend line the next day with a black candle also. This had printed a bearish picture. Yesterday, it penetrated the 2nd up-trend line. It shows that market is heading for underline support between 119 to 120 level.

FKLI fully cover gap at 1125-1130

Gap at 1125-1130 was covered. Will bull manage to defend??