Trader's Comment: CPO futures prices ended lower in a choppy and volatile trading session.

CPO futures prices ended lower in a choppy and volatile trading session. Overnight CBOT soyoil was limit down coupled with NYMEX crude oil plunged more than 10 percent after the U.S. House of Representatives failed to pass the proposed USD 700 billion bailout package for the troubled financial sector. This had added pressure to the local front. Benchmark Dec08 gapped down RM 96 at 2029 after the opening bell and sank to the fresh low at 1988. However, short covering interest ahead of Hari Raya Puasa (BMD closed on 1-2 Oct, 2008) saw prices recovered above 2000 mark and slowly rebouned to hit the day high at 2119 before settling RM 35 lower at 2090. Total daily volume stood at 20,233 contracts changed hands.

FCPO Daily: 2000 mark defended

Market tested 2000 mark in intra-day basis but not closing. We currently looking for the immediate support at 2000-1988 followed by 1827 (low since Dec, 2006). For upside, immediate resistance is at 2180-2185 followed by 2240-2260.

FKLI Daily: good closing on pre-Raya holiday

Market recouped all its early losses to end higher had given some cushion to the market downside momentum. A long white candle printed was not enough to change the immediate technical landscape as market remained at bearish territory. More support confirmation was needed. Currently, we look at the support at 961.0. Upside resistance is at 1036-1039.

KLSE Daily: Raya rally?

KLSE ended with a long white candle on pre-Raya holiday. We are hoping to see more support confirmation as market currently is still stuck in bearish zone. As for now, we look for the support at 963.29. While upside resistance is at 1040.

FCPO Daily: hit fresh low

Market hit fresh low at 1988 and manage to recover some of its early losses to stay above 2000 mark before midday closing. The overall technical landscape maintained in bearish outlook with downside support shift to 1827 (low since Dec, 2006). For upside, resistance is at 2059-2100 (gap left over this morning).

FKLI Daily: struggling around 1000 mark

FKLI recovered some from its early losses to struggle around 1000 mark. Downside support is at 961. Resistance is at 1004.5-1008 (gap left over this morning).

KLSE Daily: defended at 1000 mark

KLSE tested 1000 mark in the early session and manage to recover by midday break. As for now, we look for the support at 963.29 while upside resistance is at 1008-1015 (gap left over this morning).

Breaking News-RTRS-U.S. House reject USD 700 bln Wall Street bailout bill

WASHINGTON, Sept 29 (Reuters) - The U.S. House of Representatives on Monday rejected by a vote of 228-205 a Wall Street bailout bill that would have authorized the Treasury Department to spend up to $700 billion to purchase broken mortgage-backed bonds from banks with the goal of jump-starting stalled capital markets.
Defeated by skeptics from both parties who questioned the need for it and whether it would work, the bailout plan was proposed by the Bush administration on Sept. 20. Congress modified it in just days amid warnings from the White House that urgent action was needed to prevent economic disaster.

Trader's Highlight

DJI-NEW YORK, Sept 29 (Reuters) - The Dow industrials plunged on Monday in their biggest decline ever after U.S. lawmakers unexpectedly rejected a $700 billion financial bailout, spooking investors who fear for the future of global markets and the U.S. economy.

The Dow lost 778 points, its largest point decline in history, and posted its biggest daily percentage slide since the 1987 stock market crash. The benchmark S&P 500 also had its worst day in 21 years after the House voted down the bailout plan by a count of 228 to 205.

The Dow Jones industrial average <.DJI> sank 777.68 points, or 6.98 percent, to 10,365.45. The Standard & Poor's 500 Index <.SPX> dropped 106.59 points, or 8.79 percent, to 1,106.42. The Nasdaq Composite Index <.IXIC> lost 199.61 points, or 9.14 percent, to 1,983.73.

NYMEX-NEW YORK, Sept 29 (Reuters) - U.S. crude oil futures plunged more than 10 percent on Monday after the U.S. House of Representatives failed to pass the proposed $700 billion bailout package for the troubled financial sector.

On the New York Mercantile Exchange, November crude settled at $96.37 a barrel, down $10.52, or 9.84 percent. It traded from $95.04, breaking below support at $100, to $106.91.

CBOT-SOYBEANS - November down the 70 cent limit at $10.94 per bushel; January down 70 at $11.10-1/2.

Most contracts fell the 70 cent limit as economic uncertainty and a sell-off in crude oil pressuring soybeans to a nine-month low.

Daily trading limit widens to $1.05 for next session.

SOYOIL - October down 2.70 cents at 44.70 cents per lb; December down 2.5-cent limit at 45.43 cents.

Several months dive 2.5-cent limit amid drop in crude oil and economic turmoil. October trading without limits as Monday is first position day for soyoil deliveries.

Daily trading limit widens to 3.5 cts for next session.

FCPO-JAKARTA, Sept 29 (Reuters) - Malaysian palm futures plunged more than 8 percent on Monday due to losses in crude oil and demand concerns.

The benchmark December contract on the Bursa Malaysia Derivatives Exchange lost 188 ringgit, or 8.13 percent, ending at 2,125 ringgit a tonne.

REGIONAL EQUITY-BANGKOK, Sept 29 (Reuters) - Most Southeast Asian stock markets fell to a 1-week low on Monday as investors sold banking shares amid concerns about the effectiveness of a $700 billion plan to rescue the U.S. financial sector.

Singapore <.FTSTI> fell 2.08 percent to its lowest since Sept. 18, Malaysia edged down 0.08 percent to its lowest close since Sept. 18, Indonesia <.JKSE> dropped 0.74 percent and Vietnam <.VNI> closed 0.99 percent lower.

DJI Weekly: Dow posts biggest daily point drop in history

DJI posted the biggest daily drop in history and violated the support at 10459. We now is looking for the imemdiate support at 10175-10156. For upside, resistance is at 11334-11344.

Trader's Comment: CPO futures prices ended sharply lower weighed down by weaker NYMEX crude oil

CPO futures prices ended sharply lower weighed down by weaker NYMEX crude oil. Benchmark Dec08 initially opened RM 43 lower at 2270 and hovering most between 2284-2260 in the morning session before closing at 2261 by midday break. Spill over selling interest were evident at the start of the afternoon session following NYMEX crude oil trade in Asian time zone drop more than USD 3 per barrel. Dec08 price fell to the day low at 2100 before settled at 2125. Total daily volumes stood at 18,832 contracts changed hands.

FCPO Daily: eyeing 2020

Daily technical landscape dampened further with printed a long black candle. We now looking for the immediate support and resistance at 2020 and 2275-2284 levels respectively.

FKLI Daily: 1000 mark manage to defend?

Market ended with a long black candle. We continue to look for the immediate resistance at 1036-1039 and downside support is at 1005-1000.

KLSE Daily: consolidation phase to be continue

Consolidation phase likely to continue. Resistance and support remained at 1039-1040 and 998-1001 level respectively.

Breaking News-RTRS-High stocks, supplies to cap palm, soy price-Mistry

MUMBAI, Sept 28 (Reuters) - Global supply of edible oils will slightly exceed demand, while the soybean crop is likely to expand in coming months, limiting gains in prices, leading industry analyst Dorab Mistry told a conference on Sunday.
The fall in crude palm oil futures prices, which have halved since their peak in March and are down by a quarter this year, is likely to trigger greater demand from the biofuels sector but for this to happen, prices need to stay at a low of 2,200 ringgit for weeks, he said.

Breaking News-RTRS-India's palm oil importers may negotiate discounts

MUMBAI, Sept 28 (Reuters) - Indian traders who reneged on contracts to import palm oil hope to negotiate discounts from suppliers to resolve disputes but they need to act fast to retain credibility, trade officials and an analyst said on Sunday.

Breaking News-RTRS-Bush to make statement on financial rescue bill at 7.35am EDT (1135 GMT) Monday-White House

Trader's Highlight

DJI-NEW YORK, Sept 26 (Reuters) - U.S. stocks ended mostly higher on Friday as big bank shares staged a late rally on hopes lawmakers would hammer out an agreement on a $700 billion financial-sector rescue plan this weekend.

The Dow Jones industrial average <.DJI> was up 121.07 points, or 1.10 percent, at 11,143.13. The Standard & Poor's 500 Index <.SPX> was up 4.09 points, or 0.34 percent, at 1,213.27. But the Nasdaq Composite Index <.IXIC> was down 3.23 points, or 0.15 percent, at 2,183.34.

NYMEX-NEW YORK, Sept 26 (Reuters) - U.S. crude oil futures settled lower on Friday, pressured by uncertainty as the wrangling in Washington over a bailout plan for the financial continued in the wake of another bank failure.

On the New York Mercantile Exchange, November crude fell $1.13, or 1.05 percent, to settle at $106.89 a barrel, trading from $104.25 to $108.11.

CBOT-SOYBEANS - November down 19 cents at $11.64 per bushel; January down 19 at $11.80-1/2.

Declines in crude oil weigh on the market, reflecting more long liquidation. Buyers remain hesitant amid worries about fate of the U.S. economy as bank bailout talks drag on.

SOYOIL - October down 0.37 cent at 47.40 cents per lb.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives exchange ended 1.4% higher in choppy trade Friday amid liquidation pressure, said
trade participants.

The benchmark December contract on the Bursa Malaysia Derivatives ended MYR33
higher at MYR2,313 a metric ton after reaching an intraday high of MYR2,324/ton.

REGIONAL EQUITIES-SINGAPORE, Sept 26 (Reuters) - Most Southeast Asian stock markets fell on Friday as investors fretted over a stalemate on the U.S. government's planned $700 billion bailout for the financial industry, pushing down property plays in Singapore.

Indonesia <.JKSE> dropped 1.3 percent on banks and resources, while Malaysia <.KLSE> and Thailand <.SETI> edged 0.4 percent down. Hong Kong's Hang Seng <.HSI> fell 1.3 percent, while Japan's Nikkei <.N225> dropped 0.9 percent.

DJI Weekly: another long lower shadow candle printed

Market printed with another long lower shadow candle again. The current technical landscape remained in bearish atmosphere. No sign of reversal from the current outlook as more support confirmation is needed. We now looking for the immediate support and resistance at 10660-10700 and 11670-11700 level respectively.

FCPO Weekly: stayed above 2300 mark

Market stayed above 2300 mark for the week closed. Market may continue its correction and consolidation in near term. We continue to look for the support at 2020. Immediate upside resistance is at 2406-2414 followed by 2550-2600.

Trader's Comment: CPO futures remain in range bound trading

CPO futures remain in range bound trading due to lack of fresh lead. Positions squaring ahead of weekend coupled with initial margin requirement increase to RM11,500 effective today prompted market players reluctant to take up new position. BMD will be close on 1st and 2nd October due to Hari Raya Puasa. Benchmark Dec08 was trading between 2324 to 2255 before it settled RM33 higher at 2313. Market tone was rather mix to steady due to some trade covering activities.

FKLI Weekly: disappointed bull

Disappointed bull as market closed with a black candle and not strong enough to identify a reversal. Thus, we continue to look for the support at 961. For upside, resistance remained at 1045-1050.

KLSE Weekly: weak close

Bearish atmosphere remained clouded the weekly technical outlook following a weak close after market fully covered the gap at 1037-1039. Thus, consolidation and correction phase is likely to continue. We continue to look for the downside support at 963. For upside, immediate resistance is at 1040-1049 followed by 1064-1068.

Trader's Highlight

DJI-NEW YORK, Sept 25 (Reuters) - Wall Street snapped a three-day losing streak on Thursday as Congress closed in on a deal for a $700 billion financial-sector bailout that investors hope will thaw credit markets and revive lending.

All three major indexes ended up at least 1 percent, with bank shares such as JPMorgan Chase and Bank of America leading gains after Senate Banking Committee Chairman Chris Dodd said lawmakers had reached a "fundamental agreement" on the principles of a rescue plan.

The Dow Jones industrial average <.DJI> was up 196.89 points, or 1.82 percent, at 11,022.06. The Standard & Poor's 500 Index <.SPX> was up 23.31 points, or 1.97 percent, at 1,209.18. The Nasdaq Composite Index <.IXIC> was up 30.89 points, or 1.43 percent, at 2,186.57.

NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude oil futures rose on Thursday after lawmakers in Washington neared a deal on a bailout for ailing banks, and on stronger RBOB gasoline futures.

On the New York Mercantile Exchange, November crude rose $2.29, or 2.17 percent, to settle at $108.02 a barrel, trading from $103.22 to $108.67.

CBOT-SOYBEANS - November down 10 cents at $11.77 per bushel.

Census pegs August U.S. soy crush at 128.65 million bushels, above estimate for 128.0 million.

SOYOIL - October up 0.12 cent at 47.82 cents per lb.Higher on oil/meal spreading, rebounding crude oil.

Census reported preliminary U.S. soyoil stocks August at 2.589 bln lbs, near average trade estimate for 2.587 bln.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended 1.6% lower Thursday amid heavy volatile trade, after palm oil
exports were estimated down and also below expectations.

The benchmark December contract on the Bursa Malaysia Derivatives ended MYR38
lower at MYR2,280 a metric ton after reaching an intraday low of MYR2,259/ton.

REGIONAL EQUITIES-SINGAPORE, Sept 25 (Reuters) - Most Southeast Asian stocks fell on Thursday as investors feared the $700 billion rescue package for the U.S. financial sector could be delayed, pushing property stocks such as CapitaLand to fresh lows.

Asian stocks dropped, while European bourses were mixed with investors unsure about how the bailout would prevent the economy from slowing further even if it was passed.

Singapore <.FTSTI> led losses, falling 1.4 percent, while Indonesia <.JKSE> shed 0.7 percent on banks. Malaysia <.KLSE> fell 0.4 percent.

DJI Daily: rebound after three straight days losing streak

Market rebounded after three straight days losing streak. Consolidation phase to be continue in near term market. We currently is looking for the immediate upside resistance at 11143-11125. While, immediate downside support remained at 10742-10595.

FCPO Daily: sideways market

We continue to look for the immediate resistance at 2357-2367 followed by 2400-2414. For downside, immediate support is at 2250-2240 followed by 2200.

Trader's Comment: CPO futures ended with easier tone after range bound trading

CPO futures ended with easier tone after a range bound trading session. Lower than expected export data released by private cargo surveyors sent prices to trade in negative territory during the morning session. Steady crude oil prices saw speculative buying pushes prices to hit intra-day high at 2351 in the afternoon session. However, it loose steam after lack of follow through buying and crude oil prices also easing off. This sparks some intra-day long liquidation and sent benchmark Dec08 price slides to settle RM38 lower at 2280. Total daily volumes improved to 19,370 contracts transacted.

FKLI Daily: stuck in range

Market is directionless stuck in sideways move. We continue to look for the immediate resistance at 1036-1039 and downside support is at 1005-1000.

KLSE Daily: nothing much changes

Market remained in range bound mode and stayed below the downtrend zone. Consolidation phase likely to continue. Resistance and support remained at 1039-1040 and 998-1001 level respectively.

Breaking News-RTRS-US house, Senate to meet at 1000 EDT/1400 GMT Thursday to draft final Wall Street bailout bill-Democratic source

Trader's Highlight

DJI-NEW YORK, Sept 24 (Reuters) - The Dow and S&P 500 edged lower on Wednesday as uncertainty about when Congress might approve a proposed $700 billion financial sector bailout offset Warren Buffett's $5 billion bet on Goldman Sachs.

Federal Reserve Chairman Ben Bernanke urged Congress' Joint Economic Committee to pass the bailout, saying delay would keep lenders from extending credit to households and businesses, but lawmakers voiced doubt about the size and scope of the plan.

The Dow Jones industrial average <.DJI> was down 29.00 points, or 0.27 percent, at 10,825.17. The Standard & Poor's 500 Index <.SPX> was down 2.35 points, or 0.20 percent, at 1,185.87. The Nasdaq Composite Index <.IXIC> was up 2.35 points, or 0.11 percent, at 2,155.68.

NYMEX-NEW YORK, Sept 24 (Reuters) - U.S. crude oil futures settled lower on Wednesday, after seesawing when government data showed demand slumped, refinery capacity usage sank to a record low, and crude supplies fell less than expected.

On the New York Mercantile Exchange, November crude fell 88 cents, or 0.83 percent, to settle at $105.73 a barrel, trading from $104.80 to $109.50.

CBOT-SOYBEANS - November unchanged at $11.87 a bushel.Choppy, uncertain trade amid financial turmoil. Turned lower when crude oil began easing from day's highs.
Trade awaits U.S. Census August crush data on Thursday.

SOYOIL - October down 0.04 cent at 47.70 cents per lb.Turned weak when crude oil began moving lower. Meal/oil spreading also weighed.

FCPO-KUALA LUMPUR, Sept 24 (Reuters) - Malaysian crude palm oil futures rose 0.6 percent on Wednesday as oil headed above $108 a barrel, lending support to some global vegetable oil markets but lingering anxieties of cooling demand cut into gains.

The most-active December contract on the Bursa Malaysia Derivatives Exchange settled up 13 ringgit at 2,318 ringgit ($678) a tonne after going as high as 2,357 ringgit.

REGIONAL EQUITY-SINGAPORE, Sept 24 (Reuters) - Southeast Asian stock markets mostly edged up on Wednesday after Warren Buffett's investment in Goldman Sachs helped financials such as Singapore Exchange and Siam Commercial Bank . Singapore's benchmark index <.FTSTI> ended 0.04 percent up while Malaysia <.KLSE> was also little changed at 0.22 percent up. Indonesia <.JKSE> gained 0.56 percent, the Philippine index <.PSI> rose 0.97 percent and Thailand <.SETI> rose 2 percent.

DJI Daily: violated the immediate support at 10827

Immediate support at 10827 was violated. We currently is looking for the immediate upside resistance at 11143-11125. While, immediate downside support is pegged at 10742-10595.

FCPO Daily:Market defended at 2250

Consolidation phase extended in near term. We continue to look for the immediate resistance at 2400-2414 followed by the 2427-2451 (gap left over on 9 Sept, 2008). For downside, immediate support is at 2250-2240 followed by 2200.

Trader's Comment: CPO futures ended mix and steady

CPO futures ended mix to steady after a rather choppy trading day. Initially, benchmark Dec08 opened RM25 higher at 2330 but the gains were short-live due to lack of follow through buying. Then, it slides to hit intra-day low at 2251. Later, it rebounded to close at 2284 for the morning break as bargain hunting buying activities emerged. In the afternoon, it resumed trading with a steady tone tracking a steady crude oil prices. Benchmark Dec08 being push to hit 2357. However, meeting some selling resistance on talks that 1-25 Sept08 export is likely to be lower by 10%-12%. At closed, it slides to settle RM13 higher at 2318. News that Bursa Malaysia Derivative Clearing raise the margin deposit to RM11,500 effective this Friday due to next week’s Hari Raya holidays, prompted some players to stay sideline. Total daily volumes decline to 8,458 contracts changed hands.

FKLI Daily: Bear taking a breathe

A white candle printed with prices almost closed at the day high had given a little hope to the bull. Nevertheless, more strength is needed in order to stay out from the downtrend zone. As for now, we continue to look for the immediate resistance at 1036-1039 and downside support is at 1005-1000.

KLSE Daily: remains same

Market ended in positive territory yet the rebound was not strong enough to change the immediate daily technical landscape as market remained stayed below the downtrend zone. Consolidation phase likely to continue. Resistance and support remained at 1039-1040 and 998-1001 level respectively.

FCPO Hourly: 2250-2260 managed to defend?

Market tried to defend at 2250-2260 after prices unable to sustain at the higher end. Consolidation phase will be extended in near term. We currently look for the immediate resistance at 2404-2408 followed by 2427-2452 (gap left over on 9th Sept, 2008). To the downside, immediate support is pegged at 2251-2241 followed by 2200.

FKLI Hourly: in consolidation phase

Consolidation phase continues with market likely to move in range 1039-1000.

KLSE Hourly: Range bound mode extended

Nothing much changes on the immediate technical landscape as market stuck in range bound mode. We continue to look for the upside resistance at 1040-1042 (remaining gap left over on 15 Sept, 2008). Downside support is pegged at 1009-1008.

Breaking News-RTRS-Indian palm oil importers face Malaysian ire-paper

NEW DELHI, Sept 23 (Reuters) - Indian traders who reneged on contracts to buy Malaysian palm oil after prices fell are sourcing the cooking medium indirectly from state trading agencies, evoking protests from a Malaysian firm, the Hindu Business Line newspaper reported on Tuesday.
The Malaysian company, which was not named, has written to state-owned Indian trading firms like MMTC Ltd , State Trading Corp of India and PEC Ltd saying they should not allow defaulters to buy imported oils, the daily said.

Trader's Highlight

DJI-NEW YORK, Sept 23 (Reuters) - U.S. stocks fell on Tuesday on fear that congressional wrangling could delay a proposed $700 billion plan to rescue the financial sector, increasing worries about the struggling U.S. economy.

But index futures surged in extended trading after Warren Buffett's Berkshire Hathaway surprised investors with a $5 billion investment in Goldman Sachs Group.

The Dow Jones industrial average <.DJI> fell 161.52 points, or 1.47 percent, to end at 10,854.17. The Standard & Poor's 500 Index <.SPX> slid 18.87 points, or 1.56 percent, to 1,188.22. The Nasdaq Composite Index <.IXIC> dropped 25.64 points, or 1.18 percent, to 2,153.34.

NYMEX-NEW YORK, Sept 23 (Reuters) - U.S. crude oil futures fell on Tuesday as the dollar rebounded and as gasoline futures fell amid concerns about demand and a slowing economy as Washington looked at a proposal to bail out the financial sector.
On the New York Mercantile Exchange, November crude fell $2.76, or 2.52 percent, to settle at $106.61 a barrel, trading from $104.05 to $109.58.

CBOT-SOYBEANS - November down 18 cents at $11.87 per bushel, January down 18-1/4 at $12.03-3/4.

Profit-taking after Monday's strong rally, led by declines in crude oil and gold. Markets remain on edge after U.S.government announced a planned $700 billion bailout of financial companies.

SOYOIL - October down 1.81 cents at 47.74 cents per lb.Profit-taking and pressure from weak crude oil. Meal/oil spreading adds pressure.

FCPO-KUALA LUMPUR, Sept 23 (Reuters) - Malaysian crude palm oil futures fell as much 2.9 percent on Tuesday, erasing some of the week's gains as weaker crude oil prices spilled over to vegetable oil amid fears of slowing overseas demand.

The benchmark December contract on the Bursa Malaysia Derivatives Exchange settled down 39 ringgit at 2,305 ringgit ($676) per tonne after falling to an inter-session low of 2,277 ringgit.

DJI Daily: tested support at 10827

Market dropped further and tested the immediate support at 10827. Consolidation phase may extend in near term market. We currently is looking for the upside resistance at 11570-11590. While, immediate downside support remained at 10827-10742.

Trader's Comment: Proft taking after recent strong rebound

Profit taking after recent strong rebound led CPO futures to end lower. Earlier benchmark Dec 08 prices rallied to hit intra-day high at 2404, again driven by another strong closing in NYMEx crude oil and CBOT soyoil. However, lack of follow through buying support provided the excuse for the bulls to profit take. This sent prices slump to 2277 in the afternoon session. Later, it hovering between 2285-2310 before it settled RM 39 lower at 2305. Market may want to take a little breather after recent strong rebound. Total daily volume stood at 17,746 contracts changed hands.

FCPO Daily: facing resistance at 2400 mark

Market facing resistance at 2400 mark after few attempts failed to stay firm above 2400 levels. Consolidation phase may extend in near term. We look for the immediate resistance at 2400-2414 followed by the 2427-2451 (gap left over on 9 Sept, 2008). For downside, support is at 2200 followed by 2151-2138.

FKLI Daily: range trading

Market weakened a little as prices failed to stay firm at higher end. Market likely to continue its consolidation phase in near term. For upside, resistance remained at 1036-1039. Downside support is at 1005-1000.

KLSE Daily: stuck in range 1000-1040

Market stuck in range bound mode, struggling around 1000-1040 levels. We continue to look for the resistance at 1039-1040 while downside support is pegged at 998-1001.

FCPO Hourly: 2400 mark Touch n GO

Market looks facing immediate resistance at 2400 mark after few attempts failed to stay firm above 2400 mark. We remained the upside resistance at 2427-2452 (gap left over on 9 Sept, 2008). Downside support is pegged at 2200.

FKLI Hourly: in consolidation phase

Market in consolidation mode and is looking to trade in range between 1039 to 1015.

KLSE Hourly: stuck in range bound mode

Market stuck in range trading. We now looking for upside resistance at 1040-1042 (remaining gap left over on 15 Sept, 2008). Downside support is pegged at 1009-1008.

Trader's Highlight

DJI-NEW YORK, Sept 22 (Reuters) - U.S. stocks tumbled on Monday as investors worried a $700 billion bailout for the financial sector may not resuscitate a slumping economy, while a record spike in oil prices renewed concern about consumer spending.

The Dow Jones industrial average <.DJI> dropped 372.75 points, or 3.27 percent, to 11,015.69. The Standard & Poor's 500 Index <.SPX> slid 47.99 points, or 3.82 percent, to 1,207.09. The Nasdaq Composite Index <.IXIC> fell 94.92 points, or 4.17 percent, to 2,178.98.

The Bush administration is pressing Congress to approve one of the costliest U.S. bailouts for financial companies since the Great Depression, but debate about the particulars of the plan continues on Capitol Hill. A top Congressional Democrat on Monday said Treasury had agreed to take an equity stake in the firms that unload assets under the rescue plan, though other details remain unclear.

NYMEX-NEW YORK, Sept 22 (Reuters) - U.S. crude oil futures surged to end nearly 16 percent higher on Monday as the weak dollar and a financial rescue plan seen as inflationary sent the expiring October crude contract surging to its biggest one-day gain on record in volatile trading.

Crude rocketed to $130 per barrel intraday, a jump of $25.45 or 24.3 percent."The move is in response to the dollar, with the rescue plan being seen as inflationary, making commodities a hedge against the dollar, at least in the short term," said Phil Flynn, analyst at Alaron Trading in Chicago.

On the New York Mercantile Exchange, expiring October crude rose $16.37, or 15.65 percent, to settle at $120.92 per barrel, trading from $103.35 to $130.NYMEX November crude rose only $6.62, or 6.44 percent, to settle at $109.37 a barrel, trading from $101.98 to $110.45.

CBOT-SOYBEANS - November up 61-1/2 cents at $12.05 per bushel, January up 62-3/4 at $12.22.

Sharply higher on dollar weakness and gains in gold, crude oil and soyoil after news the U.S. government plans to bail out the financial sector; plan seen as boosting inflation. Back months climb the 70-cent daily limit.

SOYOIL - October up 2.63 cents at 49.55 cents per lb.Following as crude oil futures soar. Higher global vegoil markets add support. Trading limits expanded to 3.5 cents per lb for Monday's session.

FCPO-JAKARTA, Sept 22 (Reuters) - Malaysian crude palm oil futures rose more than 3 percent on Monday as a crude oil rally helped allay fears of slowing demand.

The benchmark December contract finished up 85 ringgit, or 3.76 percent, at 2,344 ringgit ($744) a tonne.

REGIONAL EQUITY-Asian stock markets rose after more details about the U.S. government's $700 billion crisis solution encouraged bargain hunting, but questions lingered about long-term implications and the economic outlook.

Vietnam's Ho Chi Minh Stock Exchange index <.VNI> up 4.74% had its biggest daily gain since March 2008, following the government's comment that inflation in September would slow. Singapore's Straits Times index <.FTSTI> fell 0.6 percent. Thai shares <.SETI> lost 1.7 percent.

DJI Daily: gave up some of the gains after two days rebound

Market gave up some of its gains after two days rebound. Looks may enter to a consolidation phase in near term market. We currently is looking for the upside resistance at 11570-11590. While, immediate downside support is at 10827-10742.

Trader's Comment: Strong rebound in NYMEX crude oil coupled with limit-up closed in rival soyoil at CBOT drove CPO futures to end generally higher.

Strong rebound in NYMEX crude oil coupled with limit-up closed in rival soyoil at CBOT drove CPO futures to end generally higher in an active trading session. Palm prices had been rebounding strongly tracking on good turn around in NYMEX crude oil prices. Last week it bounced from USD 90.42 a barrel to around USD 106 today. This had boosted the bull confidence and prompted aggressive short-covering as well as speculative buying. Technically, the market appears in bouncing mood after covered the gap between 2180 to 2240 last Friday. Now, targeting another gap between 2427-2451 which left over on 9/9/2008. Benchmark Dec 08 settled RM 85 higher at 2344 after trading between 2200 to 2367. Total daily volume remained good with 14,560 contracts changed hands.

FCPO Daily: eyeing upside gap

Market rebounded for three straight-days had neutralised the technical landscape. Looks may eye for the upside gap at 2427-2451 (gap left over on 8-9 Sept, 2008). Downside support is at 2138-2151.

FKLI Daily: closed in neagative territory

Market tested the intra-day high at 1039 but unable to sustain. Market may due to its consolidation phase and trade in range in near term. We look for the upside resistance at 1045-1050. Downside support is pegged at 1005-1000.

KLSE Daily: recovered from the day low

Market eased off after covered the full gap left over on 12-15 Sept, 2008 at 1037-1040. It then managed to recovered from the day low to end in positive territory. Looks market may continue its consolidation and correction mode in near term. We now look for the upside resistance at 1064-1068. For downside, support is pegged at 998-1001.

Breaking news-RTRS-China sees Sept soy import down 25pct vs Aug

BEIJING, Sept 22 (Reuters) - China's commerce ministry has revised up slightly its estimate of the country's soy imports for September to 2.86 million tonnes, which is still 25 percent lower than August's record 3.83 million tonnes as crushers reduced imports amid sluggish soyoil prices.

FCPO Hourly: due for consolidation

Market touch and go after hit the intra-day high at 2311 and gave up all its gains to end lower by midday break. Market may due for a consolidation in near term. We now look for the resistance at 2338-2368 (gap left over on 12-15 Sept, 2008). For downside, support is pegged at 2020.

FKLI Hourly: overhead resistance at 1045-1050

Market easing off after the opening bell and looks facing overhead resistance at 1045-1050. For downside, support is at physiological support 1000 mark.

KLSE Hourly: covered morning gap left over

Market hit the intra-day high at 1040 but unable to sustain and eased off to cover the morning gap left over at 1040-1026. Looks market will due for consolidation and correction in near term. We look for the immediate upside resistance at 1040-1042 (remaining gap left over on 12-15 Sept, 2008). For downside, support is at 1010-1000.

Breaking News-RTRS-Indonesia cuts Oct palm oil export tax to 7.5 pct

JAKARTA, Sept 22 (Reuters) - Indonesia's trade ministry said on Monday it has cut its palm oil export tax for October to 7.5 percent, from 10 percent in September.
The ministry also lowered its base export prices for palm oil to $736 a tonne for October, from $902 a tonne a month earlier.

FCPO Weekly: rebound after hit fresh low at 2020

Market rebounded after hit the fresh low at 2020. Looks physiological support at 2000 mark was defended well. Market may due for a correction and consolidation after the recent sell down. We now look for the support at 2020. Upside resistance is at 2550-2600.

FKLI Weekly: rebound with good closing

Market rebounded strongly with good closing for the week. A long lower shadow candle printed was not enough to confirm a reversal. More buying support was needed to change the immediate technical landscape. We now looking for the support at 961. For upside, resistance is at 1045-1050.

KLSE Weekly: cover gap

Market rebounded with printed a long lower shadow candle. Nevertheless, market remained stuck in the bearish zone below the downtrend line. Thus, market may due for a consolidation and correction after the recent sharp drop. As for now, we look for the downside support at 963. For upside, immediate resistance is at 1037-1039 (gap left over) followed by 1064-1068.

DJI Weekly: bottom out?

Market reversed up from the fresh year low to end higher. More support confirmation is needed in order to change the current bearish atmosphere. Support and resistance is at 10459 and 11924-11939 level respectively.

Trader's Highlight

DJI-NEW YORK, Sept 21 (Reuters) - Uncertainty about the workings of the government's $700 billion bank bailout drove U.S. stock index futures and bond futures lower Sunday evening as Asian markets got ready to start the week.

The dollar weakened against the yen on concerns that government borrowing will exacerbate the U.S. budget deficit as it needs to issue more debt to finance its rescue plan to buy bad mortgages from financial institutions.

Negotiations between Congress and U.S. Treasury Secretary Paulson ratcheted up over the weekend after the administration and U.S. congressional leaders began swapping proposals.

On Friday the Dow Jones industrial average <.DJI> closed up 368.75 points, or 3.35 percent, at 11,388.44. The Standard & Poor's 500 Index <.SPX> advanced 48.57 points, or 4.03 percent, to 1,255.08. The Nasdaq Composite Index <.IXIC> shot up 74.80 points, or 3.40 percent, to 2,273.90.

NYMEX-NEW YORK, Sept 19 (Reuters) - U.S. crude oil futures ended more than 6 percent higher on Friday, rising for the third day in a row, on hopes that a comprehensive U.S. government plan can help stabilize battered financial markets.

On the New York Mercantile Exchange, October crude settled up $6.67, or 6.81 percent, at $104.55 per barrel, trading from $97.39 to $105.25.

CBOT-SOYBEANS - November up 27-1/2 cents at $11.43-1/2 per bushel, January up 29-1/2 at $11.59-1/4.

Rallying on rebound in stock market after U.S. government bailout of financial sector. Soy market seen as oversold and due for a bounce. Improved U.S. crop weather hangs over market.

SOYOIL - October up 2.48 cents at 46.92 cents per lb.Following soybeans and crude oil higher.

FCPO-KUALA LUMPUR, Sept 19 (Reuters) - Malaysian crude palm oil futures jumped 3.6 percent on Friday as crude oil prices went through the key $100-a-barrel level, traders said.

The benchmark December contract rose as much as 78 ringgit to 2,263 ringgit ($654) before settling at 2,259 ringgit.

REGIONAL EQUITIES-SINGAPORE, Sept 19 (Reuters) - Southeast Asian stocks leapt on Friday as investors turned positive on hopes of a long-term cure for global market turmoil, with financials such as Singapore's DBS and Bangkok Bank driving gains.

Indonesia <.JKSE> jumped 5.8 percent to its highest in a week. Malaysia <.KLSE> gained 3.4 percent but failed to recoup the week's losses, giving up about 2 percent this week. The Philippine index <.PSI> and Vietnam <.VNI> both swelled 4.7 percent, though Vietnam is still down over 52 percent since the year started.

Trader's Comment:Pre-weekend covering and technical play led CPO futures to end generally higher.

Pre-weekend covering and technical play led CPO futures to end generally higher. Technical players were buying and locking at the gap between 2180 to 2240 which left over on 16th Sept 08 to be filled. Sentiment also changed from neutral to supportive after yesterday's strong performance. Market just needed some correction since the slump in this week was a bit too sharp. It dived from early of the week high at 2341 to 2020 yesterday. Steady NYMEX crude oil prices trading in Asian time zone also provided some speculative buying element. Earlier, prices were trading in negative territory due to market talks that 1-20 Sept08 export will be lower by 8% down from same period in August08's figures at 904,645 tonnes (ITS). However, market was rather steady in the afternoon session trading steady crude oil also some commercial buying interest at the underlying cash market. Late aggressive covering activities push prices to cover technical gap and hit intra-day high at 2263 before it settled RM74 higher at 2259.

FCPO: Gap to be covered?

A strong finish after prices attempt to challenge the psychological support at 2000. It touched 2020 and bounce strongly to finish at the intra-day high and cover partial gap between 2180 to 2240 which leftover on 16/9/2008. Market may want to try to fill it up given the good performance of yesterday’s finish.

Trader's Highlight

DJI-NEW YORK, Sept 18 -Wall Street had its best day in six years on Thursday as news the government is considering a more comprehensive solution to the financial crisis than the current piecemeal approach spurred a furious late rally.

Responding to the week's gut-wrenching upheaval of the financial system, U.S. Treasury Secretary Henry Paulson has been shopping around a proposal to congressional lawmakers that would create an entity to deal with the billions of dollars of bad debt still clogging the financial system, a congressional aide said.

The Dow Jones industrial average jumped 410.03 points, or 3.86 percent, to 11,019.69, while the Standard & Poor's 500 Index climbed 50.12 points, or 4.33 percent, to 1,206.51.

NYMEX-NEW YORK, Sept 16 - U.S. crude oil futures ended nearly 5 percent lower on Tuesday, down for the second day in a row, as investors continued to seek safer havens amid continued turmoil in global financial markets that's seen further
undermining fuel demand.

On the New York Mercantile Exchange, October crude settled down $4.56, or 4.76 percent, at $91.15 a barrel, the lowest since Feb. 8, after trading from $90.51, also the lowest since that date, to $94.32.

CBOT-SOYBEANS - November down 23 cents at $11.16 per bushel, January down 23-1/2 at $11.29-3/4.

Retreating as crude oil turns lower and financial sector turmoil sparks long liquidation. Macroeconomic worries keeping fundamental supply/demand concerns on the sidelines.

SOYOIL - October up 0.47 cent at 44.44 cents per lb. Fund buying lifted prices as Malaysian palm ended up overnight.

PALM-KUALA LUMPUR, Sept 18 - Malaysian crude palm oil futures surged 7.1 percent on Thursday after nearly breaking a key resistance level, once cash and futures trade picked up on strength in crude oil markets, traders said.

The strong gains snapped three straight days of declines, which were earlier prompted by a flight of funds from risky assets and news of defaults and deferments from top Asian counsumers.

The benchmark December contract settled up as much as 145 ringgit to 2,185 ringgit ($631) after swinging from a low of 2,020 ringgit.

REGIONAL EQUITIES-SINGAPORE, Sept 18 - Major Southeast Asian markets recovered strongly from sharp falls on Thursday as fears that more U.S. banks may go under subsided and European stocks gained, though most still ended the day in negative territory.

European equities turned higher, halting a global equity selloff, after leading central banks unveiled concerted action to ease acute money market stress.

Banks and plantation stocks led gainers in a technical rebound and as palm
oil prices rose in tandem with crude oil.

Singapore fell by over 4 percent to nearly touch 2,300, before rebounding to close flat when banks turned higher and planters soared.

Indonesia dropped by over 3 percent but regained on banks and resources to close 1 percent higher, while Thailand managed to trim losses to 0.8 percent after falling over 5 percent to a 5-year low in early trade.

Malaysia lost 1.1 percent, while the Philippine index and Vietnam, which closed earlier, gave up 4.3 and 4.1 percent respectively.

Trader's Comment: CPO futures reversed from earlier losses to end sharply higher across the board on short-covering and steady crude oil prices

CPO futures reversed from earlier losses to end sharply higher across the board on short-covering and steady crude oil prices. Commercial buying interest at the underlying cash market also underpinned the market. Recovery in regional equities market helped a little to neutralize the earlier bearish sentiment and provided some support to the palm market. Benchmark Dec08 price slides to 2020 in the early part of the session. Bargain hunting buying and short-covering activities emerged at the lower end saw prices stabilizing between 2050 to 2080 before another wave of covering interest charge in. This sent prices rebound further to settle at intra-day high at 2185, up RM145 from yesterday's closed.

Breaking News-RTRS-China defaults on at least 100,000 tonnes of RBD palm olein after price falls-traders

KUALA LUMPUR, Sept 18 - Chinese buyers have defaulted on at least 100,000 tonnes of RBD palm olein after prices of the vegetable oil fell nearly 15 percent this week, Malaysian and Singaporean traders said on Thursday.

Trader's Highlight

DJI-NEW YORK, Sept 17 - U.S. stocks tumbled to a three-year low on Wednesday as the U.S. rescue of insurer AIG failed to calm a crisis of confidence in global markets and banks were scared to lend to each other.

The Dow fell almost 450 points and the Nasdaq fell nearly 5 percent in its worst day since the aftermath of the Sept. 11 attacks in 2001 as rattled investors worried about who could be the next victim of the global credit crisis.

The Dow Jones industrial average <.DJI> fell 449.36 points, or 4.06 percent, to 10,609.66, its lowest level since November 2005. It was the blue-chip Dow average's biggest percentage drop since Monday, when it fell 504.48 points, or 4.42 percent, the most since the aftermath of 9/11.

NYMEX-NEW YORK, Sept 17 - U.S. crude oil futures rebounded by more than $6 on Wednesday as the dollar dipped against the euro and after traders reassessed inventory data showing large drawdowns in crude and gasoline supplies.

Earlier, crude futures traded off early highs and gasoline fell, despite the bullish weekly government data.

October crude settled up $6.01, or 6.59 percent, at $97.16 a barrel, trading from $91.36 to $97.45.

CBOT-SOYBEANS - November up 15 cents at $11.39 per bushel,January up 14 at $11.53-1/4.

Support from rally in crude oil as dollar falls and on a recovery from the sharp price break on Tuesday. Gains limited by worries about the financial sector which raised more concerns about liquidation. Improved U.S. crop weather and weak world vegoil markets add pressure.

SOYOIL - October up 0.37 at 43.97 cents per lb.

Gains in crude oil as dollar falls boosted soyoil. But weak global vegoils markets add pressure; Malaysian palm oil futures fell 3.8 percent and soyoil futures on China's Dalian exchange also declined.

FCPO-KUALA LUMPUR, Sept 17 - Malaysian crude palm oil futures tumbled 3.8 percent to hit a 17-½ month low on Wednesday as Asian consumers started to defer vegetable oil deliveries, traders said.

In recent few weeks, vegetable oils have been besieged by bumper harvests, slowing global demand, weaker oil markets and now a flight of funds from risky assets as giant financial firms teeter on the verge of bankruptcy.

The benchmark December palm oil contract on Bursa Malaysia's Derivatives Exchange fell as much as 81 ringgit to stand at 2,039 ringgit ($591), a level unseen since March 29, 2007.

REGIONAL EQUITIES-SINGAPORE, Sept 17 - Most Southeast Asian stock
markets fell on Wednesday, surrendering early gains as the rescue of insurance giant AIG failed to revive investor confidence, with Thailand, Malaysia and Singapore closing at fresh multi-year lows.

Skittish investors fear the last-minute U.S. government rescue of AIG, made to stave off bankruptcy for the firm, only highlights the enormous strains the global financial system is under.

The Singapore benchmark Straits Times index reversed early gains and fell 1.7 percent to close at a fresh two-year low.

Malaysia gave up 0.9 percent, weighed down by lender Maybank, which dropped nearly 7 percent after regulators gave the green light to its $2.7 billion bid to control Bank Internasional Indonesia (BII), a deal viewed by many investors as too expensive.

FCPO: physiological support at 2000 managed to defend?

Market violated the support at 2062 and sank to fresh year low again. We are watching closely on the physiological support at 2000. The next support will be followed by 1827 (low since Dec, 2006). For upside, resistance remained at 2180-2240 (gap left over on 16th Sept, 2008).

Trader's Comment: CPO futures slump further after it failed to defend 2080 to 2100 level

CPO futures slump further after it failed to defend 2080 to 2100 level. Earlier, prices were trading between the narrow ranges of 2105 to 2145 in choppy manner throughout most of the session. Tracking a recovery in NYMEX crude oil price which is up about USD2.00 to USD3.00 during Asian time zone. However, prices begin to slide and loss more ground after it failed to defend yesterday’s low around 2077-2080 level in late trading hour. Then, it dived to hit 2039 before it settled RM80 lower at 2040 with total daily volume at 18,106 contracts changed hands. Market sentiment remains weak and destination market also quiet.

Breaking News-RTRS-India's soybean outputseen at record 12 million tonnes

NEW DELHI, Sept 17 (Reuters) - India is expected to produce a record 12 million tonnes of soybeans in 2008, helping it export an all-time high 6 million tonnes of soymeal in the crop year from October, a top industry official said.

Breaking News-RTRS-India seeks to defer 25,000 tonnes of palm oil

KUALA LUMPUR, Sept 17 (Reuters) - Indian palm oil buyers have asked Malaysian and Indonesian suppliers this week to defer 25,000 tonnes of crude palm oil meant for September delivery to October and November, Indian traders said on Wednesday.

FCPO: is searching for support

Market gave up early gains to end in negative territory by midday break. We continue to look for the immediate support at 2062 followed by 1827 (low since Dec, 2006). While, resistance is at 2180-2240 (gap left over on 16th Sept, 2008).

FKLI: fail to rebound

Market failed to rebound and violated the 1000 mark again. We continue eyeing the next support at 970-960 level. While, immediate resistance is at 1036-1038.

KLSE: struggling around 1000 mark

Market tested 1000.41 in afternoon before closing at 1002.99. Market momentum remained under pressure. We continue to look for the physiological support at 1000 followed by 970. For upside, resistance pegged at 1016-1026 (gap left over on 16th Sept, 2008).

Breaking News-RTRS-AIG expects to repay $85billion loan in full, remain "substantial" market participant

Sept 16 (Reuters) - American International Group Inc's board of directors, in a statement on the announcement by the U.S. Federal Reserve of an $85 billion secured revolving credit facility
* Says expects proceeds of asset sales to be sufficient to repay loan in full
* says "policyholders of its companies around the world can rest assured that AIG's commitments will continue to be honored"
* Says expects its businesses to continue as "substantial participants" in their respective markets

Breaking News-RTRS-Federal Reserve on Tuesday regarding insurer American International Group Inc :

The Federal Reserve Board on Tuesday, with the full support of the Treasury Department, authorized the Federal Reserve Bank of New York to lend up to $85 billion to the American International Group (AIG) under Section 13(3) of the Federal Reserve Act. The secured loan has terms and conditions designed to protect the interests of the U.S. government and taxpayers.

Breaking News-RTRS-Middle East, China Buyers Default On Palm Oil Buys

KUALA LUMPUR (Dow Jones)--Buyers in China and the Middle East have defaulted
on the purchases of more than 100,000 metric tons of palm oil after the latest
slump in prices, trade executives said Tuesday.
"Importers in the Middle East have reneged on a contract for September
shipment of around 30,000 tons of palm oil," said a Jakarta-based trading
executive.
He said the shipment was for volumes purchased by a few buyers but for
delivery in a single cargo.
There have also been defaults by buyers in China during the last few days, to
the extent of at least 50,000 tons, he added.
Traders said there are many other such instances, but details weren't
immediately available.

Trader's Highlight

DJI-NEW YORK, Sept 16 (Reuters) - U.S. stocks rebounded on Tuesday, clawing back a day after their biggest drop in seven years on growing optimism that U.S. authorities may finance a rescue of insurer American International Group .

But hopes for a rescue that would serve to calm global financial markets roiled by a streak of Wall Street disasters, including the bankruptcy of Lehman Brothers, faded after the closing bell sending stock index futures lower.

AIG shares fell 48 percent after the bell after Bloomberg reported that the United States was considering conservatorship as an option for the insurer, while the New York Times said AIG had hired a bankruptcy law firm.

The Dow Jones industrial average <.DJI> rose 141.51 points, or 1.30 percent, to close at 11,059.02, while the Standard & Poor's 500 Index <.SPX> gained 20.90 points, or 1.75 percent, to 1,213.60. The Nasdaq Composite Index <.IXIC> was up 27.99 points, or 1.28 percent, at 2,207.90.

The Federal Reserve held its key benchmark U.S. interest rate steady on Tuesday, opting for the time being to soothe rattled financial markets with central bank lending facilities rather than rate cuts.

NYMEX-NEW YORK, Sept 16 (Reuters) - U.S. crude oil futures ended nearly 5 percent lower on Tuesday, down for the second day in a row, as investors continued to seek safer havens amid continued turmoil in global financial markets that's seen further
undermining fuel demand.

On the New York Mercantile Exchange, October crude settled down $4.56, or 4.76 percent, at $91.15 a barrel, the lowest since Feb. 8, after trading from $90.51, also the lowest since that date, to $94.32.

CBOT-SOYBEANS - November down 55 cents at $11.24 a bushel.Pressured by worsening global financial crisis leading to spillover selling in soy complex and other commodities.Weakening crude oil weighs.

SOYOIL - October down 2.48 cents at 43.60 cents per lb.Front two contracts fell the 2.50-cent limit on pressure from falling crude oil and deepening global financial crisis.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended 5.7% lower Tuesday, after falling to their lowest level in more
than 17 months, as investors took leads from the weakness in crude oil.

The new benchmark December contract on the Bursa Malaysia Derivatives ended
MYR129 lower, at MYR2,120 a metric ton, off an intraday low of MYR2,077/ton, on
short covering.

REGIONAL EQUITIES-SINGAPORE, Sept 16 (Reuters) - Thai stocks fell to a 20-month
low on Tuesday, leading losses in Southeast Asia, as financial upheavals on Wall Street sent shockwaves through global and Asian stock markets.

Malaysia <.KLSE> gave up 1.9 percent as slumping crude oil prices hit palm oil plantation stocks, while the Philippines <.PSI> sank 4.5 percent and Vietnam <.VNI> slipped 4.4 percent.

DJI: rebound and recover after tested the recent low at 10827

Market rebound and recover after tested the recent low at 10827. However, the overall technical landscape remained bearish. We look for the support at 10680-10660 and resistance remained at 11440-11490.

Trader's Comment: CPO futures plunged further to seventeen month low to 2077(3rd month Dec08) pressured by crude oil again

CPO futures plunged further to seventeen month low to 2077(3rd month Dec08) pressured by crude oil again. Crude oil prices slide to as low as USD 91.54 a barrel for Oct08 contract in NYMEX’s Asian time zone. Plunging financial market amid pullout from news investment bank Lehmann Brothers filed for bankruptcy and insurer AIG struggled for survival had caused the slump in equity market and gloomy world economy also depress the market sentiment. Financial and commodities market sentiment are weak and gloomy and looks like the weak sentiment will continue in the near term. New benchmark Dec08 opened with RM69 gap down at 2171 and continue to slide and tumble to 2077. Then, prices recovered to hover between 2100 to 2140 before it settled RM129 lower at 2120. Total daily volumes were good with 16,473 contracts changed hands.

Breaking News-RTRS-Indian traders rework palm imports, not to default

NEW DELHI, Sept 16 (Reuters) - Indian traders are not likely to default again on palm oil imports despite falling prices as buyers face strong demand ahead of festivals and have renegotiated deals, a senior trade official said on Tuesday.

FCPO: struggling above 2100 to look for survive

Market struggling above 2100 level to look for survive after hit the fresh low at 2077. We continue to look for the immediate support at 2062 followed by 1827 (low since Dec, 2006). While, resistance is at 2180-2240 (gap left over today).