Tuesday, July 22, 2008
FCPO remains bearish
Market tone: weak
Trader's Comment-FCPO ended mix
CPO futures ended mix in a technical rebound trading day after yesterday’s sharp fall. Lately, FCPO prices had been tumbled since last Wednesday after it closed below 3500 level. On the back of few negative factors, higher local inventories, slow destination sales. Report said that ample supplies in China and Argentine's move to repeal a controversial export tax on soy. News that Indonesia reduces its export tax from 20% to 15% for the month of August had weighed on prices also.
Breaking News-China buys soyoil, beans for it reserves-trades
BEIJING, July 22 (Reuters) - China has bought about 400,000 tonnes of soyoil and up to 1 million tonnes of soybeans for its reserves, in an effort to further dampen domestic prices and keep inflation in check, traders said on Tuesday.Expectations that the purchases would be soon followed by sales from the reserves pushed down edible oils futures in
Breaking News-Indonesia cuts palm oil export tax
FKLI in range bound mode
KLSE close in positive territory
Gold prices to be in retracement and consolidation mode
FCPO recouped early losses
Breaking News-RTRS-Interview-Malaysia sees no windfall tax cut on planters
RTRS-Malaysia says implementation of palm-based-bio-diesel not likely this year as cpo prices too high.
RTRS-Malaysia says crude palm oil production seen at 17 mln tonnes in 2008 vs 15.8 mln tonnes in 2007.
FKLI ends lower in midday break
KLSE rebound from yesterday losses
Breaking News-DJ FOCUS: India Summer-Sown Crop May Be Hit On Weak Rains
MUMBAI (Dow Jones)--India's summer crop planting could take a turn for the worse if the weakness in monsoon rains continues in the next couple of weeks,industry participants said.
Planting of India's summer crops such as rice, corn, oilseeds, cotton and sugar cane is now underway, and good monsoon rains are critical because 60% of the country's farmlands are rain-fed.
Trader's Highlight
DJI-NEW YORK, July 21 (Reuters) - U.S. stocks slipped on Monday, as oil turned higher after last week's sharp drop and Merck and Schering-Plough hurt the pharmaceuticals sector.The Dow
NYMEX-NEW YORK, July 21 (Reuters) - U.S. crude oil futures settled higher on Monday,ending a four-day losing streak as Tropical Storm Dolly was forecast to hit a key refinery area in Texas and as worries persisted over Iran's standoff with world powers over its nuclear program.August crude
CBOT-SOYBEANS - Down 17 to 60-1/2 cents per bushel, with August
SOYOIL - Down 1.90 to 2.27 cents per lb, with August
FCPO-KUALA LUMPUR, July 21 (Reuters) - Malaysian crude palm oil futures dived 5.7 percent on Monday to a near four-month low as crude oil's steepest ever one week slide last week battered vegetable oil markets from the United States to China.
Argentina's move to repeal a controversial export tax on soy also weighed on Malaysian palm futures. Chicago Board of Trade soyoil also fell.
The benchmark October palm oil contract
Regional equities-July 21 (Reuters) - Southeast Asian stocks were generally higher on Monday, with gains in financials such as DBS Group pushing Singapore to a one-week high and the recent drop in oil prices bolstering Thai and Indonesian big-caps.
Singapore's main index <.FTSTI> climbed 2.5 percent to a one-week high of 2,919.2. The main Thai index <.SETI> gained 3.4 percent to 687.3, near a one-week high, and Indonesian stocks
<.JKSE> were 2.5 percent higher.Malaysian stocks <.KLSE> erased their early gains, ending 0.14 percent down at a 16-month low because of political uncertainties. Vietnam <.VNI> fell 2.5 percent but the Philippines' benchmark index <.PSI> ended 1.13 percent higher.