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??

Will 3033 come to test for FCPO?

FCPO tumbled after the opening bell, crack 3200 and broke the support at 3156. Will 3033 (low since 1st Apr) come to test?

Breaking News-India edible oil imports to jump on poor crop-trade

NEW DELHI, July 22 (Reuters) - India's imports of edible oils will jump more than 50 percent in the first half of the crop year from November, as its summer-sown oilseed crop is set to fall 13 percent due to weak rainfall, a leading oilseed trader said.Oilseed output, excluding castor, which is not edible, is expected to fall to 13.8 million tonnes from 15.9 million tonnes due to poor rains in western and southern India, Govindbhai Patel, a leading trader, told Reuters.

Breaking News-Oil World forecasts large global 2008/09 soy crop

HAMBURG, July 22 (Reuters) - The global 2008/09 soybean harvest is likely to rise to 241.26 million tonnes, up 18.5 million tonnes from last season, Hamburg-based oilseeds analysts Oil World said on Tuesday.

Trader's Highlight

DJI-NEW YORK, July 22 (Reuters) - U.S. stocks rose more than 1 percent on Tuesday as oil prices slid over $3 a barrel, taking the edge off a raft of disappointing earnings from American Express and others as well as a weak outlook from iPod maker Apple.The Dow Jones industrial average <.DJI> rose 135.16 points, or 1.18 percent, to 11,602.50, while the Standard & Poor's 500 Index <.SPX> ended up 17.00 points, or 1.35 percent, at 1,277.00. The Nasdaq Composite Index <.IXIC> was up 24.43 points, or 1.07 percent, at 2,303.96.

NYMEX-NEW YORK, July 22 (Reuters) - U.S. crude oil futures fell more than $3 on Tuesday, ending at a six-week low as the threat of Tropical Storm Dolly to oil drillers and refineries in the Gulf of Mexico and Texas eased. August crude expired and settled down $3.09, or 2.36 percent, at $127.95, the lowest since $127.79 on June 5.

CBOT-SOYBEANS - Up 6 to 13-1/2 cents per bushel, with August up 7-1/4 at $14.16-3/4 per bushel.Shrinking stocks of soy and oversold technical signals after Monday's decline supportive to market. Bean/corn spreading and some concern about possible harsh weather in August that might harm the key U.S. soy pod-setting also supportive. Gains limited by falling crude oil, firm dollar, current good crop weather in the U.S. Midwest and improving crop conditions.

SOYOIL - Unchanged to up 0.30 cent per lb, with August up 0.22 at 60.13 cents per lb.

FCPO-KUALA LUMPUR, July 22 (Reuters) - Malaysia crude palm oil futures ended off their highs on Tuesday on late profit-taking spurred by talk, later confirmed, that Indonesia would cut export taxes for palm oil products.Benchmark October contract on the Bursa Malaysia Derivatives Exchange was 8 ringgit down 3,252 ringgit ($1,005) a tonne.

Regional equities-Southeast Asian stocks were generally higher on Monday.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.

DJI extend gains

DJI extended gains and violated the immediate downtrend line had helped to cushion the market downside momentum. Market may move sideways to higher in near term. Look for the resistance at 11808.73, while support at 10827.71.

Market tone: sideways to higher