Trader's comment:Substantial gains in overnight soyoil and crude oil prices underpinned FCPO market

Substantial gains in overnight soy complex and NYMEX crude oil prices led CPO futures to end generally higher. Trading was volatile as prices were swinging up and down like roller-coaster in the afternoon session. It tumbled to hit intra-day low at 2569 and recover to 2635 before it settled RM72 higher at 2620. It hit intra-day high at 2656 after the morning opening bell.

FCPO rebound after yesterday steep fall

FCPO rebound yet its still not strong enough to change the immediate daily technical landscape. Market may look for a range to consolidate in near term. Currently, we look for the support at 2513. For upside, resistance is at 2675 followed by 2728-2767 (gap left over on 11th Aug, 2008).

FKLI in range trading

Market traded in the range of 1115.5-1105 in whole session and stayed firm above the support of 1095 level. For upside, resistance is at 1125.5. Near term, consolidation mode may extend.

KLSE in consolidation phase

Not much changes on the immediate daily technical outlook as market remained in consolidation phase. We now look for the immediate support at 1106 followed by 1103-1100. For upside, resistance is at 1128 followed by 1133-1138.

FCPO hourly gaps everywhere

FCPO hourly rebound after yesterday steep fall. It then eased off to cover some of the gap left over this morning at 2641-2593. Immediate resistance at 2660-2670 followed by upside gap at 2728-2767.

FKLI in tight range trading

FKLI trading in tight range between 1107 to 1114 in morning session. Market may continue its consolidation mode with immediate support at 1107-1108.5 followed by 1095. For the the upside, immediate resistance remained at 1113.5-1114.

KLSE looks facing resistance at 1117

Market failed to challenge the immediate resistance at 1117 and eased off to close in negative territory in midday break. We continue to look for the immediate support at 1102. Immediate resistance is at 1117.

Breaking news-RTRS-India's July vegetable oil imports down 3pct y/y

NEW DELHI, Aug 13 (Reuters) - India's edible imports fell 3 percent in July from a year earlier, but are on course to remain in the range of 550,000-600,000 tonnes a month for the remaining three months of the oil year, a trade body said on Wednesday.

Breaking News-DJN-Malaysia Palm Oil Exports May Rise 7.3% To 14.7M Tons

KUALA LUMPUR (Dow Jones)--Malaysia expects palm oil exports in 2008 to grow at least 7.3% on the back of higher output and rising overseas demand, Minister for Plantation Industries and Commodities Peter Chin said.

Breaking news-RTRS-Interview-Indonesia futures exchange to develop CPO spot market

JAKARTA, Aug 12 (Reuters) - The Jakarta Futures Exchange is planning to develop a spot market for crude palm oil (CPO) so that the world's biggest producer will have its own benchmark price as early as next year, an official said on Tuesday.

Trader's Highlight

DJI-NEW YORK, Aug 13 (Reuters) - U.S. stocks fell on Wednesday, as persistent concerns about the credit crisis hurt bank shares while a rebound in oil prices and weak outlooks at some retailers raised anxieties about consumer spending.

The Dow Jones industrial average <.DJI> fell 109.51 points, or 0.94 percent, to 11,532.96, while the Standard & Poor's 500 Index <.SPX> slipped 3.76 points, or 0.29 percent, to 1,285.83. The Nasdaq Composite Index <.IXIC> was down 1.99 points, or 0.08 percent, at 2,428.62.

NYMEX-NEW YORK, Aug 13 (Reuters) - U.S. crude oil futures ended almost $3 higher on Wednesday, ending three days of losses, in a rally spurred by larger-than-expected drawdowns in crude and gasoline stocks and a surprise drop in distillate supplies.

On the New York Mercantile Exchange, September crude settled up $2.99, or 2.65 percent, at $116 a barrel, trading from $112.87 to $117.46, the highest since Friday. It rebounded from Tuesday's low of $112.31, lowest since May 2.

CBOT-SOYBEANS - September up 70 cents at $12.77-1/2 per bushel, new-crop November up 70 at $12.84. Rose 70-cent limit as corn, crude rally. Soybeans remain supported by tight U.S. ending stocks forecast for 2007/08 and 2008/09.

National Oilseed Processors Association crush report to be released early Thursday.

SOYOIL - September up 2.5 cents at 52.47 cents per lb.Following strength in crude oil which rallied more than $4 a barrel on weekly government data showing larger-than-expected
drawdowns in U.S. crude and gasoline stocks.

FCPO-KUALA LUMPUR, Aug 13 (Reuters) - Malaysian crude palm oil futures edged lower on Wednesday after rising as much as 3.3 percent as a looming stock build-up offset the influence of technical rebounds in crude oil markets on vegetable oils.

The benchmark October contract on the Bursa Malaysia Derivatives Exchange settled down 13 ringgit at 2,548 ringgit ($768) per tonne after going as high as 2,646 ringgit per tonne.

REGIONAL EQUITIES-Aug 13 (Reuters) - Most Southeast Asian markets edged lower on Wednesday on global credit and economic growth concerns, but Vietnam rose a sixth straight session as banks gained.

Malaysia <.KLSE> fell 0.6 percent, while Thailand <.SETI> and Singapore <.FTSTI> dipped 0.2 percent.The Philippine index <.PSI> gave up 1.2 percent, but Indonesian shares <.JKSE> bucked the trend to inch 0.3 percent higher on banks.

DJI drop for straight two days

DJI losing ground further dropped for straight two days and broke the support at 11521. Market may continue to move sideways to lower in near term. We now look for the resistance and support at 11782 and 11416 level respectively.