CPO futures prices ended positive on late buying interest. New benchmark Nov 08 initially opened RM 12 lower at 2440 as tracking overnight losses in CBOT soyoil coupled with weaker NYMEX crude oil prices. Market momentum remained weak and saw Nov 08 closed at 2434, down RM 18 in midday break. However, stronger Dalian Commodities Exchange on palm oil and soybean oil prices and positive NYMEX crude oil prices in Asian trading zone had mange to keep prices sustained well in positive territory.Prices were then hovering around 2440-2460 most in the afternoon session before late buying interest helped to push prices to close at day high at 2485, up RM 33. Total daily volume stood at 10,089 contracts changed hands.
Monday, August 18, 2008
Trader's Comment: CPO futures recouped early losses to end positive
FCPO pull back a little from last Friday losses
FKLI support at 1045.5
Breaking News-DJN-India's state-run companies won't back out from contracts
several palm oil import contracts, despite a sharp fall in international prices,
and will ensure ample local supplies, senior government officials said Monday.
Breaking News-RTRS-India palm oil buyers asking to defer 100,000 T CPO for Aug delivery to Sep/Oct
KUALA LUMPUR, Aug 18 (Reuters) - Indian palm oil importers have asked Malaysian and Indonesian producers to defer up to 100,000 tonnes of crude palm oil meant for August delivery to September and October, Indian traders said on Monday.
"Refiners will suffer significant cash-flow problems if they take delivery of the crude palm oil shipments at higher prices agreed earlier, especially when current market rates are so much lower," a leading trader from Mumbai told Reuters by telephone. Another Mumbai trader said deferring shipments of palm oil will give Indian refiners more breathing space as prices of the vegetable oil are widely expected to recover in the next few months.
FCPO in range trading after steep fall
FKLI failed to defend at 1086.5-1083
KLSE fresh low since Jan 2007
Breaking News-RTRS-Indonesia says no plan to change palm oil eport tax
JAKARTA, Aug 15 (Reuters) - Indonesia does not plan to change the current palm oil export tax system despite a sharp tumble in global palm oil prices, Trade Minister Mari Pangestu told Reuters on Friday.
Breaking News-:DJN- Palm Oil Buyers Default, Seek Discount On 1.0M Tons
KUALA LUMPUR (Dow Jones)--Bearing the brunt of a steep fall in prices, palm oil buyers are backing out of earlier contracts, and shipments of around 1.0 million metric tons from Indonesia and Malaysia are either facing default or are being discounted heavily, trade executives said Friday.
Breaking News-RTRS-Indonesia says palm oil demand remains strong as prices fall
JAKARTA, Aug 17 (Reuters) - Global demand for palm oil remains strong after prices plunged to an 11-1/2-month low last week, Indonesian Trade Minister Mari Pangestu said on Sunday.
The decline in commodities prices is unlikely to affect Indonesia's target for export growth of between 12 to 15 percent this year, Pangestu told reporters in Jakarta.
Palm oil "demand is still strong from China and India, biofuel demand from Europe is also rising," Pangestu said.
Trader's Highlight
DJI-NEW YORK, Aug 15 (Reuters) - The Dow and S&P 500 rose on Friday, as sinking commodity prices raised hopes of a consumer spending recovery, helping push shares of retailers higher.The Dow Jones industrial average <.DJI> rose 43.97 points, or 0.38 percent, to 11,659.90. But for the week, the Dow finished down 0.6 percent. The Standard & Poor's 500 Index <.SPX> gained 5.27 points, or 0.41 percent, to 1,298.20, and inched up 0.1 percent for the week.
NYMEX-NEW YORK, Aug 15 (Reuters) - U.S. oil futures ended more than a dollar lower on Friday, hitting 15-week lows as the dollar rallied on fears about non-U.S. economies slumping, raising more worries over demand for oil.On the New York Mercantile Exchange, September crude
CBOT-SOYBEANS - September
SOYOIL - September
FCPO-KUALA LUMPUR, Aug 15 (Reuters) - Malaysian crude palm oil futures plunged 8.7 percent on Friday to an 11-1/2-month low as falling crude knocked vegetable oil markets, prompting Chinese and Indian traders to renege on palm contracts.The benchmark crude palm oil October contract
REGIONAL EQUITIES-SINGAPORE, Aug 15 (Reuters) - Most Southeast Asian stock markets edged lower on Friday as receding oil prices pulled back resource shares. Asian markets were also weighed down as investors factored in the the impact of potential recessions in Britain, Europe and Japan on corporate Asia's bottomline
Singapore <.FTSTI> fell 0.7 percent on Friday, while Jakarta<.JKSE> eased 1 percent, or 5 percent for the week as coal miners weakened. Malaysia <.KLSE> slid 1.3 percent on Friday, while the Philippine index <.PSI> closed flat.