Bear not give up on FCPO

Bear not give up and continue to weigh on the already weak market momentum. FCPO looks may want to target the underline support at 2315-2310. For upside, resistance is at 2565-2569 (remaining gap leftover from 14th-19th Aug, 2008).

CPO futures gave up all its early gains to end lower

CPO futures gave up all its early gains to end sharply lower with a fresh low for the year. Benchmark Nov 08 gapped up RM 39 at 2524 following strong gains in overnight CBOT soyoil prices.Nov 08 then hit the intra-day high at 2565. However, lack of follow through buying support saw prices unable to hold at higher end. Market retreated to close at morning low at 2492, up RM 7.Aggressive speculative selling emerged once market violated the recent fresh year low at 2392. Nov 08 tumbled to the low at 2351 before recovered to settle at 2436, down RM 49. Total daily volume stood at 14,530 contracts changed hands. Market talk 1-20^th Aug export is around 904,000 mt.

FCPO easing off after cover some of the upside gap

FCPO gap up after the opening bell and covered some of the upside gap left over on 15th Aug, 2008 at 2557-2619. However, prices failed to hold and eased off to fill up some of the left over gap on this morning at 2513-2484.

FKLI manage to defend at 1045.5?

FKLI hit the morning low at 1046.5 which is close to the major support at 1045.5 mark. It then bounced back yet failed to hold and close in negative territory in midday break. Violation of 1045.5 will see the next support at 1020-1015. Resistance is at 1083-1089.5.

KLSE is sinking, look for support at 1050

KLSE dropped further and continue to look for the support at 1050. Resistance is at 1095-1100.

Breaking News-RTRS-Argentine farmers resume protests over govt policy

BUENOS AIRES, Aug 18 (Reuters) - Argentine farmers resumed protests on Monday for the first time since the government was forced to repeal a tax hike on soy exports last month, demanding further changes to farm policy.

Trader's Highlight

DJI-NEW YORK, Aug 18 (Reuters) - U.S. stocks sank on Monday as the prospect of more losses from the mortgage crisis hurt the shares of banks and the two biggest home finance providers, pushing all three major indexes down about 1.5 percent.

The Dow Jones industrial average <.DJI> tumbled 180.51 points, or 1.55 percent, to 11,479.39. The Standard & Poor's 500 Index <.SPX> lost 19.60 points, or 1.51 percent, to 1,278.60. The Nasdaq Composite Index <.IXIC> slid 35.54 points, or 1.45 percent, to 2,416.98.

NYMEX-NEW YORK, Aug 18 (Reuters) - U.S. oil futures ended lower for the third session in a row on Monday as Tropical Storm Fay headed toward Florida's west coast and was expected to miss key operations in the Gulf of Mexico oil.

On the New York Mercantile Exchange, September crude settled down 90 cents, or 0.79 percent, at $112.87 a barrel, trading from $112 to $115.35. The contract expires Wednesday.

CBOT-SOYBEANS - September up 67-1/2 cents at $12.79 per bushel, November up 70 at $12.89. Limit-up rally after Friday's big sell-off on weaker dollar and spillover from gains in China's Dalian soy markets. China may resume big buying of soy after the Olympic Games, traders said. Concern about drier weather in the United States this week adds support.

Argentine farmers resume protests for the first time since the government repealed a soy export tax hike last month, demanding further changes to farm policy.

SOYOIL - September up 2.48 cents at 52.52 cents per lb. Following soybeans. Markets undergoing a technical bounce after the sharp declines on Friday.

FCPO-KUALA LUMPUR, Aug 18 (Reuters) - Malaysian crude palm oil futures rose 1.4 percent on Monday, bouncing off one-year lows hit earlier in the session as investors were torn between firmer commodity prices and talk that Asia buyers will default cargoes.

The benchmark crude palm oil November contract on the Bursa Malaysia Derivatives Exchange fell 44 ringgit to 2,408 ringgit ($723) but settled up 33 ringgit at 2,485 ringgit per tonne.

REGIONAL EQUITIES-SINGAPORE, Aug 18 (Reuters) -most Southeast Asian markets were lower on growth concerns.

Singapore <.FTSTI> dropped 0.7 percent to sink below its March lows, Malaysia <.KLSE> gave up 1 percent, while Thai stocks<.SETI> were down 1.5 percent on political worries.The Philippine index <.PSI> closed flat, while Vietnam <.VNI>rose 3.9 percent after its securities commission widened the trading band to 5 percent from 3 percent previously.

DJI losing ground further

DJI looks tiring after market failed to rebound further. Market may want to move sideways to lower in near term. We continue to look for the resistance and support at 11782 and 11388 level respectively.