Thursday, August 21, 2008
Trader's Comment:Strong external factors led CPO futures to climb higher
Rebound continue in FCPO
KLSE remained sideways move
FCPO rebound further
KLSE in consolidation mode
Breaking news-RTRS-Pakistan Palm Oil Cash Mkt Defaults Likely Low -Exec
KUALA LUMPUR (Dow Jones)--Pakistan's defaults and washed out palm oil purchase contracts in the past two weeks were unlikely to have involved large volumes, according to a senior industry executive.
The total would "have been a maximum of 40,000 tons," Nasir Ibrahim, director of Sadiq Vegetable Ghee Mills, a Lahore-based firm, said late Tuesday.
Last week, exporters in Malaysia and Indonesia estimated Pakistan buyers renegotiated or washed out contracts totaling nearly 100,000 tons for shipment mostly between August and December.
Trader's Highlight
DJI-NEW YORK, Aug 20 (Reuters) - U.S. stocks rose on Wednesday as bank and energy shares rebounded even as investors dumped Fannie Mae and Freddie Mac on fears of an imminent government bailout of the housing finance companies.The Dow Jones industrial average <.DJI> was up 68.88 points, or 0.61 percent, at 11,417.43. The Standard & Poor's 500 Index <.SPX> was up 7.85 points, or 0.62 percent, at 1,274.54. The Nasdaq Composite Index <.IXIC> was up 4.72 points, or 0.20 percent, at 2,389.08.
NYMEX-NEW YORK, Aug 20 (Reuters) - U.S. crude oil futures ended higher on Wednesday on geopolitical worries following news of Russia's potential response to a the U.S.-Poland missile shield deal and news of a big drawdown in gasoline stocks.On the New York Mercantile Exchange, September crude
CBOT-SOYBEANS - September
as the U.S. soybean crop continues its key pod-setting growth phase. Higher Asian vegoil markets and Argentine farm protests lend additional support.
SOYOIL - September
FCPO-KUALA LUMPUR, Aug 20 (Reuters) - Malaysian crude palm oil futures jumped 6.5 percent on Wednesday to a one-week high but the outlook remained uncertain due to an upswing in production and talk of more defaults.The benchmark November contract
REGIONAL EQUITIES-SINGAPORE, Aug 20 (Reuters) - Most Southeast Asian markets edged higher on Wednesday, rebounding from year-lows as gains in Chinese shares outweighed credit fears, but Thailand was weighed down by banks.
Chinese <.SSEC> shares surged on hopes Beijing would introduce a stimulus package, dragging Hong Kong <.HSI> higher and boosting equities around the region.
The Singapore index <.FTSTI> rose 0.9 percent, while Jakarta <.JKSE> added 1.3 percent, boosted by resource stocks. Malaysia<.KLSE> edged 0.4 percent up but Thai stocks <.SETI> dipped 0.2 percent.
DJI may continue to trade sideways to lower
Trader's comment:CPO futures prices reversed from yesterday losses to end triple digit higher
CPO futures prices reversed from yesterday losses to end triple digit higher. Gains in overnight NYMEX crude oil coupled with retreat in USD/MYR had helped to underpin the market sentiment. Support also stemmed from stronger