KUALA LUMPUR, Sept 2 (Reuters) - Malaysia's August palm oil stocks are expected to edge up 1.2 percent from a month ago as production could hit its highest level so far this year and outstrip export growth, a Reuters poll showed on Tuesday.
Palm oil output in Malaysia, the world's second largest producer, will probably rise 5.8 percent to 1.65 million tonnes in August, a median estimate of five plantation houses shows.
Exports of the vegetable oil climbed 3.4 percent to 1.45 million tonnes, failing to dent palm oil inventories, which probably rose 2 million tonnes in August from 1.98 million tonnes in July.
Tuesday, September 2, 2008
USD/MYR Weekly: Malaysia Ringgit weakened
Malaysia Ringgit had been weakening and broke the resistance at 3.3900 to 3.4000 level. Now looks heading to next resistance level at 3.5200 region in mid term.
FCPO Weekly: Market consolidate
Market consolidate and in rangy mode. We continue to look for the immediate support at 2351-2314. While, resistance is at 2838-2897.
FKLI Weekly: Market may want to form base
Market rebound and defended well. Looks may want to form base in near term. We continue to look at the support at 1046.5-1045.5. For upside, resistance maintain at 1133.5-1146.5
KLSE Weekly: Good ending for the week
Market defended and rebound to close with good ending for the week. However, market still needed more buying support in order to stay out from the current bearish territory. We continue to look for the resistance at 1141-1128. For downside, support remained peg at 1064.58-1049.88.
DJI Weekly: Firm support at 10827
DJI continues its consolidation mode and looks firm support at 10827. While, immediate upside resistance is at 11924.
Breaking News-RTRS-China soybean imports pick up, soyoil weak-survey
BEIJING, Aug 29 (Reuters) - China's soybean crushers have signed more import deals on better crushing margins, but demand is unlikely to increase significantly due to ample supplies, a survey by an official think-tank showed on Friday.
Trader's Highlight
DJI-NEW YORK, Aug 29 (Reuters) - U.S. stocks tumbled on Friday, led lower by tech shares after computer maker Dell warned that companies worldwide are cutting back on technology spending.The Dow Jones industrial average <.DJI> was down 171.47 points, or 1.46 percent, at 11,543.71. The Standard & Poor's 500 Index <.SPX> was down 17.93 points, or 1.38 percent, at 1,282.75. The Nasdaq Composite Index .IXIC> was down 44.12 points, or 1.83 percent, at 2,367.52.
NYMEX-NEW YORK, Aug 29 (Reuters) - U.S. crude oil futures ended lower on Friday,dragged down by front-month gasoline and heating oil futures which fell before expiring at the close.Some traders also saw the stronger dollar fueling some selling, despite worries over storm Gustav which was upgraded to a Category 1 hurricane after the market closed and forecast to hit energy operations in the Gulf of Mexico early next week.On the New York Mercantile Exchange, October crude ended down 13 cents, or 0.11 percent, at $115.46 a barrel, after trading from $115 to $118.76.
CBOT-SOYBEANS - September down 1/2 cent at $13.32 per bushel; new-crop November unchanged at $13.24.Ends mixed in choppy, pre-holiday trade, pressured from
early rally as crude oil came off day's highs. Lingering pressure from beneficial rains this week in the western U.S.Midwest crop belt, although east stays dry.
SOYOIL - September up 0.06 cent at 53.40 cents per lb; December up 0.12 at 54.20 cents.Choppy, seeking direction from fluctuating soybean and
crude oil markets.
FCPO-KUALA LUMPUR, Aug 29 (Reuters) - Malaysian crude palm oil futures soared 6.1 percent on Friday, clawing back heavy losses earlier in the week, as strength in crude oil markets seeped into global vegetable oil prices, traders said.Chicago soyoil gained 1.2 percent in Asian trade while Dalian soyoil for January 2009 delivery jumped 2.4 percent following oil's $1-plus leap ahead of Tropical Storm Gustav in the United States.The benchmark November contract settled up 150 ringgit to 2,620 ringgit ($772) per tonne.
REGIONAL EQUITIES-JAKARTA, Sept 1 (Reuters) - Singapore stocks led a regional decline on Monday, as banks including DBS Group dragged the market lower, while a small bomb blast in central Bangkok hit Thai stocks. Singapore's Straits Times Index fell 0.95 percent.Thailand's SET index ended down 1.35 percent
Indonesian stocks and the Philippine index were barely moved, each closing down just 0.06 percent. Stock markets in Malaysia and Vietnam were closed for holidays.
USD-LONDON, Sept 1 (Reuters) - The dollar rose on Monday to its highest this year against a basket of major currencies, boosted by a sharp fall in oil prices, while sterling extended its recent slide and fell to new record lows against the euro.
NYMEX-NEW YORK, Aug 29 (Reuters) - U.S. crude oil futures ended lower on Friday,dragged down by front-month gasoline and heating oil futures which fell before expiring at the close.Some traders also saw the stronger dollar fueling some selling, despite worries over storm Gustav which was upgraded to a Category 1 hurricane after the market closed and forecast to hit energy operations in the Gulf of Mexico early next week.On the New York Mercantile Exchange, October crude ended down 13 cents, or 0.11 percent, at $115.46 a barrel, after trading from $115 to $118.76.
CBOT-SOYBEANS - September down 1/2 cent at $13.32 per bushel; new-crop November unchanged at $13.24.Ends mixed in choppy, pre-holiday trade, pressured from
early rally as crude oil came off day's highs. Lingering pressure from beneficial rains this week in the western U.S.Midwest crop belt, although east stays dry.
SOYOIL - September up 0.06 cent at 53.40 cents per lb; December up 0.12 at 54.20 cents.Choppy, seeking direction from fluctuating soybean and
crude oil markets.
FCPO-KUALA LUMPUR, Aug 29 (Reuters) - Malaysian crude palm oil futures soared 6.1 percent on Friday, clawing back heavy losses earlier in the week, as strength in crude oil markets seeped into global vegetable oil prices, traders said.Chicago soyoil gained 1.2 percent in Asian trade while Dalian soyoil for January 2009 delivery jumped 2.4 percent following oil's $1-plus leap ahead of Tropical Storm Gustav in the United States.The benchmark November contract settled up 150 ringgit to 2,620 ringgit ($772) per tonne.
REGIONAL EQUITIES-JAKARTA, Sept 1 (Reuters) - Singapore stocks led a regional decline on Monday, as banks including DBS Group dragged the market lower, while a small bomb blast in central Bangkok hit Thai stocks. Singapore's Straits Times Index fell 0.95 percent.Thailand's SET index ended down 1.35 percent
Indonesian stocks and the Philippine index were barely moved, each closing down just 0.06 percent. Stock markets in Malaysia and Vietnam were closed for holidays.
USD-LONDON, Sept 1 (Reuters) - The dollar rose on Monday to its highest this year against a basket of major currencies, boosted by a sharp fall in oil prices, while sterling extended its recent slide and fell to new record lows against the euro.
Trader's Comment: CPO futures reversed from yesterday's late sell-off to end sharply higher
CPO futures reversed from yesterday's late sell-off to open higher and rally further in the afternoon session to end sharply higher. Market was supported and lifted by positive external factors like higher soyoil in e-CBOT, firmer crude oil prices trading in Asian time zone. Short-covering ahead of long weekend holiday after prices open higher and well held above 2500 level. This prompted some short-covering activities and speculative buying interest. It surged to settle at intra-day high at 2620 up RM150 from yesterday's closed. With this good close, 2400 support level looks solid at the moment.
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