Monday, September 15, 2008
Trader's Comment: CPO futures ended sharply lower as crude oil crack below USD100 a barrel
CPO futures ended sharply lower as crude oil crack below USD100 a barrel. It hit as low at USD88.00 during Asian time zone. This had set the negative sentiment for the palm market. Heavy losses in rival soyoil trading in e-CBOT also added onto the selling pressure. Market sentiment is just weak especially NYMEX crude oil price trading below USD100 a barrel. Lower 1-15 export number released by rrivate cargo surveyors had weaken further the momentum. Benchmark Nov08 settle at fresh year low at 2240, down RM140 from last Friday's closing.
FCPO: looking for new low
Fresh year low with market tested support at 2240 and is non-stop looking for new low!! We now looking for the immediate support at 2235 followed by 2150-2140. for upside, resistance is at 2390-2400.
FKLI: weak close near physiological support 1000 mark
Another long black candle drove market ended weak near to the physiological support at 1000. Next support target will be 970-960 level. While, immediate resistance is at 1036-1038.
KLSE: heading to test 1000 physiological support
Market momentum dampened further with another day of weak closing. Looks is heading to the physiological support at 1000. Next support will be at 970 mark. For upside, look for the immediate resistance at 1037-1040 (gap left over today).
Breaking News-RTRS-Malaysia wants the European Union (EU) to review directives on biofuel, says Chin
BRUSSELS, Sept 15 (Bernama) -- Malaysia wants the European Union (EU) to
review its decision on renewable energy and fuel quality, especially on the use
of palm oil for the production of biofuel, Plantation Industries and
Commodities Minister Datuk Peter Chin Fah Kui said.
Describing it as discriminatory, he said: "I don't really understand the
decision. How to support it," he told Bernama.
Last Thursday, the European Parliament's influential Industry Committee
endorsed a 10 percent target on the usage of biofuels in transport by 2020.
It also covers the shift from traditional biofuels made from grains or other
crops towards other renewable energy sources.
review its decision on renewable energy and fuel quality, especially on the use
of palm oil for the production of biofuel, Plantation Industries and
Commodities Minister Datuk Peter Chin Fah Kui said.
Describing it as discriminatory, he said: "I don't really understand the
decision. How to support it," he told Bernama.
Last Thursday, the European Parliament's influential Industry Committee
endorsed a 10 percent target on the usage of biofuels in transport by 2020.
It also covers the shift from traditional biofuels made from grains or other
crops towards other renewable energy sources.
Breaking News-RTRS-Merrill bull run ends with of Bank of America sale
NEW YORK, Sept 14 (Reuters) - Merrill Lynch & Co Inc is one of the largest investment banks on Wall Street, but the venerable company and its world-famous bull emblem are about to be relegated to the annals of Wall Street.
Merrill, which has posted more than $40 billion in write-downs and credit losses over the last year, has agreed to sell itself to Bank of America Corp for $44 billion, or $29 a share, a source briefed on the matter said on Sunday.
Merrill, which has posted more than $40 billion in write-downs and credit losses over the last year, has agreed to sell itself to Bank of America Corp
Breaking News - Ber-MPOC works to expand existing palm oil markets
BRUSSELS, Sept 13 - The Malaysian Palm Oil Council (MPOC), is in the midst of expanding the existing markets, said its chief executive officer Tan Sri Datuk Dr Yusof Basiron.
According to Yusof, the MPOC's promotional efforts were ongoing.
"We also develop new markets by educating countries who may have just come into the edible oil picture. The MPOC does this through awareness programmes on palm oil," he said.
According to Yusof, the MPOC's promotional efforts were ongoing.
"We also develop new markets by educating countries who may have just come into the edible oil picture. The MPOC does this through awareness programmes on palm oil," he said.
Trader's Highlight
DJI-NEW YORK, Sept 12 - U.S. stocks ended little changed on Friday as uncertainty about what shape or form an intervention to resolve the Lehman Brothers debacle fueled caution among investors. Investors braced for possible weekend developments in the saga of the troubled U.S. investment bank. Shares of natural resource companies and utilities gained as commodity prices rose, offsetting losses among financial and bank shares.
Based on the latest available data, the Dow Jones industrial average lost 11.72 points, or 0.10 percent, to end unofficially at 11,421.99. The Standard & Poor's 500 Index climbed 2.65 points, or 0.21 percent, to close unofficially at 1,251.70.
NYMEX-NEW YORK, Sept 14 - U.S. crude oil futures fell below $100 a barrel to their lowest in more than six months on Sunday as traders bet Hurricane Ike did less damage to the nation's energy infrastructure than initially feared.
On the New York Mercantile Exchange at 2:40 p.m. EDT (1840 GMT), October crude was down $2.12, or 2.1 percent, at $99.06 per barrel, trading from $98.55 to $101.19.
CBOT-SOYBEANS - September expired $2.74 higher at $14.90 a bushel; November up 26 cents at $12.02.
Support from USDA's smaller U.S. soy crop estimate. Front-month September spiked ahead of its expiration on strong cash markets and short-covering in thin volume.
SOYOIL - September expired 0.15 cent higher at 47.15 cents per lb; October up 0.39 at 47.51 cents.
Support from soybeans and USDA's lower soyoil ending stocks estimate. Crude oil lends early support, then retreats.
FCPO-JAKARTA, Sept 12 - Malaysian crude palm oil futures rose more than 3 percent on Friday lifted by firmer crude oil and soybean oil prices, and as traders tried to cover their short positions following recent sell-offs, dealers said.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose 71 ringgit or 3.07 percent to 2,380 ringgit a tonne. Overall volume reached 15,421 lots of 25 tonnes.
Regional Equities-SINGAPORE, Sept 12 - Singapore shares rose 1.16 percent, off near two-year lows on Friday, as investors bought battered property stocks like CapitaLand, but a weak rupiah pushed Indonesian stocks to a near 18-month low.
Singapore's Straits Times Index ended at 2,570.67 points, and Indonesian stocks dropped 3.5 percent to a level last seen in March 2007.
Based on the latest available data, the Dow Jones industrial average lost 11.72 points, or 0.10 percent, to end unofficially at 11,421.99. The Standard & Poor's 500 Index climbed 2.65 points, or 0.21 percent, to close unofficially at 1,251.70.
NYMEX-NEW YORK, Sept 14 - U.S. crude oil futures fell below $100 a barrel to their lowest in more than six months on Sunday as traders bet Hurricane Ike did less damage to the nation's energy infrastructure than initially feared.
On the New York Mercantile Exchange at 2:40 p.m. EDT (1840 GMT), October crude was down $2.12, or 2.1 percent, at $99.06 per barrel, trading from $98.55 to $101.19.
CBOT-SOYBEANS - September expired $2.74 higher at $14.90 a bushel; November up 26 cents at $12.02.
Support from USDA's smaller U.S. soy crop estimate. Front-month September spiked ahead of its expiration on strong cash markets and short-covering in thin volume.
SOYOIL - September expired 0.15 cent higher at 47.15 cents per lb; October up 0.39 at 47.51 cents.
Support from soybeans and USDA's lower soyoil ending stocks estimate. Crude oil lends early support, then retreats.
FCPO-JAKARTA, Sept 12 - Malaysian crude palm oil futures rose more than 3 percent on Friday lifted by firmer crude oil and soybean oil prices, and as traders tried to cover their short positions following recent sell-offs, dealers said.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose 71 ringgit or 3.07 percent to 2,380 ringgit a tonne. Overall volume reached 15,421 lots of 25 tonnes.
Regional Equities-SINGAPORE, Sept 12 - Singapore shares rose 1.16 percent, off near two-year lows on Friday, as investors bought battered property stocks like CapitaLand, but a weak rupiah pushed Indonesian stocks to a near 18-month low.
Singapore's Straits Times Index ended at 2,570.67 points, and Indonesian stocks dropped 3.5 percent to a level last seen in March 2007.
FKLI Weekly: eyeing physiological support at 1000
Market looks more room to bias downside potential and eyed for the physiological support at 1000 mark followed by 970-960. For upside, resistance is pegged at 1090-1095.
KLSE Weekly: 1000 physiological support managed to defend?
Market continue to trend lower following 1050 level violated. looks may want to test the physiological support at 1000 followed by 970 mark. For upside, look for the resistance at 1090-1100.
DJI Weekly: in Bearish atmosphere
DJI weekly remained in bearish atmosphere. Market likely to continue its downside move in near term. We continue to look for the underline support at 10700-10650. While, upside resistance is at 11867-11924.
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