Trader's Comment: CPO futures plunged further to seventeen month low to 2077(3rd month Dec08) pressured by crude oil again

CPO futures plunged further to seventeen month low to 2077(3rd month Dec08) pressured by crude oil again. Crude oil prices slide to as low as USD 91.54 a barrel for Oct08 contract in NYMEX’s Asian time zone. Plunging financial market amid pullout from news investment bank Lehmann Brothers filed for bankruptcy and insurer AIG struggled for survival had caused the slump in equity market and gloomy world economy also depress the market sentiment. Financial and commodities market sentiment are weak and gloomy and looks like the weak sentiment will continue in the near term. New benchmark Dec08 opened with RM69 gap down at 2171 and continue to slide and tumble to 2077. Then, prices recovered to hover between 2100 to 2140 before it settled RM129 lower at 2120. Total daily volumes were good with 16,473 contracts changed hands.

Breaking News-RTRS-Indian traders rework palm imports, not to default

NEW DELHI, Sept 16 (Reuters) - Indian traders are not likely to default again on palm oil imports despite falling prices as buyers face strong demand ahead of festivals and have renegotiated deals, a senior trade official said on Tuesday.

FCPO: struggling above 2100 to look for survive

Market struggling above 2100 level to look for survive after hit the fresh low at 2077. We continue to look for the immediate support at 2062 followed by 1827 (low since Dec, 2006). While, resistance is at 2180-2240 (gap left over today).

FKLI: recouped early losses to end above 1000 mark

Market recouped earlier losses to cover the full gap left over this morning at 990-1002 and stayed above the physiological support at 1000 mark. Nevertheless, the overall technical landscape remained weak. We continue eyeing the next support at 970-960 level. While, immediate resistance is at 1036-1038.

KLSE tumbles, struggling near 1000 mark

Market struggling. We continue to look for the physiological support at 1000 followed by 970 mark. For upside, look for the immediate resistance at 1016-1026 (gap left over today).

Breaking News-RTRS-US soyean crush 121.681 mln bu in Aug-NOPA

-US soybean crushing 121.681 mln bu vs July 133.034 mln-NOPA
-US soymeal exports 354,055 Tons vs July 563,989 Tons
-US soyoil stocks 2.152 bln lbs vs July 2.367 bln

Trader's Highlight

DJI-NEW YORK, Sept 15 (Reuters) - Wall Street had its worst day since markets reopened after the September 11 attacks as fears about the U.S. financial system's stability surged on Monday after Lehman Brothers filed for bankruptcy and insurer AIG struggled for survival.

The day followed one of Wall Street's most agonizing weekends ever, which saw the demise of Lehman Brothers and forced Merrill Lynch to accept a takeover by Bank of America Corp .

The Dow Jones industrial average <.DJI> slid 504.48 points, or 4.42 percent, to 10,917.51 -- its biggest one-day point drop since September 2001.The Nasdaq Composite Index <.IXIC> dropped 81.36 points, or 3.60 percent, to 2,179.91.

NYMEX-NEW YORK, Sept 15 (Reuters) - U.S. crude oil futures fell on Monday and settled below the $100 a barrel level for the first time since March.

Lehman Brothers Holdings Inc's bankruptcy filing and fears about other financial institutions sent equities tumbling and weighed on oil futures already pressured after damage to energy operations from Hurricane Ike was less than feared.

On the New York Mercantile Exchange, October crude fell $5.47, or 5.41 percent, to settle at $95.71 per barrel, trading from $94.13 to $101.19.

CBOT-SOYBEANS - Down 23 to 29-3/4 cents, with November down 23 cents at $11.79 per bushel.

Pressured by declines in stock market and crude oil after Lehman Brothers filed for bankruptcy. But losses pared by short covering and spillover bullishness from Friday's USDA September crop report.

SOYOIL - Down 1.43 to 1.47 cents, with October down 1.43 cents at 46.08 cents per lb.Pressure from lower crude oil.

FCPO-KUALA LUMPUR, Sept 15 (Reuters) - Malaysian crude palm oil futures tumbled 5.9 percent on Monday to hit a 15-month low as crude oil fell further below the key $100-a-barrel milestone, dragging down other vegetable oils, traders said.

The benchmark November contract on the Bursa Malaysia Derivatives Exchange fell as much as 140 ringgit to 2,240 ringgit ($649) per tonne, a level unseen since June 13, 2007.

REGIONAL EQUITIES-SINGAPORE, Sept 15 (Reuters) - Singapore shares hit a fresh two-year low on Monday, leading losses in Southeast Asian markets, as global markets tumbled after Lehman Brothers filed for bankruptcy protection and Merrill Lynch agreed to be sold to Bank of America.

Indonesian shares fell 4.7 percent to a new 18-month low on banks, while Singapore's benchmark Straits Times index dropped 3.3 percent to 2,486.5.Thailand fell 1.8 percent while Malaysia gave up 1.2 percent as both markets faltered under the prospect of drawn-out tussles in domestic politics.

DJI: The single biggest day drop since after 911

DJI had its worst day with a super long black candle printed. Immediate support is now at 10827 (low since 15 Jul, 2008). Resistance is at 11440-11490.