Thursday, September 18, 2008
Trader's Comment: CPO futures reversed from earlier losses to end sharply higher across the board on short-covering and steady crude oil prices
CPO futures reversed from earlier losses to end sharply higher across the board on short-covering and steady crude oil prices. Commercial buying interest at the underlying cash market also underpinned the market. Recovery in regional equities market helped a little to neutralize the earlier bearish sentiment and provided some support to the palm market. Benchmark Dec08 price slides to 2020 in the early part of the session. Bargain hunting buying and short-covering activities emerged at the lower end saw prices stabilizing between 2050 to 2080 before another wave of covering interest charge in. This sent prices rebound further to settle at intra-day high at 2185, up RM145 from yesterday's closed.
Breaking News-RTRS-China defaults on at least 100,000 tonnes of RBD palm olein after price falls-traders
KUALA LUMPUR, Sept 18 - Chinese buyers have defaulted on at least 100,000 tonnes of RBD palm olein after prices of the vegetable oil fell nearly 15 percent this week, Malaysian and Singaporean traders said on Thursday.
Trader's Highlight
DJI-NEW YORK, Sept 17 - U.S. stocks tumbled to a three-year low on Wednesday as the U.S. rescue of insurer AIG failed to calm a crisis of confidence in global markets and banks were scared to lend to each other.
The Dow fell almost 450 points and the Nasdaq fell nearly 5 percent in its worst day since the aftermath of the Sept. 11 attacks in 2001 as rattled investors worried about who could be the next victim of the global credit crisis.
The Dow Jones industrial average <.DJI> fell 449.36 points, or 4.06 percent, to 10,609.66, its lowest level since November 2005. It was the blue-chip Dow average's biggest percentage drop since Monday, when it fell 504.48 points, or 4.42 percent, the most since the aftermath of 9/11.
NYMEX-NEW YORK, Sept 17 - U.S. crude oil futures rebounded by more than $6 on Wednesday as the dollar dipped against the euro and after traders reassessed inventory data showing large drawdowns in crude and gasoline supplies.
Earlier, crude futures traded off early highs and gasoline fell, despite the bullish weekly government data.
October crude settled up $6.01, or 6.59 percent, at $97.16 a barrel, trading from $91.36 to $97.45.
CBOT-SOYBEANS - November up 15 cents at $11.39 per bushel,January up 14 at $11.53-1/4.
Support from rally in crude oil as dollar falls and on a recovery from the sharp price break on Tuesday. Gains limited by worries about the financial sector which raised more concerns about liquidation. Improved U.S. crop weather and weak world vegoil markets add pressure.
SOYOIL - October up 0.37 at 43.97 cents per lb.
Gains in crude oil as dollar falls boosted soyoil. But weak global vegoils markets add pressure; Malaysian palm oil futures fell 3.8 percent and soyoil futures on China's Dalian exchange also declined.
FCPO-KUALA LUMPUR, Sept 17 - Malaysian crude palm oil futures tumbled 3.8 percent to hit a 17-½ month low on Wednesday as Asian consumers started to defer vegetable oil deliveries, traders said.
In recent few weeks, vegetable oils have been besieged by bumper harvests, slowing global demand, weaker oil markets and now a flight of funds from risky assets as giant financial firms teeter on the verge of bankruptcy.
The benchmark December palm oil contract on Bursa Malaysia's Derivatives Exchange fell as much as 81 ringgit to stand at 2,039 ringgit ($591), a level unseen since March 29, 2007.
REGIONAL EQUITIES-SINGAPORE, Sept 17 - Most Southeast Asian stock
markets fell on Wednesday, surrendering early gains as the rescue of insurance giant AIG failed to revive investor confidence, with Thailand, Malaysia and Singapore closing at fresh multi-year lows.
Skittish investors fear the last-minute U.S. government rescue of AIG, made to stave off bankruptcy for the firm, only highlights the enormous strains the global financial system is under.
The Singapore benchmark Straits Times index reversed early gains and fell 1.7 percent to close at a fresh two-year low.
Malaysia gave up 0.9 percent, weighed down by lender Maybank, which dropped nearly 7 percent after regulators gave the green light to its $2.7 billion bid to control Bank Internasional Indonesia (BII), a deal viewed by many investors as too expensive.
The Dow fell almost 450 points and the Nasdaq fell nearly 5 percent in its worst day since the aftermath of the Sept. 11 attacks in 2001 as rattled investors worried about who could be the next victim of the global credit crisis.
The Dow Jones industrial average <.DJI> fell 449.36 points, or 4.06 percent, to 10,609.66, its lowest level since November 2005. It was the blue-chip Dow average's biggest percentage drop since Monday, when it fell 504.48 points, or 4.42 percent, the most since the aftermath of 9/11.
NYMEX-NEW YORK, Sept 17 - U.S. crude oil futures rebounded by more than $6 on Wednesday as the dollar dipped against the euro and after traders reassessed inventory data showing large drawdowns in crude and gasoline supplies.
Earlier, crude futures traded off early highs and gasoline fell, despite the bullish weekly government data.
October crude settled up $6.01, or 6.59 percent, at $97.16 a barrel, trading from $91.36 to $97.45.
CBOT-SOYBEANS - November up 15 cents at $11.39 per bushel,January up 14 at $11.53-1/4.
Support from rally in crude oil as dollar falls and on a recovery from the sharp price break on Tuesday. Gains limited by worries about the financial sector which raised more concerns about liquidation. Improved U.S. crop weather and weak world vegoil markets add pressure.
SOYOIL - October up 0.37 at 43.97 cents per lb.
Gains in crude oil as dollar falls boosted soyoil. But weak global vegoils markets add pressure; Malaysian palm oil futures fell 3.8 percent and soyoil futures on China's Dalian exchange also declined.
FCPO-KUALA LUMPUR, Sept 17 - Malaysian crude palm oil futures tumbled 3.8 percent to hit a 17-½ month low on Wednesday as Asian consumers started to defer vegetable oil deliveries, traders said.
In recent few weeks, vegetable oils have been besieged by bumper harvests, slowing global demand, weaker oil markets and now a flight of funds from risky assets as giant financial firms teeter on the verge of bankruptcy.
The benchmark December palm oil contract on Bursa Malaysia's Derivatives Exchange fell as much as 81 ringgit to stand at 2,039 ringgit ($591), a level unseen since March 29, 2007.
REGIONAL EQUITIES-SINGAPORE, Sept 17 - Most Southeast Asian stock
markets fell on Wednesday, surrendering early gains as the rescue of insurance giant AIG failed to revive investor confidence, with Thailand, Malaysia and Singapore closing at fresh multi-year lows.
Skittish investors fear the last-minute U.S. government rescue of AIG, made to stave off bankruptcy for the firm, only highlights the enormous strains the global financial system is under.
The Singapore benchmark Straits Times index reversed early gains and fell 1.7 percent to close at a fresh two-year low.
Malaysia gave up 0.9 percent, weighed down by lender Maybank, which dropped nearly 7 percent after regulators gave the green light to its $2.7 billion bid to control Bank Internasional Indonesia (BII), a deal viewed by many investors as too expensive.
Subscribe to:
Posts (Atom)
