Monday, September 29, 2008

Trader's Comment: CPO futures prices ended sharply lower weighed down by weaker NYMEX crude oil

CPO futures prices ended sharply lower weighed down by weaker NYMEX crude oil. Benchmark Dec08 initially opened RM 43 lower at 2270 and hovering most between 2284-2260 in the morning session before closing at 2261 by midday break. Spill over selling interest were evident at the start of the afternoon session following NYMEX crude oil trade in Asian time zone drop more than USD 3 per barrel. Dec08 price fell to the day low at 2100 before settled at 2125. Total daily volumes stood at 18,832 contracts changed hands.

FCPO Daily: eyeing 2020


Daily technical landscape dampened further with printed a long black candle. We now looking for the immediate support and resistance at 2020 and 2275-2284 levels respectively.

FKLI Daily: 1000 mark manage to defend?


Market ended with a long black candle. We continue to look for the immediate resistance at 1036-1039 and downside support is at 1005-1000.

KLSE Daily: consolidation phase to be continue


Consolidation phase likely to continue. Resistance and support remained at 1039-1040 and 998-1001 level respectively.

Breaking News-RTRS-High stocks, supplies to cap palm, soy price-Mistry

MUMBAI, Sept 28 (Reuters) - Global supply of edible oils will slightly exceed demand, while the soybean crop is likely to expand in coming months, limiting gains in prices, leading industry analyst Dorab Mistry told a conference on Sunday.
The fall in crude palm oil futures prices, which have halved since their peak in March and are down by a quarter this year, is likely to trigger greater demand from the biofuels sector but for this to happen, prices need to stay at a low of 2,200 ringgit for weeks, he said.

Breaking News-RTRS-India's palm oil importers may negotiate discounts

MUMBAI, Sept 28 (Reuters) - Indian traders who reneged on contracts to import palm oil hope to negotiate discounts from suppliers to resolve disputes but they need to act fast to retain credibility, trade officials and an analyst said on Sunday.

Breaking News-RTRS-Bush to make statement on financial rescue bill at 7.35am EDT (1135 GMT) Monday-White House

Trader's Highlight

DJI-NEW YORK, Sept 26 (Reuters) - U.S. stocks ended mostly higher on Friday as big bank shares staged a late rally on hopes lawmakers would hammer out an agreement on a $700 billion financial-sector rescue plan this weekend.

The Dow Jones industrial average <.DJI> was up 121.07 points, or 1.10 percent, at 11,143.13. The Standard & Poor's 500 Index <.SPX> was up 4.09 points, or 0.34 percent, at 1,213.27. But the Nasdaq Composite Index <.IXIC> was down 3.23 points, or 0.15 percent, at 2,183.34.

NYMEX-NEW YORK, Sept 26 (Reuters) - U.S. crude oil futures settled lower on Friday, pressured by uncertainty as the wrangling in Washington over a bailout plan for the financial continued in the wake of another bank failure.

On the New York Mercantile Exchange, November crude fell $1.13, or 1.05 percent, to settle at $106.89 a barrel, trading from $104.25 to $108.11.

CBOT-SOYBEANS - November down 19 cents at $11.64 per bushel; January down 19 at $11.80-1/2.

Declines in crude oil weigh on the market, reflecting more long liquidation. Buyers remain hesitant amid worries about fate of the U.S. economy as bank bailout talks drag on.

SOYOIL - October down 0.37 cent at 47.40 cents per lb.

FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives exchange ended 1.4% higher in choppy trade Friday amid liquidation pressure, said
trade participants.

The benchmark December contract on the Bursa Malaysia Derivatives ended MYR33
higher at MYR2,313 a metric ton after reaching an intraday high of MYR2,324/ton.

REGIONAL EQUITIES-SINGAPORE, Sept 26 (Reuters) - Most Southeast Asian stock markets fell on Friday as investors fretted over a stalemate on the U.S. government's planned $700 billion bailout for the financial industry, pushing down property plays in Singapore.

Indonesia <.JKSE> dropped 1.3 percent on banks and resources, while Malaysia <.KLSE> and Thailand <.SETI> edged 0.4 percent down. Hong Kong's Hang Seng <.HSI> fell 1.3 percent, while Japan's Nikkei <.N225> dropped 0.9 percent.

DJI Weekly: another long lower shadow candle printed


Market printed with another long lower shadow candle again. The current technical landscape remained in bearish atmosphere. No sign of reversal from the current outlook as more support confirmation is needed. We now looking for the immediate support and resistance at 10660-10700 and 11670-11700 level respectively.