Wednesday, October 15, 2008
Trader's Comment: CPO futures close sharply lower amid falling export of palm oil products
CPO futures close sharply lower amid falling export of palm oil products. Benchmark Dec 08 initially opened RM71 lower at 1779 following decline in overnight crude oil prices and lower CBOT soy oil. The release of weaker export data had sent prices down further and hit intra-day low at 1734. Both cargo surveyors ITS and SGS had posted a bearish 1-15 October export data, which were down by 9.07% and 9.24% respectively. The decline of Asian and European stock markets after two-day rallied has further weakened the sentiment in local commodities market. Nevertheless, the turning down of production pressures has provided some support on CPO prices, Benchmark Dec 08 is still “surviving” well above recent low of 1725 level, and closed at 1743, down by RM 107 compare yesterday settlement. Daily volume remained good with 15,045 contracts changed hands.
FCPO Daily: looking to survive above 1700 mark
Market looking to survive at above 1700 mark with ended triple digit losses. As for now, we look closely for the support at 1725 (recent low) followed by 1690-1670. Upside resistance is at 1798-1825 (gap left over today).
FKLI Daily: eye on 928.5
Market losing ground after failed to break through the resistance at 984.5.Looks may want to resume its downward move and eyeing support at 928.5.
KLSE Daily: facing resistance at 976-973
Market failed to sustain after yesterday rebound. Looks facing resistance at 976-973. Downside support is pegged at 926 level.
RTRS-U.S. soybean crush 120.376 mln bu in Sept -NOPA
RTRS-U.S. Sept soybean crushings 120.376 mln bu vs Aug 121.681 mln -NOPA
RTRS-U.S. Sept soymeal exports 307,305 tons vs Aug 354,055 tons-NOPA
RTRS-U.S. Sept soyoil stocks 1.988 bln lbs vs Aug 2.152 bln-NOPA
RTRS-U.S. Sept soymeal exports 307,305 tons vs Aug 354,055 tons-NOPA
RTRS-U.S. Sept soyoil stocks 1.988 bln lbs vs Aug 2.152 bln-NOPA
Breaking News-BER-Sarawak oil palm plantation companies appeal for help
SIBU, Oct 14 (Bernama) -- Seven major oil palm plantation companies in the
state say they are burdened by taxes as high as up to 55 percent.
The companies -- Ta Ann Holdings Bhd, Sarawak Oil Palm Bhd, Solid Timber,
WTK Holdings Bhd, Woodman Kuala Baram Estate Sdn Bhd, Sarawak Plantation Bhd and
the Rimbunan Hijau Group -- are appealing to both the federal and state
governments, asking for a reduction of taxes and cess contributions.
The seven accounted for more than 50 percent of the state palm oil annual
production.
The palm oil cess imposed by the federal government on palm oil plantations
is to subsidise the price of cooking oil.
state say they are burdened by taxes as high as up to 55 percent.
The companies -- Ta Ann Holdings Bhd, Sarawak Oil Palm Bhd, Solid Timber,
WTK Holdings Bhd, Woodman Kuala Baram Estate Sdn Bhd, Sarawak Plantation Bhd and
the Rimbunan Hijau Group -- are appealing to both the federal and state
governments, asking for a reduction of taxes and cess contributions.
The seven accounted for more than 50 percent of the state palm oil annual
production.
The palm oil cess imposed by the federal government on palm oil plantations
is to subsidise the price of cooking oil.
Breaking News-RTRS-Pakistan president Zardani asks china for urgent funds
(From THE WALL STREET JOURNAL)
By Shai Oster and Jason Leow In Beijing, and Matthew Rosenberg In New Delhi
Pakistan's president Asif Ali Zardari began a four-day state visit to China
on Tuesday, seeking aid for his near-bankrupt nation from an increasingly
powerful ally.
"China is the future of the world," Mr. Zardari, widower of slain former
Prime Minister Benazir Bhutto, told Chinese state news agency Xinhua on the eve
of his trip. "A strong China means a strong Pakistan."
Pakistan is seeking $5 billion to $6 billion from donors. Government
officials are urgently trying to shore up dwindling foreign-exchange reserves --
now down to $8.32 billion -- and revive the ailing economy by boosting the
confidence of foreign investors. It sees China as a substantial source of this
capital.
By Shai Oster and Jason Leow In Beijing, and Matthew Rosenberg In New Delhi
Pakistan's president Asif Ali Zardari began a four-day state visit to China
on Tuesday, seeking aid for his near-bankrupt nation from an increasingly
powerful ally.
"China is the future of the world," Mr. Zardari, widower of slain former
Prime Minister Benazir Bhutto, told Chinese state news agency Xinhua on the eve
of his trip. "A strong China means a strong Pakistan."
Pakistan is seeking $5 billion to $6 billion from donors. Government
officials are urgently trying to shore up dwindling foreign-exchange reserves --
now down to $8.32 billion -- and revive the ailing economy by boosting the
confidence of foreign investors. It sees China as a substantial source of this
capital.
Breaking News-RTRS-Asia eyes economy risks as markets cheer bailout
BEIJING/TOKYO, Oct 14 (Reuters) - Policymakers in the Asia-Pacific turned their attention to a looming worldwide economic slump on Tuesday as regional markets bet the most torrid phase yet of a global financial crisis had passed.
Australia prepared a plan to stimulate a slowing economy, the Bank of Korea and a Chinese government researcher issued gloomy growth forecasts, Japan's ruling party pushed for more spending and a newspaper said Malaysia would soon move to boost growth.
Australia prepared a plan to stimulate a slowing economy, the Bank of Korea and a Chinese government researcher issued gloomy growth forecasts, Japan's ruling party pushed for more spending and a newspaper said Malaysia would soon move to boost growth.
Trader's Highlight
DJI-NEW YORK, Oct 14 (Reuters) - U.S. stocks fell on Tuesday as fears that the global economy may not avert recession slammed shares of technology and consumer companies, eclipsing a government rescue plan for banks.
A day after the Dow leaped 936.42 points in its biggest one-day point gain ever, investors looked past the U.S. pledge to pour $250 billion into major banks and instead focused on the dismal outlook for earnings and the economy.
The Dow Jones industrial average <.DJI> was down 76.62 points, or 0.82 percent, at 9,310.99. The Standard & Poor's 500 Index <.SPX> was down 5.34 points, or 0.53 percent, at 998.01. The Nasdaq Composite Index <.IXIC> was down 65.24 points, or 3.54 percent, at 1,779.01.
NYMEX-NEW YORK, Oct 14 (Reuters) - U.S. crude futures ended more than $2 per barrel lower on Tuesday on concerns that the economy is slipping into recession.
Crude futures fell as equities markets retreated after gaining 11 percent on Monday as a massive bank rescue package failed to ease concerns over corporate profits, also seen as an indicator of potentially weaker demand for energy products.
On the New York Mercantile Exchange, November crudesettled down $2.56, or 3.15 percent, at $78.63 a barrel, trading between $78.31 and $84.83.
CBOT-SOYBEANS - November down 32 cents at $8.96 per bushel, January down 32-1/4 at $9.11-1/4.
Following downturn in stock market and crude oil. NOPA crush data was bearish.
NOPA pegs U.S. September soy crush at 120.376 million bushels, below average trade estimate for 122 million.
CBOT-SOYOIL - October expired down 0.50 cent at 38.40 cents per lb. December down 1.21 at 38.00.Turned down as crude oil retreated and stock market sagged.
FCPO-JAKARTA, Oct 14 (Reuters) - Malaysian palm futures finished up 0.82 percent on Tuesday, extending a rebound from a day earlier, but off their best amid concerns that the demand outlook remains weak, traders said.
The benchmark December contract on the Bursa Malaysia Derivatives Exchange rose 15 ringgit, or 0.82 percent, to 1,850 ringgit a tonne, coming off a high of 1,902 ringgit earlier.
REGIONAL EQUITIES-SINGAPORE, Oct 14 (Reuters) - Southeast Asian markets rallied
strongly on Tuesday as investors banked on concerted government efforts worldwide to ease the fast-spreading financial crisis, but analysts warned the rebound could be a bear market bounce.
The Philippine index <.PSI> surged 7.3 percent and Indonesian shares <.JKSE> rose 6.4 percent, leading gains in the region.Thai stocks <.SETI> jumped 5.2 percent on double-digit gains in banks, while Singapore <.FTSTI> closed 2.5 percent higher but
well off early highs
A day after the Dow leaped 936.42 points in its biggest one-day point gain ever, investors looked past the U.S. pledge to pour $250 billion into major banks and instead focused on the dismal outlook for earnings and the economy.
The Dow Jones industrial average <.DJI> was down 76.62 points, or 0.82 percent, at 9,310.99. The Standard & Poor's 500 Index <.SPX> was down 5.34 points, or 0.53 percent, at 998.01. The Nasdaq Composite Index <.IXIC> was down 65.24 points, or 3.54 percent, at 1,779.01.
NYMEX-NEW YORK, Oct 14 (Reuters) - U.S. crude futures ended more than $2 per barrel lower on Tuesday on concerns that the economy is slipping into recession.
Crude futures fell as equities markets retreated after gaining 11 percent on Monday as a massive bank rescue package failed to ease concerns over corporate profits, also seen as an indicator of potentially weaker demand for energy products.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Following downturn in stock market and crude oil. NOPA crush data was bearish.
NOPA pegs U.S. September soy crush at 120.376 million bushels, below average trade estimate for 122 million.
CBOT-SOYOIL - October
FCPO-JAKARTA, Oct 14 (Reuters) - Malaysian palm futures finished up 0.82 percent on Tuesday, extending a rebound from a day earlier, but off their best amid concerns that the demand outlook remains weak, traders said.
The benchmark December contract
REGIONAL EQUITIES-SINGAPORE, Oct 14 (Reuters) - Southeast Asian markets rallied
strongly on Tuesday as investors banked on concerted government efforts worldwide to ease the fast-spreading financial crisis, but analysts warned the rebound could be a bear market bounce.
The Philippine index <.PSI> surged 7.3 percent and Indonesian shares <.JKSE> rose 6.4 percent, leading gains in the region.Thai stocks <.SETI> jumped 5.2 percent on double-digit gains in banks, while Singapore <.FTSTI> closed 2.5 percent higher but
well off early highs
DJI Daily: fail to sustain
DJI failed to sustain after a sharp rebound. It surged to the intra-day high at 9794 but unable to sustain. Looks near term may enter to a consolidation zone. Support and resistance is at 8462 and 9794 level respectively.
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