Friday, October 17, 2008
Trader's Comment: CPO futures prices ended in a negative territory after a volatile trading day.
CPO futures prices ended in a negative territory after a volatile trading day. Overnight crude oil had fell below $70 level and settled at $69.85, but it rebounded back sharply during early Asian trading time. This had resulted in Benchmark Jan 09 to open RM43 higher at 1694. Nevertheless, the overall market sentiment is still in a bearish mood and full with uncertainty causes today’s market to trade in a roller-coaster manner. Jan09 fell to the morning session low of 1629 immediately after market open, and then rebounded back to hit intra day high at 1705 in the afternoon session. Comments made by top industry analyst added on to the already weak market sentiment, after he said that CPO prices may have to hover around RM1600 for some time to increase demand and clear surplus stocks. Benchmark Jan09 later fell back from the day high to hit intra day low at 1620, before it settled slightly higher at 1635, down by RM16. Daily volume remain good with 10,894 contracts changed hands.
FCPO Weekly: struggling at 1600
Market struggle to survive at 1600 after hit 2-year low at 1593. We currently look for the immediate support at 1593 followed by 1510-1500. For upside, resistance is at 1897-1934.
FKLI Weekly: 900 mark fail to defend !
900 mark failed to defend! Looks market may want to challenge the next support at 870 followed by 860 level. Upside resistance is at 985-990.
USD/MYR Weekly: Further weaken to broke 3.520 level
MYR/USD weaken further tested and cracked the overhead resistance at 3.520 level. With the trend remain weak, looks like it is heading for the 2nd overhead resistance price of 3.580 to 3.590.
NYMEX Crude: In sliding mood
Crude oil continues to tumble and appear in sliding mood. It had broke most of the support, should be heading for immediate support at 64.00-65.00 follow by 55.00 to 57.00.
CBOT Soyoil: Pitfall
Soyoil prices came tumbling down like no tomorrow, targeting 33.00 to 34.00 level follow by 28.00-29.00. The chart just looks ugly.
Comex Gold: Consolidation Phase
Gold prices likely to consolidate further between the wide range of 780 to 900-910. It appears to be a sideway market in near term.
KLSE Weekly: hits 2-year low
Market tumble to hit 2-year low.Looks is heading to test 900 physiological support level. Next support level is at 880. For upside, resistance is at 970-1000.
FCPO Hourly: jump to cover some of upside gap
Market reversed after yesterday sharp drop to 2-year low. Prices surged to intra-day high at 1700 and hovering most at 1650-1680. As for now, we look for the immediate support at 1593. For upside, resistance is at 1700-1743 (remaining gap left over since 6th Oct, 2008).
FKLI Hourly: covered partial of upside gap left over
FKLI covered partial of the upside gap left over since 15th Oct, 2008. The immediate support is at 906 followed by 900. For upside, resistance is at 931-944 (gap left over since 15th Oct, 2008).
KLSE Hourly: bear took a little breathe
Bear took a little breathe after yesterday sell down. Immediate support is pegged at 912.0 followed by 900. While, upside resistance is at 932-946 (gap left over yesterday).
Trader's Highlight
DJI-NEW YORK, Oct 16 (Reuters) - U.S. stocks jumped in a late surge on Thursday, as investors snapped up battered stocks a day after Wall Street's worst session since the 1987 crash, while oil slid below $70 a barrel for the first time since August 2007.
Major European stock indexes fell about 5.0 percent and U.S. stocks swung wildly, shedding more than 4.0 percent before midday after a Federal Reserve survey showed U.S. Mid-Atlantic factory activity crashed to an 18-year low in October.
U.S. stocks surged in the last hour of trading, a volatile pattern seen in other recent sessions, as investors snapped up beaten-down shares a day before stock options expire.
The Dow Jones industrial average <.DJI> closed up 401.35 points, or 4.68 percent, at 8,979.26. The Standard & Poor's 500 Index <.SPX> gained 38.59 points, or 4.25 percent, at 946.43. The Nasdaq Composite Index <.IXIC> climbed 89.38 points, or 5.49 percent, at 1,717.71.
NYMEX-NEW YORK, Oct 16 (Reuters) - U.S. crude futures settled more than 6 percent lower on Thursday, ending below $70 a barrel after weekly government inventory data showed crude oil and gasoline supplies rose much higher than expected last week,
reflecting sliding demand.
On the New York Mercantile Exchange, November crude fell $4.69, or 6.29 percent, to settle at $69.85 a barrel,trading from $68.57 -- lowest since $67.07 was struck on June 27, 2007 -- to $74.50.
CBOT-SOYBEANS - November up 9 cents at $8.67 per bushel.
Short covering amid oversold technicals lifted prices as did talk China may be seeking soy. Soy early fell to a 13-1/2 month low on recession worries and spillover pressure from weak outside markets.
CBOT-SOYOIL - December down 0.08 cent at 35.45 cents per lb.
Bouncing from early lows as other markets recovered some amid economic turmoil.
FCPO-JAKARTA, Oct 16 (Reuters) - Malaysian crude palm futures dropped to their lowest in two years on Thursday, tracking sliding crude oil prices and amid worries that an accelerating economic slowdown will cut demand, traders said.
The benchmark January contract on the Bursa Malaysia Derivatives Exchange closed 97 ringgit, or 5.55 percent lower, at 1,651 ringgit ($468) per tonne by the close. The contract earlier fell as low as 1,593 ringgit a tonne, the lowest since Oct. 17, 2006.
REGIONAL EQUITIES-SINGAPORE, Oct 16 (Reuters) - Southeast Asian markets fell on
Thursday, wiping out recent gains as fears over how the global recession will impact earnings took centre stage, with banking shares among the top fallers.
Singapore's benchmark Straits Times index <.FTSTI> tumbled by more than 7 percent intraday but pared losses to close 5.3 percent down. Malaysia <.KLSE>, which has been outperforming the region, fell 3.3 percent to a 2-year low.
The Philippine index <.PSI> fell 5.2 percent, while Vietnam <.VNI> ended three days of gains to fall 3.2 percent.Indonesian shares <.JKSE> also marked a fresh two-year low, falling 4.6 percent, while Thai stocks <.SETI> were down 1.5 percent at 0940 GMT.
Major European stock indexes fell about 5.0 percent and U.S. stocks swung wildly, shedding more than 4.0 percent before midday after a Federal Reserve survey showed U.S. Mid-Atlantic factory activity crashed to an 18-year low in October.
U.S. stocks surged in the last hour of trading, a volatile pattern seen in other recent sessions, as investors snapped up beaten-down shares a day before stock options expire.
The Dow Jones industrial average <.DJI> closed up 401.35 points, or 4.68 percent, at 8,979.26. The Standard & Poor's 500 Index <.SPX> gained 38.59 points, or 4.25 percent, at 946.43. The Nasdaq Composite Index <.IXIC> climbed 89.38 points, or 5.49 percent, at 1,717.71.
NYMEX-NEW YORK, Oct 16 (Reuters) - U.S. crude futures settled more than 6 percent lower on Thursday, ending below $70 a barrel after weekly government inventory data showed crude oil and gasoline supplies rose much higher than expected last week,
reflecting sliding demand.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Short covering amid oversold technicals lifted prices as did talk China may be seeking soy. Soy early fell to a 13-1/2 month low on recession worries and spillover pressure from weak outside markets.
CBOT-SOYOIL - December
Bouncing from early lows as other markets recovered some amid economic turmoil.
FCPO-JAKARTA, Oct 16 (Reuters) - Malaysian crude palm futures dropped to their lowest in two years on Thursday, tracking sliding crude oil prices and amid worries that an accelerating economic slowdown will cut demand, traders said.
The benchmark January contract
REGIONAL EQUITIES-SINGAPORE, Oct 16 (Reuters) - Southeast Asian markets fell on
Thursday, wiping out recent gains as fears over how the global recession will impact earnings took centre stage, with banking shares among the top fallers.
Singapore's benchmark Straits Times index <.FTSTI> tumbled by more than 7 percent intraday but pared losses to close 5.3 percent down. Malaysia <.KLSE>, which has been outperforming the region, fell 3.3 percent to a 2-year low.
The Philippine index <.PSI> fell 5.2 percent, while Vietnam <.VNI> ended three days of gains to fall 3.2 percent.Indonesian shares <.JKSE> also marked a fresh two-year low, falling 4.6 percent, while Thai stocks <.SETI> were down 1.5 percent at 0940 GMT.
DJI Daily: technicial rebound
DJI rebounded after its worst day since 1987. Prices managed to hold ground and rebound after tested the support at 8462 in intra-day basis. Thus, we now look for the support at 7882. Upside resistance remained at 9628 followed by 9794 level.
Breaking News-RTRS-Malaysia's Tenaga posts Q4 loss on costs, FX losses
KUALA LUMPUR, Oct 16 (Reuters) - Malaysia's biggest power company, Tenaga Nasional , reported a 282.9 million ringgit ($80.23 million) fourth-quarter loss, due to higher coal prices and other operating costs as well as foreign exchange losses.
The company's full-year net profit fell 36.1 percent. It also booked a foreign exchange translation loss of 288.8 million ringgit.
The company's full-year net profit fell 36.1 percent. It also booked a foreign exchange translation loss of 288.8 million ringgit.
Breaking News-RTRS-Deposit in banks, financial instituitions fully guaranteed until Dec 2010
KUALA LUMPUR, Oct 16 (Bernama) -- Cash deposits in banks and deposit-taking
development financial institutions in the country will be fully guaranteed until
December 2010, the Finance Ministry and Bank Negara announced today.
They said all ringgit and foreign currency deposits with commercial, Islamic
and investment banks and deposit-taking development financial institutions
regulated by Bank Negara will be fully guaranteed by the government through
Perbadanan Insurans Deposit Malaysia (PIDM) until December 2010.
The guarantee extends to all domestic and locally incorporated foreign
banking institutions, they said in a statement today.
development financial institutions in the country will be fully guaranteed until
December 2010, the Finance Ministry and Bank Negara announced today.
They said all ringgit and foreign currency deposits with commercial, Islamic
and investment banks and deposit-taking development financial institutions
regulated by Bank Negara will be fully guaranteed by the government through
Perbadanan Insurans Deposit Malaysia (PIDM) until December 2010.
The guarantee extends to all domestic and locally incorporated foreign
banking institutions, they said in a statement today.
Breaking News-RTRS-Indian traders call for import tax on edible oil
NEW DELHI, Oct 16 (Reuters) - India's vegetable oil traders have urged the government to impose an import tax and allow futures trading in soyoil following a slump in prices, a leading trade body said on Thursday.
The Solvent Extractors' Association of India (SEA) said in a letter to the farm, finance and trade ministers the government should impose a 30 percent import duty on crude palm oil, 37.5 percent on RBD palmolein and 20 percent on crude soybean oil.
The Solvent Extractors' Association of India (SEA) said in a letter to the farm, finance and trade ministers the government should impose a 30 percent import duty on crude palm oil, 37.5 percent on RBD palmolein and 20 percent on crude soybean oil.
Breaking News-RTRS-Update-Indonesia plans to scrap palm oil tax on price drop
JAKARTA, Oct 16 (Reuters) - Indonesia, the world's top palm oil producer, plans to scrap its tax on palm oil exports when prices drop to a monthly average of $650-$750 a tonne, to help weather the financial crisis, a minister said on Thursday.
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