Monday, November 17, 2008
Trader's Comment: Palm oil futures extended yesterday’s losses as crude oil fell further
Palm oil futures extended yesterday’s losses as crude oil fell further. Benchmark jan09 initially open flat at 1460 and merely hit the day high of 1465. It immediately slid down as Asian time NYMEX crude oil traded more than $1 lower at below $56, continuing the fall from overnight losses. Both private cargo surveyor, ITS and SGS had posted a bullish export data which saw the figures increased 11.3% and 18.1% respectively. Benchmark Jan09 hit the intra day low of 1413 in the afternoon session, and then followed a slight rebound to 1442. Nevertheless, it finally settled at 1435 due to lack of follow through buying interest. Other commodity market traded in a mix sentiment, where US eCBOT edged higher while Dalian commodity exchange traded mix.
FCPO Daily: tight range
Market remains capped in lower range trading with its tight movement. We maintain the support at 1331 while resistance is at 1563-1571.
FKLI Daily: stay firm above 863
Market looks firm following 863 immediate support protected well. Looks may continue to holding ground with upside resistance at 895.5-910 followed by 927.
KLSE Daily: good defend
Market defended well and manage to bounce back from negative to end in positive territory. Looks support at 868-867 was pretty strong. Upside resistance is at 905-913 (gap left over since 5/11/2008).
Breaking News-RTRS-UPDATE 1-India's Oct veg oil imports jump on prices, duty
NEW DELHI, Nov 14 (Reuters) - India's vegetable oil imports in October rose an annual 24 percent to 827,000 tonnes, the largest monthly purchase in 14 years, as low prices and expectation of higher import duties triggered heavy buying, a leading trade body said.
Imports in the oil year to October were at 6.3 million tonnes, up 12.5 percent from 5.6 million tonnes in the previous year, led by a surge in palm oil imports, data released by the Solvent Extractors' Association of India (SEA) showed.
Imports in the oil year to October were at 6.3 million tonnes, up 12.5 percent from 5.6 million tonnes in the previous year, led by a surge in palm oil imports, data released by the Solvent Extractors' Association of India (SEA) showed.
Breaking News-RTRS-China soy, soyoil market stay strong, corn weak-survey
BEIJING, Nov 14 (Reuters) - China's soy and soyoil markets were expected to remain strong in the week ahead, although the outlook for soyoil weakened as supplies grew, while corn remained bearish on weak demand, according to a survey by an official think-tank.
China's imports of soybeans remained robust even after the slide of domestic soy prices, but the price drop left domestic prices higher than imports, according to the survey by the official China National Grain and Oils Information Centre (CNGOIC).
China's imports of soybeans remained robust even after the slide of domestic soy prices, but the price drop left domestic prices higher than imports, according to the survey by the official China National Grain and Oils Information Centre (CNGOIC).
Trader's Highlight
DJI-NEW YORK, Nov 14 (Reuters) - U.S. stocks fell on Friday after a record drop in retail sales last month heightened fears that American consumers' reluctance to spend will push the economy into an even deeper downturn than currently expected.
Retail sales dropped 2.8 percent in October as consumers cut back amid recession fears, a government report showed. Consumer spending is a key driver for U.S. economic growth and corporate profits.
The Dow Jones industrial average <.DJI> dropped 337.94 points, or 3.82 percent, to 8,497.31, while the Standard & Poor's 500 Index <.SPX> slid 38.00 points, or 4.17 percent, to 873.29. The Nasdaq Composite Index <.IXIC> fell 79.85 points, or 5.00 percent, to end at 1,516.85.
The looming Nov. 15 deadline for hedge fund redemption calls -- a key date for investors to pull their money out of hedge funds -- added to the selling, analysts said.
NYMEX-NEW YORK, Nov 14 (Reuters) - U.S. crude futures ended lower in choppy trading on Friday as demand worries persisted amid dismal retail sales data and a stronger dollar.
On the New York Mercantile Exchange, December crude settled down $1.20, or 2.06 percent, at $57.04 a barrel, trading from $55.69 to $59.96. Thursday's intraday low of $54.67 was the lowest since $53.82 was hit on Jan. 30, 2007.
CBOT-SOYBEANS - November expired down 9 cents at $8.78 a bushel; January up 2 at $8.96.
Led up by strong rally in wheat, but gains limited by weak crude oil, falling stock markets and disappointing weekly export sales.
NOPA reports October soy crush at 143.4 million bushels, above average estimate for 142 million.
CBOT-SOYOIL - December down 0.21 cent at 32.60 cents per lb.
Pressed by the weakness in crude oil. NOPA reported October soyoil stocks 1.984 billion lbs, versus September 1.988 billion.
FCPO-JAKARTA, Nov 14 (Reuters) - Malaysian palm futures closed lower on Friday on faltering crude oil, but speculation in the market of stronger export data limited the downside, traders said.
The benchmark January contract on the Bursa Malaysia Derivatives Exchange closed 25 ringgit, or 1.69 percent lower, at 1,455 ringgit ($404) per tonne.
Other traded contracts were mostly lower, falling between 3 ringgit and 22 ringgit. The overall volume stood at 9,812 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Nov 14 (Reuters) - Major Southeast Asian stock markets closed slightly higher on Friday but an early rally in Singapore fizzled out due to selling of blue chips such as DBS Group, and pressure on the rupiah capped gains in Indonesia.
Other markets in the region gave up most of their strong early gains because of worries about the global economic slowdown, reflected in easing oil prices, and caution before a meeting of G20 policy makers, analysts said.
Singapore's main stock index <.FTSTI> ended up 0.21 percent, after earlier surging 3.5 percent.
Indonesia <.JKSE> edged up just 0.37 percent as the rupiah stayed under pressure after the authorities' efforts to regulate foreign exchange outflows stoked rather than removed investors'fears the currency was set for a steeper fall.
Thai stocks <.SETI> slid 0.81 percent to 429.97 after rising almost 2 percent in early trade. Malaysian shares <.KLSE> posted a small 0.12 percent rise at the close.
Retail sales dropped 2.8 percent in October as consumers cut back amid recession fears, a government report showed. Consumer spending is a key driver for U.S. economic growth and corporate profits.
The Dow Jones industrial average <.DJI> dropped 337.94 points, or 3.82 percent, to 8,497.31, while the Standard & Poor's 500 Index <.SPX> slid 38.00 points, or 4.17 percent, to 873.29. The Nasdaq Composite Index <.IXIC> fell 79.85 points, or 5.00 percent, to end at 1,516.85.
The looming Nov. 15 deadline for hedge fund redemption calls -- a key date for investors to pull their money out of hedge funds -- added to the selling, analysts said.
NYMEX-NEW YORK, Nov 14 (Reuters) - U.S. crude futures ended lower in choppy trading on Friday as demand worries persisted amid dismal retail sales data and a stronger dollar.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
Led up by strong rally in wheat, but gains limited by weak crude oil, falling stock markets and disappointing weekly export sales.
NOPA reports October soy crush at 143.4 million bushels, above average estimate for 142 million.
CBOT-SOYOIL - December
Pressed by the weakness in crude oil. NOPA reported October soyoil stocks 1.984 billion lbs, versus September 1.988 billion.
FCPO-JAKARTA, Nov 14 (Reuters) - Malaysian palm futures closed lower on Friday on faltering crude oil, but speculation in the market of stronger export data limited the downside, traders said.
The benchmark January contract
Other traded contracts were mostly lower, falling between 3 ringgit and 22 ringgit. The overall volume stood at 9,812 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Nov 14 (Reuters) - Major Southeast Asian stock markets closed slightly higher on Friday but an early rally in Singapore fizzled out due to selling of blue chips such as DBS Group, and pressure on the rupiah capped gains in Indonesia.
Other markets in the region gave up most of their strong early gains because of worries about the global economic slowdown, reflected in easing oil prices, and caution before a meeting of G20 policy makers, analysts said.
Singapore's main stock index <.FTSTI> ended up 0.21 percent, after earlier surging 3.5 percent.
Indonesia <.JKSE> edged up just 0.37 percent as the rupiah stayed under pressure after the authorities' efforts to regulate foreign exchange outflows stoked rather than removed investors'fears the currency was set for a steeper fall.
Thai stocks <.SETI> slid 0.81 percent to 429.97 after rising almost 2 percent in early trade. Malaysian shares <.KLSE> posted a small 0.12 percent rise at the close.
DJI Weekly: remains cap in range
DJI continue to extend its range trading with downside support pegged at 7882-7929. While, upside resistance maintain at 9708-9794.
Market Outlook 2009
Title: Market Outlook 2009
Date: 13th December 2008
Time: 9.30am - 1.00pm
Venue: 11th Floor, Junior Auditorium, Plaza OSK, Jalan Ampang, 50450, Kuala Lumpur
Fees: Free of Charge(Refreshments will be provided)
To participate, kindly make RSVP with Ryan Chua or Ahmad Lokman at 03-27332238 / 03-21615489 or via e-mail at palmdesk@osk.com.my before 28 November 2008. Early registration is highly recommended due to limited seats.
Subscribe to:
Posts (Atom)
