NEW DELHI, Dec 4 (Reuters) - India may harvest a record rapeseed crop next year, up by two-thirds, as farmers plant more to cash in on higher prices, a leading trader told Reuters on Thursday.
Higher rapeseed output can reduce India's dependence on edible oil imports as the crop meets 15-16 percent of its edible oil demand.
Friday, December 5, 2008
Breaking News-RTRS-UPDATE 3-BoE cuts rates to 2 pct, says more action needed
LONDON, Dec 4 (Reuters) - The Bank of England slashed interest rates to their lowest level since 1951 on Thursday but indicated more needed to be done to prevent a credit squeeze tipping Britain's economy into a prolonged recession.
The one percentage point cut to 2 percent had been widely anticipated following a stream of unremittingly bleak economic indicators. Some in the market had been looking for an even bigger cut.
The one percentage point cut to 2 percent had been widely anticipated following a stream of unremittingly bleak economic indicators. Some in the market had been looking for an even bigger cut.
Breaking News-RTRS-UPDATE 8-ECB makes record rate cut but dodges talk of more
BRUSSELS, Dec 4 (Reuters) - The European Central Bank made its biggest ever cut to interest rates on Thursday, lowering benchmark credit costs by 75 basis points as it forecast a gloomy year for the recession-bound euro zone economy.
But ECB President Jean-Claude Trichet refused to give any guidance on whether more would follow after the latest cut -- the third in less than two months -- took the main interest rate to a 2-1/2 year low of 2.50 percent.
But ECB President Jean-Claude Trichet refused to give any guidance on whether more would follow after the latest cut -- the third in less than two months -- took the main interest rate to a 2-1/2 year low of 2.50 percent.
Trader's Highlight
DJI-NEW YORK, Dec 4 (Reuters) - U.S. stocks fell on Thursday as a sharp drop in oil prices sent the energy sector tumbling and disappointing profit outlooks from large companies such as Merck raised the specter of a worsening economy.
The Dow Jones industrial average <.DJI> dropped 215.45 points, or 2.51 percent, to end at 8,376.24. The Standard & Poor's 500 Index <.SPX> fell 25.52 points, or 2.93 percent, to 845.22. The Nasdaq Composite Index <.IXIC> slumped 46.82 points, or 3.14 percent, to close at 1,445.56.
NYMEX-NEW YORK, Dec 4 (Reuters) - U.S. crude oil futures ended below $44 on Thursday to hit their lowest level in nearly four years on demand worries amid an economy in recession.
On the New York Mercantile Exchange, January crude slumped $3.12, or 6.67 percent, to settle at $43.67, the lowest since Jan. 5, 2005, when prices closed at $43.39.
CBOT-SOYBEANS - January down 19 at $8.11 per bushel and March down 19-1/2 at $8.15-1/2 per bushel. Down 2 percent to 15-month low with worsening global
economic situation weighing in addition to satisfactory crop
weather in South America and poor export sales.
CBOT-SOYOIL - December down 1.06 cent at 29.22 cents per lb. Following soy, crude oil amid global economic concerns.
Census Bureau said U.S. soyoil stocks 2.404 billion lbs at the end of October, below the 2.483 billion at the end of September.
FCPO-JAKARTA, Dec 4 (Reuters) - Malaysian palm futures closed down nearly 5 percent on Thursday following bearish forecasts from top industry analysts and signs of slowing demand.
The benchmark February palm oil contract on the Bursa Malaysia's Derivatives Exchange settled down 74 ringgit or 4.82 percent at 1,462 ringgit ($402) a tonne, coming off from a low of 1,457 a tonne.
Other traded contracts fell between 65 ringgit and 94 ringgit. Overall volume was 9,133 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Dec 4 (Reuters) - Jakarta stocks rose more than one
percent on Thursday, boosted by a surprise cut in interest rates, while other Southeast Asian markets ended steady with investors still uneasy about prospects for the global economy.
Singapore <.FTSTI> edged up 0.2 percent, while the Philippine index <.PSI> fell 0.8 percent. Vietnam shares <.VNI> climbed 0.8 percent, snapping a three-day losing run.
In Kuala Lumpur, plantation stocks, one of the most heavily weighted on the index, shrank as crude palm oil prices slid further. The index fell 0.1 percent.
The Dow Jones industrial average <.DJI> dropped 215.45 points, or 2.51 percent, to end at 8,376.24. The Standard & Poor's 500 Index <.SPX> fell 25.52 points, or 2.93 percent, to 845.22. The Nasdaq Composite Index <.IXIC> slumped 46.82 points, or 3.14 percent, to close at 1,445.56.
NYMEX-NEW YORK, Dec 4 (Reuters) - U.S. crude oil futures ended below $44 on Thursday to hit their lowest level in nearly four years on demand worries amid an economy in recession.
On the New York Mercantile Exchange, January crude
CBOT-SOYBEANS - January
economic situation weighing in addition to satisfactory crop
weather in South America and poor export sales.
CBOT-SOYOIL - December
Census Bureau said U.S. soyoil stocks 2.404 billion lbs at the end of October, below the 2.483 billion at the end of September.
FCPO-JAKARTA, Dec 4 (Reuters) - Malaysian palm futures closed down nearly 5 percent on Thursday following bearish forecasts from top industry analysts and signs of slowing demand.
The benchmark February palm oil contract
Other traded contracts fell between 65 ringgit and 94 ringgit. Overall volume was 9,133 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Dec 4 (Reuters) - Jakarta stocks rose more than one
percent on Thursday, boosted by a surprise cut in interest rates, while other Southeast Asian markets ended steady with investors still uneasy about prospects for the global economy.
Singapore <.FTSTI> edged up 0.2 percent, while the Philippine index <.PSI> fell 0.8 percent. Vietnam shares <.VNI> climbed 0.8 percent, snapping a three-day losing run.
In Kuala Lumpur, plantation stocks, one of the most heavily weighted on the index, shrank as crude palm oil prices slid further. The index fell 0.1 percent.
DJI Daily: sideways
Market remains stuck in bearish territory following prices failed to hold ground after two day rallied. Thus, resistance and support maintain at 8831-8827 and 8048-8071 level respectively.
FKLI Daily: not looking good
Market continue to struggle to hold on at 840 mark. However, its look tiredness to defend and looks may continue its downside move. Support is pegged at 827.5 followed by 803.5. While, resistance is at 847-849.5 followed by 859.5.
KLSE Daily: maintain sideways to lower posture
Market maintains its sideways to lower posture. We continue to look at the immediate support at 838-837 followed by 826. For upside, immediate resistance is 848-850 followed by 853-857.
FCPO Daily: 1500 mark fail to hold
Immediate daily technical outlook dampened further following 1500 mark failed to hold.We now look at the support at 1440-1428 followed by 1400-1390. For upside, immediate resistance is at 1550-1555 followed by 1580-1583.
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