Wednesday, December 31, 2008
Trader's Comment: Palm oil futures finished with a positive tone for the last day of the year
Palm oil futures finished with a positive tone for the last day of the year after recovered from its early losses. Benchmark Mar09 initially opened RM29 lower at 1642 and hit the intra day low of 1639 following overnight NYMEX crude oil fell below $40 coupled with easier CBOT soy oil. However, it was well supported and began to climb back slowly through out the day. The release of December exports data by private cargo surveyor SGS in the afternoon session which posted an increase of 22.2% sent CPO prices to rally higher. Benchmark Mar09 continue to surge and finally settled at the intra day high of 1695. Export data by the other private cargo surveyor ITS is scheduled to be released on Friday.
Announcement:: Closure of Bursa
Bursa Malaysia will be closed on the following dates in conjunction with:-
New Year, 1st Jan 2009 (Thursday)
We wish all our clients and associates Merry Christmas & Happy New Year.
New Year, 1st Jan 2009 (Thursday)
We wish all our clients and associates Merry Christmas & Happy New Year.
Trader's Highlight
DJI-NEW YORK, Dec 30 - U.S. stocks climbed on Tuesday after the government expanded its bailout of the auto industry, bolstering hopes lawmakers would continue to take steps to minimize the severity of the year-long recession.
The Dow Jones industrial average rose 184.46 points, or 2.17 percent, to 8,668.39. The Standard & Poor's 500 Index gained 21.21 points, or 2.44 percent, to 890.63. The Nasdaq Composite Index added 40.38 points, or 2.67 percent, to 1,550.70.
NYMEX-NEW YORK, Dec 30 - U.S. crude oil futures fell in choppy, pre-holiday trading on Tuesday as fears about demand in a slowing economy offset concerns about tensions in the Middle East and the effect of OPEC's upcoming production cut.
On the New York Mercantile Exchange, February crude fell 99 cents, or 2.47 percent, to settle at $39.03 a barrel, trading from $37.93 to $40.39.
CBOT-SOYBEANS - January up 7-1/4 cents at $9.45-3/4 a bushel, March up 7-1/2 cents at $9.53 a bushel.
Choppy trading day amid very thin volume. Profit-taking weighed on soy as did weak crude oil. However, weak dollar and weather concerns in South America lifted prices.
SOYOIL - January down 0.10 cent at 32.11 cents a pound, March off 0.11 cent at 32.42 cents a pound.
Falls along with drop in crude oil prices.
FCPO-JAKARTA, Dec 30 - Malaysian palm futures rose more than 5 percent on Tuesday to finish at a 10-week high on expectations of stronger December palm oil exports, traders said.
The benchmark March palm oil contract on the Bursa Malaysia's Derivatives Exchange rose 81 ringgit, or 5.1 percent, to 1,671 ringgit ($480) per tonne, the highest close since Oct. 21.
REGIONAL EQUITIES-BANGKOK, Dec 30 - Southeast Asian stocks closed mainly higher on Tuesday, but after huge losses in 2008 shares across the region are expected to fall further next year due to the global economic slowdown.
Market turnover on Tuesday was light and buying interest came mainly from funds and others engaged in window-dressing at the end of the year, analysts said.
Singapore's Straits Times Index bucked the trend on Tuesday, erasing a small gain to a one-week high in early trade to close down 0.56 percent.
The Malaysian stock index climbed 1.65 percent, with Tenaga Nasional surging 4.1 percent and IOI Corp rising 2.3 percent.
In Bangkok, the main index ended the final trading day of the year with a gain of 0.73 percent to its highest since Dec. 19 after new Prime Minister Abhisit Vejjajiva finally evaded protesters to make his maiden policy speech.
The Dow Jones industrial average rose 184.46 points, or 2.17 percent, to 8,668.39. The Standard & Poor's 500 Index gained 21.21 points, or 2.44 percent, to 890.63. The Nasdaq Composite Index added 40.38 points, or 2.67 percent, to 1,550.70.
NYMEX-NEW YORK, Dec 30 - U.S. crude oil futures fell in choppy, pre-holiday trading on Tuesday as fears about demand in a slowing economy offset concerns about tensions in the Middle East and the effect of OPEC's upcoming production cut.
On the New York Mercantile Exchange, February crude fell 99 cents, or 2.47 percent, to settle at $39.03 a barrel, trading from $37.93 to $40.39.
CBOT-SOYBEANS - January up 7-1/4 cents at $9.45-3/4 a bushel, March up 7-1/2 cents at $9.53 a bushel.
Choppy trading day amid very thin volume. Profit-taking weighed on soy as did weak crude oil. However, weak dollar and weather concerns in South America lifted prices.
SOYOIL - January down 0.10 cent at 32.11 cents a pound, March off 0.11 cent at 32.42 cents a pound.
Falls along with drop in crude oil prices.
FCPO-JAKARTA, Dec 30 - Malaysian palm futures rose more than 5 percent on Tuesday to finish at a 10-week high on expectations of stronger December palm oil exports, traders said.
The benchmark March palm oil contract
REGIONAL EQUITIES-BANGKOK, Dec 30 - Southeast Asian stocks closed mainly higher on Tuesday, but after huge losses in 2008 shares across the region are expected to fall further next year due to the global economic slowdown.
Market turnover on Tuesday was light and buying interest came mainly from funds and others engaged in window-dressing at the end of the year, analysts said.
Singapore's Straits Times Index bucked the trend on Tuesday, erasing a small gain to a one-week high in early trade to close down 0.56 percent.
The Malaysian stock index climbed 1.65 percent, with Tenaga Nasional surging 4.1 percent and IOI Corp rising 2.3 percent.
In Bangkok, the main index ended the final trading day of the year with a gain of 0.73 percent to its highest since Dec. 19 after new Prime Minister Abhisit Vejjajiva finally evaded protesters to make his maiden policy speech.
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