JAKARTA, May 29 - Malaysian crude palm oil futures may hit the $830 level by year end on the back of a stronger crude oil price and China's stockpiling of oilseeds, top industry analyst James Fry said on Friday.
"If you believe that energy prices will go on rising to $70 per barrel in six months' time, CPO prices will reach $830 by year end," Fry, who is chairman of London-based commodities consultancy LMC International, told a conference Jakarta.
In the worst-case scenario, the palm oil price may fall to $580 in six months' time -- down about 20 percent from the current level of around $720 -- if Brent crude prices fall back to $45 per barrel, he said.
Crude oil prices give some direction to palm oil prices as rival vegetable oils like soyoil and rapeseed oil are increasingly diverted into the biodiesel sector in Europe and the United States, leaving palm oil to satisfy much of the demand for food.
Friday, May 29, 2009
Breaking News-RTRS-UPDATE 1-Palm futures may hit 3,000 rgt on crude oil-Fry
JAKARTA, May 28 (Reuters) - Malaysian crude palm oil futures may hit 3,000 ringgit if crude oil markets continue to rise, top industry analyst James Fry said on Thursday, although he declined to give a timeframe.
"I myself would say the price will be 3,000 ringgit but it depends on crude oil, not vegetable oil," Fry, chairman of London-based commodities consultancy LMC International, told reporters on the sidelines of a conference in the Indonesian capital.
"I myself would say the price will be 3,000 ringgit but it depends on crude oil, not vegetable oil," Fry, chairman of London-based commodities consultancy LMC International, told reporters on the sidelines of a conference in the Indonesian capital.
Breaking News-RTRS-ANALYSIS-U.S. soybeans jump past $12 on tight stocks
CHICAGO, May 27 (Reuters) - The U.S. soybean market set an eight-month high above $12 a bushel on Wednesday, fueled by the outlook for soy stocks in the world's largest exporter to shrink to a 32-year low if demand stays hot through August.
"In a nutshell, there is a legitimate concern about whether or not the U.S. is going to have sufficient supplies at the end of the marketing year," said Rich Feltes, senior vice president at MF Global Research.
The U.S. Agriculture Department this month forecast U.S. soy stockpiles will fall to 130 million bushels by the end of the 2008/09 marketing year on August 31 -- a 15-day supply and smallest since August 1994 when they dipped to 112 million.
"In a nutshell, there is a legitimate concern about whether or not the U.S. is going to have sufficient supplies at the end of the marketing year," said Rich Feltes, senior vice president at MF Global Research.
The U.S. Agriculture Department this month forecast U.S. soy stockpiles will fall to 130 million bushels by the end of the 2008/09 marketing year on August 31 -- a 15-day supply and smallest since August 1994 when they dipped to 112 million.
Trader's Highlight
DJI-NEW YORK, May 28 (Reuters) - U.S. stocks climbed more than 1 percent on Thursday as higher oil prices drove up energy shares and falling yields in the bond market eased concerns that higher borrowing costs would hinder economic recovery.
"We had the OPEC meeting today, plus we had inventory numbers, and both were favorable for oil. That's helping that whole sector," said Owen Fitzpatrick, head of U.S. Equity Group at Deutsche Bank Private Wealth Management in New York. OPEC decided to hold production at current levels.
The Dow Jones industrial average <.DJI> gained 103.78 points, or 1.25 percent, to finish at 8,403.80. The Standard & Poor's 500 Index <.SPX> was up 13.77 points, or 1.54 percent, at 906.83. The Nasdaq Composite Index <.IXIC> was up 20.71 points, or 1.20 percent, at 1,751.79.
NYMEX-NEW YORK, May 28 (Reuters) - U.S. crude oil futures ended Thursday above $65 a barrel, the highest settlement since early November, after government data showed a steep drop in oil inventories last week.
Traders also factored in better-than-expected economic data and OPEC's decision to hold production at current levels.
On the New York Mercantile Exchange, July crude settled up $1.63, or 2.57 percent, at $65.08 a barrel, the highest close since $65.30 on Nov. 5. It traded from $62.75 to $65.44, the highest intraday price since $65.56 on Nov. 10.
CBOT-SOYBEANS - July down 8 cents per bushel at $11.79.
Profit-taking after rally to eight-month high on tight stocks of soy and fund buying.
There was talk that China may have canceled one to three cargoes of U.S. soybeans out of the Gulf.
Census pegs U.S. April soy crush 140.56 million bushels, below estimates for 141.2 million.
CBOT-SOYOIL - July unchanged at 37.81. Support from higher crude oil but pressure from lower soy.
Census pegs U.S. soyoil stocks at end of April 3.134 bln lbs, below estimates for 3.166 bln lbs.
FCPO-KUALA LUMPUR, May 28 (Reuters) - Malaysian palm futures ended unchanged on Thursday as some buyers took some positions after a key industry analyst predicted that prices of the vegetable oil could reach 3,000 ringgit if the crude oil market strengthened.
The benchmark August contract on Bursa Malaysia's Derivatives Exchange ended flat at 2,505 ringgit per tonne (after going as low as 2,440 ringgit). Overallvolume climbed to 12,897 lots of 25 tonnes each from 10,000 lots.
REGIONAL EQUITIES-BANGKOK, May 28 (Reuters) - Most Southeast Asian stocks eased
on Thursday, as investors worried about the U.S. economic recovery, profit takers swooped on Singapore's CapitaLand and Malaysia fell for a third day on a bearish GDP outlook.
Asian shares came off a seven-month high as concerns grew that rising U.S. government debt yields could push up borrowing costs and choke off a potential recovery in the world's largest economy.
Malaysia's index <.KLSE> fell for a third day, ending down 0.6 percent, after Prime Minister Najib Razak said the domestic economy would shrink by as much as 5 percent in 2009, its biggest fall in a decade.
Thailand's benchmark SET index <.SETI> ended unchanged, while Vietnam <.VNI> lost 2.3 percent. Indonesia's index <.JKSE> added 0.5 percent after a 1.9 percent gain on Wednesday.
"We had the OPEC meeting today, plus we had inventory numbers, and both were favorable for oil. That's helping that whole sector," said Owen Fitzpatrick, head of U.S. Equity Group at Deutsche Bank Private Wealth Management in New York. OPEC decided to hold production at current levels.
The Dow Jones industrial average <.DJI> gained 103.78 points, or 1.25 percent, to finish at 8,403.80. The Standard & Poor's 500 Index <.SPX> was up 13.77 points, or 1.54 percent, at 906.83. The Nasdaq Composite Index <.IXIC> was up 20.71 points, or 1.20 percent, at 1,751.79.
NYMEX-NEW YORK, May 28 (Reuters) - U.S. crude oil futures ended Thursday above $65 a barrel, the highest settlement since early November, after government data showed a steep drop in oil inventories last week.
Traders also factored in better-than-expected economic data and OPEC's decision to hold production at current levels.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - July
Profit-taking after rally to eight-month high on tight stocks of soy and fund buying.
There was talk that China may have canceled one to three cargoes of U.S. soybeans out of the Gulf.
Census pegs U.S. April soy crush 140.56 million bushels, below estimates for 141.2 million.
CBOT-SOYOIL - July
Census pegs U.S. soyoil stocks at end of April 3.134 bln lbs, below estimates for 3.166 bln lbs.
FCPO-KUALA LUMPUR, May 28 (Reuters) - Malaysian palm futures ended unchanged on Thursday as some buyers took some positions after a key industry analyst predicted that prices of the vegetable oil could reach 3,000 ringgit if the crude oil market strengthened.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 28 (Reuters) - Most Southeast Asian stocks eased
on Thursday, as investors worried about the U.S. economic recovery, profit takers swooped on Singapore's CapitaLand and Malaysia fell for a third day on a bearish GDP outlook.
Asian shares came off a seven-month high as concerns grew that rising U.S. government debt yields could push up borrowing costs and choke off a potential recovery in the world's largest economy.
Malaysia's index <.KLSE> fell for a third day, ending down 0.6 percent, after Prime Minister Najib Razak said the domestic economy would shrink by as much as 5 percent in 2009, its biggest fall in a decade.
Thailand's benchmark SET index <.SETI> ended unchanged, while Vietnam <.VNI> lost 2.3 percent. Indonesia's index <.JKSE> added 0.5 percent after a 1.9 percent gain on Wednesday.
DJI Daily: in Yo-Yo manner
Market one day up and one day down moving in a yo-yo manner. So far, nothing much changed on the immediate technical landscape. Resistance maintains at 8600 followed by 8800-9000. Downside support is pegged at 8000-7800
KLSE Daily: Uptrend still intact
Uptrend remains intact. We are now looking for the immediate upside resistance at 1044-1047 (gap left over on 28/5/2009)followed by 1060. To the downside, immediate support is stood at 1030-1025.
FKLI Daily: Bull took a breathe
Market violated the support at 1040-1035 however, the overall technical landscape remains positive. We continue to look for the upside resistance at 1045.5-1047 (gap left over on 28/5/2009)followed by 1056.5. Downside support is at 1030-1025..
FCPO Daily: Directionless
Market was directionless as doji appeared after prices close unchanged. We are waiting for a significant breakout either of 2350 or 2799 level. As for now, we are looking for the immediate upside resistance at 2530-2560 followed by 2600. To the downside, support is pegged at 2422 followed by 2350.
Thursday, May 28, 2009
Trader's Comment: Palm oil futures ended unchanged after trading in a roller coaster manner.
Palm oil futures ended unchanged after trading in a roller coaster manner. Benchmark Aug09 hit intra day high of 2525 after opened almost unchanged at 2506, but immediately fell to intra day low at 2440 as profit-taking activities emerged after yesterday’s rally. Prices then began to hover between this range through out the day in a very choppy manner, until it finally settled unchanged at 2505. The statement made by a well-known industry analyst Mr. James Fry had helped to provide some cushion of support to the local CPO market. He said that CPO prices may hit RM3000 if crude oil market continue to rise, but without stipulating a time frame. ECBOT soy oil was also mix today after a volatile trading day while Dalian palm ended to inch lower.
Breaking News-RTRS-FACTBOX-Palm oil output forecasts for Southeast Asia
Following is a table of new and old forecasts by analysts, Malaysian and Indonesian governments and the industry for palm oil production in the Southeast Asian countries this year:
MALAYSIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 17,500,000 ~ old forecast -nil-
Oilworld (Oct08/Sept09)new forecast 17,800,000 ~ old forecast 18,000,000
M.R Chandran new forecast 17,800,000 ~ old forecast -nil-
Commodities Ministry new forecast 17,700,000 ~ old forecast 18,300,000
INDONESIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 22,000,000 ~ old forecast 21,500,000
Oilworld (Oct08/Sept09) new forecast 20,300,000 ~ old forecast 20,300,000
Government projection new forecast 19,700,000 ~ old forecast 19,700,000
Industry estimate new forecast 20,600,000 ~ old forecast 20,300,000
MALAYSIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 17,500,000 ~ old forecast -nil-
Oilworld (Oct08/Sept09)new forecast 17,800,000 ~ old forecast 18,000,000
M.R Chandran new forecast 17,800,000 ~ old forecast -nil-
Commodities Ministry new forecast 17,700,000 ~ old forecast 18,300,000
INDONESIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 22,000,000 ~ old forecast 21,500,000
Oilworld (Oct08/Sept09) new forecast 20,300,000 ~ old forecast 20,300,000
Government projection new forecast 19,700,000 ~ old forecast 19,700,000
Industry estimate new forecast 20,600,000 ~ old forecast 20,300,000
Breaking News-RTRS-INTERVIEW-"Green" palm planters struggling to find buyers
JAKARTA, May 27 (Reuters) - Palm oil planters in the world's top two producers Indonesia and Malaysia are struggling to find buyers for their eco-friendly palm oil, an industry official said on Wednesday, threatening to slow momentum.
Under fire from green groups and some Western consumers, the palm oil industry established the Roundtable on Sustainable Palm Oil (RSPO) in 2004 to develop an ethical certification system that includes commitments to preserve rainforests and wildlife.
"As for demand, the volume that is currently available versus the offtake, there is a mismatch," Vengeta Rao, secretary general of the RSPO, said on the sidelines of a palm oil conference.
He said the industry had so far sold only 15,000 tonnes of certified greed palm oil since the first shipment last November while output might have reached around 600,000 tonnes.
Under fire from green groups and some Western consumers, the palm oil industry established the Roundtable on Sustainable Palm Oil (RSPO) in 2004 to develop an ethical certification system that includes commitments to preserve rainforests and wildlife.
"As for demand, the volume that is currently available versus the offtake, there is a mismatch," Vengeta Rao, secretary general of the RSPO, said on the sidelines of a palm oil conference.
He said the industry had so far sold only 15,000 tonnes of certified greed palm oil since the first shipment last November while output might have reached around 600,000 tonnes.
Trader's Highlight
DJI-NEW YORK, May 27 (Reuters) - U.S. stocks dropped on Wednesday as rising yields on U.S. government debt fueled concern that businesses and consumers could face higher borrowing costs, which could hamper an economic recovery.
The Dow Jones industrial average <.DJI> fell 173.47 points, or 2.05 percent, to end at 8,300.02. The Standard & Poor's 500 Index <.SPX> was down 17.27 points, or 1.90 percent, at 893.06. The Nasdaq Composite Index <.IXIC> was down 19.35 points, or 1.11 percent, at 1,731.08.
NYMEX-NEW YORK, May 27 (Reuters) - U.S. crude oil futures held their gains in post-settlement trading on Wednesday, as data from the American Petroleum Institute showed a larger-than-expected drawdown in crude stocks last week.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), July crude was up 52 cents, or 0.83 percent, at $62.97 a barrel. It earlier settled up $1, or 1.6 percent, at $63.45, the highest close since $65.30 on Nov. 5. It traded from $62.19 to $63.82, the highest intraday since $65.56 was hit on Nov. 10.
CBOT-SOYBEANS - July up 1-1/2 cents per bushel at $11.87. November up 7-1/2 at $10.50.
Shrinking soy stocks, strong export demand and fund buying combine to boost soy to $12 per bushel, an eight-month high.
USDA said U.S. soy planting 48 percent complete, below the 65 percent five-year average but within trade estimates for 45 to 50 percent.
U.S. Census Bureau to issue monthly crush data on Thursday.
CBOT-SOYOIL - July up 0.06 cent per lb at 37.81. Spillover support from gains in soy with firm crude oil also supportive.
FCPO-KUALA LUMPUR, May 27 (Reuters) - Malaysian palm futures jumped 3.1 percent on Wednesday, with more buyers back into the market a day after a sell off, on concerns stock levels this month could go lower.
The benchmark August contract on Bursa Malaysia's Derivatives Exchange rose 75 ringgit to 2,505 ringgit ($718.4) per tonne. Overall volume surged to 17,373 lots of 25 tonnes each from the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, May 27 (Reuters) - Most Southeast Asian stocks rose
on Wednesday as energy shares jumped on higher oil prices and Singapore's index neared an eight-month high with CapitaLand and DBS Group leading the way.
Singapore's index <.FTSTI> jumped 3 percent to its highest since October 3, Thailand's benchmark SET index <.SETI> climbed 2.3 percent, Indonesia's index <.JKSE> rose 1.9 percent and Bucking the trend, Malaysian stocks <.KLSE> closed down 0.4 percent, ahead of an announcement by the country's central bank that the local economy contracted a larger-than-expected 6.2 percent in the first quarter from a year ago.
The Dow Jones industrial average <.DJI> fell 173.47 points, or 2.05 percent, to end at 8,300.02. The Standard & Poor's 500 Index <.SPX> was down 17.27 points, or 1.90 percent, at 893.06. The Nasdaq Composite Index <.IXIC> was down 19.35 points, or 1.11 percent, at 1,731.08.
NYMEX-NEW YORK, May 27 (Reuters) - U.S. crude oil futures held their gains in post-settlement trading on Wednesday, as data from the American Petroleum Institute showed a larger-than-expected drawdown in crude stocks last week.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), July crude
CBOT-SOYBEANS - July
Shrinking soy stocks, strong export demand and fund buying combine to boost soy to $12 per bushel, an eight-month high.
USDA said U.S. soy planting 48 percent complete, below the 65 percent five-year average but within trade estimates for 45 to 50 percent.
U.S. Census Bureau to issue monthly crush data on Thursday.
CBOT-SOYOIL - July
FCPO-KUALA LUMPUR, May 27 (Reuters) - Malaysian palm futures jumped 3.1 percent on Wednesday, with more buyers back into the market a day after a sell off, on concerns stock levels this month could go lower.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 27 (Reuters) - Most Southeast Asian stocks rose
on Wednesday as energy shares jumped on higher oil prices and Singapore's index neared an eight-month high with CapitaLand and DBS Group leading the way.
Singapore's index <.FTSTI> jumped 3 percent to its highest since October 3, Thailand's benchmark SET index <.SETI> climbed 2.3 percent, Indonesia's index <.JKSE> rose 1.9 percent and Bucking the trend, Malaysian stocks <.KLSE> closed down 0.4 percent, ahead of an announcement by the country's central bank that the local economy contracted a larger-than-expected 6.2 percent in the first quarter from a year ago.
KLSE Daily: Uptrend remians intact
Market close off from the fresh high. Nevertheless, overall daily technical outlook remains good and supportive. Currently, upside resistance is maintain at 1070-1080. To the downside, immediate support is stood at 1047-1045 (gap left over on 25/5/2009)followed by 1040-1035.
FKLI Daily: Maintain upward posture
Market is maintaining its upward posture moving in tight range manner. We continue to look for the upside resistance at 1075-1080. Downside support is pegged at 1040-1035.
FCPO Daily: Bulls defended
Market had a little pull back after the recent sell down as bull was tried to defend. However, the rebound was not convincing enough to change the current negative daily technical landscape into positive mode. We are now looking for the upside resistance at 2530-2560 followed by 2600. To the downside, support is pegged at 2350 followed by 2300.
Wednesday, May 27, 2009
Trader's Comment: Palm oil futures rebounded strongly from yesterday’s losses to end sharply higher
Palm oil futures rebounded strongly from yesterday’s losses to end sharply higher after a choppy trading day. Benchmark Aug09 immediately surged to the morning high of 2487 after opened almost unchanged at 2425. It was well supported closed at 2481 for morning break. Prices then began to hover between 2470-2500 level through out the second session before it finally surged further to 2507 and settled RM75 higher at 2505. External markets were mix today as eCBOT soy oil edged higher while Dalian palm ended to inch lower during Asian time trading. Overall market was encountering some technical rebound after yesterday’s aggressive selling activities and may want to consolidate further in near future.
Breaking News-RTRS-INTERVIEW-Malaysia May palm oil stocks may hit 23-month low
RTRS-MALAYSIA MAY PALM STOCKS MAY GO LOWER TO 1.26-1.27 MLN TONNES -INDUSTRY ANALYST
RTRS-MALAYSIA '09 PALM OIL OUTPUT SEEN FLAT AT AROUND 17.8 MILLION TONNES-INDUSTRY ANALYST
RTRS-MALAYSIAN '09 PALM OIL EXPORTS SEEN FLAT AT AROUND 16 MILLION TONNES-INDUSTRY ANALYST
RTRS-MALAYSIA '09 PALM OIL OUTPUT SEEN FLAT AT AROUND 17.8 MILLION TONNES-INDUSTRY ANALYST
RTRS-MALAYSIAN '09 PALM OIL EXPORTS SEEN FLAT AT AROUND 16 MILLION TONNES-INDUSTRY ANALYST
Breaking News-RTRS-UPDATE 1-China May soy imports seen at record 4.29 mln T-MofCom
BEIJING, May 25 (Reuters) - China's Commerce Ministry expects the country's soybean imports to hit a record 4.29 million tonnes in May and to remain high in June, with 4.11 million tonnes expected to arrive.
The preliminary estimates from the ministry's latest twice-monthly report sharply revised its earlier forecasts of 3.66 million tonnes in May and 2.8 million tonnes in June. The preliminary figures were in line with traders' projections.
China, the world's largest soy importer, imported 3.71 million tonnes in April.
The preliminary estimates from the ministry's latest twice-monthly report sharply revised its earlier forecasts of 3.66 million tonnes in May and 2.8 million tonnes in June. The preliminary figures were in line with traders' projections.
China, the world's largest soy importer, imported 3.71 million tonnes in April.
Breaking News-RTRS-INTERVIEW-Indonesia palm exports to India seen up 25 pct
JAKARTA, May 26 (Reuters) - Indonesian exports of palm oil to India are forecast to jump 25 percent this year, driven by higher consumption in the world's second-biggest edible oils buyer and tight supply of rival soybean oil, an industry official said. Indonesia,
Trader's Highlight
DJI-NEW YORK, May 26 (Reuters) - U.S. stocks climbed more than 2 percent on Tuesday as data showing the biggest monthly jump in consumer confidence in six years lifted hopes of an economic rebound, and a brokerage upgrade of Apple Inc drove sharp gains
on the Nasdaq.
The Dow Jones industrial average <.DJI> rose 196.17 points, or 2.37 percent, to finish at 8,473.49. The Standard & Poor's 500 Index <.SPX> was up 23.33 points, or 2.63 percent, at 910.33. The Nasdaq Composite Index <.IXIC> was up 58.42 points,
or 3.45 percent, at 1,750.43.
NYMEX-NEW YORK, May 26 (Reuters) - U.S. crude oil futures ended more than 1 percent higher on Tuesday after hitting a fresh 2009 intraday high, as a report of higher consumer confidence bolstered hopes of improved oil demand.
On the New York Mercantile Exchange, July crude settled up 78 cents, or 1.26 percent, at $62.45, the highest close since $65.30 on Nov. 5. It traded from $59.53 to $62.50, the highest intraday price since $65.56 on Nov. 10.
CBOT-SOYBEANS - July up 19-1/2 cents per bushel at $11.85-1/2. Tight stocks of soy and equities rally boosted soybean futures.
Trade expecting USDA late on Tuesday to show soy plantings at 45 to 50 percent complete, down from the five-year average of roughly 67 percent.
CBOT-SOYOIL - July down 0.35 cent per lb at 37.75. Profit-taking and soymeal/soyoil spreading weighed on soyoil futures.
FCPO-KUALA LUMPUR, May 26 (Reuters) - Malaysian palm futures dropped 0.6 percent on Tuesday but bounced off 5-week lows hit earlier in the session after talk of stronger export demand for Southeast Asian palm oil lifted sentiment.
The benchmark August contract on Bursa Malaysia's Derivatives Exchange settled down 15 ringgit at 2,430 ringgit ($696.7) after going as low as 2,350 ringgit, a level unseen since April 21. Overall volume more than doubled to 23,485 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 26 (Reuters) - Most Southeast Asian stocks fell
on Tuesday as tensions over North Korea's nuclear and missile test offset recent optimism about a recovery in the global economy.
Markets in the region dipped following a report that North Korea would launch more short-range missiles, further raising tensions after its nuclear test on Monday.
The MSCI index of Asia-Pacific stocks outside Japan <.MIAPJ0000PUS> was down 1.05 percent as of 0945 GMT but analysts said they believed the market impact will be short-lived in a region growing accustomed to Pyongyang's actions.
Singapore's index <.FTSTI> slid 1.26 percent, with Southeast Asia's top lender DBS Group falling 1.7 percent, casino operator Genting International down 2.3 percent and shipbuilder COSCO Corp lost 3.25 percent.
Indonesia <.JKSE> shed 1.77 percent after a 0.3 percent rise a day earlier. Thai shares <.SETI> erased early gains to close down 1.4 percent, extending falls for a second day.
Malaysian stocks <.KLSE> eased 0.14 percent ahead of a decision by the country's central bank to leave interest rates unchanged at 2 percent, as expected.
on the Nasdaq.
The Dow Jones industrial average <.DJI> rose 196.17 points, or 2.37 percent, to finish at 8,473.49. The Standard & Poor's 500 Index <.SPX> was up 23.33 points, or 2.63 percent, at 910.33. The Nasdaq Composite Index <.IXIC> was up 58.42 points,
or 3.45 percent, at 1,750.43.
NYMEX-NEW YORK, May 26 (Reuters) - U.S. crude oil futures ended more than 1 percent higher on Tuesday after hitting a fresh 2009 intraday high, as a report of higher consumer confidence bolstered hopes of improved oil demand.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - July
Trade expecting USDA late on Tuesday to show soy plantings at 45 to 50 percent complete, down from the five-year average of roughly 67 percent.
CBOT-SOYOIL - July
FCPO-KUALA LUMPUR, May 26 (Reuters) - Malaysian palm futures dropped 0.6 percent on Tuesday but bounced off 5-week lows hit earlier in the session after talk of stronger export demand for Southeast Asian palm oil lifted sentiment.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 26 (Reuters) - Most Southeast Asian stocks fell
on Tuesday as tensions over North Korea's nuclear and missile test offset recent optimism about a recovery in the global economy.
Markets in the region dipped following a report that North Korea would launch more short-range missiles, further raising tensions after its nuclear test on Monday.
The MSCI index of Asia-Pacific stocks outside Japan <.MIAPJ0000PUS> was down 1.05 percent as of 0945 GMT but analysts said they believed the market impact will be short-lived in a region growing accustomed to Pyongyang's actions.
Singapore's index <.FTSTI> slid 1.26 percent, with Southeast Asia's top lender DBS Group
Indonesia <.JKSE> shed 1.77 percent after a 0.3 percent rise a day earlier. Thai shares <.SETI> erased early gains to close down 1.4 percent, extending falls for a second day.
Malaysian stocks <.KLSE> eased 0.14 percent ahead of a decision by the country's central bank to leave interest rates unchanged at 2 percent, as expected.
Tuesday, May 26, 2009
Tradder's Comment: Bear continue to be in charge as palm oil futures extended from yesterday losses
Bear continue to be in charge as palm oil futures extended from yesterday losses and tested 2350 level on talk of higher production. Benchmark Aug09 initially hovered between 2469-2422 level through out the morning session after opened almost unchanged at 2449. However, the emerged of market talk that the production in May could improve significantly had triggered some aggressive selling activities in local CPO market and saw Benchmark Aug09 slid to intra day low of 2350 in the afternoon session. The appear of late short covering led prices to bounce back and settled RM15 lower at 2430. External market had also added some weaker sentiment. Dalian palm ended more than 2% lower while eCBOT soy oil edged lower.
Breaking News-Indonesia to reimpose duty on CPO exports
JAKARTA: Indonesia, the world's largest palm oil producer, will resume taxing shipments of the commodity from next month after prices rebounded, according to Diah Maulida, director general of foreign trade at the Ministry of Trade.
The country will impose a 3 per cent duty on crude palm oil exports and also raise the so-called base price for calculating the tax to US$700 (US$1 = RM3.49) a tonne from US$560, Maulida wrote yesterday in a text message. Indonesia had scrapped a 7.5 per cent tax last November after prices tumbled amid the global recession.
The reintroduction was expected by the Indonesian Palm Oil Producers' Association, which held talks with government officials last week on the move. The government said in October the charge may be re-imposed, fixed at 1.5 per cent if palm oil in Rotterdam was more than US$700 a tonne, or 3 per cent if it averaged US$751 to US$800 a tonne.
Published: 2009/05/26
The country will impose a 3 per cent duty on crude palm oil exports and also raise the so-called base price for calculating the tax to US$700 (US$1 = RM3.49) a tonne from US$560, Maulida wrote yesterday in a text message. Indonesia had scrapped a 7.5 per cent tax last November after prices tumbled amid the global recession.
The reintroduction was expected by the Indonesian Palm Oil Producers' Association, which held talks with government officials last week on the move. The government said in October the charge may be re-imposed, fixed at 1.5 per cent if palm oil in Rotterdam was more than US$700 a tonne, or 3 per cent if it averaged US$751 to US$800 a tonne.
Published: 2009/05/26
Trader's Highlight
FCPO-KUALA LUMPUR, May 25 (Reuters) - Malaysian palm futures slid 3 percent to a near four-week low on Monday as weak export growth showed Asian buyers had cut purchases from Malaysia, waiting for high pricing and dwindling supplies to ease.
The benchmark August contract on Bursa Malaysia's Derivatives Exchange settled down 76 ringgit to 2,445 ringgit ($700.8) per tonne, a level unseen since April 28. Overall volume stood at 13,230 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 25 (Reuters) - Most Southeast Asian stocks rose
on Monday, with Singapore Petroleum and Keppel Corp pushing its market higher, while banking shares fell in Thailand after the latest data confirmed the country was in recession.
Singapore's index <.FTSTI> climbed 0.99 percent,Malaysia <.KLSE> added 0.8 percent, Indonesia <.JKSE> gained 0.3 percent, the Philippine index <.PSI> rose 0.8 percent and Vietnam <.VNI> jumped 4.2 percent.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 25 (Reuters) - Most Southeast Asian stocks rose
on Monday, with Singapore Petroleum and Keppel Corp pushing its market higher, while banking shares fell in Thailand after the latest data confirmed the country was in recession.
Singapore's index <.FTSTI> climbed 0.99 percent,Malaysia <.KLSE> added 0.8 percent, Indonesia <.JKSE> gained 0.3 percent, the Philippine index <.PSI> rose 0.8 percent and Vietnam <.VNI> jumped 4.2 percent.
KLSE Daily: Bulls dominated
Bulls dominated with another day of good closing. As for now, we are looking for the upside resistance at 1070-1080. To the downside, support is stood at 1047-1045 (gap left over on 25/5/2009).
FKLI Daily: Can't see the TOP
Bulls look likely to extend its northern journey to march higher. We are now looking for the upside resistance at 1075-1080. Downside support is pegged at 1030-1025.
FCPO Daily: into Bearish zone
Market continue to tumble had turned the immediate daily technical landscape into bearish mode. Violation of 2400-2390 physiological support will provide more room to downside potential. To the upside, resistance is at 2540-2560.
Monday, May 25, 2009
Trader's Comment: Palm oil futures fell sharply lower on late intra day liquidation.
Palm oil futures fell sharply lower to new recent low level on late intra day liquidation. Benchmark Aug09 initially managed to bounce back from its morning low of 2478 and hit intra day high at 2531 in the afternoon session on the back of some positive export figures released by both private cargo surveyors. ITS and SGS had reported an increase of 0.6% and 4.7% respectively on the 1-25 May export data. However, lack of follow through buying and some intra day liquidation in late trading led prices to fall again. The weak Dalian palm did not provide any buying support to the local CPO market while, eCBOT were closed during Asian time trading due to US public holiday. Benchmark Aug09 finally settled RM76 lower at the day low of 2445 with total daily volume stood at 13,230 contracts changed hands.
Breaking News-RTRS-China soy imports stay thin on high CBOT prices-survey
BEIJING, May 22 (Reuters) - China's demand for imported soybeans remained low this week after the Chicago Board of Trade (CBOT) soy prices surged to a fresh 8-month high, making imports expensive, according to a survey of an official think-tank.
In addition, a rise in freight rate had turned imported soybeans expensive or more than 4,000 yuan ($586.2) per tonne, higher than the domestic crop for the first time this year, the China National Grain and Oils Information Centre (CNGOIC) said in a report.
In addition, a rise in freight rate had turned imported soybeans expensive or more than 4,000 yuan ($586.2) per tonne, higher than the domestic crop for the first time this year, the China National Grain and Oils Information Centre (CNGOIC) said in a report.
Trader's Highlight
DJI-NEW YORK, May 22 (Reuters) - U.S. stocks fell for a fourth day on Friday on persistent worries about the U.S. budget deficit, with U.S. Treasuries and the dollar losing ground.
The Dow Jones industrial average <.DJI> dropped 14.81 points, or 0.18 percent, to 8,277.32. The Standard & Poor's 500 Index <.SPX> fell 1.33 points, or 0.15 percent, to 887.00. The Nasdaq Composite Index <.IXIC> lost 3.24 points, or 0.19 percent, to 1,692.01.
NYMEX-NEW YORK, May 22 (Reuters) - U.S. crude futures ended higher on Friday, spurred by pre-holiday short-covering, after earlier being listless as traders weighed weak fundamentals against the falling dollar.
News that bad weather had forced the Louisiana Offshore Oil Port to cancel offloading of tankers for a second day was supportive.
On the New York Mercantile Exchange, July crude settled up 62 cents, or 1.02 percent, at $61.67 a barrel, trading from $60.50 to $61.98.
CBOT-SOYBEANS - July down 9 cents at $11.66. November up 8 at $10.31-1/2.
Profit-taking of the July/November bull spread pressured July and boosted November. Market had rallied to near fresh eight-month high on shrinking stocks of soy, big export sales of U.S. soybean stocks and low yields in South America. China continues to buy soybeans.
CBOT-SOYOIL - July up 0.12 cent at 38.10. Weak dollar and higher crude oil contributing support.
FCPO-JAKARTA, May 22 (Reuters) - Malaysian palm futures rose nearly 1 percent on Friday, rebounding from a three-week low a day earlier, but fears over supplies in the world's number-two producer and a strong ringgit capped gains, traders said.
The benchmark August contract on the Bursa Malaysia's Derivatives Exchange rose 23 ringgit, or 0.9 percent, to 2,522 ringgit ($723.05) per tonne, after posting its biggest day-fall in more than three weeks on Thursday.
REGIONAL EQUITIES-BANGKOK, May 22 (Reuters) - Southeast Asian stock markets mostly recovered from early falls on Friday, with energy-related shares among the advancers, including Singapore's Golden Agri, Malaysia's Tenaga, Thai PTTEP and Indonesia's Adaro Energy.
Singapore's index <.FTSTI> climbed 1.6 percent, recouping a loss of almost 1 percent in morning trade, Malaysia <.KLSE> gained 0.9 percent after earlier slipping 0.5 percent, and Thai stocks <.SETI> rose almost 1 percent after dropping 1 percent.
Indonesia <.JKSE> eased 0.2 percent on resuming trade after closing on Thursday for a market holiday.
The Dow Jones industrial average <.DJI> dropped 14.81 points, or 0.18 percent, to 8,277.32. The Standard & Poor's 500 Index <.SPX> fell 1.33 points, or 0.15 percent, to 887.00. The Nasdaq Composite Index <.IXIC> lost 3.24 points, or 0.19 percent, to 1,692.01.
NYMEX-NEW YORK, May 22 (Reuters) - U.S. crude futures ended higher on Friday, spurred by pre-holiday short-covering, after earlier being listless as traders weighed weak fundamentals against the falling dollar.
News that bad weather had forced the Louisiana Offshore Oil Port to cancel offloading of tankers for a second day was supportive.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - July
Profit-taking of the July/November bull spread pressured July and boosted November. Market had rallied to near fresh eight-month high on shrinking stocks of soy, big export sales of U.S. soybean stocks and low yields in South America. China continues to buy soybeans.
CBOT-SOYOIL - July
FCPO-JAKARTA, May 22 (Reuters) - Malaysian palm futures rose nearly 1 percent on Friday, rebounding from a three-week low a day earlier, but fears over supplies in the world's number-two producer and a strong ringgit
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 22 (Reuters) - Southeast Asian stock markets mostly recovered from early falls on Friday, with energy-related shares among the advancers, including Singapore's Golden Agri, Malaysia's Tenaga, Thai PTTEP and Indonesia's Adaro Energy.
Singapore's index <.FTSTI> climbed 1.6 percent, recouping a loss of almost 1 percent in morning trade, Malaysia <.KLSE> gained 0.9 percent after earlier slipping 0.5 percent, and Thai stocks <.SETI> rose almost 1 percent after dropping 1 percent.
Indonesia <.JKSE> eased 0.2 percent on resuming trade after closing on Thursday for a market holiday.
DJI Weekly: Sideways
Nothing much changes on the immediate weekly outlook as market remains in its consolidation mode. Resistance maintains at 8600 followed by 8800-9000. Downside support is pegged at 8000-7800
KLSE Weekly: More upside room
Weekly chart looks more convincing for more upside room as a good closing for the week with fresh high. As for now, we are looking for the upside resistance at 1070-1080. To the downside, support is stood at 1000.
FKLI Weekly: Bulls likely to march higher
We had evident the power of bull for the entire week. Bull looks likely to march higher in near term. To the upside, resistance is at 1080-1090. Downside support is pegged at 1000-995.
FCPO Weekly: Sideways to Lower
Market retreated since after hitting the recent high at 2799. The overall weekly technical outlook losing ground further following 2600 mark was failed to defend. Thus, market looks may continue to move sideways to lower in near term. Violation of 2400-2390 may provide more room to downside potential. To the upside, resistance is maintain at 2799.
Friday, May 22, 2009
Trader's Comment: Palm oil futures slightly rebounded from yesterday’s losses to end off high.
Palm oil futures slightly rebounded from yesterday’s losses to end off high. Benchmark Aug09 hit intra day high of 2559 after opened RM41 higher at 2540, tracking the high prices traded in eCBOT soy oil and Dalian palm during early trading hour. However, it then eased of again until it hit intra day low at 2494 before morning close. Prices began to hover between 2500-2530 level through out the afternoon session until it finally settled RM23 higher at 2522. External markets were mix today as eCBOT soy oil rebounded strongly from its overnight losses while Dalian palm surrendered its earlier gains and ended lower during Asian time trading.
Trader's Comment: Palm oil futures tumbled sharply lower with triple digit losses on weak external market.
Palm oil futures tumbled sharply lower with triple digit losses on weak external market. Benchmark Aug09 initially hit intra day high of 2626 after opened RM7 higher at 2609, following the strong close in overnight NYMEX crude oil. However, lack of follow through buying activities led prices easing off and closed at 2570 before morning break. Spill over from the further weakening of external markets saw Benchmark Aug09 continued to fall for the remaining session. it hit intra day low of 2480 before settled RM103 lower at 2499. eCBOT soy oil drop more than 1% while Dalian palm ended with almost 100 point losses. Asian time NYMEX crude oil also surrendered most of its previous session’s gains at more than 2% lower. Market sentiment had turned weak due to lack of fresh friendly factor. Dorab Mistry’s paper during early of the week was more or less ignored and discounted by players, as players believed that most of his comments had factored in already. Moreover, technically also grossly overbought and needed a good correction.
Breaking News-RTRS-Hungry China keeps US soybean export sales rolling
CHICAGO, May 21 (Reuters) - The surge in U.S. soybean
prices to fresh seven-month highs last week did little to
dampen export demand, with a government report Thursday pegging
sales at a higher-than-expected 1.4 million tonnes.
And despite scattered market talk of a pullback in demand
from China, the world's top importer of soybeans bought about
seven Panamax cargoes of the oilseed last week, including
192,600 tonnes of supplies from last year's harvest.
prices to fresh seven-month highs last week did little to
dampen export demand, with a government report Thursday pegging
sales at a higher-than-expected 1.4 million tonnes.
And despite scattered market talk of a pullback in demand
from China, the world's top importer of soybeans bought about
seven Panamax cargoes of the oilseed last week, including
192,600 tonnes of supplies from last year's harvest.
Breaking News-RTRS-UPDATE 2-Drought-hit Argentine soy crop seen at 32.2 mln T
BUENOS AIRES, May 20 (Reuters) - Argentina's drought-hit soy crop looks set to shrink by 30 percent to 32.2 million tonnes, the smallest in five years, the Buenos Aires Grains Exchange said Wednesday.
The exchange, which has repeatedly cut its forecast for 2008/09 output as the harvest advanced, lowered its previous weekly outlook of 32.8 million tonnes due to poor yields as gathering nears its end.
The exchange, which has repeatedly cut its forecast for 2008/09 output as the harvest advanced, lowered its previous weekly outlook of 32.8 million tonnes due to poor yields as gathering nears its end.
Trader's Highlight
DJI-NEW YORK, May 21 (Reuters) - U.S. stocks slid in a broad sell-off on Thursday as investors, concerned about the U.S. budget deficit, exited dollar-denominated assets across the board.
Markets came under severe selling pressure as a result of an outlook downgrade for the U.K.'s triple-A credit rating heightened fears that the United States, with its increasing budget deficit and weakened economy, could face a similar fate.
The Dow Jones industrial average <.DJI> dropped 129.91 points, or 1.54 percent, to 8,292.13. The Standard & Poor's 500 Index <.SPX> fell 15.14 points, or 1.68 percent, to 888.33. The Nasdaq Composite Index <.IXIC> lost 32.59 points, or 1.89 percent, to 1,695.25.
NYMEX-NEW YORK, May 21 (Reuters) - U.S. crude oil futures ended with pared losses on Thursday as the dollar shifted lower and as news of a temporary shutdown of the only deepwater oil port in the nation caused some supply jitters.
On the New York Mercantile Exchange, July crude settled down 99 cents, or 1.6 percent, at $61.05 a barrel, trading from $59.92 to $61.87.
CBOT-SOYBEANS - July up 6 cents at $11.75. Support from tight stocks and strong export demand but gains limited by profit-taking, lower stock market and lower crude
CBOT-SOYOIL - July down 0.39 cent at 37.98. Lower crude oil and profit-taking weighing on soyoil futures.
FCPO-KUALA LUMPUR, May 21 (Reuters) - Malaysian palm futures fell 3.96 percent on Thursday after recent strong gains as tight domestic supply fuelled concerns that buyers would eventually switch to rival Indonesia.
The benchmark August contract on Bursa Malaysia's Derivatives Exchange closed 103 ringgit lower at 2,499 Malaysian ringgit ($709.7). Overall volume stood at 22,324 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 21 (Reuters) - Southeast Asian stock markets
mostly fell on Thursday, mirroring weakness around Asia after a downbeat forecast for U.S. economic growth, with big caps like DBS Group, Telekom Malaysia and PTT among the losers.
Singapore's Straits Times Index <.FTSTI> dropped 2.6 percent, ending four days of gains, while Thailand <.SETI> dropped 2.3 percent after a four-day rally and Malaysia <.KLSE> snapped a two-day rise to close down 0.7 percent.
Philippine stocks <.PSI> were flat but Vietnam <.VNI> bucked the trend, rising for a fifth day by 0.5 percent. Indonesia <.JKSE> was closed for market holiday.
Markets came under severe selling pressure as a result of an outlook downgrade for the U.K.'s triple-A credit rating heightened fears that the United States, with its increasing budget deficit and weakened economy, could face a similar fate.
The Dow Jones industrial average <.DJI> dropped 129.91 points, or 1.54 percent, to 8,292.13. The Standard & Poor's 500 Index <.SPX> fell 15.14 points, or 1.68 percent, to 888.33. The Nasdaq Composite Index <.IXIC> lost 32.59 points, or 1.89 percent, to 1,695.25.
NYMEX-NEW YORK, May 21 (Reuters) - U.S. crude oil futures ended with pared losses on Thursday as the dollar shifted lower and as news of a temporary shutdown of the only deepwater oil port in the nation caused some supply jitters.
On the New York Mercantile Exchange, July crude
CBOT-SOYBEANS - July
CBOT-SOYOIL - July
FCPO-KUALA LUMPUR, May 21 (Reuters) - Malaysian palm futures fell 3.96 percent on Thursday after recent strong gains as tight domestic supply fuelled concerns that buyers would eventually switch to rival Indonesia.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 21 (Reuters) - Southeast Asian stock markets
mostly fell on Thursday, mirroring weakness around Asia after a downbeat forecast for U.S. economic growth, with big caps like DBS Group, Telekom Malaysia and PTT among the losers.
Singapore's Straits Times Index <.FTSTI> dropped 2.6 percent, ending four days of gains, while Thailand <.SETI> dropped 2.3 percent after a four-day rally and Malaysia <.KLSE> snapped a two-day rise to close down 0.7 percent.
Philippine stocks <.PSI> were flat but Vietnam <.VNI> bucked the trend, rising for a fifth day by 0.5 percent. Indonesia <.JKSE> was closed for market holiday.
DJI Daily: Still in range trading
Market remains in rangy mode. Thus, we maintain immediate downside support at 8000. To the upside, resistance is maintain at 8600-8700.
KLSE Daily: Up-trend remains intact
Up-trend remains intact provided 1000 mark continue to support. Thus, we maintain the upside resistance at 1050. To the downside, support is pegged at 1027-1022 followed by 1017-1012 (gap left over on 19/5/2009).
FKLI Daily: Remains positive tone
Profit taking activities were evident after market hit a fresh new high again. However, the overall immediate daily technical outlook remains positive. As for now, we look for the upside resistance at 1045.5-1050. To the downside, support is at 1022 followed by 1013.1006.5 (gap left over on 19/5/2009).
FCPO Daily: Sinking of FCPO
Market sank drastically with triple digit losses following support at 2515-2500 was failed to defend. We are now changing our view towards sideways to lower in near term market. As for now, upside resistance is at 2650-2665. To the downside, support is pegged at 2450-2400.
Thursday, May 21, 2009
Trader's Highlight
DJI - NEW YORK, May 20 - U.S. stocks fell on Wednesday, led by financials in a late-stage sell-off, after the Federal Reserve gave a more pessimistic view on the economy, tempering hopes for a quick recovery.
The Fed cut its 2009 forecast for gross domestic product and raised its outlook for unemployment, undercutting recent optimism that the economy might be turning the corner.
The Dow Jones industrial average fell 52.57 points, or 0.62 percent, at 8,422.28. The Standard & Poor's 500 Index lost 4.64 points, or 0.51 percent, at 903.49. The Nasdaq Composite Index was off 6.70 points, or 0.39 percent,
at 1,727.84.
NYMEX - NEW YORK, May 20 - U.S. crude futures surged to a six-month high above $62 a barrel on Wednesday, rallying after government inventory data showed larger-than-forecast drawdowns in crude and gasoline supplies last week.
The data from the Energy Information Administration validated the industry group American Petroleum Institute's report on Tuesday that crude and gasoline supplies fell sharply last week.
On the New York Mercantile Exchange, front-month July crude settled up $1.94, or 3.23 percent, at $62.04 a barrel, the highest settlement since Nov. 11's $62.41. It traded from $59.86 to $62.14, the highest since $62.28 was struck, also on Nov. 11. In post-settlement trading, the day's high rose to $62.26.
CBOT - SOYBEAN - July up 7 cents at $11.69. Shrinking supplies of soybeans, low yields in South America and ongoing buying of soy by China lifting soybean futures to near an eight-month high.
CBOT - SOYOIL - July up 0.20 cent per lb at 38.37. Following soybeans with firm crude oil also supportive.
FCPO - JAKARTA, May 20 - Malaysian palm futures dropped 1.0 percent on Wednesday as investors booked profits, with strong Malaysian palm product export figures meeting expectations, giving no fresh incentives to buy, traders said.
News about Indonesia's plan to impose a 3 percent tax on crude palm oil exports in June, after a seven-month freeze, also failed to support the market, as investors were in profit-taking mood, they said.
The benchmark August contract dropped 28 ringgit to 2,602 ringgit ($736.06) per tonne. Overall volume was more than double the usual at 24,927 lots of 25 tonnes each.
REGIONAL EQUITIES - BANGKOK, May 20 - Southeast Asian stock markets extended recent gains on Wednesday, shrugging off a drop on Wall Street thanks to strong foreign fund flows, while oil above $60 a barrel lifted Thai energy firm PTT and Malaysia's IOI Corp.
Singapore's Straits Times Index rose 0.4 percent, adding to a 3.8 percent gain a day earlier, Kuala Lumpur gained 1.9 percent, and Philippine stocks added 1 percent.
Thailand edged up 0.9 percent and Vietnam added 2.4 percent. Jakarta bucked the trend although it only lost 0.02 percent.
The Fed cut its 2009 forecast for gross domestic product and raised its outlook for unemployment, undercutting recent optimism that the economy might be turning the corner.
The Dow Jones industrial average fell 52.57 points, or 0.62 percent, at 8,422.28. The Standard & Poor's 500 Index lost 4.64 points, or 0.51 percent, at 903.49. The Nasdaq Composite Index was off 6.70 points, or 0.39 percent,
at 1,727.84.
NYMEX - NEW YORK, May 20 - U.S. crude futures surged to a six-month high above $62 a barrel on Wednesday, rallying after government inventory data showed larger-than-forecast drawdowns in crude and gasoline supplies last week.
The data from the Energy Information Administration validated the industry group American Petroleum Institute's report on Tuesday that crude and gasoline supplies fell sharply last week.
On the New York Mercantile Exchange, front-month July crude settled up $1.94, or 3.23 percent, at $62.04 a barrel, the highest settlement since Nov. 11's $62.41. It traded from $59.86 to $62.14, the highest since $62.28 was struck, also on Nov. 11. In post-settlement trading, the day's high rose to $62.26.
CBOT - SOYBEAN - July up 7 cents at $11.69. Shrinking supplies of soybeans, low yields in South America and ongoing buying of soy by China lifting soybean futures to near an eight-month high.
CBOT - SOYOIL - July up 0.20 cent per lb at 38.37. Following soybeans with firm crude oil also supportive.
FCPO - JAKARTA, May 20 - Malaysian palm futures dropped 1.0 percent on Wednesday as investors booked profits, with strong Malaysian palm product export figures meeting expectations, giving no fresh incentives to buy, traders said.
News about Indonesia's plan to impose a 3 percent tax on crude palm oil exports in June, after a seven-month freeze, also failed to support the market, as investors were in profit-taking mood, they said.
The benchmark August contract dropped 28 ringgit to 2,602 ringgit ($736.06) per tonne. Overall volume was more than double the usual at 24,927 lots of 25 tonnes each.
REGIONAL EQUITIES - BANGKOK, May 20 - Southeast Asian stock markets extended recent gains on Wednesday, shrugging off a drop on Wall Street thanks to strong foreign fund flows, while oil above $60 a barrel lifted Thai energy firm PTT and Malaysia's IOI Corp.
Singapore's Straits Times Index rose 0.4 percent, adding to a 3.8 percent gain a day earlier, Kuala Lumpur gained 1.9 percent, and Philippine stocks added 1 percent.
Thailand edged up 0.9 percent and Vietnam added 2.4 percent. Jakarta bucked the trend although it only lost 0.02 percent.
DJI Daily: Struggling
Market was struggling as prices remains in rangy mode. Thus, we maintain immediate downside support at 8000. To the upside, resistance is maintain at 8600-8700.
KLSE Daily: Malaysia Boleh
A double digit gain with a fresh new high for the year proved that 'Malaysia Boleh'. Market looks may continue to rally in near term. Thus, we now looking for the upside resistance at 1050. To the downside, support is pegged at 1017-1012 (gap left over on 19/5/2009).
FKLI Daily: Superb
A convincing breakout to close at fresh year high had helped to maintain the bullish tone. As for now, we look for the upside resistance at 1050. To the downside, we maintain the support at 1013.1006.5 (gap left over on 19/5/2009).
FCPO Daily: Under pressure
Market looks under pressure after prices tested the 2600 mark support in intra-day basis. We currently maintain our sideways view towards the near term market. As for now, we are now looking for the upside resistance at 2655-2665. To the downside, support is pegged at 2515-2500.
Wednesday, May 20, 2009
Trader's Comment: Palm oil futures ended lower on profit taking.
Palm oil futures ended lower on profit taking. Benchmark Aug09 had been trading within the range of 2656-2607 through out most of the sessions. The bullish results of export figures released by both private cargo surveyors had not led to higher price movement as the news were within market expectation. ITS and SGS reported an increase of 7.9% and 10.7% respectively on the 1-20 May export data. The emerged of late profit taking activities saw Benchmark Aug09 to slid further to intra day low of 2588 before settling RM28 lower at 2602. Generally, market may likely to consolidate in the near future.
Breaking News-RTRS-Informa pegs US soy ending stocks 77 mln bu-trade
CHICAGO, May 19 (Reuters) - Memphis-based analytical firm Informa Economics has pegged 2008/09 U.S. soybean ending stocks at 77 million bushels, below USDA's forecast in May for 130 million, trade sources said.
Trader's Highlight
DJI-NEW YORK, May 19 (Reuters) - The Dow and S&P 500 slipped on Tuesday as financial shares sank and on disappointing housing data, but the Nasdaq rose as investors snapped up technology shares ahead of results from Hewlett Packard .
After a choppy session, financial shares fell as the U.S. Senate passed a bill to curb sudden credit card interest rate increases and hidden fees, a move that analysts said would hurt the profits of major credit card issuers.
The Dow Jones industrial average <.DJI> fell 29.23 points, or 0.34 percent, at 8,474.85. The Standard & Poor's 500 Index <.SPX> lost 1.58 points, or 0.17 percent, at 908.13. The Nasdaq Composite Index <.IXIC> added 2.18 points, or 0.13 percent, at 1,734.54.
NYMEX-NEW YORK, May 19 (Reuters) - U.S. crude oil futures firmed above $60 a barrel in post-settlement trading on Tuesday after the American Petroleum Institute said that domestic crude stocks fell much more than expected last week.
On the New York Mercantile Exchange, at 4:55 p.m. EDT (2055 GMT), the new NYMEX front month crude contract, July, was up 82 cents, or 1.38 percent, at $60.41. It had settled earlier up 51 cents, or 0.86 percent, at $60.10, trading from $58.93 to $60.99.
CBOT-SOYBEANS - July up 15-1/2 cents at $11.62 per bushel.
Rallies to 7-1/2-month high with tight soybean stocks, continued active soy buying by China and fund buying combining to lift soybean futures.
Informa Economics pegs US soy ending stocks for 2008/09 at 77 million bushels, below USDA's outlook for 130 million. - trade sources [ID:nN19412161]
CBOT-SOYOIL - July up 0.01 cent per lb at 38.17 cents. Following soybeans and gains in crude oil.
FCPO-JAKARTA, May 19 (Reuters) - Malaysian palm futures rose 2.3 percent on Tuesday to end a three-day losing streak, pulling back from a two-week low, ahead of export figures expected on Wednesday, traders said.
The benchmark August contract rose 60 ringgit to 2,630 ringgit ($745.46) per tonne, after losing 8.2 percent in previous three days. Overall volume was 17,599 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 19 (Reuters) - Southeast Asian stock markets
posted healthy gains on Tuesday, with banks, property and energy shares such as CapitaLand, Maybank and Perusahaan Gas Negara helping push Singapore, Malaysia and Indonesia to one-week highs.
Singapore's main stock index <.FTSTI> climbed 3.8 percent, Malaysia's <.KLSE> 1.1 percent and Indonesia's 4.6 percent. Thai shares <.SETI> hit their highest intraday level in seven months and closed 3 percent higher ahead of a likely Bank of Thailand interest rate cut on Wednesday.
After a choppy session, financial shares fell as the U.S. Senate passed a bill to curb sudden credit card interest rate increases and hidden fees, a move that analysts said would hurt the profits of major credit card issuers.
The Dow Jones industrial average <.DJI> fell 29.23 points, or 0.34 percent, at 8,474.85. The Standard & Poor's 500 Index <.SPX> lost 1.58 points, or 0.17 percent, at 908.13. The Nasdaq Composite Index <.IXIC> added 2.18 points, or 0.13 percent, at 1,734.54.
NYMEX-NEW YORK, May 19 (Reuters) - U.S. crude oil futures firmed above $60 a barrel in post-settlement trading on Tuesday after the American Petroleum Institute said that domestic crude stocks fell much more than expected last week.
On the New York Mercantile Exchange, at 4:55 p.m. EDT (2055 GMT), the new NYMEX front month crude contract, July
CBOT-SOYBEANS - July
Rallies to 7-1/2-month high with tight soybean stocks, continued active soy buying by China and fund buying combining to lift soybean futures.
Informa Economics pegs US soy ending stocks for 2008/09 at 77 million bushels, below USDA's outlook for 130 million. - trade sources [ID:nN19412161]
CBOT-SOYOIL - July
FCPO-JAKARTA, May 19 (Reuters) - Malaysian palm futures rose 2.3 percent on Tuesday to end a three-day losing streak, pulling back from a two-week low, ahead of export figures expected on Wednesday, traders said.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 19 (Reuters) - Southeast Asian stock markets
posted healthy gains on Tuesday, with banks, property and energy shares such as CapitaLand, Maybank and Perusahaan Gas Negara helping push Singapore, Malaysia and Indonesia to one-week highs.
Singapore's main stock index <.FTSTI> climbed 3.8 percent, Malaysia's <.KLSE> 1.1 percent and Indonesia's 4.6 percent. Thai shares <.SETI> hit their highest intraday level in seven months and closed 3 percent higher ahead of a likely Bank of Thailand interest rate cut on Wednesday.
DJI Daily: in Sideways manner
Market retreated after the yesterday rebound. Hence, market likely to continue to move in sideways. Thus, we maintain immediate downside support at 8000. To the upside, resistance is maintain at 8600-8700.
KLSE Daily: Holding well at 1000 mark
Market continue to hold above the 1000 physiological support. Thus, we now looking for the upside resistance at 1037. To the downside, support is pegged at 1017-1012 (gap left over on 19/5/2009).
FKLI Daily: Directionless
Bull looks not to give up to gain back its momentum following resistance at 1020-1025 was violated. Consolidation phase will come to the end if market manage to breakout from its recent high at 1038 level. Otherwise, market may keep holding in sideways manner. To the downside, we are looking for the support at 1013.1006.5 (gap left over on 19/5/2009).
FCPO Daily: Remains sideway
Market covered the upside gap at 2603-2655 to retain its upward posture. However, the rebound was not convincing enough to change its current sideways move. As for now, we are now looking for the upside resistance at 2680-2700. To the downside, support is pegged at 2605-2603 (gap left over on 19/5/2009) followed by 2515-2500.
Tuesday, May 19, 2009
Trader's Comment: Palm oil futures rebounded strongly from yesterday’s losses in anticipation of bullish export data
Palm oil futures rebounded strongly from yesterday’s losses in anticipation of bullish export data and regional positive equity market. Benchmark Aug09 immediately gap up RM37 higher to open at 2607 following overnight NYMEX crude oil bounced back sharply from its previous losses. It then climbed steadily through out the most of the sessions and hit intra day high of 2665 before it eased off slightly and settled RM60 higher at 2630. Traders began to gain back confidence again in the strong fundamentals of CPO market after a market talk that export data which is scheduled to release tomorrow may hit 814k tonnes level compared to 1-20 April at 754k tonnes. This helped to further enhance buying activities in BMD. External markets also had showed some supportive moves. Dalian palm ended more than 3% higher while eCBOT soy oil gained back its earlier losses to edged higher.
Breaking News - RTRS-INTERVIEW-China to stay strong buyer of soy - Bunge exec
ST.LOUIS, May 18 - China will remain a strong buyer of soybeans through 2009 as it builds up domestic reserves and imports soy to meet the demands of its expanding meat sector, a top Bunge executive said on Monday.
"We do expect China to be a significant buyer throughout the remainder of this year and on into the future," Carl Hausmann, president and chief executive officer of Bunge North America, told Reuters on the sidelines of the World Agricultural Forum, a food industry gathering in St. Louis.
"We do expect China to be a significant buyer throughout the remainder of this year and on into the future," Carl Hausmann, president and chief executive officer of Bunge North America, told Reuters on the sidelines of the World Agricultural Forum, a food industry gathering in St. Louis.
Trader's Highlight
DJI - NEW YORK, May 18 - U.S. stocks rallied on Monday as better-than-expected results from the No. 2 U.S. home improvement retailer, Lowe's Cos Inc, helped spark
broad-based buying on hopes the recession is easing and consumer spending is stabilizing.
Investors' optimism extended to sectors closely aligned with economic growth, including homebuilders, banks, energy companies and retailers. Positive broker comments on Bank of America Corp, up nearly 10 percent at $11.73, boosted financial shares, while rising oil prices improved the outlook for energy names.
The Dow Jones industrial average gained 235.44 points, or 2.85 percent, to 8,504.08. The Standard & Poor's 500 Index rose 26.83 points, or 3.04 percent, to
909.71. The Nasdaq Composite Index advanced 52.22 points, or 3.11 percent, to 1,732.36.
NYMEX - NEW YORK, May 18 - U.S. crude oil futures settled almost 5 percent percent higher on Monday on supply jitters after unrest in Nigeria flared up and a fire reduced production at a large Sunoco refinery in Pennsylvania.
On Wall Street, hopes of economic recovery re-emerged and the sentiment spilled over to the oil markets.
On the New York Mercantile Exchange, June crude settled up $2.69, or 4.77 percent, at $59.03 a barrel, the highest settlement since $59.33 on Nov. 11. It traded from
$56.12 to $59.33. Crude hit a six-month intraday high $60.08 on May 12.
CBOT - SOYBEANS - July up 16 cents to $11.46-1/2 per bushel. Turns up as stock market and crude oil rallied and following news China bought more soy from the United States. Tight soy stocks supportive in addition to support from higher stock market and gains in crude oil.
CBOT - SOYOIL - July up 0.26 cent per lb at 38.16 cents per lb. Following soybeans with soyoil futures also boosted by higher crude oil.
FCPO - JAKARTA, May 18 - Malaysian palm futures slipped for a third straight day to a two-week closing low on Monday, extending a drop from a nine-month peak reached last week amid rival soy prices and stock markets, traders said.
A late rebound in some Asian stock markets helped palm to recoup some losses but the recovery was short-lived as investors were still uncertain about the price direction in the absence of any bullish factors.
The benchmark August contract dropped 42 ringgit, or 1.6 percent, at 2,570 ringgit ($723.54) per tonne, the lowest since April 29, coming off an intraday low of 2,513 ringgit. Overall volume was more than double the usual at 24,799 lots of 25 tonnes each.
REGIONAL EQUITIES - BANGKOK, May 18 (Reuters) - Singapore shares rose more than 1
percent on Monday, staging a late rebound like other major Southeast Asian markets, with Singapore Telecommunications, Thailand's Esso and Indonesia's Bank Rakyat leading the way.
Singapore's Straits Time index closed up 1.6 percent, Thailand's SET index gained 1.2 percent and Indonesia's index jumped 3 percent.
Malaysia's benchmark inched down 0.2 percent but that was an improvement on the 1.4 percent loss earlier in the day.
broad-based buying on hopes the recession is easing and consumer spending is stabilizing.
Investors' optimism extended to sectors closely aligned with economic growth, including homebuilders, banks, energy companies and retailers. Positive broker comments on Bank of America Corp, up nearly 10 percent at $11.73, boosted financial shares, while rising oil prices improved the outlook for energy names.
The Dow Jones industrial average gained 235.44 points, or 2.85 percent, to 8,504.08. The Standard & Poor's 500 Index rose 26.83 points, or 3.04 percent, to
909.71. The Nasdaq Composite Index advanced 52.22 points, or 3.11 percent, to 1,732.36.
NYMEX - NEW YORK, May 18 - U.S. crude oil futures settled almost 5 percent percent higher on Monday on supply jitters after unrest in Nigeria flared up and a fire reduced production at a large Sunoco refinery in Pennsylvania.
On Wall Street, hopes of economic recovery re-emerged and the sentiment spilled over to the oil markets.
On the New York Mercantile Exchange, June crude settled up $2.69, or 4.77 percent, at $59.03 a barrel, the highest settlement since $59.33 on Nov. 11. It traded from
$56.12 to $59.33. Crude hit a six-month intraday high $60.08 on May 12.
CBOT - SOYBEANS - July up 16 cents to $11.46-1/2 per bushel. Turns up as stock market and crude oil rallied and following news China bought more soy from the United States. Tight soy stocks supportive in addition to support from higher stock market and gains in crude oil.
CBOT - SOYOIL - July up 0.26 cent per lb at 38.16 cents per lb. Following soybeans with soyoil futures also boosted by higher crude oil.
FCPO - JAKARTA, May 18 - Malaysian palm futures slipped for a third straight day to a two-week closing low on Monday, extending a drop from a nine-month peak reached last week amid rival soy prices and stock markets, traders said.
A late rebound in some Asian stock markets helped palm to recoup some losses but the recovery was short-lived as investors were still uncertain about the price direction in the absence of any bullish factors.
The benchmark August contract dropped 42 ringgit, or 1.6 percent, at 2,570 ringgit ($723.54) per tonne, the lowest since April 29, coming off an intraday low of 2,513 ringgit. Overall volume was more than double the usual at 24,799 lots of 25 tonnes each.
REGIONAL EQUITIES - BANGKOK, May 18 (Reuters) - Singapore shares rose more than 1
percent on Monday, staging a late rebound like other major Southeast Asian markets, with Singapore Telecommunications, Thailand's Esso and Indonesia's Bank Rakyat leading the way.
Singapore's Straits Time index closed up 1.6 percent, Thailand's SET index gained 1.2 percent and Indonesia's index jumped 3 percent.
Malaysia's benchmark inched down 0.2 percent but that was an improvement on the 1.4 percent loss earlier in the day.
DJI Daily: Cloudy
A double digit up of more than two percent had cushioned the market downside momentum. However, market direction remains cloudy as market remains capped in range bound mode. Thus, we maintain immediate downside support at 8000. To the upside, resistance is maintain at 8600-8700.
KLSE Daily: Consolidation phase likely to continue
Market was entering a consolidation phase as prices was defending at the 1000 physiological support. We continue to look for the resistance at 1020-1030. To the downside, support is maintain at 1000 followed by 990.
FKLI Daily: Struggling
Market managed to defend after cover some of the downside gap at 998-993.5. Thus,consolidation phase is likely to continue in near term. As for now, we are looking for the immediate upside resistance at 1020-1025. To the downside, we are looking for the support at 994-993.5 (unfilled gap left over) followed by 975.
FCPO Daily: Losing upside momentum
Immediate technical landscape was losing ground following market violated the 2600 mark support to end lower. As for now, we are now looking for the upside resistance at 2603-2655 (gap left over on 18/5/2009). To the downside, support is pegged at 2500-2490.
Monday, May 18, 2009
Trader's Comment: Palm oil futures partially recovered from its earlier losses on late intra day covering.
Palm oil futures partially recovered from its earlier losses on late intra day covering. Benchmark Aug09 immediately dropped to intra day low of 2513 after opened RM52 lower at 2560, following the sharp fall of overnight NYMEX crude oil and CBOT soy oil. Statement made by top industry analyst Mr Dorab Mistry in the early morning failed to enhanced buying activities but managed to provide some support on the CPO prices from falling further. Prices then hovered between 2560-2520 through out most of the sessions before a wave of intra day short covering activities emerged in late trading and push Benchmark Aug09 to hit intra day high at 2603. At the closing bell, Aug 09 settled RM42 lower at 2570. Dalian palm ended more than 4% lower after trading at limit down prices while eCBOT soy oil managed to claw back its earlier losses to inched higher.
BReaking News-RTRS-Palm prices to surge as Asia chases cargoes -Mistry
KUALA LUMPUR, May 18 (Reuters) - Malaysian palm oil futures could soon surpass a key psychological level of 3,000 ringgit as Asian buyers hunger for more of the vegetable oil at a time of low stocks and weak output, a top industry analyst said on Monday.
China will buy more vegetable oil in the second half than the first as its 4 trillion yuan stimulus package has revived some consumption and current total shipments are 24 percent behind imports of 8.1 million tonnes last year, Mistry said.
But India will now drive palm and soyoil demand rather than China after the government scrapped import taxes for edible oils, starting with palm oil, last year. Mistry said purchases would hit 8.5 million tonnes for the oil year ending Oct. 2009.
China will buy more vegetable oil in the second half than the first as its 4 trillion yuan stimulus package has revived some consumption and current total shipments are 24 percent behind imports of 8.1 million tonnes last year, Mistry said.
But India will now drive palm and soyoil demand rather than China after the government scrapped import taxes for edible oils, starting with palm oil, last year. Mistry said purchases would hit 8.5 million tonnes for the oil year ending Oct. 2009.
Breaking News-RTRS-Russia sets 10 pct import duty on tropical oils
MOSCOW, May 15 (Reuters) - Russia will set a 10 percent tariff on imports of palm and coconut oil for a period of nine months to protect domestic dairy products producers, the government said on Friday on its Web site, www.government.ru.
The new tariff will become effective one month after an order setting is officially published in the government gazette, it said. Normally a publication takes place within days after the Web site announcement.
The new tariff will become effective one month after an order setting is officially published in the government gazette, it said. Normally a publication takes place within days after the Web site announcement.
Breaking News-RTRS-India veg oil importers to fight new tax -report
NEW DELHI, May 15 (Reuters) - Indian vegetable oil importers will challenge a government order asking them to pay an extra 4 percent tax on imports, the Hindu Business Line newspaper reported on Friday.
The tax, called countervailing duty (CVD), is usually levied to protect local producers.
"There is no excise duty on edible oils. Therefore, the claims of CVD are not justified," the paper said quoting trade sources. Excise duty is a tax on domestic producers.
The customs department has asked many importers to pay the tax on vegetable oils brought into the country since Dec. 7, the paper said quoting unamed trade sources.
The tax, called countervailing duty (CVD), is usually levied to protect local producers.
"There is no excise duty on edible oils. Therefore, the claims of CVD are not justified," the paper said quoting trade sources. Excise duty is a tax on domestic producers.
The customs department has asked many importers to pay the tax on vegetable oils brought into the country since Dec. 7, the paper said quoting unamed trade sources.
Breaking News-RTRS-China soy imports slow down amid ample supply-survey
BEIJING, May 15 (Reuters) - China's demand for imported soybeans will likely slow amid ample supplies and heavy imports in coming months, according to a survey by an official think-tank.
Trader's Highlight
DJI-NEW YORK, May 15 (Reuters) - U.S. stocks stumbled on Friday as energy shares dropped along with oil prices on worries about weak demand, overshadowing fresh reassuring economic data.
The Dow Jones industrial average <.DJI> declined 62.68 points, or 0.75 percent, to 8,268.64. The Standard & Poor's 500 Index <.SPX> dropped 10.19 points, or 1.14 percent, to 882.88. The Nasdaq Composite Index <.IXIC> eased 9.07 points, or 0.54 percent, to 1,680.14.
Data showed consumer prices were unchanged last month, while consumer confidence in May pushed to its highest level since Lehman Brothers' collapse last September, which sent shock waves through the financial system.
The reports, along with industrial output that declined at a slower pace, gave more signs that the recession's worst phase may be abating.
However credit card data was not so cheery, showing defaults rose in April to record highs, with Citigroup and Wells Fargo posting double-digit loss rates as the economy shed more jobs.
NYMEX-NEW YORK, May 15 (Reuters) - U.S. crude oil futures ended almost 4 percent lower on Friday amid demand worries following a pullback on Wall Street and as the dollar's safe-haven bets rose on fears that a global economic recovery may be far off.
On the New York Mercantile Exchange, June crude settled down $2.28, or 3.89 percent, at $56.34 a barrel, trading from $56.07 to $58.88. From a week ago, prices are down $2.29, or 3.9 percent. For the year, prices are up $11.74 or 26.3 percent from the Dec. 31 settlement at $44.60.
CBOT-SOYBEANS - July down 17 cents at $11.30-1/2 a bushel.
Profit-taking after hitting 7-1/2 month high this week weighs. Soy supported by tight stocks amid good demand for soy by China and low yields in the South American soy harvest.
CBOT-SOYOIL - July down 0.94 cent at 37.90 cents per lb. Spillover pressure from falling soybeans and lower crude oil.
FCPO-JAKARTA, May 15 (Reuters) - Malaysian palm futures closed lower for a second consecutive day on Friday, wiping out earlier gains of up to 2.6 percent, as volatile soy prices overshadowed the impact of strong exports, traders said.
The benchmark July contract settled down 21 ringgit, or 0.78 percent, at 2,663 ringgit ($750.77) per tonne, after running as high as 2,753 ringgit. Overall volume was 14,855 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 15 (Reuters) - Most major Southeast Asian stock
markets rose on Friday, recovering from recent falls as investors bought market heavyweights such as Singapore's CapitaLand, Malaysia's Tenaga Nasional and Thailand's Siam Commercial Bank.
Singapore's index <.FTSTI> gained 0.8 percent, recouping a 2.9 percent fall to a one-week low on Thursday, Malaysia <.KLSE> was up 0.2 percent, ending a four-day fall, and Thailand <.SETI> rose 1.4 percent after a 4.7 percent loss the day before.
The Dow Jones industrial average <.DJI> declined 62.68 points, or 0.75 percent, to 8,268.64. The Standard & Poor's 500 Index <.SPX> dropped 10.19 points, or 1.14 percent, to 882.88. The Nasdaq Composite Index <.IXIC> eased 9.07 points, or 0.54 percent, to 1,680.14.
Data showed consumer prices were unchanged last month, while consumer confidence in May pushed to its highest level since Lehman Brothers' collapse last September, which sent shock waves through the financial system.
The reports, along with industrial output that declined at a slower pace, gave more signs that the recession's worst phase may be abating.
However credit card data was not so cheery, showing defaults rose in April to record highs, with Citigroup
NYMEX-NEW YORK, May 15 (Reuters) - U.S. crude oil futures ended almost 4 percent lower on Friday amid demand worries following a pullback on Wall Street and as the dollar's safe-haven bets rose on fears that a global economic recovery may be far off.
On the New York Mercantile Exchange, June crude
CBOT-SOYBEANS - July
Profit-taking after hitting 7-1/2 month high this week weighs. Soy supported by tight stocks amid good demand for soy by China and low yields in the South American soy harvest.
CBOT-SOYOIL - July
FCPO-JAKARTA, May 15 (Reuters) - Malaysian palm futures closed lower for a second consecutive day on Friday, wiping out earlier gains of up to 2.6 percent, as volatile soy prices overshadowed the impact of strong exports, traders said.
The benchmark July contract
REGIONAL EQUITIES-BANGKOK, May 15 (Reuters) - Most major Southeast Asian stock
markets rose on Friday, recovering from recent falls as investors bought market heavyweights such as Singapore's CapitaLand, Malaysia's Tenaga Nasional and Thailand's Siam Commercial Bank.
Singapore's index <.FTSTI> gained 0.8 percent, recouping a 2.9 percent fall to a one-week low on Thursday, Malaysia <.KLSE> was up 0.2 percent, ending a four-day fall, and Thailand <.SETI> rose 1.4 percent after a 4.7 percent loss the day before.
DJI Weekly: May enter to a consolidation phase
Upward move looks has been slowing down after facing resistance at 8600 mark. Thus, market may enter into a consolidation phase in near term. Downside support is pegged at 7800-7700.
KLSE Weekly: Holding ground
Uptrend remains intact despite a week closing. As for now, we are looking for the upside resistance at 1037. To the downside, support is stood at 995-990.
FKLI Weekly: May due for consolidation
Prices easing off after failed to break through its recent high at 1038. Bull looks little tiredness and may due for consolidation in near term. To the upside, resistance remains is stood at 1038. Downside support is pegged at 1000 followed by 950.
FCPO Weekly: Facing tough resistance at 2800 mark
Bull seem facing tough resistance at 2800 mark as prices eased off after hitting fresh high at 2799. Nevertheless, up-trend remains holding well. We are now looking for the immediate downside support at 2600 followed by 2400 level.
Friday, May 15, 2009
Trader's Comment: Palm oil futures surrendered its earlier gains to lower on pre-weekend profit taking activities.
Palm oil futures surrendered its earlier gains to lower on pre-weekend profit taking activities. Prices initially showed some strong moves in the early trading following Private Cargo Surveyors ITS released its friendly export data that reported an increase of 1.7% for the period of 1-15 May. Benchmark July09 opened RM36 higher at 2720 and surged to intra day high of 2753 before morning close at 2740. However, the release of news during lunch break that the first case of A (H1N1) infection confirmed by Malaysia’s Health Ministry had given traders the excuse to sell aggressively for the remaining session. This sent Benchmark July09 to the intra day low of 2655 in late trading before it finally ended RM21 lower at 2665. External market turn mix in late Asian time trading. Dalian palm gave up its earlier gains to end lower while eCBOT soy oil inched slightly higher.
Breaking News-RTRS-UK firms struggle to sell "green" palm oil -AAK
KUALA LUMPUR, May 14 (Reuters) - The British unit of Swedish oils and fats manufacturer AarhusKarlshamn (AAK) may have to offer discounts on a consignment of eco-friendly palm oil that is too expensive for consumers, an official said on Thursday.
The slow uptake of palm oil sourced from estates in top producers Malaysia and Indonesia that do not clear rainforests and destroy wildlife reflects the difficulty in persuading price conscious shoppers to think green in the global economic crisis.
And manufacturers who want to use palm oil certified by the Roundtable for Sustainable Palm Oil (RSPO) have to additionally invest in building separate storage tanks and processors, said Judith Murdoch, marketing controller for AAK UK.
The slow uptake of palm oil sourced from estates in top producers Malaysia and Indonesia that do not clear rainforests and destroy wildlife reflects the difficulty in persuading price conscious shoppers to think green in the global economic crisis.
And manufacturers who want to use palm oil certified by the Roundtable for Sustainable Palm Oil (RSPO) have to additionally invest in building separate storage tanks and processors, said Judith Murdoch, marketing controller for AAK UK.
Trader's Highlight
DJI-NEW YORK, May 14 (Reuters) - U.S. stocks rose on Thursday as investors returned to financial and technology shares on bets the recent rally could have more room to grow after a brief pullback.
The Dow Jones industrial average <.DJI> added 46.43 points, or 0.56 percent, to 8,331.32. The Standard & Poor's 500 Index <.SPX> gained 9.15 points, or 1.04 percent, to 893.07. The Nasdaq Composite Index <.IXIC> climbed 25.02 points, or 1.50
percent, to 1,689.21.
Data showed the number of U.S. workers filing new claims for jobless benefits rose more than expected in the latest week, pushed up by plant shutdowns related to Chrysler's bankruptcy.
NYMEX-NEW YORK, May 14 (Reuters) - U.S. crude oil futures ended higher on Thursday as U.S. and European equities rose on hopes that a global recession may have bottomed, outweighing worries arising from a further downward revision by the International Energy Agency of its 2009 oil demand forecast.
On the New York Mercantile Exchange, June crude settled up 60 cents, or 1.03 percent, at $58.62 a barrel, trading from $56.55 to $59. Tuesday's $60.08 intraday peak was the highest since $62.28 was hit on Nov. 11.
CBOT-SOYBEANS - May expired up 16 cents at $11.66. July up 19-1/2 at $11.47-1/2.
Rallied to 7-1/2 month high as big export sales of U.S. soy and dwindling supplies continue to boost soybean futures in addition to support from low soy yields in drought-stricken South America,
NOPA April soybean crushings 134.115 million bushels versus March 137.257 million and above average estimate for 132.1 million.
CBOT-SOYOIL - May expired down 0.30 cent at 38.60. July down 0.32 at 38.84.
Pressured by big soyoil stocks in NOPA's April crush report, meal/soyoil spreading and lower crude oil market.
NOPA April soyoil stocks 2.710 billion lbs versus March 2.593 billion.
FCPO-KUALA LUMPUR, May 14 (Reuters) - Malaysian palm futures fell 3.8 percent on Thursday, retreating from a nine-month top hit the previous day, as investors booked profits on fears that palm oil would outpace soyoil prices due to supply concerns.
The benchmark July contract settled down 105 ringgit at 2,684 ringgit ($757.1) per tonne. Overall volume jumped to 17,659 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 14 (Reuters) - Singapore shares hit a one-week
low on Thursday, leading other Southeast Asian bourses lower in a market unsure about the global recovery, and Thailand ended an eight-day winning streak after MSCI cut its investment weighting.
Singapore's index <.FTSTI> closed down 2.9 percent at 2122.11, its lowest since May 6. Thailand's SET index <.SETI> dropped 4.7 percent, erasing part of a 16.9 percent surge over the past eight days. Malaysia <.KLSE> and Indonesia <.JKSE> ended at their lowest since May 6, falling 1.1 percent and 3.6 percent respectively.
The Dow Jones industrial average <.DJI> added 46.43 points, or 0.56 percent, to 8,331.32. The Standard & Poor's 500 Index <.SPX> gained 9.15 points, or 1.04 percent, to 893.07. The Nasdaq Composite Index <.IXIC> climbed 25.02 points, or 1.50
percent, to 1,689.21.
Data showed the number of U.S. workers filing new claims for jobless benefits rose more than expected in the latest week, pushed up by plant shutdowns related to Chrysler's bankruptcy.
NYMEX-NEW YORK, May 14 (Reuters) - U.S. crude oil futures ended higher on Thursday as U.S. and European equities rose on hopes that a global recession may have bottomed, outweighing worries arising from a further downward revision by the International Energy Agency of its 2009 oil demand forecast.
On the New York Mercantile Exchange, June crude
CBOT-SOYBEANS - May
Rallied to 7-1/2 month high as big export sales of U.S. soy and dwindling supplies continue to boost soybean futures in addition to support from low soy yields in drought-stricken South America,
NOPA April soybean crushings 134.115 million bushels versus March 137.257 million and above average estimate for 132.1 million.
CBOT-SOYOIL - May
Pressured by big soyoil stocks in NOPA's April crush report, meal/soyoil spreading and lower crude oil market.
NOPA April soyoil stocks 2.710 billion lbs versus March 2.593 billion.
FCPO-KUALA LUMPUR, May 14 (Reuters) - Malaysian palm futures fell 3.8 percent on Thursday, retreating from a nine-month top hit the previous day, as investors booked profits on fears that palm oil would outpace soyoil prices due to supply concerns.
The benchmark July contract
REGIONAL EQUITIES-BANGKOK, May 14 (Reuters) - Singapore shares hit a one-week
low on Thursday, leading other Southeast Asian bourses lower in a market unsure about the global recovery, and Thailand ended an eight-day winning streak after MSCI cut its investment weighting.
Singapore's index <.FTSTI> closed down 2.9 percent at 2122.11, its lowest since May 6. Thailand's SET index <.SETI> dropped 4.7 percent, erasing part of a 16.9 percent surge over the past eight days. Malaysia <.KLSE> and Indonesia <.JKSE> ended at their lowest since May 6, falling 1.1 percent and 3.6 percent respectively.
DJI Daily: Struggling
Market was struggled to survive at 8000 mark. Thus, we remains cautious to the immediate technical outlook as violation of 8000 mark may turn the immediate outlook bias to downside potential. To the upside, resistance is maintain at 8600-8700.
KLSE Daily: Losing ground
Market losing ground a little and likely to move in sideways in near term. We now looking for the resistance at 1020-1030. To the downside, support is maintain at 1000.
FKLI Daily: Technically overbought
Market ended with a black candle after the recent rally due to technically overbought. Thus, consolidation phase likely to continue in near term. As for now, we are looking for the immediate upside resistance at 1013-1016 (gap left over on 14/5/2009). To the downside, we are looking for the physiological support at 1000 followed by 998-993.5 (gap left over on 4/5/2009).
FCPO Daily: Bull took a breathe
Market reversed from its previous day gains to end at day low after cover the downside gap leftover at 2738-2736. Bull looks may take a short term break to build up more energy for a sustainable rally. As for now, we are now looking for the upside resistance at 2799. To the downside, support is pegged at 2650 followed by 2620-2600.
Thursday, May 14, 2009
Trader's Highlight
Palm oil futures tumbled from yesterday’s 9-month high on weak external factors. Benchmark July09 started to retreat from intra day high of 2759 in the early trading and continue to fall through out the day. It broke below 2700 psychological support level in late trading and finally settled RM105 lower at the intra-day low of 2684. Global vege oil market had showed weakness today along with NYMEX crude oil which traded more then $1 lower at below $57 level during Asian time trading. Dalian palm ended sharply lower while eCBOT soy oil also posted a loss. Spilled over selling interest from regional market also weighed on local CPO market.
Breaking News-RTRS-INTERVIEW-UPDATE 1-Malaysia IOI sees palm yields hurt by weather
KUALA LUMPUR, May 13 (Reuters) - IOI Corp, Malaysia's No 2. planter, said palm oil yields would fall by 5 percent due to a warm spell and that might push prices to 3,000 ringgit in the near term if there was an uptick in overseas demand.
Planters struggled to boost output in Malaysia last month and may continue to do so as oil palms also suffered biological stress after last year's strong harvests and low fertiliser use, IOI Executive Chairman Lee Shin Cheng said.
Planters struggled to boost output in Malaysia last month and may continue to do so as oil palms also suffered biological stress after last year's strong harvests and low fertiliser use, IOI Executive Chairman Lee Shin Cheng said.
Breaking News-RTRS-UPDATE 1-Argentine exchange cuts soy outlook to 32.8 mln T
BUENOS AIRES, May 13 (Reuters) - Argentina's 2008/09 soy harvest is seen falling to 32.8 million tonnes, down from a previous estimate of 34 million tonnes because of continuing poor yields, the Buenos Aires Grains Exchange said on Wednesday.
Trader's Highlight
DJI-NEW YORK, May 13 (Reuters) - U.S. stocks tumbled on Wednesday as a gloomy retail sales report revived recent anxiety about the economy's struggle and caused a broad sell-off that accelerated late in the session.
Sales at retailers fell for a second straight month in April, breaking a string of more upbeat reports that had suggested the economic slump was abating and fueling a
two-month rally.
The Dow Jones industrial average <.DJI> fell 184.22 points, or 2.18 percent, to 8,284.89. The Standard & Poor's 500 Index <.SPX> lost 24.43 points, or 2.69 percent, to 883.92. The Nasdaq Composite Index <.IXIC> gave up 51.73 points, or 3.01 percent, to 1,664.19.
NYMEX-NEW YORK, May 13 (Reuters) - U.S. crude futures ended lower on Wednesday as demand worries resurfaced, trumping government inventory data showing a surprise steep drawdown in domestic crude stocks last week.
On the New York Mercantile Exchange, June crude settled down 83 cents, or 1.41 percent, at $58.02 a barrel, trading from $57.41 to $59.90. Tuesday's $60.08 intraday peak was the highest since $62.28 on Nov. 11.
CBOT-SOYBEANS - May up 12-1/2 cents at $11.50 a bushel, July up 10-1/2 cents at $11.28.
Tight stocks of soybeans in the United States spur rally to to seven-month high. Low soy yields in South American harvest, strong Chinese demand for soy and fund buying also supportive.
The National Oilseed Processors Association will issue monthly crush data on Thursday.
CBOT-SOYOIL - May down 0.49 cent at 38.90 cents a lb, July down 0.52 cent at 39.16 cents. Turned lower when crude oil began moving lower.
FCPO-KUALA LUMPUR, May 13 (Reuters) - Malaysian palm futures jumped as much as 2.7 percent to a 9-month high on Wednesday as investors fretted over hot dry weather cutting into output in Malaysia and rival soyoil producing Argentina.
Palm oil prices have rallied nearly 65 percent so far this year on low stocks, healthy demand from top buyers China and India and low soyoil yields in South America.
The benchmark July contract gained as much as 74 ringgit at 2,799 ringgit ($792.2) per tonne before settling at 2,789 ringgit. Overall volume doubled to 20,709 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 13 (Reuters) - Singapore's stock market posted a
small gain on Wednesday, with Wilmar International jumping after strong quarterly results, and Thai stocks rose for an eighth session on buying of energy and petrochemical shares.
Singapore's benchmark stock index <.FTSTI> added just 0.3 percent to Tuesday's 0.6 percent rise but is still up 24 percent so far this year. Wilmar, the world's largest listed palm oil firm, rose 5.8 percent.
Malaysia <.KLSE> was flat, with Maybank down 2.8 percent after rising 2.4 percent on Tuesday, while top power producer Tenaga Nasional fell 1.4 percent, extending Tuesday's 1.3 percent loss.
Indonesia <.JKSE> was up 0.5 percent, with banks leading gainers. Bank Rakyat, the third-largest lender, was up 2.6 percent and the biggest lender, Bank Mandiri , was up 1.9 percent.
Sales at retailers fell for a second straight month in April, breaking a string of more upbeat reports that had suggested the economic slump was abating and fueling a
two-month rally.
The Dow Jones industrial average <.DJI> fell 184.22 points, or 2.18 percent, to 8,284.89. The Standard & Poor's 500 Index <.SPX> lost 24.43 points, or 2.69 percent, to 883.92. The Nasdaq Composite Index <.IXIC> gave up 51.73 points, or 3.01 percent, to 1,664.19.
NYMEX-NEW YORK, May 13 (Reuters) - U.S. crude futures ended lower on Wednesday as demand worries resurfaced, trumping government inventory data showing a surprise steep drawdown in domestic crude stocks last week.
On the New York Mercantile Exchange, June crude
CBOT-SOYBEANS - May
Tight stocks of soybeans in the United States spur rally to to seven-month high. Low soy yields in South American harvest, strong Chinese demand for soy and fund buying also supportive.
The National Oilseed Processors Association will issue monthly crush data on Thursday.
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, May 13 (Reuters) - Malaysian palm futures jumped as much as 2.7 percent to a 9-month high on Wednesday as investors fretted over hot dry weather cutting into output in Malaysia and rival soyoil producing Argentina.
Palm oil prices have rallied nearly 65 percent so far this year on low stocks, healthy demand from top buyers China and India and low soyoil yields in South America.
The benchmark July contract
REGIONAL EQUITIES-BANGKOK, May 13 (Reuters) - Singapore's stock market posted a
small gain on Wednesday, with Wilmar International jumping after strong quarterly results, and Thai stocks rose for an eighth session on buying of energy and petrochemical shares.
Singapore's benchmark stock index <.FTSTI> added just 0.3 percent to Tuesday's 0.6 percent rise but is still up 24 percent so far this year. Wilmar
Malaysia <.KLSE> was flat, with Maybank
Indonesia <.JKSE> was up 0.5 percent, with banks leading gainers. Bank Rakyat
DJI Daily: Looks tiredness
Market looks tiredness to maintain its current posture. We are now looking for the physiological support at 8000 mark followed by 7700. A break below of 8000 mark may prompt more room to downside potential. To the upside, resistance is maintain at 8600-8700.
KLSE Daily: Holding ground
Market was holding ground and likely to extend its consolidation mode in near term. We now looking for the resistance at 1034-1037. To the downside, support is maintain at 1000.
FKLI Daily: Sideways
Market continue to move in sideways manner and likely to extend further in near term. As for now, we are looking for the upside resistance at 1030-1035. To the downside, support is stood at 1008 followed by at 998-993.5 (gap left over on 4/5/2009).
FCPO Daily: Up-trend remains intact
Up-trend remains intact despite prices touch and go after hit the fresh high for the year at 2799. Market looks may continue to march higher in near term. We are now looking for the immediate upside resistance at 2799 followed by 2850-2860.To the downside, immediate support is pegged at 2738-2736 (gap left over on 13/5/2009) followed by 2680-2650.
Wednesday, May 13, 2009
Trader's Comment: CPO futures just RM 1 away from 2800 mark before ending off the high on late profit taking.
CPO futures just RM 1 away from 2800 mark before ending off the high on late profit taking. NYMEX crude oil had been rising higher near $60 level during early Asian time trading. This led Benchmark july09 to open RM30 higher at 2755. It initially fell to intra day low of 2738 trying to fill yesterday’s left over gap. Prices then immediately bounced back and climbed steadily until it hit the new recent high at 2799 in the afternoon session. However, the emerged of late intra day profit taking activities saw Benchmark July to ease off slightly to 2765 and finally ended RM64 higher at 2789. The strong external market had provided some good support to the local front. Asian time crude oil continue to trade almost $1 higher, while Dalian palm ended nearly 2% higher and eCBOT soy oil also edged higher.
Breaking News-RTRS-China May soy imports seen at 3.66 mln T-MOFCOM
BEIJING, May 12 (Reuters) - China expects soybean imports in May to reach 3.66 million tonnes, the latest estimate by China's commerce ministry showed on Tuesday. The figure was lower than estimated by traders at between 4 to 5 million tonnes.
The ministry's estimate was in line with actual arrivals for April, which rose 55.2 percent on year to 3.71 million tonnes, according to China's customs
The ministry's estimate was in line with actual arrivals for April, which rose 55.2 percent on year to 3.71 million tonnes, according to China's customs
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