DJI - NEW YORK, July 30 - U.S. stocks rose on Thursday as solid corporate profit reports and a drop in the number of Americans on jobless benefits gave investors reasons to buy equities following the S&P 500's two days of losses.
The market's rally pushed the benchmark S&P 500 index earlier in the session to its highest intraday level in almost nine months, putting it less than 4 points away from the psychologically important 1,000 level. The Nasdaq briefly rose above 2,000 for the first time since October. But shares lost ground at the close and finished off the day's highs.
The Dow Jones industrial average added 83.74 points, or 0.92 percent, to close at 9,154.46. The Standard & Poor's 500 Index rose 11.60 points, or 1.19 percent, to 986.75. The Nasdaq Composite Index gained 16.54 points, or 0.84 percent, to 1,984.30.
NYMEX - NEW YORK, July 30 - U.S. crude futures bounced back on Thursday, ending nearly 6 percent higher to reverse losses suffered in the previous session as Wall Street sizzled and the dollar reversed lower.
Traders were heartened by a revived optimism on the economy's recovery, sidelining Wednesday's worries over rising oil inventories. Gasoline and heating oil futures staged come-back rallies, buoyed by crude's strength, with volatility ahead of their front-month August contracts' expiration on Friday.
On the New York Mercantile Exchange, September crude settled up $3.59, or 5.67 percent, at $66.94 a barrel, trading from $62.76 to $67.20. It was the biggest one-day gain, percentage-wise, since front-month prices jumped 5.79 pct on April 9, In post-settlement dealings, the day's high crept higher, to $67.29.
CBOT - SOYBEANS - August up 70-3/4 cents at $11.28-1/4 a bushel; November up 55 at $9.71.
Huge soybean sale to China of 1.9 million tonnes rallied August above $11 and two-week high. Front-month August climbed more than 70 cents to $11.34-1/4. First position day was Thursday, allowing August to trade beyond the 70-cent daily limit. Aug/Nov spread firming.
CBOT - SOYOIL - August up 1.86 cents at 34.93 cents per lb.
Higher crude oil, gains in soybeans and weak dollar lift soyoil futures.
FCPO - JAKARTA, July 30 - Malaysian crude palm oil futures rose 1.5 percent on Thursday to post their best close in nearly two weeks, boosted by speculation data on July palm exports due out on Friday will come in stronger, traders said.
Rising soybean prices, which highlight a risk of tightness in global vegetable oils supplies, and a rally on stock markets also underpinned buying and helped offset any spillover impact from an almost 6 percent drop in crude oil price a day before, they said.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange settled up 32 ringgit, or 1.5 percent, to 2,145 ringgit ($607.82) per tonne, a level not seen since July 20. Overall volume was 10,704 lots of 25 tonnes each.
REGIONAL EQUITIES - BANGKOK, July 30 - Indonesian shares soared to their highest in a year on Thursday, with banking shares leading the way, and Singapore bounced late in the session, but overall it was a mixed day in Southeast Asia.
The Indonesian index jumped 3.3 percent to its highest since July 31, 2008, with top lender Bank Mandiri and number two Bank Rakyat Indonesia rising more than 6 percent and Bank Central Asia up 2.1 percent.
Singapore's index rose 1.2 percent, reversing a 0.8 percent fall on Wednesday, with DBS Group, Southeast Asia's biggest lender, surging 3.1 percent and Singapore Exchange, Asia's second largest listed bourse, up 1.3 percent.
Thailand's SET index gained 1.2 percent, with PTT, the biggest energy firm, up 2.1 percent and coal miner Banpu 6.7 percent higher.
Elsewhere, Malaysia's index was down 0.3 percent, led by a 3.9 percent fall in Petronas Gas and a 1.2 percent loss in Sime Darby.
Friday, July 31, 2009
Trader's Comment: Palm oil futures edged higher after yesterday’s profit taking as market expecting good export figures.
Palm oil futures edged higher after yesterday’s profit taking as market expecting good export figures. Initially, Benchmark Oct09 opened almost flat and fell to intra day low of 2098 tracking overnight losses in CBOT, but was well supported as it later immediately bounced back to positive territory and thereafter climbed steadily through out the remaining sessions. Market talk that end July export data which is scheduled to release tomorrow may be around 1.40 million tonnes (compare with 1.23 million tonnes from last month corresponding period), while eCBOT soy oil had recovered strongly from its overnight losses. Benchmark Oct09 surged to intra day high of 2155 before it finally settled RM32 higher at 2145. Daily volume was rather thin with a total of 10,704 contracts changed hands.
DJI Daily: More room to upside potential
Market holding well following the formation of inverted head & shoulder. This had provided more room to the upside potential with upside is projected at 9600-9700. While, downside support remains pegged at 8800.
KLSE Daily: Bull likely to march higher
Bulls look will continue to march higher with upside target is set at 1190-1200. For downside, support is stood at 1150-1140.
FKLI Daily: Eye on 1200
up-trend remains intact and bulls is likely to challenge 1200 mark in near term. While, downside support is pegged at 1150.
FCPO Daily: Waiting for a breakout
Market remains capped in tight range trading between 2100-2160. Violation of the either way may provide more clearer direction to the market. Follow by the breakout, upside target is set at 2180-2200. To the downside, support is pegged at 2060-2050.
Thursday, July 30, 2009
Trader's Comment: Palm oil futures ended lower on weak crude oil prices.
Palm oil futures ended lower on weak crude oil prices. Trading were mix initially as Benchmark Oct09 closed unchanged at the end of morning session after hovering between 2132-2158. However, the late sell-down on Shanghai’s stock market had spread the gloomy and weak sentiment to the regional equity market which some how or rather spilled over into BMD. This had also provided the excuse for the long to book profit after last 2 days of rebound. Benchmark Oct09 immediately fell lower after second session resumed trading and slid to intra day low of 2109 before it settled RM27 lower at 2113 due to further weakening of Asian time NYMEX crude oil. Daily volume was moderate with a total of 15,366 contracts changed hands.
Breaking News-RTRS-China banks to slow lending with low targets -media
BEIJING, July 29 (Reuters) - China's two biggest state-owned commercial banks have put a lid on their 2009 lending targets, according to domestic media reports, in a move that will significantly slow overall Chinese credit growth in the second half.
Industrial and Commercial Bank of China (ICBC) <1398.HK> is aiming to issue full-year new loans of 1 trillion yuan ($146.4 billion), while China Construction Bank (CCB) <0939.HK> has set a goal of 900 billion yuan, Caijing magazine reported.
The two banks, China's largest by market value, granted new loans of 825.5 billion yuan and 709 billion yuan, respectively, in the first half.
If they stick to their reported targets, this would imply that ICBC <601398.SS> would have already issued 83 percent of its full-year lending total, while CCB <601939.SS> would have already issued 79 percent.
Overall, Chinese banks issued a record 7.37 trillion yuan in new loans in the first six months, easily topping the full-year figure of 4.91 trillion yuan in 2008 and igniting concern that excess liquidity was leading to stock and property bubbles.
Chinese regulators have left banks largely unhindered in their rampant lending in the belief that the economy needs ample money to recover, but in recent weeks they have warned of mounting credit risks to the banks themselves and demanded that loans be put to use for productive purposes.
Industrial and Commercial Bank of China (ICBC) <1398.HK> is aiming to issue full-year new loans of 1 trillion yuan ($146.4 billion), while China Construction Bank (CCB) <0939.HK> has set a goal of 900 billion yuan, Caijing magazine reported.
The two banks, China's largest by market value, granted new loans of 825.5 billion yuan and 709 billion yuan, respectively, in the first half.
If they stick to their reported targets, this would imply that ICBC <601398.SS> would have already issued 83 percent of its full-year lending total, while CCB <601939.SS> would have already issued 79 percent.
Overall, Chinese banks issued a record 7.37 trillion yuan in new loans in the first six months, easily topping the full-year figure of 4.91 trillion yuan in 2008 and igniting concern that excess liquidity was leading to stock and property bubbles.
Chinese regulators have left banks largely unhindered in their rampant lending in the belief that the economy needs ample money to recover, but in recent weeks they have warned of mounting credit risks to the banks themselves and demanded that loans be put to use for productive purposes.
Breaking News-RTRS-UPDATE 1-China's 2nd state soybean sale ends with no bids
BEIJING, July 29 (Reuters) - China's second attempt to sell 500,000 tonnes of soybeans from its state reserves has ended without any bids being made, according to the National Grain & Oil Trade Center.
At 3,750 yuan ($549) per tonne, the minimum bidding price was about 200 yuan above the spot market price, and was unchanged from the auctions held last Thursday, which also ended without any sales.
Analysts say the government will have to consider reducing prices or subsidising crushers if it is to have any hope of selling off enough of its reserves to make space for the new harvest, due in September.
At 3,750 yuan ($549) per tonne, the minimum bidding price was about 200 yuan above the spot market price, and was unchanged from the auctions held last Thursday, which also ended without any sales.
Analysts say the government will have to consider reducing prices or subsidising crushers if it is to have any hope of selling off enough of its reserves to make space for the new harvest, due in September.
Trader's Highlight
DJI-NEW YORK, July 29 (Reuters) - U.S. stocks fell on Wednesday as investors worried that China might be ready to hit the brakes on lending, a move that could curb demand and hinder the global economic recovery.
Concerns about China hurt commodity prices and hit shares in the energy and raw materials sectors, while a steep drop in U.S durable goods orders in June fed fears of more economic weakness.
China's two biggest state-owned commercial banks have put a lid on their 2009 lending targets, according to domestic media reports, a move that will significantly slow overall Chinese credit growth in the year's second half.
Further weighing down stocks, yields of shorter-dated U.S. Treasuries briefly hit five-week highs after the week's second poor auction, increasing concern of a possible spike in borrowing costs.
The Dow Jones industrial average <.DJI> dropped 26 points, or 0.29 percent, to close at 9,070.72. The Standard & Poor's 500 Index <.SPX> fell 4.47 points, or 0.46 percent, to 975.15. The Nasdaq Composite Index <.IXIC> lost 7.75 points, or 0.39
percent, to 1,967.76.
NYMEX-NEW YORK, July 29 (Reuters) - U.S. crude oil futures ended down more than 5 percent, the biggest single-day percentage loss for front-month crude since April, as government data showed a surprisingly large build in crude oil inventories last
week.
The data defied analysts' forecasts for a stock drawdown and confirmed the American Petroleum Institute's report late Tuesday that crude stocks rose sharply last week.
On the New York Mercantile Exchange, September crude settled down $3.88, or 5.77 percent, at $63.35 a barrel, trading from $63.04, the lowest since the July 17 low of $61.04, to $67.01. In post-settlement trading, the day's low extended to $62.70 by 1926 GMT. The loss was the biggest percentage loss for a day for front-month crude since April 20's 8.84 percent fall.
CBOT-SOYBEANS - August up 3 cents at $10.57-1/2; November down 11 at $9.16.
August turns up on tight stocks, bucking the lower trend in the backs. Exporters and processors compete for soybeans to meet nearby commitments. Deferreds pressured by near perfect conditions for flowering and pod setting soybeans, falling crude, firmer dollar.
China's second state soybean sale ends with no bids. The China sale was rumored on Tuesday, sparking the CBOT to rally
CBOT-SOYOIL - August down 0.75 at 33.07 cents per lb. Lower crude oil, firm dollar and falling equities markets pressure soyoil.
Monsoon in India weakens, leading to potential limited rainfall in soybean areas over the next 5 days or longer.
FCPO-JAKARTA, July 29 (Reuters) - Malaysian crude palm oil futures fell 1.3 percent on Wednesday after hitting a one-week intraday high on profit taking as falling stock markets and crude oil prices dampened sentiment, traders said.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange settled down 27 ringgit to 2,113 ringgit ($598.41) per tonne, after going as high as 2,158 ringgit early in the day, a level not seen since July 21. Overall volume was at 15,366 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 29 (Reuters) - Major Southeast Asian stock markets fell on Wednesday, ending their recent rally, as investors took profits on banking shares such as Singapore's DBS Group, Thailand's Bangkok Bank and Malaysia's Public Bank.
Singapore's index <.FTSTI> lost 0.8 percent, snapping a four-session gain, with DBS Group, Southeast Asia's biggest lender, sliding 2.6 percent, Oversea-Chinese Banking Corp inching down 0.4 percent and United Overseas Bank dropping 2.9 percent. The three banks could post sharp declines in second-quarter profits, hit by bad debt charges and lower trading income. They release quarterly earnings on Aug. 3-7.
Malaysia's index <.KLSE> ended down 0.7 percent, with Public Bank down nearly 1 percent and palm plantation firm IOI Corp 2 percent lower.
Concerns about China hurt commodity prices and hit shares in the energy and raw materials sectors, while a steep drop in U.S durable goods orders in June fed fears of more economic weakness.
China's two biggest state-owned commercial banks have put a lid on their 2009 lending targets, according to domestic media reports, a move that will significantly slow overall Chinese credit growth in the year's second half.
Further weighing down stocks, yields of shorter-dated U.S. Treasuries briefly hit five-week highs after the week's second poor auction, increasing concern of a possible spike in borrowing costs.
The Dow Jones industrial average <.DJI> dropped 26 points, or 0.29 percent, to close at 9,070.72. The Standard & Poor's 500 Index <.SPX> fell 4.47 points, or 0.46 percent, to 975.15. The Nasdaq Composite Index <.IXIC> lost 7.75 points, or 0.39
percent, to 1,967.76.
NYMEX-NEW YORK, July 29 (Reuters) - U.S. crude oil futures ended down more than 5 percent, the biggest single-day percentage loss for front-month crude since April, as government data showed a surprisingly large build in crude oil inventories last
week.
The data defied analysts' forecasts for a stock drawdown and confirmed the American Petroleum Institute's report late Tuesday that crude stocks rose sharply last week.
On the New York Mercantile Exchange, September crude
CBOT-SOYBEANS - August
August turns up on tight stocks, bucking the lower trend in the backs. Exporters and processors compete for soybeans to meet nearby commitments. Deferreds pressured by near perfect conditions for flowering and pod setting soybeans, falling crude, firmer dollar.
China's second state soybean sale ends with no bids. The China sale was rumored on Tuesday, sparking the CBOT to rally
CBOT-SOYOIL - August
Monsoon in India weakens, leading to potential limited rainfall in soybean areas over the next 5 days or longer.
FCPO-JAKARTA, July 29 (Reuters) - Malaysian crude palm oil futures fell 1.3 percent on Wednesday after hitting a one-week intraday high on profit taking as falling stock markets and crude oil prices dampened sentiment, traders said.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 29 (Reuters) - Major Southeast Asian stock markets fell on Wednesday, ending their recent rally, as investors took profits on banking shares such as Singapore's DBS Group, Thailand's Bangkok Bank and Malaysia's Public Bank.
Singapore's index <.FTSTI> lost 0.8 percent, snapping a four-session gain, with DBS Group
Malaysia's index <.KLSE> ended down 0.7 percent, with Public Bank
KLSE Daily: still BULLISH
Bears attack did not have much impact to the current bullish outlook. Thus, we still stick to our bullish view in near term. Upside resistance maintain at 1190-1200 level. For downside, support is stood at 1150-1140.
FKLI Daily: Bulls defended well.
Bulls defended well and managed to sustain from the bears attack. We maintain our bullish view in near term and bulls likely to challenge 1200 mark in near term. While, downside support is pegged at 1150-1145.
NYMEX CRUDE OIL Daily: Heavy TOP
Market looks tiredness to maintain its upward posture following a long black candle printed on daily chart. This had weighed on the immediate technical landscape. Thus, market may move sideways bias to downside potential in near term. As for now, we are looking for the overhead resistance at 68.99. While, underline support is pegged at 58.32.
FCPO Daily: Facing tough resistance
Market gave up early gains after facing tough resistance at around 2160 level. Hence, market is likely enter back to consolidation zone in near term with immediate upside resistance at 2162 followed by 2184. To the downside, immediate support is pegged at 2100-2080 followed by 2060-2050.
Wednesday, July 29, 2009
Trader's Comment: Palm oil futures gained back from yesterday’s losses on positive external vege oil markets.
Palm oil futures gained back from yesterday’s losses on positive external vege oil markets. Benchmark Oct09 fell to intra day low of 2106 after opened RM27 higher at 2125. However, it immediately gained support at that level as it hovered between 2121-2113 till morning close. As Asian time NYMEX crude oil and eCBOT soy oil continue to surge higher this led BMD to follow suit. Benchmark Oct09 extended its gains to hit 2146 before it settled RM42 higher at 2140. Daily volume rebounded from yesterday’s low activity to a total of 16,498 contracts changed hands.
Breaking News-RTRS-Palm exports to rise on soyoil shortage-Oil World
HAMBURG, July 28 (Reuters) - Tight global soyoil supplies are likely to generate a major increase in world palm oil exports as buyers seek alternatives in coming months, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"World palm oil exports are likely to reach a staggering 35.2 million tonnes in Oct 2008/Sept 2009, up 2.4 million tonnes or seven percent from a year earlier," it said.
This meant palm oil stocks may not be replenished in the key exporters Malaysia and Indonesia. Stocks in the two countries are critical to setting global palm oil prices.
"World palm oil exports are likely to reach a staggering 35.2 million tonnes in Oct 2008/Sept 2009, up 2.4 million tonnes or seven percent from a year earlier," it said.
This meant palm oil stocks may not be replenished in the key exporters Malaysia and Indonesia. Stocks in the two countries are critical to setting global palm oil prices.
Breaking News-RTRS-China soybean reserves may be overstated - GiC
MELBOURNE, July 28 (Reuters) - China's soybean reserves may be less than many market estimates because stocks are poorly reported or are spoiling inside rundown storage facilities, a leading U.S. agribusiness consultant said on Tuesday.
Rick Gilmore, president of Virginia-based GiC Group, said he had anecdotal evidence indicating that Chinese reserves, which have a big influence on world soybean prices, could be significantly over-estimated.
Gilmore declined to be specific, citing sensitivities as his firm operates in China, which he described as a wild card in the international soybean marketplace: a keen buyer if the price was right but its import needs were difficult to pin down.
Rick Gilmore, president of Virginia-based GiC Group, said he had anecdotal evidence indicating that Chinese reserves, which have a big influence on world soybean prices, could be significantly over-estimated.
Gilmore declined to be specific, citing sensitivities as his firm operates in China, which he described as a wild card in the international soybean marketplace: a keen buyer if the price was right but its import needs were difficult to pin down.
Trader's highlight
DJI-NEW YORK, July 28 (Reuters) - The Dow and the S&P 500 dipped on Tuesday as investors shrugged off weak consumer confidence data and focused on positive earnings reports.
The Dow Jones industrial average <.DJI> shed 11.79 points, or 0.13 percent, to 9,096.72. The Standard & Poor's 500 Index <.SPX> dropped 2.56 points, or 0.26 percent, to 979.62.
But the Nasdaq Composite Index <.IXIC> gained 7.62 points, or 0.39 percent, to 1,975.51.
NYMEX-NEW YORK, July 28 (Reuters) - U.S. crude oil futures fell back in post-settlement trading on Tuesday after industry data showed a huge increase in crude inventories last week, contrary to analysts' forecasts that supplies fell.
On the New York Mercantile Exchange at 4:50 p.m. EDT (2050 GMT), September crude was down $1.58, or 2.31 percent, at $66.80 a barrel. It earlier settled down $1.15, or 1.68 percent, at $67.23, trading from $66.48 to $68.86.
CBOT-SOYBEANS - August up 33-1/4 cents per bushel at $10.54-1/2. November up 20-1/2 at $9.27.
Supported by tight soybean stocks, talk that China bought one or two cargoes of U.S. soybeans for November shipment and lagging growth rate of U.S. soybean crop.
CBOT-SOYOIL - August up 0.22 cent per lb at 33.82.
Support from gains in soybeans and widespread talk that India bought soyoil. Falling crude oil limiting gains.
FCPO-JAKARTA, July 28 (Reuters) - Malaysian crude palm oil futures rose on Tuesday, underpinned by gains in soybean and crude oil, although physical trade was thin as players chose to wait and see if a rebound could be sustained, traders said.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange closed up 42 ringgit, or 2 percent, to 2,140 ringgit ($610.20) per tonne. Overall volume was 16,498 lots of 25 tonnes.
REGIONAL EQUITIES-BANGKOK, July 28 (Reuters) - Southeast Asian stock markets
extended recent gains on Tuesday, with Singapore, Thailand and Indonesia rising for a fourth day and good buying interest seen in bank shares such as DBS, Bank of Ayudhya and Bank Rakyat.
Singapore's index <.FTSTI> rose 1.8 percent, with DBS Group, Southeast Asia's biggest lender, climbing 5.5 percent, Oversea-Chinese Banking Corp adding over 2 percent and United Overseas Bank gaining 3.2 percent.
Malaysia's index <.KLSE> rose for a fifth day, adding 1.4 percent, led by a 3.2 percent rise in plantation conglomerate Sime Darby and a 4.6 percent gain in IOI Corp as Malaysian crude palm oil rose on the day.
The Dow Jones industrial average <.DJI> shed 11.79 points, or 0.13 percent, to 9,096.72. The Standard & Poor's 500 Index <.SPX> dropped 2.56 points, or 0.26 percent, to 979.62.
But the Nasdaq Composite Index <.IXIC> gained 7.62 points, or 0.39 percent, to 1,975.51.
NYMEX-NEW YORK, July 28 (Reuters) - U.S. crude oil futures fell back in post-settlement trading on Tuesday after industry data showed a huge increase in crude inventories last week, contrary to analysts' forecasts that supplies fell.
On the New York Mercantile Exchange at 4:50 p.m. EDT (2050 GMT), September crude
CBOT-SOYBEANS - August
Supported by tight soybean stocks, talk that China bought one or two cargoes of U.S. soybeans for November shipment and lagging growth rate of U.S. soybean crop.
CBOT-SOYOIL - August
Support from gains in soybeans and widespread talk that India bought soyoil. Falling crude oil limiting gains.
FCPO-JAKARTA, July 28 (Reuters) - Malaysian crude palm oil futures rose on Tuesday, underpinned by gains in soybean and crude oil, although physical trade was thin as players chose to wait and see if a rebound could be sustained, traders said.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 28 (Reuters) - Southeast Asian stock markets
extended recent gains on Tuesday, with Singapore, Thailand and Indonesia rising for a fourth day and good buying interest seen in bank shares such as DBS, Bank of Ayudhya and Bank Rakyat.
Singapore's index <.FTSTI> rose 1.8 percent, with DBS Group
Malaysia's index <.KLSE> rose for a fifth day, adding 1.4 percent, led by a 3.2 percent rise in plantation conglomerate Sime Darby
KLSE Daily: Bull rally likley to contiune
Market resumed rally with double digit up. More strength has been developed to challenge 1190-1200 level in the current bullish atmosphere. For downside, support is stood at 1160-1150.
FKLI Daily: Likely to challenge 1200 mark
Market is surging non-stop with another new high for the year. Market looks likely to challenge 1200 mark in near term. While, downside support is pegged at 1165-1150.
FCPO Daily: Sideways to bias upside potential
Immediate daily technical outlook improved following prices violated 2135 level.Thus, market may extend its sideways bias to upside potential in near term. Currently, we are looking for the upside resistance at 2162 followed by 2184. To the downside, support is pegged at 2100 followed by 2080-2060.
Tuesday, July 28, 2009
Trader's Comment: Palm oil futures edged lower despite good export numbers.
Palm oil futures edged lower despite good export numbers. Sentiment was uncertain today as the results of the export data released by both private cargo surveyors were within market expectation and now players were waiting for other new clues. Both ITS & SGS had posted an increase of 9.9% and 10.3% respectively on the 1-25 July export data. Benchmark Oct09 had been hovering in a tight range of 2085-2101 through out most of the sessions. It surged to intra day high of 2116 in the second session but later retreated back into the earlier range due to lack of follow through buying activities. It finally settled RM24 lower at 2098. Daily volume reduced significantly with merely 9,944 contracts changed hands.
Trader's Highlight
DJI-NEW YORK, July 27 (Reuters) - U.S. stocks rose slightly on Monday in a late rally as investors rotated into financial shares, which had lagged in the recent two-week run-up.
The Dow Jones U.S. home construction index <.DJUSHB> shot up 4.3 percent after data showed U.S. new home sales posted their biggest monthly gain in eight years in June, suggesting the housing market may be starting to recover from its worst slump since the Great Depression of the 1930s.
The Dow Jones industrial average <.DJI> rose 15.27 points, or 0.17 percent, to close at 9,108.51. The Standard & Poor's 500 Index <.SPX> gained 2.92 points, or 0.30 percent, to 982.18. The Nasdaq Composite Index <.IXIC> added 1.93 points, or 0.10 percent, to end at 1,967.89.
NYMEX-NEW YORK, July 27 (Reuters) - U.S. crude oil futures ended higher on Monday as robust home sales spurred fresh hopes for improved oil demand, and that outweighed earnings uncertainties that kept Wall Street see-sawing all day.
The U.S. dollar fell to more than a seven-week low against the euro and global equities were stronger, both contributing support to oil futures.
The forecast in a Reuters poll of analysts ahead of weekly inventory data due in the next two days showed expectations for a small drawdown in crude and gasoline stocks and an increase in distillates supplies, which include heating oil and diesel fuel.
On the New York Mercantile Exchange, September crude settled up 33 cents, or 0.48 percent, at $68.38 a barrel, the highest settlement since July 1's $69.31. It traded from $67.60 to $68.99, the highest since July 2's intraday high of $69.74.
CBOT-SOYBEANS - August up 1/4 cent per bushel at $10.21-1/4. New-crop November closed down 8-1/2 at $9.06-1/2.
Tight U.S. soy stocks and short-covering underpinned spot August. New-crop months pressured by good U.S. crop weather as August nears. Next month is the key yield determining growth phase for soybeans as the crop sets and fills pods in August.
China will hold second soybean auction July 29.
CBOT-SOYOIL - August down 0.29 cent at 33.60 cents per lb. Following weakness in Asian veg oil markets and mostly lower soybean futures.
FCPO-JAKARTA, July 27 (Reuters) - Malaysian crude palm oil futures ended lower on Monday, pressured by concerns that a seasonal rise in production could outpace increased demand linked to upcoming Asian festivals and due to a stronger ringgit currency.
The benchmark October contract on the Bursa Malaysia's Derivatives Exchange ended down 24 ringgit, or 1.13 percent, to 2,098 ringgit a tonne. Overall volume was 9,944 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 27 (Reuters) - Southeast Asian stock markets rose on Monday, with Singapore climbing to a 10-month high and Indonesia surging to near a one-year high, with big-caps such as DBS and Telkom Indonesia leading the way.
Singapore's index <.FTSTI> rose 1.7 percent, with lender DBS Group adding 3.2 percent, while Indonesia's index <.JKSE> gained 1.1 percent, with telecommunications firm Telekomunikasi Indonesia adding 2.9 percent.
Malaysia's index <.KLSE> eked out a small gain of 0.05 percent, led by a 6.6 percent rise in PPB Group and a 3.2 percent gain in Genting while palm plantation firm IOI Corp was 1.7 percent lower. The Vietnamese index <.VNI> added 3.3 percent while the Philippine index <.PSI> was up 2.1 percent
The Dow Jones U.S. home construction index <.DJUSHB> shot up 4.3 percent after data showed U.S. new home sales posted their biggest monthly gain in eight years in June, suggesting the housing market may be starting to recover from its worst slump since the Great Depression of the 1930s.
The Dow Jones industrial average <.DJI> rose 15.27 points, or 0.17 percent, to close at 9,108.51. The Standard & Poor's 500 Index <.SPX> gained 2.92 points, or 0.30 percent, to 982.18. The Nasdaq Composite Index <.IXIC> added 1.93 points, or 0.10 percent, to end at 1,967.89.
NYMEX-NEW YORK, July 27 (Reuters) - U.S. crude oil futures ended higher on Monday as robust home sales spurred fresh hopes for improved oil demand, and that outweighed earnings uncertainties that kept Wall Street see-sawing all day.
The U.S. dollar fell to more than a seven-week low against the euro and global equities were stronger, both contributing support to oil futures.
The forecast in a Reuters poll of analysts ahead of weekly inventory data due in the next two days showed expectations for a small drawdown in crude and gasoline stocks and an increase in distillates supplies, which include heating oil and diesel fuel.
On the New York Mercantile Exchange, September crude
CBOT-SOYBEANS - August
Tight U.S. soy stocks and short-covering underpinned spot August. New-crop months pressured by good U.S. crop weather as August nears. Next month is the key yield determining growth phase for soybeans as the crop sets and fills pods in August.
China will hold second soybean auction July 29.
CBOT-SOYOIL - August
FCPO-JAKARTA, July 27 (Reuters) - Malaysian crude palm oil futures ended lower on Monday, pressured by concerns that a seasonal rise in production could outpace increased demand linked to upcoming Asian festivals and due to a stronger ringgit currency.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 27 (Reuters) - Southeast Asian stock markets rose on Monday, with Singapore climbing to a 10-month high and Indonesia surging to near a one-year high, with big-caps such as DBS and Telkom Indonesia leading the way.
Singapore's index <.FTSTI> rose 1.7 percent, with lender DBS Group
Malaysia's index <.KLSE> eked out a small gain of 0.05 percent, led by a 6.6 percent rise in PPB Group
DJI Daily: 9000 mark defended
Market looks defended well at 9000 mark and looks may continue to move sideways to higher in near term. Upside resistance is stood at 9600-9700. While, immediate downside support is pegged at 8800.
KLSE Daily: in Consolidation phase
Market is entering to a consolidation phase after the recent sharp rebound. Resistance and support are stood at 1165-1160 and 1145-1140 level respectively.
FKLI Daily: Holding well
Market was holding well its upward momentum. As for now, immediate upside resistance its at 1166 followed by 1200. While, downside support is pegged at 1150-1145.
FCPO Daily: Directionless
Market remains directionless as prices moving in tight range. As for now, we are looking for the upside resistance at 2135 followed by 2160-2180. To the downside, support is pegged at 2060-2050 followed by 2020-2000.
Monday, July 27, 2009
Trader's Highlight
DJI-NEW YORK, July 24 (Reuters) - The Nasdaq fell on Friday, halting a 12-day run-up, following Microsoft Corp's disappointing quarterly results, but gains in pharmaceutical and energy shares lifted the Dow and the S&P 500 to fresh
8-month closing highs.
The Dow Jones industrial average <.DJI> rose 23.95 points, or 0.26 percent, to 9,093.24. The Standard & Poor's 500 Index <.SPX> advanced 2.97 points, or 0.30 percent, to 979.26. But the Nasdaq Composite Index <.IXIC> shed 7.64 points, or 0.39
percent, to 1,965.96.
NYMEX-NEW YORK, July 24 (Reuters) - U.S. crude oil futures ended higher on Friday, settling above $68 a barrel after seesawing as optimism about economic recovery, supportive refined products futures and a weaker dollar lifted crude oil.
On the New York Mercantile Exchange, September crude rose 89 cents, or 1.33 percent, to settle at at $68.05 a barrel, trading from $66.46 to $68.18. The settlement was the highest since crude futures closed at $69.31 on July 1.
CBOT-SOYBEANS - August down 2-1/2 cents at $10.21 a bushel. Tight stocks of soy support spot August contract but deferred months months down on talk USDA, in its August crop report, may trim its estimate for U.S. 2009 corn acres but increase its forecast for soy seedings. Profit taking also pressures market.
Trade expecting USDA to release a steady crop rating for soybeans late on Monday.
CBOT-SOYOIL - August down 0.78 cent at 33.89 cents per lb. Following soybeans lower.
FCPO-KUALA LUMPUR, July 24 (Reuters) - Malaysian crude palm oil rose 1.1 percent on Friday as investors took long positions ahead of better export data next week, signalling that festival demand is gaining momentum.
Open interest rose to 81,000 lots from 73,000 lots at the start of the week as traders re-entered the market on expectations that July 1-25 Malaysian palm oil exports could hit 1.2 million tonnes, up 22 percent from the same period a month ago.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange settled up 22 ringgit to 2,122 ringgit ($601) per tonne. Overall volume stood at 11,905 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 24 (Reuters) - Most Southeast Asian stock markets ended the week on a high note, with Indonesia scaling a one-year high and Singapore climbing to its highest in 10 months thanks to buying of resource and banking shares.
Singapore's index <.FTSTI> rose nearly 2 percent on Friday to its highest since Sept. 22, led by Singapore Exchange, which jumped 4.5 percent to a 14-month high, and commodity-related Noble Group , which surged 7.9 percent.
Malaysia's index <.KLSE> edged up 0.3 percent, building on a two-session gain of 1.53 percent, with lender Malayan Banking and Genting each rising 1.6 percent.
Bucking the trend, IOI Corp fell 2.4 percent after the country's second-largest palm oil producer said it was planning a rights issue to raise up to 1.22 billion ringgit ($339 million).
8-month closing highs.
The Dow Jones industrial average <.DJI> rose 23.95 points, or 0.26 percent, to 9,093.24. The Standard & Poor's 500 Index <.SPX> advanced 2.97 points, or 0.30 percent, to 979.26. But the Nasdaq Composite Index <.IXIC> shed 7.64 points, or 0.39
percent, to 1,965.96.
NYMEX-NEW YORK, July 24 (Reuters) - U.S. crude oil futures ended higher on Friday, settling above $68 a barrel after seesawing as optimism about economic recovery, supportive refined products futures and a weaker dollar lifted crude oil.
On the New York Mercantile Exchange, September crude
CBOT-SOYBEANS - August
Trade expecting USDA to release a steady crop rating for soybeans late on Monday.
CBOT-SOYOIL - August
FCPO-KUALA LUMPUR, July 24 (Reuters) - Malaysian crude palm oil rose 1.1 percent on Friday as investors took long positions ahead of better export data next week, signalling that festival demand is gaining momentum.
Open interest rose to 81,000 lots from 73,000 lots at the start of the week as traders re-entered the market on expectations that July 1-25 Malaysian palm oil exports could hit 1.2 million tonnes, up 22 percent from the same period a month ago.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 24 (Reuters) - Most Southeast Asian stock markets ended the week on a high note, with Indonesia scaling a one-year high and Singapore climbing to its highest in 10 months thanks to buying of resource and banking shares.
Singapore's index <.FTSTI> rose nearly 2 percent on Friday to its highest since Sept. 22, led by Singapore Exchange
Malaysia's index <.KLSE> edged up 0.3 percent, building on a two-session gain of 1.53 percent, with lender Malayan Banking
Bucking the trend, IOI Corp
Trader's Comment: Late short-covering activities led CPO futures to end higher.
Late short-covering activities led CPO futures to end higher. Market was under selling pressure through out most of the session which tracking weaker eCBOT and Dalian palm & soy oil futures. Benchmark Oct09 prices slid to hit 2063 in the afternoon session and hovering between 2070-2080 level. Bargain hunting buying coupled with pre-weekend covering activities emerged in late trading sent prices in recovery mood and rebounding to 2134 before it settled RM22 higher at 2122. Talks that 1-25July export at 1.12-1.15 million tones which is higher compare to 1.01 million tones (ITS) & 983k tones (SGS) 1-25 June08. This also provided some support.
DJI Weekly: build up base
Immediate technical outlook strengthened further following a significant breakout from 9000 mark. However, market need to build up a base in order for a sustainable upward move. Thus, market may move in sideways bias to upside potential in near term. As for now, we are looking for the upside resistance at 9600-9800. While, downside support is pegged at 8100-8000.
KLSE Weekly: Bull run likely to continue
Market tested the resistance at 1160 and likely to continue rally in near term as overall technical landscape remains bullish. Immediate upside resistance is looking at 1165 followed by 1190-1200. Downside support is pegged at 1100-1095.
FKLI Weekly: May want to challenge 1200.
Up-trend remains intact and looks bull may want to challenge the upside resistance at 1200 mark. While, downside support is pegged at 1090.
FCPO Weekly: Market momentum remains weak
Market momentum remains weak despite prices rebounded from the weekly low to close at 2100 mark. Thus, technical correction may extend in near term. As for now, we are now looking for the immediate downside support at 2063 followed by 1964. To the upside, immediate resistance is at 2200 followed by 2295-2300.
Friday, July 24, 2009
Breaking News-RTRS-UPDATE 1-China's soybean auction gets no bids in early sales
BEIJING, July 23 (Reuters) - China's state reserve auction of soybeans failed to attract bids in two regions on Thursday, industry website www.grainmarket.com.cn said, as the buyers deemed the government-set prices too high.
Trader's Highlight
DJI-NEW YORK, July 23 (Reuters) - U.S. stocks surged on Thursday, driving the Dow industrials above the key 9,000 mark for the first time since January, as strong corporate profits and rebounding home sales spurred optimism about the economy.
The market extended opening gains after data showed U.S. existing home sales rose in June -- the first time since 2004 that this measure has risen three months in a row. The Dow Jones U.S. home construction index <.DJUSHB> jumped 4.9 percent.
The Dow Jones industrial average <.DJI> jumped 188.03 points, or 2.12 percent, to end at 9,069.29 -- its highest close since November 2008. It was the Dow's first close above 9,000 since January 2009.
NYMEX-NEW YORK, July 23 (Reuters) - U.S. crude oil futures ended sharply higher on Thursday as a Wall Street rally and strong RBOB gasoline futures helped lift crude above $67 a barrel.
A strengthening contango, where prices for crude in future months exceed the front-month price, added to support for oil along, with expectations for reduced crude exports from OPEC.
On the New York Mercantile Exchange, September crude rose $1.76, or 2.69 percent, to settle at $67.16 a barrel, trading from $64.40 to $67.49. The intraday high failed to reach technical resistance charted at $67.65.
CBOT-SOYBEANS - August up 5 cents at $10.23-1/2 a bushel Support from tight soy supplies, news China not able to sell soy from state reserves and continued solid export sales of U.S. soybeans. Gains in crude oil also support prices.
Census pegs June U.S. soy crush 140.2 million bushels, above an average of analysts' estimates for 138.5 million.
CBOT-SOYOIL - August up 0.15 cent at 34.67 cents per lb.
Suported by gains in soybeans. But small number for soyoil in USDA's weekly export sales report and a big number for U.S. soyoil ending stocks for June in the Census Bureau's June crush report limited gains.
Census pegs June U.S. soyoil ending stocks 3.403 billion lbs, above an average of analysts' estimates for 3.354 billion.
FCPO-KUALA LUMPUR, July 23 (Reuters) - Malaysian crude palm oil ended up 0.8 percent on Thursday, halting two straight days of losses, as traders bet on better festival demand in the coming weeks and sentiment improved on higher external markets.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange rose 17 ringgit to 2,100 ringgit ($593.5) per tonne. Overall volume was 12,464 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 23 (Reuters) - Most Southeast Asian stock markets rose on Thursday, with Singapore, Thailand and Indonesia recouping recent losses and Malaysia rising for a second day, with banking, property and resource shares among advancers.
Singapore's index <.FTSTI> rose 1.4 percent, with Singapore Exchange surging 4.9 percent following the appointment of a new chief executive.Singapore's index <.FTSTI> rose 1.4 percent, with Singapore
Exchange surging 4.9 percent following the appointment
of a new chief executive.
The Vietnamese index <.VNI> jumped 3.5 percent on Thursday while Malaysia's index <.KLSE> was up 0.3 percent, adding to a 1.23 percent rise on Wednesday, led by a 3.3 percent gain in Genting and 1.3 percent rise in Sime Darby .
The market extended opening gains after data showed U.S. existing home sales rose in June -- the first time since 2004 that this measure has risen three months in a row. The Dow Jones U.S. home construction index <.DJUSHB> jumped 4.9 percent.
The Dow Jones industrial average <.DJI> jumped 188.03 points, or 2.12 percent, to end at 9,069.29 -- its highest close since November 2008. It was the Dow's first close above 9,000 since January 2009.
NYMEX-NEW YORK, July 23 (Reuters) - U.S. crude oil futures ended sharply higher on Thursday as a Wall Street rally and strong RBOB gasoline futures helped lift crude above $67 a barrel.
A strengthening contango, where prices for crude in future months exceed the front-month price, added to support for oil along, with expectations for reduced crude exports from OPEC.
On the New York Mercantile Exchange, September crude
CBOT-SOYBEANS - August
Census pegs June U.S. soy crush 140.2 million bushels, above an average of analysts' estimates for 138.5 million.
CBOT-SOYOIL - August
Suported by gains in soybeans. But small number for soyoil in USDA's weekly export sales report and a big number for U.S. soyoil ending stocks for June in the Census Bureau's June crush report limited gains.
Census pegs June U.S. soyoil ending stocks 3.403 billion lbs, above an average of analysts' estimates for 3.354 billion.
FCPO-KUALA LUMPUR, July 23 (Reuters) - Malaysian crude palm oil ended up 0.8 percent on Thursday, halting two straight days of losses, as traders bet on better festival demand in the coming weeks and sentiment improved on higher external markets.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 23 (Reuters) - Most Southeast Asian stock markets rose on Thursday, with Singapore, Thailand and Indonesia recouping recent losses and Malaysia rising for a second day, with banking, property and resource shares among advancers.
Singapore's index <.FTSTI> rose 1.4 percent, with Singapore Exchange
Exchange
of a new chief executive.
The Vietnamese index <.VNI> jumped 3.5 percent on Thursday while Malaysia's index <.KLSE> was up 0.3 percent, adding to a 1.23 percent rise on Wednesday, led by a 3.3 percent gain in Genting
DJI Daily: More room to upside potential
A significant breakout at the key 9000 mark had provided us a more clearer direction to the upside. Thus, we are now looking for the upside resistance at 9600-9800. While, downside support is pegged at 8800.
KLSE Daily: Peakless
Chart wise remains bullish and no sign of weakening. Thus, market may extend its upside gain in near term. Immediate resistance is now looking at 1160-1165 followed by 1180-1190. While, immediate downside support is pegged at 1140-1130.
FKLI Daily: Eyeing 1200 mark
Market rally likely to continue in near term and looks may want to challenge 1200 mark in near term. To the downside, support is pegged at 1140-1130.
FCPO Daily: searching for direction
Market is still searching for direction and moving in range trading. As for now, we are looking for the immediate downside support at 2078. To the upside, immediate resistance is at 2135 followed by 2160-2180.
Wednesday, July 22, 2009
Breaking News-RTRS-US corn, soy yields seen rising on good weather
CHICAGO, July 21 (Reuters) - Near-perfect conditions in soybean and corn fields around the U.S. Midwest this summer could lead to a bin-busting harvest this fall, an extension economist said.
If good growing weather persists through August, soybean yields in the United States could reach 44.7 bushels per acre, said Darrel Good, extension economist at the University of Illinois. The U.S. Agriculture Department predicted soybean yields of 42.6 bushels per acre in its latest forecast.
If good growing weather persists through August, soybean yields in the United States could reach 44.7 bushels per acre, said Darrel Good, extension economist at the University of Illinois. The U.S. Agriculture Department predicted soybean yields of 42.6 bushels per acre in its latest forecast.
Breaking News-RTRS-Oil World sees record 2010 Argentine soybean crop
HAMBURG, July 21 (Reuters) - Argentina's soybean crop for harvesting in early 2010 may reach a record 52.0 million tonnes, up from the drought-reduced 32.2 million in early 2009 as farmers switch from wheat, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Argentine farmers will plant 19.0 million hectares of soybeans for harvesting in April/May 2010, up from 17.50 million hectares harvested in early 2009, it estimated.
Argentine farmers will plant 19.0 million hectares of soybeans for harvesting in April/May 2010, up from 17.50 million hectares harvested in early 2009, it estimated.
Breaking News-RTRS-Oil World sees strong rise in U.S. soybean exports
HAMBURG, July 21 (Reuters) - U.S. soybean exports are likely to rise strongly in coming months largely because of low stocks in rival South American suppliers, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Trader's Highlight
DJI-NEW YORK, July 21 (Reuters) - U.S. stocks rose on Tuesday as a solid profit from Caterpillar Inc overcame some uneasiness about the company's outlook for the current quarter, but the gains were limited as some investors paused following the recent earnings-fueled run-up.
In addition, U.S. Federal Reserve Chairman Ben Bernanke said in testimony before a congressional panel that mounting joblessness, slumping home values and tight credit were likely to curb consumer spending -- a major driver of U.S. economic growth and corporate profits.
The Dow Jones industrial average <.DJI> gained 67.79 points, or 0.77 percent, to 8,915.94. The Standard & Poor's 500 Index <.SPX> rose 3.45 points, or 0.36 percent, to 954.58. The Nasdaq Composite Index <.IXIC> added 6.91 points, or 0.36 percent, to 1,916.20 -- a closing high for the year.
NYMEX-NEW YORK, July 21 (Reuters) - U.S. crude oil futures ended higher on Tuesday, but only after seesawing amid hopes for economic recovery and caution about the pace of any recovery.
Bernanke said the outlook for the U.S. economy was improving, but supportive policies would be needed for some time to prevent rising unemployment from undercutting recovery.
A Reuters analyst survey on Tuesday yielded a forecast for crude supplies to have fallen last week. Refined products supplies were expected to be higher.
On the New York Mercantile Exchange, expiring August crude rose 74 cents, or 1.16 percent, to settle at $64.72 a barrel, trading from $63.51 to $65.53.
CBOT-SOYBEANS - August down 18-1/2 cents at $10.14-1/2 a bushel.
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
CBOT-SOYOIL - August down 0.57 cent at 34.77 cents per lb. Following soybeans lower.
FCPO-KUALA LUMPUR, July 21 (Reuters) - Malaysian crude palm oil futures dropped almost 1 percent on Tuesday, halting a two-day winning streak as traders doubted the strength of Asian festival demand this year.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange settled down 17 ringgit at 2,143 ringgit ($605.4) per tonne. Overall volume was 15,855 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 21 (Reuters) - The main Southeast Asian stock
markets erased early gains on Tuesday and ended lower, with Singapore and Malaysia snapping a five-day winning streak as big-caps such as CapitaLand and Public Bank met profit-taking.
Singapore <.FTSTI> slid 0.1 percent, with developer CapitaLand down 1.3 percent after a 15 percent surge in
five days, while Malaysia <.KLSE> lost 0.4 percent, with Public
Bank down 2 percent after a seven-day rise of 12
percent.
Indonesia <.JKSE> climbed 1.9 percent when trade resumed after a market holiday on Monday, while the Philippine index <.PSI> rose for a fifth day to end 0.2 percent higher and Vietnam <.VNI> gained 0.9 percent.
In addition, U.S. Federal Reserve Chairman Ben Bernanke said in testimony before a congressional panel that mounting joblessness, slumping home values and tight credit were likely to curb consumer spending -- a major driver of U.S. economic growth and corporate profits.
The Dow Jones industrial average <.DJI> gained 67.79 points, or 0.77 percent, to 8,915.94. The Standard & Poor's 500 Index <.SPX> rose 3.45 points, or 0.36 percent, to 954.58. The Nasdaq Composite Index <.IXIC> added 6.91 points, or 0.36 percent, to 1,916.20 -- a closing high for the year.
NYMEX-NEW YORK, July 21 (Reuters) - U.S. crude oil futures ended higher on Tuesday, but only after seesawing amid hopes for economic recovery and caution about the pace of any recovery.
Bernanke said the outlook for the U.S. economy was improving, but supportive policies would be needed for some time to prevent rising unemployment from undercutting recovery.
A Reuters analyst survey on Tuesday yielded a forecast for crude supplies to have fallen last week. Refined products supplies were expected to be higher.
On the New York Mercantile Exchange, expiring August crude
CBOT-SOYBEANS - August
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
Expectations for favorable weather conditions leading into U.S. crop's key pod-setting stage of development pressure prices due to prospects for yield improvement.
CBOT-SOYOIL - August
FCPO-KUALA LUMPUR, July 21 (Reuters) - Malaysian crude palm oil futures dropped almost 1 percent on Tuesday, halting a two-day winning streak as traders doubted the strength of Asian festival demand this year.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 21 (Reuters) - The main Southeast Asian stock
markets erased early gains on Tuesday and ended lower, with Singapore and Malaysia snapping a five-day winning streak as big-caps such as CapitaLand and Public Bank met profit-taking.
Singapore <.FTSTI> slid 0.1 percent, with developer CapitaLand
five days, while Malaysia <.KLSE> lost 0.4 percent, with Public
Bank
percent.
Indonesia <.JKSE> climbed 1.9 percent when trade resumed after a market holiday on Monday, while the Philippine index <.PSI> rose for a fifth day to end 0.2 percent higher and Vietnam <.VNI> gained 0.9 percent.
Trader's Comment: Profit taking activities led palm oil futures to end lower after range trading.
Profit taking activities led palm oil futures to end lower after range trading. Lack of fresh leads in the market had given traders the excuse to book their earlier profits in the previous 2-days rally. Benchmark Oct09 initially opened RM22 lower at 2140 and then started to move sideways, hovering between 2162-2128 through out the day until it ended RM19 lower at 2143. External vege oil markets also showed some weakness today after eCBOT soy oil edged lower while Dalian palm surrendered its earlier gains to ease off further. Daily volume increased slightly with 15,855 contracts changed hands.
DJI Daily: likely to challenge 9000 mark
Market looks likely to challenge 9000 mark as prices improved. To the downside, support is still maintain at 8000.
KLSE Daily: still bullish
Overall technical landscape remains in bullish picture despite a negative close. To the upside, immediate resistance is now at 1144 followed by 1150-1165. While, immediate downside support is pegged at 1120 followed by 1100.
FKLI Daily: shy away after hit another fresh year high
Market shy away after touch another fresh year high at 1148.5. To the upside, immediate resistance is now looking at 1148.5-1150 followed by 1170. While, immediate downside support is pegged at 1125-1120 followed by 1110.
FCPO Daily: stuck in range trading
Market continue to stuck in range trading between 2100 to 2200. As for now, we are looking for the immediate downside support at 2128-2123 (unfill gap left over on 20/7/2009) followed by 2080-2060. To the upside, immediate resistance is at 2180-2185followed by 2200.
Tuesday, July 21, 2009
Trader's Comment: Palm oil futures extended its overnight gains on the back of strong external markets.
Palm oil futures extended its overnight gains after prices gapped up and stayed higher through out the day on the back of strong external markets. Benchmark Oct09 immediately gapped up RM42 to open at 2165 and thereafter hovering between 2175-2144 through out most of the sessions. Buying support was generally due to the strong external markets in the Asian time trading as NYMEX crude oil and Dalian palm had continued to edge higher through out the day while eCBOT soy oil also recovered from its earlier losses and gained higher. Benchmark Oct09 surged further to hit intra day high of 2184 in the second session but some intra-day profit taking activities saw prices retreated back into earlier range again and settled RM39 higher at 2162 with total volume stood at 13,460 contracts changed hands.
Trader's Highlight
DJI-NEW YORK, July 20 (Reuters) - U.S. stocks jumped on Monday, driving the S&P 500 to an eight-month closing high, after CIT Group Inc was thrown a lifeline to avoid bankruptcy, and investors bet corporate America would log another strong set of earnings this week.
CIT, a lender to nearly 1 million small- and mid-sized U.S. companies, reached a deal with bondholders for $3 billion in emergency financing, a source familiar with the situation said. CIT's shares soared 78.6 percent to $1.25.
Investors were encouraged by signs that the CIT rescue was a private-sector measure instead of a government bailout.
The Dow Jones industrial average <.DJI> shot up 104.21 points, or 1.19 percent, to 8,848.15. The Standard & Poor's 500 Index <.SPX> gained 10.75 points, or 1.14 percent, to 951.13. The Nasdaq Composite Index <.IXIC> rose 22.68 points, or 1.20 percent, to 1,909.29.
NYMEX-NEW YORK, July 20 (Reuters) - U.S. crude oil futures ended higher on Monday after seesawing, extending last week's strong gains as a weak dollar and optimism reflected in stronger equities markets kept oil moving up.
On the New York Mercantile Exchange, August crude rose 42 cents, or 0.66 percent, to settle at $63.98 a barrel, trading from $63.19 to $64.90.
CBOT-SOYBEANS - August up 23-1/2 cents at $10.33 a bushel
Tight soy stocks, gains in equities and weak dollar, which makes U.S. commodities a better buy for importers, combine to lift soy futures. Prices continue to rebound from last week's sell-off.
CBOT-SOYOIL - August up 0.52 cent at 35.34 cents per lb. Following soybeans. Strength in equities markets combined with weak dollar also lifting market.
FCPO-KUALA LUMPUR, July 20 (Reuters) - Malaysian crude palm oil futures rose 1.8 percent on Monday, extending the previous week's gains as Asian festival demand strengthened and other vegetable oil markets gained.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange settled up 39 ringgit to 2,162 ringgit ($610.9) per tonne. Overall volume stood at 13,460 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 20 (Reuters) - Stock markets in Singapore and
Malaysia extended their gains into a fifth day on Monday, leading most other Southeast Asian bourses higher, with optimism over quarterly earnings spurring demand for financials and big caps.
Singapore <.FTSTI> rose 1.04 percent to its highest since Sept. 25, with developer CapitaLand up 2.1 percent, while Malaysia <.KLSE> added 1.6 percent to its highest since Aug. 5, with power firm Tenaga Nasional up 3.1 percent.
Elsewhere, the Philippine index <.PSI> rose 1.3 percent on resuming trade after a typhoon caused the cancellation of Friday's session, while Vietnam <.VNI> bucked the trend, ending down 3.7 percent.
CIT
Investors were encouraged by signs that the CIT rescue was a private-sector measure instead of a government bailout.
The Dow Jones industrial average <.DJI> shot up 104.21 points, or 1.19 percent, to 8,848.15. The Standard & Poor's 500 Index <.SPX> gained 10.75 points, or 1.14 percent, to 951.13. The Nasdaq Composite Index <.IXIC> rose 22.68 points, or 1.20 percent, to 1,909.29.
NYMEX-NEW YORK, July 20 (Reuters) - U.S. crude oil futures ended higher on Monday after seesawing, extending last week's strong gains as a weak dollar and optimism reflected in stronger equities markets kept oil moving up.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - August
Tight soy stocks, gains in equities and weak dollar, which makes U.S. commodities a better buy for importers, combine to lift soy futures. Prices continue to rebound from last week's sell-off.
CBOT-SOYOIL - August
FCPO-KUALA LUMPUR, July 20 (Reuters) - Malaysian crude palm oil futures rose 1.8 percent on Monday, extending the previous week's gains as Asian festival demand strengthened and other vegetable oil markets gained.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 20 (Reuters) - Stock markets in Singapore and
Malaysia extended their gains into a fifth day on Monday, leading most other Southeast Asian bourses higher, with optimism over quarterly earnings spurring demand for financials and big caps.
Singapore <.FTSTI> rose 1.04 percent to its highest since Sept. 25, with developer CapitaLand
Elsewhere, the Philippine index <.PSI> rose 1.3 percent on resuming trade after a typhoon caused the cancellation of Friday's session, while Vietnam <.VNI> bucked the trend, ending down 3.7 percent.
DJI Daily: 8800 tested
Market tested the immediate resistance at 8800 and looks may want to challenge 9000 mark. To the downside, support is maintain at 8000. We are still waiting for a significant breakout either way of 9000 level or 8000 level to identify a more clearer direction in near term.
KLSE Daily: still more room to the upside
Bull run looks likely to extend in near term as overall technical landscape maintain in bullish posture. To the upside, resistance is now at 1150-1165 followed by 1180-1190. While, downside support is pegged at 1100-1095.
FKLI Daily: Non-stop rallied
A non-stop bull rallied violated the immediate resistance at 1140 had further beautified the overall bullish picture. To the upside, immediate resistance is now looking at 1150-1170 followed by 1200. While, downside support is pegged at 1110-1115.
FCPO Daily: Improved
Immediate technical outlook has been improved following market extended gains. Nevertheless, more effort is still needed to escape from the current technical correction phase. As for now, we are now looking for the immediate downside support at 2144-2123 (gap left over on 20/7/2009). To the upside, immediate resistance is at 2200-2250.
Monday, July 20, 2009
Breaking News-RTRS-POLL-Asian palm oil prices seen lower in 2009, firming in 2010
KUALA LUMPUR, July 17 (Reuters) - Average palm oil prices
will fall 23 percent this year and only edge higher in 2010 as
better demand prospects give way to concerns over a build-up in
global vegetable oil supply, a Reuters poll showed on Friday.
Malaysian palm oil is forecast to average 2,200 ringgit a
tonne in 2009, 8.9 percent higher than 2,020 ringgit by
Thursday's close, as analysts pointed to an inflow of rival
soyoil from the upcoming U.S. soy harvest and higher palm oil
stocks curbing any gains.
The poll of 17 analysts covering top palm oil producers
Indonesia and Malaysia put 2010 prices at 2,275 ringgit, up 3.4
percent from this year's forecast, based on a more convincing
recovery in the global economy even though a better supply
scenario will dominate.
will fall 23 percent this year and only edge higher in 2010 as
better demand prospects give way to concerns over a build-up in
global vegetable oil supply, a Reuters poll showed on Friday.
Malaysian palm oil is forecast to average 2,200 ringgit a
tonne in 2009, 8.9 percent higher than 2,020 ringgit by
Thursday's close, as analysts pointed to an inflow of rival
soyoil from the upcoming U.S. soy harvest and higher palm oil
stocks curbing any gains.
The poll of 17 analysts covering top palm oil producers
Indonesia and Malaysia put 2010 prices at 2,275 ringgit, up 3.4
percent from this year's forecast, based on a more convincing
recovery in the global economy even though a better supply
scenario will dominate.
Trader's Highlight
DJI-NEW YORK, July 17 (Reuters) - U.S. stocks closed out their best week in four months on Friday on a flat note as strong earnings from IBM softened the blow of disappointing results from General Electric Co .
The Dow Jones industrial average <.DJI> gained 32.12 points, or 0.37 percent, to 8,743.94. But the Standard & Poor's 500 Index <.SPX> dipped just 0.36 of a point, or 0.04 percent, to 940.38. And the Nasdaq Composite Index <.IXIC> added 1.58 points, or 0.08 percent, to 1,886.61.
NYMEX-NEW YORK, July 17 (Reuters) - U.S. crude oil futures ended higher on Friday, sparked by better-than-expected housing starts data, with more lift provided by renewed protests in Iran and a tropical wave in the Atlantic.
On the New York Mercantile Exchange, August crude rose $1.54, or 2.48 percent, to settle at $63.56 a barrel, trading from $61.04 to $63.99.
CBOT-SOYBEANS - CBOT August up 33-1/2 cents per bushel at $10.09-1/2.
Fund buying and short-covering following the plunge on Thursday to a 3-1/2-month low
on news China to sell soy from state grain reserves next week. Good U.S. crop weather limiting gains.
Average of analysts' estimates peg end 2009 soy price slightly below current levels.
CBOT-SOYOIL - CBOT August up 1.02 cents per lb at 34.82.
Short-covering bounce after the drop of prices on Thursday with additional support from higher crude oil.
FCPO-JAKARTA, July 17 (Reuters) - Malaysian palm oil futures jumped 5.1 percent on Friday as investors bet on high export figures due out on Monday, with a rise in rival soybean oil price gave a further boost, traders said.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange rose 103 ringgit to finish at the day's high of 2,123 ringgit ($595.85) a tonne, a level not seen since July 6. Overall volume was 15,575 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 17 (Reuters) - Most major Southeast Asian stock
markets rose on Friday, with Singapore closing at the day's high as developers extended gains and late buying of banks and property shares boosting Bangkok.
The Indonesian market fell after bombs ripped through two luxury hotels in Jakarta but ended down just 0.6 percent.
Singapore's index <.FTSTI> climbed 1.3 percent to 2,430.96, its highest level of the day, with CapitaLand adding 3 percent and City Developments up 4.5 percent as data showing strong home sales for June bolstered sentiment.
Malaysia <.KLSE> rose for a fourth day, adding 1.1 percent, with Bumiputra Commerce up 2.6 percent and national power company Tenaga Nasional and lender Maybank each up 2.5 percent.
Vietnam <.VNI> dropped 1.1 percent, with Vietnam Dairy down 5 percent and VietinBank falling another 5 percent after its poor debut on Thursday.
The Philippine Stock Exchange suspended its regular half-day trading session due to typhoon Molave, which dumped rain on the capital and the north of the country.
The Dow Jones industrial average <.DJI> gained 32.12 points, or 0.37 percent, to 8,743.94. But the Standard & Poor's 500 Index <.SPX> dipped just 0.36 of a point, or 0.04 percent, to 940.38. And the Nasdaq Composite Index <.IXIC> added 1.58 points, or 0.08 percent, to 1,886.61.
NYMEX-NEW YORK, July 17 (Reuters) - U.S. crude oil futures ended higher on Friday, sparked by better-than-expected housing starts data, with more lift provided by renewed protests in Iran and a tropical wave in the Atlantic.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - CBOT August
Fund buying and short-covering following the plunge on Thursday to a 3-1/2-month low
on news China to sell soy from state grain reserves next week. Good U.S. crop weather limiting gains.
Average of analysts' estimates peg end 2009 soy price slightly below current levels.
CBOT-SOYOIL - CBOT August
Short-covering bounce after the drop of prices on Thursday with additional support from higher crude oil.
FCPO-JAKARTA, July 17 (Reuters) - Malaysian palm oil futures jumped 5.1 percent on Friday as investors bet on high export figures due out on Monday, with a rise in rival soybean oil price gave a further boost, traders said.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 17 (Reuters) - Most major Southeast Asian stock
markets rose on Friday, with Singapore closing at the day's high as developers extended gains and late buying of banks and property shares boosting Bangkok.
The Indonesian market fell after bombs ripped through two luxury hotels in Jakarta but ended down just 0.6 percent.
Singapore's index <.FTSTI> climbed 1.3 percent to 2,430.96, its highest level of the day, with CapitaLand
Malaysia <.KLSE> rose for a fourth day, adding 1.1 percent, with Bumiputra Commerce
Vietnam <.VNI> dropped 1.1 percent, with Vietnam Dairy
The Philippine Stock Exchange suspended its regular half-day trading session due to typhoon Molave, which dumped rain on the capital and the north of the country.
DJI Weekly: Sideways
We are still waiting for a significant breakout either to the upside of 8800-9000 or downside support at 8000 for a more clearer direction in near term.
Trader's Comment: Palm oil futures recouped yesterday’s losses to end sharply higher.
Palm oil futures recouped yesterday’s losses to end sharply higher. Benchmark Oct09 merely hit intra day low of 2028 after opened RM15 higher at 2035 and since then began to surge steadily through out the day until it settled at the intra day high at 2123, up RM 103 with total volume stood at 15,575 contracts changed hands. Buying sentiment was strong as other vege oil markets also gained momentum and continued to be supportive. Both eCBOT soy oil and Dalian palm edged higher during Asian time trading. Pre-weekend short covering activities had also helped to further push up the price in late trading.
KLSE Weekly: Bullish
Market continue to march higher and overall technical landscape remains in bullish view. To the upside, resistance is at 1130-1140 followed by 1160-1165. While, downside support is pegged at 1095-1085 followed by 1065-1060.
FKLI Weekly: Up-trend remains intact
Bull looks enjoying to waltz higher without any sign of tiredness. Thus, we maintain bullish view towards the near term market. To the upside, immediate resistance is at 1140-1150 followed by 1170-1200. While, downside support is pegged at 1090-1080.
FCPO Weekly: Technical correction
Market rebounded and recovered to close at the weekly high had helped to cushion a little from the recent sell down. However, overall technical landscape remains in bearish atmosphere. Thus, market may due for a technical correction in near term. As for now, we are now looking for the immediate downside support at 1964. To the upside, immediate resistance is at 2150-2200 followed by 2295-2300.
Friday, July 17, 2009
Breaking News-(BN) Indonesian Rupiah Declines 0.4% on Reports of Hotel Bombing
By Lilian Karunungan
July 17 (Bloomberg) -- The Indonesian rupiah declined 0.4 percent to 10,155 per dollar on reports that two hotels were bombed in Jakarta.
The facade of the Ritz-Carlton hotel was blown off in one blast Friday morning, the Associated Press reported, citing police. Another explosion hit the Marriott hotel. An Associated Press reporter saw three injured taken away from the Ritz, the agency said.
July 17 (Bloomberg) -- The Indonesian rupiah declined 0.4 percent to 10,155 per dollar on reports that two hotels were bombed in Jakarta.
The facade of the Ritz-Carlton hotel was blown off in one blast Friday morning, the Associated Press reported, citing police. Another explosion hit the Marriott hotel. An Associated Press reporter saw three injured taken away from the Ritz, the agency said.
Trader's Comment: Palm oil futures lose its grip in late trading and settled at the intra day low of 2020
Palm oil futures lose its grip in late trading and settled at the intra day low of 2020 after the earlier sideways movement and mix trading. Market was quite uncertain initially due to the “battle” between speculative buyers who believe that the uptrend is still intact and the profit takers who had started to book their profit from the 2-day rally. New Benchmark Oct09 had been hovering in a tight range between 2100-2067 through out most of the sessions. However, as external markets turned weaker in late trading, intra day liquidation began to emerge in the BMD and saw prices to slid further until closing. Both Asian time NYMEX crude oil and eCBOT soy oil had edged more than 1% lower.
Breaking News-RTRS-UPDATE 2-China to sell soy reserves, may get few buyers
BEIJING, July 16 (Reuters) - China plans sales of corn and soybeans from state reserves from next week, its first from massive purchases of 2008 crops, but high prices are likely to deter buyers in a market already flooded with imported soybeans.
Traders told Reuters the soybeans are likely to be priced at 3,750 yuan ($549) a tonne, about $40-$50 above import prices, while they said the corn sale comes too close to the start of the new harvest.
Traders told Reuters the soybeans are likely to be priced at 3,750 yuan ($549) a tonne, about $40-$50 above import prices, while they said the corn sale comes too close to the start of the new harvest.
Trader's Highlight
DJI-NEW YORK, July 16 (Reuters) - U.S. stocks rallied for a fourth day on Thursday after JPMorgan's strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news.
The Dow Jones industrial average <.DJI> rose 95.61 points, or 1.11 percent, to 8,711.82.
The Standard & Poor's 500 Index <.SPX> gained 8.06 points, or 0.86 percent, to finish at 940.74, and has climbed 7 percent for the week so far. The Nasdaq Composite Index <.IXIC> advanced 22.13 points, or 1.19 percent, to 1,885.03.
NYMEX-NEW YORK, July 16 (Reuters) - U.S. crude oil futures ended a seesaw session higher on Thursday, bouncing late with equities markets after conflicting data about economic recovery kept trading choppy.
On the New York Mercantile Exchange, August crude rose 48 cents, or 0.78 percent, to settle at $62.02 a barrel. Trading ranged from $60.29 to $62.18.
CBOT-SOYBEANS - August down 44-1/2 cents at $9.76 a bushel
Soybean futures fall to 3-1/2 month low on pressure from good crop weather in the United States and news China selling soy from reserves next week.
China confirms sales of 500,000 tonnes of soybean reserves next week, may get few buyers.
CBOT-SOYOIL - August down 0.32 cent at 33.80 cents per lb.
Spillover selling pressure from falling soybeans. Drop in crude oil also weighs on prices Overall volume was 22,903 lots of 25 tonnes each, more than double the usual 10,000 lots.
FCPO-JAKARTA, July 16 (Reuters) - Malaysian palm oil futures tumbled on Thursday as investors locked in profits after the market jumped nearly 6 percent in the previous two sessions, with weak outside markets fueling the selling mood, traders said. The benchmark October contract on Bursa Malaysia's Derivatives Exchange, the new third month contract, dropped 65 ringgit, or 3.1 percent, to 2,020 ringgit ($565.98) a tonne, after going as high as 2,100 ringgit.
REGIONAL EQUITIES-BANGKOK, July 16 (Reuters) - Major Southeast Asian stock
markets rose for the third day on Thursday, with buying of property shares pushing Singapore to its highest level in 10 months and economic optimism lifting the mood elsewhere.
Singapore <.FTSTI> gained 0.5 percent, earlier rising as much as 1.9 percent to its highest since September last year. Analysts said China's higher-than-expected economic growth and a jump in U.S. stocks in reaction to upbeat corporate results buoyed sentiment in the region.
Malaysia's index <.KLSE> added 1.1 percent, rising as much as 2.1 percent to its highest since Aug. 13, with telecommunications firm Axiata Group up 5.6 percent and Malayan Banking , the biggest lender, up 0.9 percent.
The Dow Jones industrial average <.DJI> rose 95.61 points, or 1.11 percent, to 8,711.82.
The Standard & Poor's 500 Index <.SPX> gained 8.06 points, or 0.86 percent, to finish at 940.74, and has climbed 7 percent for the week so far. The Nasdaq Composite Index <.IXIC> advanced 22.13 points, or 1.19 percent, to 1,885.03.
NYMEX-NEW YORK, July 16 (Reuters) - U.S. crude oil futures ended a seesaw session higher on Thursday, bouncing late with equities markets after conflicting data about economic recovery kept trading choppy.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - August
Soybean futures fall to 3-1/2 month low on pressure from good crop weather in the United States and news China selling soy from reserves next week.
China confirms sales of 500,000 tonnes of soybean reserves next week, may get few buyers.
CBOT-SOYOIL - August
Spillover selling pressure from falling soybeans. Drop in crude oil also weighs on prices Overall volume was 22,903 lots of 25 tonnes each, more than double the usual 10,000 lots.
FCPO-JAKARTA, July 16 (Reuters) - Malaysian palm oil futures tumbled on Thursday as investors locked in profits after the market jumped nearly 6 percent in the previous two sessions, with weak outside markets fueling the selling mood, traders said. The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 16 (Reuters) - Major Southeast Asian stock
markets rose for the third day on Thursday, with buying of property shares pushing Singapore to its highest level in 10 months and economic optimism lifting the mood elsewhere.
Singapore <.FTSTI> gained 0.5 percent, earlier rising as much as 1.9 percent to its highest since September last year. Analysts said China's higher-than-expected economic growth and a jump in U.S. stocks in reaction to upbeat corporate results buoyed sentiment in the region.
Malaysia's index <.KLSE> added 1.1 percent, rising as much as 2.1 percent to its highest since Aug. 13, with telecommunications firm Axiata Group
DJI Daily: May challenge 8800-9000 level
Market continue to gain ground and may want to challenge 8800-9000 level in near term. Downside support maintain at 8200.
KLSE Daily: Uptrend likely to continue
Market looks may want to challenge 1130-1140 level in near term. To the downside, support is pegged at 1095.
FKLI Daily: Bull run likely to extend
Market looks may likely to extend its bull run in near term with upside resistance at 1130-1150. Downside support is pegged at 1090.
FCPO Daily: in sideways
Market gave up the earlier gains to close at day low of 2020 level. Thus, market may trade in sideways in near term while searching for direction. Therefore, we continue to look for the immediate upside resistance at 2124 followed by 2150. While, immediate downside support is pegged at 2020-2000 followed by 1983-1964.
Thursday, July 16, 2009
Trader's Comment: Palm oil futures extended strongly from its overnight rally to break 2100 level
Palm oil futures extended strongly from its overnight rally to break 2100 level on improve export numbers and positive regional equity markets. Both private cargo surveyors had released positive results of 1-15 July export data as ITS and SGS reported an increase of 17.6% and 14.6% respectively. On the other hand, market were now anticipating that production may not keep pace with the increasing demand and this further enhanced more speculative buying activities in BMD. Benchmark Sep09 rallied strongly through out most of the sessions until it hit intra day high at 2124 in the afternoon session. It finally eased off slightly to settle RM67 higher at 2103 due to some late intra day profit taking activities.
Breaking News-RTRS-Record China soy arrivals cause port congestion
BEIJING/SINGAPORE, July 15 (Reuters) - Record soybean import volumes have caused congestion in some northern Chinese ports with unloading delayed by up to a week, but the situation should ease from August as imports slow down, traders and port officials said on Wednesday.
Trader's Highlight
DJI-NEW YORK, July 15 (Reuters) - U.S. stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.
The Dow Jones industrial average <.DJI> rose 256.72 points, or 3.07 percent, to 8,616.21. The Standard & Poor's 500 Index <.SPX> gained 26.84 points, or 2.96 percent, to 932.68, its best gain in nearly two months and putting it solidly back into the black for the year. The Nasdaq Composite Index <.IXIC> jumped 63.17 points, or 3.51 percent, to 1,862.90.
Minutes from last month's FOMC meeting showed central bank policy-makers thought economic growth would resume in the second half of the year, although the economy remained vulnerable.
NYMEX-NEW YORK, July 15 (Reuters) - U.S. crude oil futures settled more than 3 percent higher on Wednesday as a government inventory report showing crude supplies fell last week, the dollar's weakness and strong equities combined to lift oil.
On the New York Mercantile Exchange, August crude rose $2.02, or 3.39 percent, to settle at $61.54 a barrel, trading from $59.65 to $62. The $62 high was reached in Globex trading after the day's settlement was reached.
CBOT-SOYBEANS - August down 14 cents at $10.20-1/2 a bushel
Market turns lower as traders lock in profits following rallies this week. Good growing weather also weighs but good export demand and supportive outside markets limit downturn.
CBOT-SOYOIL - August up 0.35 cent at 34.12 cents per lb.Gains in crude oil lending spillover support to soyoil futures.
FCPO-JAKARTA, July 15 (Reuters) - Malaysian palm oil futures closed at its highest level in more than a week on Wednesday, boosted by higher exports, after posting the biggest day-gain in nearly three weeks, traders said.
The benchmark September contract on Bursa Malaysia's Derivatives Exchange rose 67 ringgit, or 3.3 percent, to 2,103 ringgit ($590.456) per tonne, a level not seen since July 6. Volume totalled 19,251 lots of 25 tonnes each, almost double the
usual turnover.
REGIONAL EQUITIES-BANGKOK, July 15 (Reuters) - Southeast Asian stock markets
edged higher on Wednesday as solid earnings from U.S. firms and an improving Asian economic outlook boosted confidence in a global recovery, sending Singapore and Malaysian shares to fresh highs.
Singapore's benchmark index <.FTSTI> rose 3.4 percent, with a blue chip shares rally taking it to a near five-week high and on buying in the last minutes of trading after a Reuters poll showed the country will see a sharp turnaround next year as the
continent rebounds
Malaysian stocks <.KLSE> edged 1.63 percent higher, having hit their highest level unseen since Aug. 15, 2008 earlier in the day, Philippine stocks <.PSI> closed up 0.95 percent at its highest since June 15, with Philippine Long Distance Telephone
leading the way with a 0.42 percent rise.
The Dow Jones industrial average <.DJI> rose 256.72 points, or 3.07 percent, to 8,616.21. The Standard & Poor's 500 Index <.SPX> gained 26.84 points, or 2.96 percent, to 932.68, its best gain in nearly two months and putting it solidly back into the black for the year. The Nasdaq Composite Index <.IXIC> jumped 63.17 points, or 3.51 percent, to 1,862.90.
Minutes from last month's FOMC meeting showed central bank policy-makers thought economic growth would resume in the second half of the year, although the economy remained vulnerable.
NYMEX-NEW YORK, July 15 (Reuters) - U.S. crude oil futures settled more than 3 percent higher on Wednesday as a government inventory report showing crude supplies fell last week, the dollar's weakness and strong equities combined to lift oil.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - August
Market turns lower as traders lock in profits following rallies this week. Good growing weather also weighs but good export demand and supportive outside markets limit downturn.
CBOT-SOYOIL - August
FCPO-JAKARTA, July 15 (Reuters) - Malaysian palm oil futures closed at its highest level in more than a week on Wednesday, boosted by higher exports, after posting the biggest day-gain in nearly three weeks, traders said.
The benchmark September contract
usual turnover.
REGIONAL EQUITIES-BANGKOK, July 15 (Reuters) - Southeast Asian stock markets
edged higher on Wednesday as solid earnings from U.S. firms and an improving Asian economic outlook boosted confidence in a global recovery, sending Singapore and Malaysian shares to fresh highs.
Singapore's benchmark index <.FTSTI> rose 3.4 percent, with a blue chip shares rally taking it to a near five-week high and on buying in the last minutes of trading after a Reuters poll showed the country will see a sharp turnaround next year as the
continent rebounds
Malaysian stocks <.KLSE> edged 1.63 percent higher, having hit their highest level unseen since Aug. 15, 2008 earlier in the day, Philippine stocks <.PSI> closed up 0.95 percent at its highest since June 15, with Philippine Long Distance Telephone
DJI Daily: Found support at 8000 mark
Market recovered and rebounded strongly as 8000 mark provided a good support. Market looks may want to challenge 8800-9000 level in near term.
KLSE Daily: Bullish
Bull extended its wining streak to mark another fresh high for the year. Market looks likely to continue bull run journey in near term. As for now, we are looking for the upside resistance at 1120-1130. To the downside, support is pegged at 1080.
FKLI Daily: Fabulous
Strong rallied to reach another peak of the year had further cheer up the overall technical landscape. Market looks may likely to extend its bull run in near term with upside resistance at 1130-1150. Downside support is pegged at 1080.
FCPO Daily: Gaining ground
Market manage to gain ground to close at 2100 mark had helped to neutralise a little the bearish technical landscape. Therefore, we continue to look for the immediate upside resistance at 2150 followed by 2200. While, immediate downside support is pegged at 2020-2000.
Wednesday, July 15, 2009
Trader's Comment: Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher
Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher, as market expecting export figures will continue to be supportive. Benchmark Sep09 immediately gap up RM33 to open at 2023 and climbed steadily through out most of the sessions. Market talk that tomorrow’s 1-15 July export data could achieve 660k tonnes compare with 560k tonnes (ITS) seen in last month corresponding period, had helped to fuel the buying sentiment in local BMD. Benchmark Sep09 hit intra day high of 2078 in the second session before some intra day profit taking activities emerged in late trading and led prices easing off to settle RM46 higher at 2036. External markets were also supportive as Asian time NYMEX crude oil and other vege oil markets edging higher today.
Trader's Highlight
DJI-NEW YORK, July 14 (Reuters) - U.S. stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.
The Dow Jones industrial average <.DJI> added 27.81 points, or 0.33 percent, to 8,359.49. The Standard & Poor's 500 Index <.SPX> gained 4.79 points, or 0.53 percent, to 905.84. The Nasdaq Composite Index <.IXIC> rose 6.52 points, or 0.36 percent, to 1,799.73.
NYMEX-NEW YORK, July 14 (Reuters) - U.S. crude oil futures edged up in post-settlement trading on Tuesday after inventory from the American Petroleum Institute showed crude oil and gasoline supplies fell last week.
On the New York Mercantile Exchange, August crude ended Globex trading up 6 cents at $59.75 a barrel, after earlier settling 17 cents, or 0.28 percent lower, at $59.52 a barrel, trading from $59.15 to $61.46.
CBOT-SOYBEANS - July expired 17-1/2 cents per bushel lower at $10.74. August up 16 at $10.34-1/2. Spot July pressured by long-liquidation during expiration. Tight stocks of soybeans begin to lift old-crop August and September in addition to fund buying.
NOPA pegged U.S. June soy crush 133.145 million bushels, below an average of analysts' estimates for 135.9 million and about equal to the 133.513 million in June 2008.
CBOT-SOYOIL - July expired up 0.38 cent per lb at 33.65. August up 0.37 at 33.77.
Short-covering during expiration lifted July with other months supported by short-covering, fund and commercial buying in addition to unwinding of meal/oil spreads.
NOPA pegged U.S. soyoil stocks at the end of June 2.907 bln lbs, above the 2.449 bln lbs at the end of June 2008.
FCPO-JAKARTA, July 14 (Reuters) - Malaysian palm oil futures rose 2.3 percent on Tuesday, coming off a 3-½ month low the previous day on speculation that palm exports in the first fifteen days of July, due out Wednesday, were stronger, traders said.
The benchmark September contract on Bursa Malaysia's Derivatives Exchange rose 46 ringgit to 2,036 ringgit ($568.08) per tonne. Volume was 13,534 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 14 (Reuters) - Most Southeast Asian stock markets gained ground on Tuesday, with Singapore bouncing from a one-week low after strong second-quarter economic data and Malaysia near a two-week high, with financials among advancers.
Singapore's index <.FTSTI> rose 1.9 percent, erasing Monday's 1.8 percent fall as banks recouped recent losses after news the city state had recovered from its worst recession and upgraded its economic outlook due to rising drug output and construction.
Financial buying also pushed Malaysia's main index <.KLSE> up 1.5 percent to its highest level since July 2, with Bumiputra-Commerce and Public Bank climbing more than 3 percent each.
The Dow Jones industrial average <.DJI> added 27.81 points, or 0.33 percent, to 8,359.49. The Standard & Poor's 500 Index <.SPX> gained 4.79 points, or 0.53 percent, to 905.84. The Nasdaq Composite Index <.IXIC> rose 6.52 points, or 0.36 percent, to 1,799.73.
NYMEX-NEW YORK, July 14 (Reuters) - U.S. crude oil futures edged up in post-settlement trading on Tuesday after inventory from the American Petroleum Institute showed crude oil and gasoline supplies fell last week.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - July
NOPA pegged U.S. June soy crush 133.145 million bushels, below an average of analysts' estimates for 135.9 million and about equal to the 133.513 million in June 2008.
CBOT-SOYOIL - July
Short-covering during expiration lifted July with other months supported by short-covering, fund and commercial buying in addition to unwinding of meal/oil spreads.
NOPA pegged U.S. soyoil stocks at the end of June 2.907 bln lbs, above the 2.449 bln lbs at the end of June 2008.
FCPO-JAKARTA, July 14 (Reuters) - Malaysian palm oil futures rose 2.3 percent on Tuesday, coming off a 3-½ month low the previous day on speculation that palm exports in the first fifteen days of July, due out Wednesday, were stronger, traders said.
The benchmark September contract
REGIONAL EQUITIES-BANGKOK, July 14 (Reuters) - Most Southeast Asian stock markets gained ground on Tuesday, with Singapore bouncing from a one-week low after strong second-quarter economic data and Malaysia near a two-week high, with financials among advancers.
Singapore's index <.FTSTI> rose 1.9 percent, erasing Monday's 1.8 percent fall as banks recouped recent losses after news the city state had recovered from its worst recession and upgraded its economic outlook due to rising drug output and construction.
Financial buying also pushed Malaysia's main index <.KLSE> up 1.5 percent to its highest level since July 2, with Bumiputra-Commerce
KLSE Daily: Bull run to continue
Market is no longer stuck in sideways move after yesterday breakout with a long white candle. Market looks may want to cover the left over upside gap since 16/6/2009 at 1083-1086 followed by 1096. To the downside, support is stood at 1058.
FKLI Daily: Eyeing recent high at 1092
Market rebounded strongly and looks may want to challenge the recent high at 1092 level. Meanwhile, downside support is pegged at 1055-1050.
FCPO Daily: Struggle to survive
Market struggle to survive at 2000 mark after found a temporary support at 1964. Nevertheless, overall technical landscape remains bearish despite prices tested the intra-day high at 2078. We are now looking for the immediate resistance at 2085-2100 followed by 2150. While, immediate downside support is pegged at 1964.
Tuesday, July 14, 2009
Breaking News-RTRS-Rains threaten crop in China's top soy area
BEIJING, July 13 (Reuters) - Rains that have continued for more than a month in China's top soybean growing area could reduce output further after earlier drought damage, traders said on Monday.
Some areas in Heilongjiang province, which last year produced 40 percent of the country's 15.5 million tonnes soy output, are flooded, and in combination with the drought could see output down by more than 10 percent.
Any shortfall in domestic production could boost shipments into the world's top soybean importer, although the role of state stockpiling will be a major factor in how much the country buys.
Some areas in Heilongjiang province, which last year produced 40 percent of the country's 15.5 million tonnes soy output, are flooded, and in combination with the drought could see output down by more than 10 percent.
Any shortfall in domestic production could boost shipments into the world's top soybean importer, although the role of state stockpiling will be a major factor in how much the country buys.
Subscribe to:
Posts (Atom)
