Wednesday, September 30, 2009

Breaking News-RTRS-Indonesia to keep Oct palm oil export tax at zero

JAKARTA, Sept 30 (Reuters) - Indonesia will keep its palm oil export tax at zero for the third consecutive month in October but will raise the crude palm oil (CPO) base export price slightly to $617 a tonne from $615 in September due to price rises, a trade ministry official said on Wednesday.

Trader's Comment: Palm oil futures ended almost flat after a mix range trading.

Palm oil futures ended almost flat after a mix range trading. Benchmark Dec09 had been hovering between 2127-2093 through out the day until it finally settled RM2 higher at 2105. Market was in consolidating mood after series of bearish news released in previous days. External markets were rather mix as Asian time NYMEX crude oil inched lower while eCBOT soy oil and Dalian palm traded mix to unchanged. Market talk that end Sep export figure which will be release tomorrow maybe at around 1.2m tonnes, compare with 1.33m tonnes reported by ITS in last month same period. Daily volume declined slightly with a total of 16,248 contracts changed hands.

Breaking News-RTRS-PREVIEW-USDA to confirm thin US soy stocks, big grain build

By Christine Stebbins
CHICAGO, Sept 28 (Reuters) - Red-hot demand for U.S. soybeans from China during 2009 have likely drawdown soy stocks to their lowest level in three decades, while corn and wheat stocks are building, analysts said.
The U.S. Department of Agriculture will report on Wednesday at 8:30 a.m. EDT (1230 GMT) the amount of soybeans, corn and wheat held by farmers and grain firms on Sept. 1. While the quarterly grain stocks report typically is not a market shaker, it sets the stage for the upcoming season for corn and soy.
Sept. 1 marks the start of the 2009/10 marketing year for both, so the quarterly stocks data becomes the official year-end data. Currently, USDA in its Sept. 14 supply/demand report estimated corn 08/09 end-season stocks at 1.695 billion bushels and soybeans at 110 million.

Breaking News-RTRS-Oil World sees booming U.S. soy exports from Oct

AMSTERDAM, Sept 29 (Reuters) - U.S. exports of soybeans, soy oil and meal are expected to rise sharply from October but will not be able to offset a sharp decline in South American supply, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Delayed harvesting in several parts of the United States has contributed to scarce soybean supplies at U.S. export locations, but Oil World expects the situation to reverse in coming months as harvesting picks up.

Trader's Highlight

DJI-NEW YORK, Sept 29 (Reuters) - U.S. stocks fell on Tuesday as a surprise drop in a gauge of consumer confidence overshadowed signs of stabilization in housing and solid earnings from Walgreen Co . With the third quarter drawing to a close, trading was volatile and volume light.

The Dow Jones industrial average <.DJI> dropped 47.16 points, or 0.48 percent, to 9,742.20. The Standard & Poor's 500 Index <.SPX> shed 2.37 points, or 0.22 percent, to 1,060.61. The Nasdaq Composite Index <.IXIC> dipped 6.70 points, or 0.31 percent, to 2,124.04.

NYMEX-NEW YORK, Sept 29 (Reuters) - U.S. crude oil futures moved slightly lower in post-settlement trading on Tuesday after industry data showed that crude oil inventories rose more than expected last week.

The U.S. Energy Information Administration will issue its own weekly data on Wednesday at 10:30 a.m. EDT (1430 GMT).

On the New York Mercantile Exchange at 5 p.m. EDT (1700 GMT), November crude was down 35 cents, or 0.52 percent, at $66.49 a barrel. It had settled down 13 cents, or 0.19 percent, at $66.71, trading trading from $65.82 to $67.33.

CBOT-SOYBEANS - November down 2-1/2 at $9.17 a bushel. Turned lower after early climb on prospects for a huge U.S. soy harvest. Reports continue that harvest yields will be huge this season. Corn/soy spreading weighs on beans.

CBOT-SOYOIL
- October up 0.23 cent per lb at 33.47 cents per lb; December up 0.22 cent to 33.85 cents. Rebounded late on short-covering.

positioning before USDA issues Sept. 1 stocks data and annual wheat summary Wednesday. USDA expected to confirm thin U.S. soy stocks, big grain build.

FCPO-KUALA LUMPUR, Sept 29 (Reuters) - Malaysian crude palm oil futures edged higher on Tuesday, recovering a little from two-week lows hit the previous day as traders begin to bet on improved demand in coming weeks.

The benchmark December contract on the Bursa Malaysia Derivative Exchange rose 2 ringgit to 2,105 ringgit ($604.3) per tonne after going as high as 2,127 ringgit. The previous day, the market fell to 2,082 ringgit, a level unseen since Sept. 14.

REGIONAL EQUITIES-BANGKOK, Sept 29 (Reuters) - Shares in Singapore and Indonesia gained more than 1 percent on Tuesday, leading a rebound across Southeast Asian stock markets as big caps such as DBS, Astra International and Bangkok Bank recovered some recent losses.

Thailand's index <.SETI> rose 0.9 percent, Malaysia <.KLSE> was up 0.19 percent, the Philippines <.PSI> 0.8 percent and Vietnam <.VNI> inched up 0.1 percent.

Singapore's DBS Group Holdings , Southeast Asia's biggest bank, climbed 1.2 percent, plantation and palm oil processor Wilmar International rose 1.6 percent and Genting Singapore added 2.7 percent.

FCPO Daily: Remains weak


We stick to sideways to bias downside potential in near term market despite prices consolidate around 2100 mark. A breakout from the recent low at 2070 may provide more room to bias downside potential. While, upside resistance is pegged at 2190-2200.

CBOT SOYOIL Daily: Struggling to survivie


Market is struggling around USD33 and trying to defend. Nevertheless, overall momentum remains weak. Thus, we maintain sideways to bias downside potential in near term. Immediate downside support is pegged at USD33.00 followed by USD32. To the upside, resistance is looking at USD35.

FKLI Daily: Entering into consolidation zone


Market is entering into consolidation zone with moving in bias sideways manner. Thus, we continue to look for the immediate downside support at 1200 followed by 1190-1185. To the upside, resistance is maintain at 1232-1240.

Tuesday, September 29, 2009

Trader's Comment: Palm oil futures down sharply lower on bearish forecast.

Palm oil futures down sharply lower on bearish forecast. Benchmark Dec09 immediately gap down RM56 to open at 2130 and under pressure through out most of the sessions. It broke below 2100 level after second session resumed and hit intra day low of 2082 before some bargain hunters came in to provide some support. Prices then hovered between 2115-2095 and settled RM83 lower at 2103. The bearish statement made by a well-known industry analyst Mr Dorab Mistry at the Global Vege Oil Conference in India over the weekend, had caused some selling pressure to BMD. Mr Mistry stated that palm oil prices need to drop to RM1900 for demand to rebound and keep stocks under control. Meanwhile, weaker external markets had also enhanced the selling sentiment as both eCBOT soy oil and Dalian palm fell more than 1% lower.

Trader's Highlight

DJI-NEW YORK, Sept 28 (Reuters) - U.S. stocks rallied on Monday, snapping a three-day losing streak, as a spurt of corporate takeovers in the technology and health-care sectors fueled optimism about share values.

Mergers and acquisitions are typically viewed as bullish as it suggests companies are more optimistic about the business outlook.

The Dow Jones industrial average <.DJI> rose 124.17 points, or 1.28 percent, to end at 9,789.36. The Standard & Poor's 500 Index <.SPX> gained 18.60 points, or 1.78 percent, to 1,062.98. The Nasdaq Composite Index <.IXIC> shot up 39.82 points, or 1.90 percent, to 2,130.74.

NYMEX-NEW YORK, Sept 28 (Reuters) - U.S. crude oil futures rose more than 1 percent on Monday, on jitters over Iran's latest test-firing of missiles and as Wall Street rallied on stepped up mergers and acquisition activity.

On the New York Mercantile Exchange, November crude settled up 82 cents, or 1.24 percent, at $66.84 a barrel, trading from $65.41 to $67.54.

CBOT-SOYBEANS - November down 6-1/2 cents per bushel at $9.19-1/2.

Pressure from approach of harvest of potential record large U.S. soybean crop.
Possible frost overnight Monday and early Tuesday in northern U.S. Midwest soy growing areas but no significant harm to soy likely and no concerns for frost or freeze over the next 10 days. [

CBOT-SOYOIL - October down 0.80 cent per lb at 33.24 cents. Spillover selling pressure from weak soybeans and meal/oil spreading.

FCPO-KUALA LUMPUR, Sept 28 (Reuters) - Malaysian crude palm oil futures slid 4.8 percent on Monday, hitting a two week low, as traders booked profits after an industry analyst over the weekend painted a short-term bearish picture of the market.

The benchmark December contract on the Bursa Malaysia Derivative Exchange fell as much as 104 ringgit to 2,082 ringgit ($599.5) before settling down 83 ringgit at 2,103 ringgit.

REGIONAL EQUITIES
-BANGKOK, Sept 28 (Reuters) - Southeast Asian stock markets extended recent losses on Monday in a market wary of weak U.S. economic data, while lower oil prices forced down big-cap energy and resource shares across the region.

Singapore <.FTSTI> lost more than 1 percent to its lowest in almost three weeks, while Malaysia <.KLSE> and Indonesia <.JKSE> slid to near-two-week lows, ending down 0.9 percent and 1.9 percent, respectively.

Thailand <.SETI> and the Philippines <.PSI> each fell more than 1 percent to one-week lows, while Vietnam <.VNI>, Southeast Asia's best performer last week, inched down 0.1 percent.

FCPO Daily: Remains in weak momentum


Market momentum remains weak despite prices are trying to defend at 2100 mark. A breakout from the recent low at 2070 may provide more room to bias downside potential. While, upside resistance is pegged at 2190-2200.

CBOT Soyoil Daily: More room to bias downside potential


Market ended its consolidation phase following prices violated the the underline support at USD33.75-33.60. Thus, market may have more room to bias downside potential if downside support at USD33.23-33.00 not able to sustain. To the upside, resistance is pegged at USD35-35.70

DJI Daily: May challenge 10,000 mark


Market looks pretty supported well following a triple digit gains had helped to strengthen the positive momentum. Thus, we maintain the upside target at 10,000 levels. To the downside, support is still pegged at 9600 levels.

FKLI Daily: Bulls show little tiredness sign


Bulls have shown some early sign of tiredness after the long run. Thus, market may enter into consolidation phase with immediate downside support is looking at 1200 levels followed by 1190-1185. To the upside, resistance is adjusted to 1232-1240.

Monday, September 28, 2009

Trader's Highlight

DJI-NEW YORK, Sept 25 (Reuters) - U.S. stocks fell for a third straight day on Friday on disappointing housing and durable goods data, while Research In Motion's lackluster results dented optimism about technology spending.

Economic reports showed that new orders for long-lasting U.S. manufactured goods fell by their biggest margin in seven months, while August sales of new home fell short of Wall Street's expectations, raising questions about the strength of the recovery.

The Dow Jones industrial average <.DJI> fell 42.25 points, or 0.44 percent, to 9,665.19. The Standard & Poor's 500 Index <.SPX> dropped 6.40 points, or 0.61 percent, to 1,044.38. The Nasdaq Composite Index <.IXIC> declined 16.69 points, or 0.79 percent, to 2,090.92.

NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude futures ended with modest gains in seesaw trading on Friday, supported by fresh tensions over Iran's nuclear program while demand worries amid high stockpiles and a set of mixed economic data weighed on sentiment.

On the New York Mercantile Exchange, November crude settled up 13 cents, or 0.2 percent, at $66.02 a barrel, trading a high of $67.09 down to $65.05, the lowest since July 31's intraday high of $64.96.

CBOT-SOYBEANS - November up 6-1/2 cents at $9.26 a bushel. Rebounding from this week's sell-off largely linked to corn/soy spreading most of the week as spreads adjusted. Supported by strong cash markets as processors sharply hike spot bids to replenish crush supplies. Sell-off in wheat brought soybeans off early highs.

CBOT-SOYOIL
- October down 0.05 cent at 34.04 cents a lb. Market closes lower amid pressure from gyrations in crude oil market.

FCPO-MUMBAI, Sept 27 (Reuters) - Benchmark crude palm oil (CPO) futures in Malaysia may fall 13 percent to 1,900 ringgit per tonne but prices will rise next year as the El Nino weather event hits output, a top industry analyst told a conference on Sunday.

Prices were likely to rise to 2,400 ringgit per tonne next year, said Dorab Mistry, head of vegetable oil purchasing at India's Godrej International and a respected analyst.

On Friday, benchmark December contract on the Bursa Malaysia Derivative Exchange settled at 2,186 Malaysian ringgit ($630), up 71 ringgit, halting two straight days of declines, and moving above the 200-day moving average of 2,141 ringgit.

Mistry said palm oil inventories in Malaysia would rise to more than 2 million tonnes by the end of November. "The situation reminds me of last year when Malaysian stocks peaked at 2.265 million tonnes at the end of November," he said.

Mistry maintained his forecasts for Indonesia's 2009 palm oil output at 21.5 million tonnes from about 20 million tonnes last year and Malaysian production at 17.5 million tonnes in 2009, compared with 17.75 million tonnes last year.

REGIONAL EQUITIES
-BANGKOK, Sept 25 (Reuters) - Most Southeast Asian stock markets fell on Friday on fears that authorities around the world might end stimulus efforts too soon, and big caps such as Bumi Resources and Astra International dropped.

World central banks have said they would scale back infusions of dollars into their banking systems, adding to unease triggered when the U.S. Federal Reserve said it would slow purchases of mortgage debt, a pillar of its efforts to support mortgage lending.

Singapore's Straits Times Index <.FTSTI> slid 0.2 percent, after a 0.7 percent decline on Thursday, while Thailand <.SETI> inched down 0.96 percent and Malaysia <.KLSE> 0.06 percent. The Philippines <.PSI> lost 0.6 percent but Vietnam <.VNI> added 1.4 percent.

In Singapore, top losers were casino operator Genting Singapore , down 3.5 percent, Wilmar International , down 3.4 percent, and Singapore Telecom , 0.6 percent lower.

In Kuala Lumpur, financials led the losers, with CIMB down 0.7 percent, Maybank Bhd down 0.2 percent and AMMB Holdings Bhd off 0.2 percent.

Trader's Comment: Palm oil futures recovered from yesterday’s losses on pre-weekend covering.

Palm oil futures recovered from yesterday’s losses on pre-weekend covering. Benchmark Dec09 initially hit intra day low of 2106 after opened RM6 lower at 2109 but then started to climb steadily through out most of the sessions. The last wave of aggressive short-covering activities emerged in late trading led CPO prices to shoot up to intra day high of 2187 before it settled RM71 higher at 2186. Market was actually in a technical rebound mode today as it had been temporary oversold in yesterday sold-down. Trading volume was low with only 12,190 contracts changed hands as traders waiting for fresh leads from the Global Vege Oil Conference held this weekend at India. Meanwhile, Dalian market will be off next week for China’s Holiday.

FCPO Weekly: 2000 mark defended well


Market continue to defend at 2000 mark and rebounded for a good closing. However, weekly technical landscape remains in weak mode. As for now, immediate downside support is looking at 2060-2000 followed by 1980-1960. To the upside, resistance is pegged at 2250-2300 followed by 2330-2350.

CBOT Soyoil Weekly: still in Consolidation phase


Correction mode is still taking place. Therefore, we maintain the downside support at USD33.23 followed by 32.25-32.14. To the upside, resistance is pegged at USD37-37.50

NYMEX Crude Weekly: Sideways to lower


Market violated the immediate support at USD65 had dampened the overall technical landscape. Market momentum was weaken further and looks may move sideways to bias downside potential in near term. As for now, we are looking for the upside resistance at USD73-75. While, downside support is adjusted to USD62.70-58.30.

DJI Weekly Inching up slowly


Market is inching up slowly despite shy away after tested 9,900 levels. Immediate technical outlook looks positive. Thus, we maintain our upside target at 10,000 levels. To the downside, support is maintain at 9600-9400 levels.

SSE Weekly: Capped in range trading


Market looks may continue to cap in range trading bias sideways to lower in near term market. Immediate support is maintain at 2761 followed by 2640. To the upside, resistance is pegged at 3070 followed by 3170-3190.

FKLI Weekly: Bulls run likely to continue


We stick to our bullish view towards the near term market as no sign of tiredness was shown after the recent bulls run. Thus, we maintain the upside resistance at 1230-1240 followed by 1270-1280. Downside support is pegged at 1200 followed by 1190-1180.

Friday, September 25, 2009

Trader's Highlights

DJI - NEW YORK, Sept 24 - U.S. stocks fell on Thursday as signs of weakness in housing and investors' worries that authorities might be curbing stimulus efforts too soon sparked caution.

World central banks said they would scale back infusions of U.S. dollars into their banking systems, fueling unease triggered a day earlier when stocks sold off following the U.S. Federal Reserve's decision to slow purchases of mortgage debt.

That program has been one of the key pillars of the Fed's
efforts to support mortgage lending.

The Dow Jones industrial average dropped 41.11 points, or 0.42 percent, to 9,707.44. The Standard & Poor's 500 Index fell 10.09 points, or 0.95 percent, to 1,050.78. The Nasdaq Composite Index slid 23.81 points, or 1.12 percent, to 2,107.61.

NYMEX - NEW YORK, Sept 24 - U.S. crude oil futures settled at the lowest level in eight weeks on Thursday as weak home sales suggested a slow economic recovery and added to demand worries following a government report on Wednesday of a surprise large increase in oil supply.

On the New York Mercantile Exchange, front-month November crude settled down $3.08, or 4.47 percent, at $65.89 a barrel, the lowest settlement since July 29, when front-month crude closed at $63.35. It ranged from $68.77 to a low of $65.60, the weakest intraday price since $65.23 on Aug. 17.

CBOT - SOYBEANS
- November down 1 cent at $9.19-1/2 a bushel.
Worries about cool weather in the Midwest also support soybean futures. Soy losing ground to corn as spreads correct. Prospects for record large soy harvest overhang market.

CBOT - SOYOIL - October down 0.07 cent at 34.09 cents per lb; December down 0.09 at 34.47.
Support from strong export sales of soyoil was overcome by sliding crude oil.

FCPO - KUALA LUMPUR, Sept 24 - Malaysian crude palm futures ended off nine-day lows on Thursday although prospects of improved global vegetable oil supplies overshadowed a slight improvement in exports.

The benchmark December contract on the Bursa Malaysia Derivative Exchange lost as much as 56 ringgit to 2,090 ringgit ($601.6), a level unseen since Sept. 15. But it recovered slightly, settling down 31 ringgit at 2,115 ringgit a tonne.

REGIONAL EQUITIES - BANGKOK, Sept 24 - Southeast Asian stock markets drifted lower on Thursday, coming off their days' highs in line with other Asian shares, but analysts said foreigners would continue to push funds into the region.

Bucking the trend, Indonesia's index gained 0.5 percent, catching up with gains elsewhere over the past four days when it was closed for a Muslim holiday.

Most Asian currencies eased as the dollar rebounded, which pushed stocks down, as did the view the Federal Reserve might be closer to reining back its extraordinary stimulus measures, even though it reiterated a pledge to keep interest rates low.

Singapore's index ended down 0.7 percent, with Singapore Telecommunications easing 0.3 percent, and Malaysia's index slid 0.1 percent, led by a 0.3 percent
drop in lender Maybank.

Thailand's index was off 0.3 percent as oil fell closer to $68 a barrel, which prompted selling in heavyweight energy shares, with PTT falling 1.1 percent and PTT Exploration off 1.7 percent.

The Philippines inched down 0.2 percent and Vietnam lost 1.3 percent.

Thursday, September 24, 2009

Breaking News-RTRS-UPDATE 4-Federal Reserve says U.S. recovery is underway

WASHINGTON, Sept 23 (Reuters) - The Federal Reserve on Wednesday upgraded its assessment of the U.S. economy, saying growth had returned after a deep recession, while reiterating its promise to hold interest rates very low for a long time.
The Fed also said it would slow its purchases of mortgage debt to extend that program's life until the end of March, in a move toward withdrawing the central bank's extraordinary support for the economy and markets during the contraction.
The U.S. central bank, as widely expected, held its benchmark overnight lending rates at close to zero percent.

Trader's Highlight

DJI-NEW YORK, Sept 23 (Reuters) - U.S. stocks fell on Wednesday as investors worried the Federal Reserve is closer to pulling back on extraordinary measures to inject funding to shore up the economy.

The Fed's policy-setters met and kept interest rates unchanged, as expected, but they also said the U.S. central bank would slow purchases of mortgage debt to extend that program's life until the end of March. That was seen as a step toward a measured withdrawal of its extraordinary support for the economy during the downturn.

The Dow Jones industrial average <.DJI> shed 81.32 points, or 0.83 percent, to 9,748.55. The Standard & Poor's 500 Index <.SPX> declined 10.79 points, or 1.01 percent, to 1,060.87. The Nasdaq Composite Index <.IXIC> lost 14.88 points, or 0.69 percent, to 2,131.42.

NYMEX-NEW YORK, Sept 23 (Reuters) - U.S. crude futures closed nearly 4 percent lower on Wednesday, clearly stung by data showing unexpectedly large weekly increases in domestic crude oil and refined product supplies.

On the New York Mercantile Exchange, new front-month November crude settled down $2.79, or 3.89 percent, at $68.97 a barrel, trading from $68.57 to $71.81.

CBOT-SOYBEANS - November down 1-1/2 cents at $9.20-1/2 a bushel. Waning worries about a crop-killing frost next week weighing on markets but futures bounced from session lows as dollar weakened. Soybeans losing ground to corn as spreads adjust after months of soy gaining on corn. Large speculators hold a net long soybean position and are short corn which tends to trigger corn/soy spreading.

US Census Bureau to issue monthly crush data on Thursday. Traders expecting soybean crushings in a range of 118 million to 119.1 million bushels.

CBOT-SOYOIL - October down 0.35 cent at 34.16 cents per lb; December down 0.36 cents at 34.56. Weakness in crude oil market pressures prices.

FCPO-KUALA LUMPUR, Sept 23 (Reuters) - Malaysian crude palm oil futures dropped 2 percent on Wednesday as traders booked profits after a cargo surveyor reported an improvement in exports and vegetable oil markets weakened.

Benchmark December contract on the Bursa Malaysia Derivative Exchange settled down 44 ringgit at 2,146 ringgit ($620) a tonne. Overall volume more than doubled to 11,386 lots of 25 tonnes each compared to the usual 5,000 lots.

REGIONAL EQUITIES-BANGKOK, Sept 23 (Reuters) - Singapore's stock market ended
flat on Wednesday as big caps such as DBS Group and CapitaLand came under selling pressure, and other regional bourses were mixed, with Malaysian banks falling but Thai energy shares up.

Selling brought regional indexes down from their day's highs ahead of a U.S. Federal Reserve policy decision later in the day, with its post-meeting statement expected to provide direction on the economic outlook.

Malaysia <.KLSE> eased 0.2 percent after touching 15-month highs, weighed down by a 3.9 percent fall in Malaysia Mining Corp and a 2.1 percent loss in financial firm AMMB

Trader's Comment: CPO futures prices ended lower on profit taking activities.

CPO futures prices ended lower on profit taking activities. Benchmark Dec09 had been hovering in negative territory between 2172-2188 through out the morning session after opened RM10 lower at 2180, tracking the softer tone of eCBOT soy oil and Dalian palm in the early trading time. Although the released of Sep1-20 palm oil export data by private cargo surveyors SGS which reported an increase of 2.9% had reinforced market expectation of higher export in month end, however market sentiment did not improve in the second session but dampened further as traders took this opportunity to book their profit after last week’s rally. Prices continued to fall lower through out the second session and hit intra day low of 2142 before it settled RM44 lower at 2146. Daily volume was low with only 11,386 contracts traded as many traders are still off due to holidays.

FCPO Daily: Still in consolidation phase


Market is likely to continue its consolidation phase in near term. Thus, we maintain the upside resistance at 2200-2220 and downside support is pegged at 2119-2122 (leftover gap on 16/9/2009).

CBOT Soyoil Daily: Tight rangy mode


Market was moving in tight rangy mode into a consolidation mode. Thus, market may trade in range between USD35.20-35.30 to USD34.00

NYMEX Crude Daily: Losing ground


Market is losing ground further after few round failed to break through the overhead resistance at USD73 convincingly. Thus, consolidation phase is likely to extend provided underline support at USD67 is defended. Violation of it may weaken the overall immediate technical landscape.

SSE Daily: Tough resistance at 3,060-3,070


Market was facing tough resistance at 3,060 to 3,070 following prices failed to stay firm. Hence, market may due for a correction in near term. We are looking for the underline support at 2,640 levels, violation of it may provide more room to bias downside potential.

DJI Daily: In Positive tone


Market shy away after tested the recent high at 9,900 levels. However, overall market momentum remains in positive tone. Thus, we are now looking for the upside target at 10,000 levels. To the downside, support is maintain at 9600 levels.

FKLI Daily: Upward posture is maintaining well


Market gave up most of its gains after tested the fresh new high at 1232 levels. Bulls still maintain its upward posture without any sign of tiredness. Thus, we remain positive towards the near term market and upside resistance is adjusted to 1240-1250. To the downside, support is pegged at 1200.

Wednesday, September 23, 2009

Trader's Highlight

DJI-NEW YORK, Sept 22 (Reuters) - U.S. stocks rose on Tuesday, as investors bet the U.S. Federal Reserve will stick to its accommodative policy to foster economic recovery, boosting growth-sensitive sectors such as financials, technology and industrials.

The gains were broad-based, with all but three of the 10 S&P 500 industry sectors ending higher. Energy and other natural resources stocks were underpinned by resurgent global commodity prices as the U.S. dollar retreated.

The Federal Reserve began a two-day policy-setting meeting on Tuesday. Its policy statement is due on Wednesday around 2:15 p.m. (1815 GMT).

With no change expected in interest rates, investors probably will focus on the bank's assessment of the economic outlook, particularly after Chairman Ben Bernanke said last week that the recession was "technically" over.

The Dow Jones industrial average <.DJI> gained 51.01 points, or 0.52 percent, to end at 9,829.87. The Standard & Poor's 500 Index <.SPX> rose 7.00 points, or 0.66 percent, to 1,071.66 -- a fresh 11-month closing high. The Nasdaq Composite
Index <.IXIC> climbed 8.26 points, or 0.39 percent, to 2,146.30.

NYMEX-NEW YORK, Sept 22 (Reuters) - U.S. crude oil futures edged lower in post-settlement trading after industry data showed that domestic crude stocks rose slightly last week, against the forecast that supplies shrank.

On the New York Mercantile Exchange at 5:15 p.m. EDT (1715 GMT), November crude , the new front-month, was up $1.69, or 2.42 percent, at $71.62 a barrel. It earlier settled up $1.83, or 2.62 percent, at $71.76, trading $69.74 to $72.03.

October crude had expired and settled up $1.84, or 2.64 percent, at $71.55 a barrel, trading $69.61 to $71.85.

CBOT-SOYBEANS - November up 5-3/4 cents at $9.19-1/4 a bushel. Bounce in corn pulls soybeans up. Weak dollar, record export pace for 2009/10 marketing year and slowed Delta harvest supportive for soy. Prospects for a bumper U.S. soy harvest weigh.

SOYOIL
- October up 0.45 cent at 34.22 cents per lb; December up 0.43 cents at 34.62. Recovery rally in crude oil lends strength to soyoil.

FCPO-JAKARTA, Sept 18 (Reuters) - Malaysian crude palm oil futures edged up on Friday, but were off their highs as investors squared positions in late trade, wary of exposure to possible weakness in external markets over the Eid al-Fitr Muslim holiday, traders said.

The benchmark December contract on the Bursa Malaysia Derivative Exchange settled up 8 ringgit, or 0.4 percent, at 2,190 ringgit ($629.67) a tonne, after running as high as 2,210 ringgit earlier in the day. Overall volume was at 13,522 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Sept 22 (Reuters) - Most Southeast Asian stock markets rose on Tuesday, with Thailand touching a 14-month high on demand for construction and energy stocks, but a plunge in Manila's MetroPac hit the Philippines, ending two days of gains.

Trading was generally muted, with Malaysia <.KLSE> and Indonesia <.JKSE> still closed for a long Muslim holiday.

Thailand's benchmark index <.SETI> climbed 1.6 percent, led by IRPC , Southeast Asia's biggest integrated petrochemical complex operator, which rose 5.6 percent and top builder Italian-Thai , which added 5.7 percent.

Singapore's index <.FTSTI> gained 1.4 percent, with Genting Singapore adding 9.5 percent, Singapore Telecommunications jumping 1.6 percent and property developer CapitaLand edging up 2.2 percent.

Shares of Wilmar International also rose 3 percent as the newspaper reported the plantation and palm oil processor would spin off its China food operation, raising up to HK$27.3 billion ($3.5 billion) in a flotation of shares in Hong Kong in October.

FCPO Weekly: Downside move has been slowing down a little


2000 level was well defended and downside move has been slowing down a little. Nevertheless, the overall immediate technical landscape remains weak. Thus, we maintain bearish view towards the near term market. As for now, immediate downside support is looking at 2063-2000 followed by 1980-1960. To the upside, resistance is pegged at 2250-2300 followed by 2330-2350.

CBOT Soyoil Weekly: still in Correction mode


Correction mode is still taking place. Therefore, we maintain the downside support at USD33.23 followed by 32.25-32.14. To the upside, resistance is pegged at USD37-37.50

NYMEX Crude Weekly: Consolidation mode is likely to extend


Consolidation mode is likely to extend in near term. A breakout of either USD75 or USD65.23 may provide more clearer direction.

SSE Weekly: remains sideways to lower


Market looks may continue to trade sideways to lower move in near term due to not much of improvement to the immediate weekly landscape. To the downside, immediate support is maintain at 2761 followed by 2640. To the upside, resistance is pegged at 3070 followed by 3170-3190.

FKLI Weekly: Uptrend remains intact


Uptrend remains intact. Thus, we continue to look for the upside resistance at 1230-1240 followed by 1270-1280. Downside support is pegged at 1190-1180 followed by 1160-1150.

Friday, September 18, 2009

Trader's Highlight

DJI-NEW YORK, Sept 17 (Reuters) - A measure of global stocks reached an 11-month high on Thursday as economic reports supported themes of recovery, pushing currency investors seeking riskier trades out of U.S. dollars.

But U.S. shares edged lower as some disappointing corporate profits reined in enthusiasm over an economy still seen as vulnerable to rising unemployment.

U.S. indexes shed early gains, with the Dow Jones industrial average <.DJI> down 0.08 percent to 9,783.92. The Standard & Poor's 500 Index <.SPX> declined 0.31 percent to 1,065.49, and the Nasdaq Composite Index <.IXIC> fell 0.15 percent, to 2,080.90.

NYMEX-NEW YORK, Sept 17 (Reuters) - U.S. crude futures ended slightly lower on Thursday, as demand worries amid high inventories offset positive economic data.

An early surge to above $73 fizzled out as traders saw the stock market fall back after rising on reassuring jobless claims and housing reports.

On the New York Mercantile Exchange, October crude settled down 4 cents, or 0.06 percent, at $72.47 a barrel, trading from $71.66 to $73.16.

CBOT-SOYBEANS - November up 2-1/2 cents at $9.53. Nearby months end up as China keeps buying U.S. soybeans with gains limited and pressure on deferred months amid waning worries about frost late next week in the United States that could have harmed the soybean crop.

CBOT-SOYOIL - October up 0.17 cent per lb at 34.55. Short-covering lends support.

FCPO-JAKARTA, Sept 17 (Reuters) - Malaysian crude palm oil futures were little changed Thursday, taking a breather after a two-day rally, as investors squared positions ahead of a long holiday weekend, traders said.

The benchmark December contract on the Bursa Malaysia Derivative Exchange edged up 1 ringgit, or 0.05 percent, at 2,182 ringgit ($629.18) a tonne. Overall volume was 12,959 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Sept 17 (Reuters) - Some Southeast Asian stock markets posted small gains on Thursday after U.S. data brought more signs of recovery, but both Singapore and Thailand failed to hold on to early rises, ending lower.

some investors were quick to book profits and Singapore's index <.FTSTI> closed down 0.07 percent. Thailand <.SETI> lost 0.14 percent. But Malaysia's index <.KLSE> was up 0.5 percent and Indonesia <.JKSE> rose 0.72 percent ahead of a long Muslim holiday starting Friday. It will resume trade next Thursday. The Philippines <.PSI> snapped a three-day fall to finish up 0.12 percent while Vietnam <.VNI> extended its gains into a sixth
day, adding 0.8 percent to its highest since Aug. 27, 2008.

FCPO Daily: Consolidation is taking place


Consolidation mode is likely to extend in near term. Thus, we maintain the upside resistance at 2200-2220 and downside support is pegged at 2119-2122 (leftover gap on 16/9/2009).

CBOT Soyoil Daily: Sideways to bias upside potential


Market momentum strengthen further following prices continue to improve. Hence, market may move into sideways bias to little upside potential in near term. To the upside, resistance is pegged at USD36.19. While, downside support is adjusted to maintain at USD33.00.

NYMEX Crude Daily: Consolidation phase likely to continue


Market tested the USD73 at intra-day basis but not closing. Thus, consolidation phase is likely to continue in near term unless a more significant breakout from the either USD73 or USD67 levels respectively to give a more clearer direction.

SSE Daily: May move higher


Market continue to edge higher and tested the immediate resistance at 3060. Thus, we continue to stick to positive view towards the near term market provided immediate resistance at 3060-3080 violated convincingly. Next resistance will be followed by 3150. While, downside support is maintain at 2900 levels.

FKLI Daily: Still maintain in Bullish tone


Overall technical landscape still remains in bullish tone despite prices gave up its early gains to end off the low. We maintain the upside resistance at 1230-1240 followed by 1250. To the downside, support is maintain at 1200.

Thursday, September 17, 2009

Breaking News-RTRS-China state soy auction quiet over high set price

BEIJING, Sept 16 (Reuters) - China's weekly state soybean
auctions failed to attract bidders in Jilin and Inner Mongolia,
with only 15,500 tonnes of soybeans sold in northeast
Heilongjiang, or 3.1 percent of the total volume offered.
The highest price paid was 3,790 yuan ($555.3) per tonne,
down nearly 100 yuan compared with last week, when the market was
concerned about a drought in the major soy-growing area of
northeast China.

Breaking News-RTRS-UPDATE 1-Indonesia Aug palm oil exports up 65 pct - industry

JAKARTA, Sept 16 (Reuters) - Indonesian palm oil exports are estimated to have jumped 65 percent in August to 1.62 million tonnes from a year ago, data from the Indonesian Palm Oil Producers' association, GAPKI, showed on Wednesday.
August exports also rose 48 percent from 1.09 million tonnes shipped in July, the data showed.

Trader's Highlight

DJI-NEW YORK, Sept 16 (Reuters) - The U.S. dollar slumped to near one-year lows on Wednesday, helping lift global stocks and commodities, as fresh U.S. data spurred optimism about an economic recovery and eroded demand for safe-haven assets.

Most prices for U.S. and euro zone government debt fell after a second day of surprisingly strong U.S. economic data fueled expectations of a robust recovery from the worst global downturn since World War Two.

The Dow Jones industrial average <.DJI> closed up 108.30 points, or 1.12 percent, at 9,791.71. The Standard & Poor's 500 Index <.SPX> added 16.13 points, or 1.53 percent, at 1,068.76. The Nasdaq Composite Index <.IXIC> gained 30.51 points, or 1.45 percent, at 2,133.15.

A Reuters poll of economists in the United States and Europe released on Wednesday forecast strong U.S. economic growth in the current quarter after four quarters of decline. The poll put growth at a 3 percent annual rate, significantly higher than the 2.4 percent growth rate in the August poll.

NYMEX-NEW YORK, Sept 16 (Reuters) - U.S. crude futures rallied to above $72 and closed more than 2 percent higher on Wednesday, after government data showed that domestic crude inventories fell more than expected last week, against an industry report on Tuesday that supplies rose.

On the New York Mercantile Exchange, October crude settled up $1.58, or 2.23 percent, at $72.51 a barrel, trading from $70.14 to $72.56.

CBOT-SOYBEANS - November down 9-1/2 cents at $9.50-1/2 per bushel. Profit-taking after big gains on Tuesday as some forecasts showed a diminished threat of frost next week in the U.S. Midwest. Additional pressure from stepped-up farmer selling. Soy rallied Tuesday on a freeze threat for next week.
Declines limited by weak dollar, firm crude oil and gains in equities.

CBOT-SOYOIL - October down 0.05 at 34.38 cents per lb, December down 0.04 at 34.78. Following soybeans. Upturn in crude oil lends underlying support.

FCPO-JAKARTA, Sept 16 (Reuters) - Malaysian crude palm oil futures jumped 4.4 percent on Wednesday, their biggest one-day rise in more than six weeks, as investors covered short positions ahead of a long holiday weekend, traders said.

The benchmark December contract on the Bursa Malaysia Derivative Exchange rose 91 ringgit to 2,181 ringgit ($626.72) a tonne. Overall volume was more than double the usual at 24,932 lots of 25 tonnes each. The exchange will be closed on Sept. 21-22 for the Muslim festival of Eid al-Fitr.

REGIONAL EQUITIES-BANGKOK, Sept 16 (Reuters) - Most Southeast Asian stock markets gained on Wednesday, buoyed by hopes for economic recovery, with Singapore outperforming as its property shares rallied after steep falls earlier in the week.

Singapore's benchmark Straits Times Index (STI) <.FTSTI> climbed 1.4 percent, with DBS Group , Southeast Asia's biggest lender, up 2 percent.

Thailand's index <.SETI> gained 1 percent, Malaysia's index <.KLSE> rose 0.5 percent to its highest since June 2008 and Indonesia's index <.JKSE> ended up 0.8 percent at its highest since May 2008.

In Kuala Lumpur, gainers included Proton , which surged 12 percent on continued market speculation that Malaysian billionaire Syed Mokhtar Al Bukhary may be interested in acquiring a controlling stake in the national car maker.

FCPO Daily: May trade in sideweways move


Market violated the resistance at 2170 convincingly following gap at 2122-2140 was covered. A sharp rebound had helped to cushion the market downside move and neutralised the overall daily technical landscape. Thus, market may move sideways and consolidate in near term. To the upside, resistance is looking at 2200-2220. While, downside support is pegged at 2119-2122 (leftover gap on 16/9/2009).

CBOT Soyoil Daily: into Correction zone


Market retreated after a sharp rebound. Correction mode is likely to take place in near term. Thus, we are looking for the upside resistance at USD36.19. Downside support is maintain at USD33.00.

NYMEX Crude: Gaining ground


Market is gaining ground with printed another long white candle. Market may continue to cap in the consolidation phase unless it manage to break out from the either USD73 or USD67 levels respectively to identify a clearer direction.

SSE Daily: Sideways to bias upside potential


Market is still maintain its upward posture despite a negative closing. Violation of the immediate resistance at 3060-3080 may provide more room to bias upside potential in near term. Next resistance will be followed by 3150. While, downside support is maintain at 2900 levels.

DJI Daily: May challenge 9800-10,000 levels


A triple digit up had proved to us that Bulls are ready to challenge the upside target at 9800-10,000 levels in anytime soon. Thus, we maintain positive towards the near term market. To the downside, support is pegged at 9600 levels.

FKLI Daily: TOPLESS!!!!


Market continue to ride on the uptrend following a convincing breakout from the recent high at 1215. Next resistance will be looking at 1230-1240 followed by 1250. To the downside, support is maintain at 1200.

Wednesday, September 16, 2009

CPO Tender Summary As at September 2009

Breaking News-RTRS-UPDATE 3-Bernanke says U.S. recession is 'very likely' over

WASHINGTON, Sept 15 (Reuters) - Federal Reserve Chairman Ben Bernanke said on Tuesday that the worst U.S. recession since the Great Depression was probably over, but the recovery would be slow and it would take time to create new jobs.

Breaking News-RTRS-Biofuels may make Brazil soyoil importer-Oil World

HAMBURG, Sept 15 (Reuters) - Brazil, one of the world's leading soyoil exporters, may start importing soyoil from October 2009 because of sharply rising need for biofuel production, oilseeds analysts Oil World forecast on Tuesday.
"In Brazil, surging requirements for biodiesel production and declining soybean crushings will enforce a reduction in soyoil exports and probably necessitate soyoil imports in Oct. 2009/Jan. 2010," Oil World said.
Brazil's biodiesel output reached a record 134,000 tonnes in July 2009, up 41 percent on the year as the country raised compulsory blending of biofuels in fossil diesel, Oil World said.

FCPO Daily: May challenge upside gap


Market ended in positive territory and was trying to rebound after the recent sharp drop. Thus, it may want to challenge the upside gap left over on 14/9/2009 at 2119-2140 followed by 2170. Downside support is pegged at 2070.

CBOT Soyoil Daily: Defended well


A sharp rebound had neutralised the immediate technical outlook following a good defend at USD33.00. Thus, market may move into correction zone with upside resistance and downside support is looking at USD35.50-35.70 and USD33.00 levels respectively.

NYMEX Crude Daily: Entering into consolidation phase


Market is entering into consolidation phase with prices may cap in the range of USD73 to USD67 levels respectively. A breakout of the either way may provide more clearer direction.

SSE Daily: Likely to continue its upward move


Market edged up further to cover the full gap left over at 3033-3039. Thus, market looks likely to continue moving sideways to bias upside potential in near term. As for now, we are looking for the immediate resistance at 3060-3080 followed by 3150. While, downside support is maintain at 2900 levels.

DJI Daily: More room to bias upside potential


Market violated the overhead resistance at 9600-9700 levels had strengthen the immediate daily outlook. Thus, we expect more room to bias upside potential in near term with upside target is looking at 9800-10,000 levels. To the downside, support is pegged at 9500-9400 levels.

FKLI Daily: Uptrend likely to extend


Nothing much changes on the immediate technical landscape as prices maintain in upward posture and likely to challenge the recent high at 1215 in near term. Next resistance will be looking at 1230-1240. To the downside, support is maintain at 1200-1190.

Trader's Highlight

DJI-NEW YORK, Sept 15 (Reuters) - U.S. stocks rose on Tuesday to 2009 highs after stronger manufacturing and retail sales data boosted commodity prices and shares of materials companies.

Tuesday's gains lifted the S&P 500 above the 1,050 level for the first time since early October.

The Dow Jones industrial average <.DJI> rose 56.61 points, or 0.59 percent, to close at 9,683.41. The Standard & Poor's 500 Index <.SPX> gained 3.29 points, or 0.31 percent, to 1,052.63. The Nasdaq Composite Index <.IXIC> added 10.86 points, or 0.52 percent, to 2,102.64.

Comments by Federal Reserve Chairman Ben Bernanke that the recession was probably at an end also favored basic materials companies, Caughey said.

NYMEX
-NEW YORK, Sept 15 (Reuters) - U.S. crude oil futures pared gains in post-settlement trading on Tuesday after industry data showed a surprise increase in domestic crude stocks last week.

On the New York Mercantile Exchange at 5:15 p.m. EDT (2215 GMT), October crude was up $1.44, or 2.09 percent, at $70.30 a barrel. It had settled earlier up $2.07, or 3.01 percent, at $70.93, trading from $68.48 to $71.19.

CBOT-SOYBEANS - November up 51 cents at $9.60 per bushel. Surging on forecasts for colder weather next week in the U.S. Midwest that could harm the crop, which is immature because it was planted late.

CBOT-SOYOIL - October up 1.03 cents per lb at 34.43. Following soybeans. Firm crude oil adds support.

FCPO-JAKARTA, Sept 15 (Reuters) - Malaysian crude palm oil futures bounced off an eight-week low on Tuesday as investors shrugged off poor export data and focused on covering short positions ahead of a long holiday weekend, traders said.

The benchmark November contract on the Bursa Malaysia Derivative Exchange rose 31 ringgit, or 1.5 percent, to 2,101 ringgit ($600.29) a tonne. Overall volume was 15,663 lots of 25 tonnes each.

The exchange will be closed on Sept. 21-22 for the Muslim festival of Eid al-Fitr.

REGIONAL EQUITIES-BANGKOK, Sept 15 (Reuters) - Most Southeast Asian stock markets rebounded on Tuesday, with Indonesia rising more than 1 percent and others posting smaller gains, led by big caps such as Bumi Resources, PPB Group and DBS Group.

Markets in the region recouped Monday's losses, with investors recovering their appetite for riskier assets, analysts said.

Singapore's index <.FTSTI> inched down 0.05 percent, erasing an early 0.7 percent gain, Malaysia's index <.KLSE> was up 0.3 percent, Thailand's index <.SETI> climbed 1.3 percent and Vietnam's index <.VNI> inched up 0.03 percent.

In Kuala Lumpur, Tenaga Nasional gained 2.1 percent and plantation group PPB rose 1.8 percent.

Proton Holdings jumped 5.4 percent on market speculation Malaysian billionaire Syed Mokhtar Al Bukhary may be interested in acquiring a controlling stake in the car maker.

Tuesday, September 15, 2009

FCPO Daily: Remains in bearish outlook


Market violated the physiological support at 2100 levels to end at day low had dampened further the already weak technical outlook. To the upside, resistance is looking at the 2119-2140 (gap left over on 14/9/2009). Downside support is pegged at 2060-2050 followed by 2030-2000.

CBOT Soyoil Daily: Struggling at USD33.00


Market extended its losing streak following support at USD33.30-33.20 was violated. Any breakdown from the physiological support at USD33.00 may provide more room to bias downside potential in near term. To the upside, resistance is looking at USD33.70-34.00.

NYMEX Crude Daily: Facing tough resistance at USD73


Bulls look has losing strength to climb up further after facing tough resistance at USD73.00. Thus, market may into correction phase with downside support is pegged at USD67.00.

SSE Daily: Improving


Market covered partial of the upside gap left over to stay firm at 3000 levels. This had strengthen further the immediate technical landscape to move sideways to bias upside potential in near term. As for now, we are looking for the immediate resistance at 3033-3039 (unfilled gap left over) followed by 3060-3080. While, downside support is pegged at 2900 levels.

FKLI Daily: 1200 mark defended well


Market was defended well at 1200 mark to maintain its upward posture firmly. Thus, bulls look may challenge again the recent high at 1215 levels followed by 1230-1240. To the downside, support is pegged at 1200-1190.

Monday, September 14, 2009

Breaking News-RTRS-Europe oils-Rising stocks hit palm but EU demand may pick up

AMSTERDAM, Sept 11 (Reuters) - Concerns about rising stocks and weaker export figures were weighing on palm oil markets, but a possible pickup in European demand in coming months may limit the downward potential of prices, traders said on Friday.
Strong demand from China and India over the summer has bolstered prices, but traders said demand from these regions is tapering off with the end of festival seasons.

Breaking News-RTRS-NOPA August U.S. soy crush seen at 111.3 mln bu

CHICAGO, Sept 11 (Reuters) - National Oilseed Processors Association monthly crush data to be issued on Monday morning should show a July U.S. soybean crush near 111.3 million bushels, analysts said on Friday.
Trade estimates ranged from 106 million to 119 million bushels, compared with NOPA's July soy crush figure of 120.9 million bushels.
Analysts expected NOPA to lower its soyoil stocks figure by about 250 million lbs, from its July stocks figure of 2.804 billion lbs.

Trader's Highlight

DJI-NEW YORK, Sept 11 (Reuters) - Crude fell and U.S. stocks edged lower on Friday after five days of gains, even as encouraging U.S. and Chinese data and a sliding U.S. dollar were unable to provide oil and equity markets further lift.

The Dow Jones industrial average <.DJI> lost 22.07 points, or 0.23 percent, at 9,605.41. The Standard & Poor's 500 Index <.SPX> shed 1.41 points, or 0.14 percent, at 1,042.73. The Nasdaq Composite Index <.IXIC> fell 3.12 points, or 0.15 percent, at 2,080.90.

NYMEX-NEW YORK, Sept 11 (Reuters) - U.S. crude oil futures slumped more than 3 percent on Friday on demand worries following data showing sharp increases in inventories of U.S.petroleum products.

On the New York Mercantile Exchange, October crude settled down $2.65, or 3.68 percent, at $69.29 a barrel, trading from $68.82 to $72.90.

CBOT-SOYBEANS - September up 11 cents at $9.84-1/2 a bushel; November down 23-1/2 at $9.03.

November traded below $9 for first time since July. Unwinding of soybean/corn spreads weigh on deferred soybeans. Market pricing bigger average yield than USDA's updated forecast of 42.3 bushels/acre; favorable U.S. weather bearish. Nearby spread firm amid tight stocks.

Bulls note USDA's revised estimate of 2009/10 soy ending stocks was below trade estimates. Additionally, Chinese 2009/10 soy crop seen down 0.40 million tonnes while boosting crush and imports.

USDA raised its U.S. 2009 soybean production forecast to a record 3.245 billion bushels, in line with the average trade estimate of 3.249 billion.

USDA raised its estimate of U.S. 2009/10 soybean ending stocks to 220 million bushels, but that was below the average trade estimate of 226 million.

CBOT-SOYOIL - September down 0.34 cent at 33.36 cents per lb, December down 0.35 cent at 33.90. Spillover weakness from soybeans and crude oil.

FCPO-JAKARTA, Sept 11 (Reuters) - Malaysian crude palm oil futures dropped 1.8 percent on Friday amid caution ahead of the release of monthly estimates for U.S. soy output from the U.S. Department of Agriculture (USDA) later today, traders said.

The benchmark November contract on the Bursa Malaysia Derivative Exchange dropped 39 ringgit to 2,145 ringgit ($614.61) a tonne. Overall volume was at 12,382 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, Sept 11 (Reuters) - Major Southeast Asian stock
markets ended off their highs on Friday, with Singapore ending a shade lower after selling in casino operator Genting but others eking out small gains in cautious trade.

Singapore's Straits Time Index <.FTSTI> inched down 0.04 percent, with Genting Singapore sliding 3.5 percent, extending losses earlier this week in reaction to news it would raise S$1.63 billion ($1.2 billion) in a rights issue.

Malaysia's index <.KLSE> was up 0.6 percent, Indonesia's <.JKSE> gained 0.2 percent and Thailand's <.SETI> 0.7 percent.

FCPO Weekly: Sideways to bias downside potential


Market closed near the weekly low had dampened further the already weak technical outlook. Hence, market is likely to move in sideways to bias downside potential in near term. For now, immediate downside support is looking at 2100 followed by 2085-2060. To the upside, resistance is pegged at 2250-2300 followed by 2330-2350.

SSE Weekly: Remains weak


Market rebounded and recovered for straight two weeks. However, immediate weekly technical outlook remains weak and more support confirmation is still needed in order to change from its current bearish outlook. To the downside, support is pegged at 2761 followed by 2640. To the upside, resistance is maintain at 3004 followed by 3020-3039 (gap left over on since 23/8/2009).

FKLI Weekly: Where's the TOP?


Market violated 1200 mark convincingly had strengthen further the overall bullish technical outlook. Uptrend likely to continue in near term as bulls do not showing any sign of tiredness mode. Thus, we are looking for the upside resistance at 1230-1240 followed by 1270-1280. Downside support is pegged at 1190-1180 followed by 1160-1150.