Friday, January 2, 2009
Trader's Comment: CPO futures ended broadly higher on the first day of trading in 2009, extending its 5th day rally.
CPO futures ended broadly higher on the first day of trading in 2009, extending its 5th day rally. Benchmark Mar09 merely hit intra day low of 1706 after opened RM16 higher at 1711, following higher overnight NYMEX crude oil and CBOT soy complex. It then started to climb slowly through out the day. The released of end December exports data by private cargo surveyor ITS had provided good support on CPO prices. Benchmark Mar09 continued to rise higher after second session resumed trading until it hit the intra day high of 1748. Some profit taking activities began to emerge in late trading saw CPO prices slid to 1712. Nevertheless, the “bull” immediately gained back its strength and sent Benchmark Mar09 to bounce back and settled RM45 higher at 1740. Although the overall market sentiment was supportive, traders were still cautious as Asian time crude oil eased off today.
Trader's Highlight
DJI-NEW YORK, Dec 31 (Reuters) - World stock markets ended on an uptick for the year on Wednesday, after some bourses registered their worst annual losses in history.
Continuing weekly U.S. jobless claims remained at their highest level since 1982 in Labor Department data on Wednesday, but investors took some heart from confirmation by the Federal Reserve on Tuesday that it would try to lower home mortgage rates further by buying mortgage bonds in 2009.
Interest rates on U.S. 30-year fixed-rate mortgages dropped for a ninth consecutive week, reaching their lowest level in 37 years, with the 30-year fixed rate at 5.10 percent, according to home funding company Freddie Mac on Wednesday.
The Dow Jones industrial average <.DJI> ended up 108.00 points or 1.25 percent, at 8,776.39. The Standard & Poor's 500 Index <.SPX> finished up 12.61 points, or 1.42 percent, at 903.25. The Nasdaq Composite Index <.IXIC> closed up 26.33 points, or 1.70 percent, at 1,577.03.
NYMEX-NEW YORK, Dec 31 (Reuters) - U.S. crude oil futures rose sharply on Wednesday as expiring January heating oil and gasoline futures surged, a Middle East cease fire failed and a dispute between Russia and Ukraine helped boost oil.
On the New York Mercantile Exchange, February crude rose $5.57, or 14.27 percent, to settle at $44.60 a barrel, trading from $36.94 to $45.54.
CBOT-SOYBEANS - January up 26-1/2 cents at $9.72-1/4 a bushel, March up 27 cents at $9.80 a bushel.
Rallies following rebound in crude oil prices. Dry weather in South America hindering crop development also supportive.
CBOT-SOYOIL - January up 1.18 cents at 33.29 cents a pound, March up 1.18 cents at 33.60 cents a pound. Following soybeans and crude oil higher.
FCPO-JAKARTA, Dec 31 (Reuters) - Malaysian palm futures dropped 44.43 percent in 2008, the biggest yearly decline ever, but could see a continuation of their recent rebound at the start of 2009 as exports pick up, traders said.
The benchmark March palm oil contract on the Bursa Malaysia's Derivatives Exchange rose 24 ringgit, or 1.44 percent, to 1,695 ringgit ($491) per tonne, having fallen to as low as 1,639 ringgit earlier in the day.
Other contracts were mostly higher, rising between 9 ringgit and 22 ringgit. The overall volume was thin at 9,682 lots of 25 tonnes each.
Continuing weekly U.S. jobless claims remained at their highest level since 1982 in Labor Department data on Wednesday, but investors took some heart from confirmation by the Federal Reserve on Tuesday that it would try to lower home mortgage rates further by buying mortgage bonds in 2009.
Interest rates on U.S. 30-year fixed-rate mortgages dropped for a ninth consecutive week, reaching their lowest level in 37 years, with the 30-year fixed rate at 5.10 percent, according to home funding company Freddie Mac on Wednesday.
The Dow Jones industrial average <.DJI> ended up 108.00 points or 1.25 percent, at 8,776.39. The Standard & Poor's 500 Index <.SPX> finished up 12.61 points, or 1.42 percent, at 903.25. The Nasdaq Composite Index <.IXIC> closed up 26.33 points, or 1.70 percent, at 1,577.03.
NYMEX-NEW YORK, Dec 31 (Reuters) - U.S. crude oil futures rose sharply on Wednesday as expiring January heating oil and gasoline futures surged, a Middle East cease fire failed and a dispute between Russia and Ukraine helped boost oil.
On the New York Mercantile Exchange, February crude
CBOT-SOYBEANS - January
Rallies following rebound in crude oil prices. Dry weather in South America hindering crop development also supportive.
CBOT-SOYOIL - January
FCPO-JAKARTA, Dec 31 (Reuters) - Malaysian palm futures dropped 44.43 percent in 2008, the biggest yearly decline ever, but could see a continuation of their recent rebound at the start of 2009 as exports pick up, traders said.
The benchmark March palm oil contract
Other contracts were mostly higher, rising between 9 ringgit and 22 ringgit. The overall volume was thin at 9,682 lots of 25 tonnes each.
FKLI Daily: looks firm
Market looks may continue to move sideways to bias upside potential in near term following a firm closing. Currently, we looking for the resistance at 893.5-897.5. for downside, support is pegged at 870.
KLSE Daily: Potential of bias upside move
Market crawled up slowly to maintain its sideways to little bias upside potential posture. For now, we look for the immediate resistance at 888-893. for downside, support is pegged at 863-865.
DJI Daily: steady
Market remains steady. We are currently looking for the resistance and support at 8958-9000 and 8372-8347 level respectively.
FCPO Daily: A good start for 2009
Market ends its consolidation mode with a sharp rebound at a start for year 2009. Market looks may want to continue challenge the upward move with eyeing the gap left over since 15/10/2008 at 1727-1734. For downside, support is pegged at 1625-1596 (gap left over since 26/12/2008).
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