KUALA LUMPUR, Jan 3 (Reuters) - Crude palm oil prices have hit bottom and are likely to trade at 1,500-1,600 ringgit ($432.9-$461.8) a tonne in the next six months, a Malaysian newspaper has quoted a minister as saying.
"Personally, I would like to see the CPO (crude palm oil) price stabilising at 2,000 to 2,600 ringgit per tonne," the Star newspaper quoted Malaysia's commodities minister, Peter Chin, as saying.
"I think over the next six months, CPO prices will trade at 1,500 to 1,600 per tonne," he added.
"This is taking into account the measures implemented by Malaysia, including cutting down oil palm trees which are above 25 years old and implementation of the biofuel programme."
Monday, January 5, 2009
Trader's Highlight
DJI-NEW YORK, Jan 2 (Reuters) - U.S. stocks started the new year with a big jump on Friday as investors looked beyond yet another piece of grim economic data on hopes that a recovery is on the horizon after a disastrous 2008.
The Dow Jones industrial average <.DJI> rose 252.81 points, or 2.88 percent, to 9,029.20. The Standard & Poor's 500 Index <.SPX> jumped 27.83 points, or 3.08 percent, to 931.08. The Nasdaq Composite Index <.IXIC> gained 55.18 points, or 3.50
percent, to 1,632.21.
Analysts also said investors were watching for clues of how President-elect Barack Obama will try to shake the U.S. economy out of its worst slump in decades. Obama is due to meet leaders in Congress on Monday to discuss his stimulus plan. Some Republicans are worried that their Democratic rivals could expand the plan to as much as $1 trillion.
FCPO-JAKARTA, Jan 2 (Reuters) - Malaysian palm futures closed up more than 2 percent on the first trading day of 2009 as strong crude oil, gains in soybean, and bullish exports offered support, traders said.
The benchmark March palm oil contract on the Bursa Malaysia's Derivatives Exchange finished up 45 ringgit, or 2.65 percent, at 1,740 ringgit ($502) per tonne.
Other traded contracts gained between 26 ringgit and 52 ringgit. Overall volume was thin at 8,947 lots of 25 tonnes each.
NYMEX-NEW YORK, Jan 2 (Reuters) - U.S. crude oil futures settled higher on Friday, bouncing from early lows to rally in volatile trading on Russia's energy dispute with Ukraine, Gaza violence, and Wall Street's strong kick off to 2009.
On the New York Mercantile Exchange, February crude rose $1.74, or 3.9 percent, to settle at $46.34 a barrel, trading from $41.05 to $46.74.
CBOT-SOYBEANS - January down 2-1/4 cents at $9.70 a bushel, March down 3 at $9.77 a bushel.
Profit-taking from Wednesday's big gains lent pressure but gains in crude oil and less-than-desired crop weather in South America and tight soybean stocks continue to buoy prices.
CBOT-SOYOIL - January up 0.29 cent at 33.58 cents a pound, March up 0.28 cent at 33.88 cents a pound. Rises as crude oil turns higher, but unwinding of
REGIONAL EQUITIES-SINGAPORE, Jan 2 (Reuters) - Singapore and Malaysian markets both gained more than 2 percent on Friday, an optimistic start to a year shrouded in uncertainty, as investors picked up battered commodity shares.
Singapore's benchmark Straits Times Index <.FTSTI> jumped 3.9 percent, shrugging off dismal economic data which showed the city-state in a deepened state of recession in the fourth quarter.
Thailand, Philippines and Jakarta stock markets were closed for holidays, while other Asian shares gained on expectations the worst of the global crisis may be over after a brutal 2008.
Malaysian stocks <.KLSE> rose 2 percent, led by a 9.6 percent jump in palm oil play IOI Corp and a 3.9 percent rise in Sime Darby .
The Dow Jones industrial average <.DJI> rose 252.81 points, or 2.88 percent, to 9,029.20. The Standard & Poor's 500 Index <.SPX> jumped 27.83 points, or 3.08 percent, to 931.08. The Nasdaq Composite Index <.IXIC> gained 55.18 points, or 3.50
percent, to 1,632.21.
Analysts also said investors were watching for clues of how President-elect Barack Obama will try to shake the U.S. economy out of its worst slump in decades. Obama is due to meet leaders in Congress on Monday to discuss his stimulus plan. Some Republicans are worried that their Democratic rivals could expand the plan to as much as $1 trillion.
FCPO-JAKARTA, Jan 2 (Reuters) - Malaysian palm futures closed up more than 2 percent on the first trading day of 2009 as strong crude oil, gains in soybean, and bullish exports offered support, traders said.
The benchmark March palm oil contract
Other traded contracts gained between 26 ringgit and 52 ringgit. Overall volume was thin at 8,947 lots of 25 tonnes each.
NYMEX-NEW YORK, Jan 2 (Reuters) - U.S. crude oil futures settled higher on Friday, bouncing from early lows to rally in volatile trading on Russia's energy dispute with Ukraine, Gaza violence, and Wall Street's strong kick off to 2009.
On the New York Mercantile Exchange, February crude
CBOT-SOYBEANS - January
Profit-taking from Wednesday's big gains lent pressure but gains in crude oil and less-than-desired crop weather in South America and tight soybean stocks continue to buoy prices.
CBOT-SOYOIL - January
REGIONAL EQUITIES-SINGAPORE, Jan 2 (Reuters) - Singapore and Malaysian markets both gained more than 2 percent on Friday, an optimistic start to a year shrouded in uncertainty, as investors picked up battered commodity shares.
Singapore's benchmark Straits Times Index <.FTSTI> jumped 3.9 percent, shrugging off dismal economic data which showed the city-state in a deepened state of recession in the fourth quarter.
Thailand, Philippines and Jakarta stock markets were closed for holidays, while other Asian shares gained on expectations the worst of the global crisis may be over after a brutal 2008.
Malaysian stocks <.KLSE> rose 2 percent, led by a 9.6 percent jump in palm oil play IOI Corp
DJI Weekly: Looks forming base
Market is holding ground and looks forming base around 8000 mark. We now looking for the support at 8372-8347. For upside, resistance is at 9159-9284.
KLSE Weekly: Heading to 900 mark
Market momentum strengthened further. Looks market may continue to move higher heading to 900 mark. We currently looking support at 868-862. For upside, resistance is at 900 followed by 905-926.
FKLI Weekly: Gaining ground to move bias upside potential
Market continue to gain ground had strengthened further the upward momentum. We now looking for the support at 866-862.5. While, immediate resistance is at 910-927.
FCPO Weekly: End of Consolidation Phase
Market has comes to the end of consolidation phase as prices break up from the triangle pattern. Chart wise, market may continue to move bias upside potential in near term. As for now, we are looking for the resistance at 1902-1934 (gap left over since 5/10/2008). While, downside support is pegged at 1625-1596 (gap left over since 28/12/2008).
Subscribe to:
Posts (Atom)
