BEIJING, Jan 6 (Reuters) - The Chinese government reserve system is selling soyoil into a rising domestic market ahead of the holiday season and is expected to refill its reserves with imports, industry sources said on Tuesday.
It was unclear if Sinograin, which manages the central government reserves, has signed any import deals, but it was selling several hundred thousand tonnes of soyoil from government reserves to the domestic market.
A Sinograin official confirmed with Reuters that it was rotating reserves, but declined to identify the amount. One industry website said the company was selling 600,000 tonnes from reserves, but two sources said that figure was too high.
Wednesday, January 7, 2009
Trader's Highlight
DJI-NEW YORK, Jan 6 (Reuters) - U.S. stocks gained on Tuesday on the increased likelihood of a government stimulus package after the release of minutes from the last Federal Reserve policy meeting painted a dismal picture of the U.S economy.
Investors bet technology stocks would benefit from President-elect Barack Obama's proposed economic plan that would include the largest U.S. infrastructure investment since the 1950s.
The Dow Jones industrial average <.DJI> was up 62.21 points, or 0.69 percent, to 9,015.10. The Standard & Poor's 500 Index <.SPX> gained 7.25 points, or 0.78 percent, to 934.70. The Nasdaq Composite Index <.IXIC> added 24.35 points, or 1.50
percent, to 1,652.38.
NYMEX-NEW YORK, Jan 6 (Reuters) - U.S. crude oil futures ended lower on Tuesday, snapping a three-day winning streak, as traders booked profits after prices broke above $50 early.
Traders squared books ahead of Wednesday's U.S. government inventory data that's forecast to show crude and refined product inventories rose last week.
On the New York Mercantile Exchange, February crude settled down 23 cents, or 0.47 percent, at $48.58 per barrel, trading from $47.60 to $50.47, the highest since $54.62 was struck Dec. 1.
CBOT-SOYBEANS - January up 30-1/2 cents at $10.14-1/4 a bushel, March up 29 cents at $10.16 a bushel. Dry weather in key crop areas in South America, technical fund buying, and Chinese demand supporting soybean futures.
CBOT-SOYOIL - January up 2.15 cents at 37.05 cents a pound, March up 2.14 cents at 37.31 cents a pound. Following rally in soybeans amid concerns about South American weather. Soyoil trading at 2-month high.
FCPO-JAKARTA, Jan 6 (Reuters) - Malaysian palm futures extended a recent rally, climbing nearly 8 percent to finish at a three-month high on Tuesday, on stronger crude oil prices and short-covering, traders said.
The benchmark March palm oil contract on the Bursa Malaysia's Derivatives Exchange rose 143 ringgit, or 7.78 percent, to 1,980 ringgit ($565) per tonne, the highest closing level since Oct. 6.
Other traded contracts rose between 120 ringgit and 140 ringgit. Overall volume was 16,707 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Jan 6 (Reuters) - Southeast Asian stocks generally drifted lower on Tuesday despite hopes for economic recovery later in 2009, with Singapore's CapitaLand, Malaysia's IOI Corp and Thailand's PTT leading the decliners.
Singapore's stock index <.FTSTI> fell 0.58 percent after a 5.2 percent rise to a two-month high on Monday, Malaysia bucked the trend, edging up 0.17 percent after
falling as much as 1.2 percent in early trade.
Investors bet technology stocks would benefit from President-elect Barack Obama's proposed economic plan that would include the largest U.S. infrastructure investment since the 1950s.
The Dow Jones industrial average <.DJI> was up 62.21 points, or 0.69 percent, to 9,015.10. The Standard & Poor's 500 Index <.SPX> gained 7.25 points, or 0.78 percent, to 934.70. The Nasdaq Composite Index <.IXIC> added 24.35 points, or 1.50
percent, to 1,652.38.
NYMEX-NEW YORK, Jan 6 (Reuters) - U.S. crude oil futures ended lower on Tuesday, snapping a three-day winning streak, as traders booked profits after prices broke above $50 early.
Traders squared books ahead of Wednesday's U.S. government inventory data that's forecast to show crude and refined product inventories rose last week.
On the New York Mercantile Exchange, February crude
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO-JAKARTA, Jan 6 (Reuters) - Malaysian palm futures extended a recent rally, climbing nearly 8 percent to finish at a three-month high on Tuesday, on stronger crude oil prices and short-covering, traders said.
The benchmark March palm oil contract
Other traded contracts rose between 120 ringgit and 140 ringgit. Overall volume was 16,707 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Jan 6 (Reuters) - Southeast Asian stocks generally drifted lower on Tuesday despite hopes for economic recovery later in 2009, with Singapore's CapitaLand, Malaysia's IOI Corp and Thailand's PTT leading the decliners.
Singapore's stock index <.FTSTI> fell 0.58 percent after a 5.2 percent rise to a two-month high on Monday, Malaysia bucked the trend, edging up 0.17 percent after
falling as much as 1.2 percent in early trade.
DJI Daily: Back to 9000 mark
Market climbed back to 9000 mark in slow manner. Looks market continue to forming base. We now looking for the immediate resistance at 9159-9194 followed by 9266-9280. Immediate support is at 8842-8831.
KLSE Daily: Positive outlook
Immediate daily technical outlook remains positive following a firm close. Market looks may want to challenge the gap left over since 15/10/2008 at 932-946. Downside support is at 901-897.
FKLI Daily: eyeing gap at 931-944 level
Bull not giving up to stay firm above 900 mark and looks may target the upside gap left over at 931-944 (gap left over since 15/10/2008). Downside support is pegged at 903.5-901 (gap left over on 5/1/2009)
FCPO Daily: Straight 7 days rally
Market covered the full gap at 1902-1934 and surged to close RM 1 off the day high. Upward momentum remains strong and firm. Nevertheless, bear in mind that the possible of healthy correction may comes in as market has been extended to its seventh day rallied. We now looking the upside resistance at 2020-2039. Downside support is pegged at 1748-1725.
Subscribe to:
Posts (Atom)
