Friday, January 9, 2009
Trader's Comment: CPO futures recovered from yesterday’s weak closed to end generally higher after trading in narrow range.
CPO futures recovered from yesterday’s weak closed to end generally higher after trading in narrow range. Generally, players were cautious ahead weekend and some important data due to release early next week. MPOB will release its official Dec08 supply & demand data on Monday while private cargo surveyor will issue their 1-10 Jan09 export number, which expects to be around 350k-400k. Benchmark Mar09 was trading in a narrow range between 1903 to 1948 before it settled RM55 higher at 1920. Firmer eCBOT and steady crude oil prices also provided some support to the market.
Breaking News-RTRS-POLL-Malaysia Dec palm stocks seen down 13.3 pct from record
RTRS-MALAYSIA'S END-DEC STOCKS SEEN EASING FROM RECORD LEVELS, DOWN 13.3 PCT FROM NOV - REUTERS POLL
RTRS-MALAYSIA'S DEC PALM OIL OUTPUT SEEN DOWN 9.6 PCT FROM NOV - POLL
RTRS-MALAYSIA'S DEC PALM OIL EXPORTS SEEN UP 20.7 PCT FROM NOV - POLL
RTRS-MALAYSIA'S DEC PALM OIL OUTPUT SEEN DOWN 9.6 PCT FROM NOV - POLL
RTRS-MALAYSIA'S DEC PALM OIL EXPORTS SEEN UP 20.7 PCT FROM NOV - POLL
Breaking News-RTRS-Malaysia plans to announce another economic stimulus package this year
KUALA LUMPUR, Jan 8 (Reuters) - Malaysia plans to announce another economic stimulus package this year after last year's $2 billion package, the country's Second Finance Minister said, according to a newspaper report on Thursday.
"The Prime Minister has given the directive to begin preparing another package," Nor Mohamed Yakcop said in a television interview, according to the Star newspaper.
"The Prime Minister has given the directive to begin preparing another package," Nor Mohamed Yakcop said in a television interview, according to the Star newspaper.
Breaking News- KLCI Unlikely To Clinch 1,000 Mark This Year-Bernama
KLCI Unlikely To Clinch 1,000 Mark This Year
KUALA LUMPUR, Jan 7 (Bernama) -- The Kuala Lumpur Composite Index (KLCI) is unlikely to clinch the 1,000 mark this year amid uncertainties in the global economy.
OSK-UOB Unit Trust Management Bhd chief executive officer, Ho Seng Yee, said the KLCI was expected to trade between 850 and 960 this year.
The KLCI recorded an intra-day high of 936 at today trading.
"The local stock market is expected to see less volatile trading in the second half of this year as the stimulus packages introduced by the governments worldwide are expected to show effects," he told reporters after launching its first fund of the year, OSK-UOB Capital Protected KLCI Advantage Fund, here today.
Ho said the Malaysian government needed to pump prime further to sustain economic growth and regain foreign investor confidence.
KLCI fell by 39 percent last year, dragged down mostly by foreign investors' sell-off.
He expected the market to be quiet once the Chinese New Year festivities were over amid lack of interest due to global uncertainties.
Ho said last year has been volatile with the markets down a lot and governments worldwide introduced stimulus packages.
"These packages need at least six to nine months before they can show a positive impact.
"Given that scenario, the market is expected to be able to hold on at this level and will gradually improve," he said.
-- BERNAMA
KUALA LUMPUR, Jan 7 (Bernama) -- The Kuala Lumpur Composite Index (KLCI) is unlikely to clinch the 1,000 mark this year amid uncertainties in the global economy.
OSK-UOB Unit Trust Management Bhd chief executive officer, Ho Seng Yee, said the KLCI was expected to trade between 850 and 960 this year.
The KLCI recorded an intra-day high of 936 at today trading.
"The local stock market is expected to see less volatile trading in the second half of this year as the stimulus packages introduced by the governments worldwide are expected to show effects," he told reporters after launching its first fund of the year, OSK-UOB Capital Protected KLCI Advantage Fund, here today.
Ho said the Malaysian government needed to pump prime further to sustain economic growth and regain foreign investor confidence.
KLCI fell by 39 percent last year, dragged down mostly by foreign investors' sell-off.
He expected the market to be quiet once the Chinese New Year festivities were over amid lack of interest due to global uncertainties.
Ho said last year has been volatile with the markets down a lot and governments worldwide introduced stimulus packages.
"These packages need at least six to nine months before they can show a positive impact.
"Given that scenario, the market is expected to be able to hold on at this level and will gradually improve," he said.
-- BERNAMA
Breaking News-RTRS-UPDATE 1-Dry weather to reduce Brazil soy, corn crops
SAO PAULO, Jan 8 (Reuters) - Brazil's Agriculture Ministry on Thursday trimmed its estimate for the 2008/09 (Oct/Sept) soybean crop to 57.8 million tonnes, from an estimate of 58.8 million tonnes in December, citing unfavourable weather.
Breaking News-RTRS--UPDATE 1-Informa sees smaller 2008 U.S. corn crop
CHICAGO, Jan 8 (Reuters) - Consulting firm Informa Economics on Thursday projected a smaller 2008 U.S. corn crop at 12.001 billion bushels, reflecting an average yield of 153.5 bushels per acre, trade sources said.
Informa estimated the 2008 U.S. soy crop at 2.951 billion bushels, with an average yield of 39.7 bpa.
The estimates compare with USDA's current corn output forecast of 12.02 billion bushels and average yield of 153.8 bpa, and USDA's soybean forecast at 2.921 billion bushels and yield of 39.3 bpa.
Informa estimated the 2008 U.S. soy crop at 2.951 billion bushels, with an average yield of 39.7 bpa.
The estimates compare with USDA's current corn output forecast of 12.02 billion bushels and average yield of 153.8 bpa, and USDA's soybean forecast at 2.921 billion bushels and yield of 39.3 bpa.
Breaking News-RTRS-China sees higher 2008 corn, rice output-CNGOIC
BEIJING, Jan 8 (Reuters) - China's corn production hit a record 165.5 million tonnes in 2008, a rise of 9 percent from 2007, the China National Grain and Oils Information Centre (CNGOIC) said on Thursday, as it revised its estimate upwards.
The think-tank kept its forecast for soybeans unchanged at 16.5 million tonnes, up 30 percent from 2007. Its soybean purchases have driven domestic soy prices above imports, prompting many crushers to shift to cheap overseas supplies.
The think-tank kept its forecast for soybeans unchanged at 16.5 million tonnes, up 30 percent from 2007. Its soybean purchases have driven domestic soy prices above imports, prompting many crushers to shift to cheap overseas supplies.
Trader's Highlight
DJI-NEW YORK, Jan 8 (Reuters) - Most U.S stocks rose on Thursday after news that Citigroup Inc agreed to support legislation aimed at stemming home loan foreclosures, offsetting Wal-Mart's disappointing sales and outlook.
Citigroup added 0.1 percent to $7.16 after lawmakers said the No. 2 U.S. bank had agreed to support legislation that would allow bankruptcy courts to erase some mortgage debt to help bankrupt homeowners better handle their payments.
The Dow Jones industrial average <.DJI> was down 27.24 points, or 0.31 percent, to 8,742.46. The Standard & Poor's 500 Index <.SPX> was up 3.08 points, or 0.34 percent, to 909.73. The Nasdaq Composite Index <.IXIC> gained 17.95 points, or 1.12
percent, to 1,617.01.
NYMEX-NEW YORK, Jan 8 (Reuters) - U.S. crude oil futures ended down for a second day in a row on Thursday on mounting economic worries even as President-elect Barack Obama sought to gain support for an economic stimulus plan that includes an energy
efficiency program.
On the New York Mercantile Exchange, February crude settled down 93 cents, or 2.18 percent, at $41.70 a barrel, trading from $40.54 to $43.63. In two days, the
contract has fallen a combined $6.88, or 14.2 percent.
CBOT-SOYBEANS - January down 1 cent at $9.89, March down 1/2 cent at $9.89-1/2 a bushel.
Falling crude oil and stock markets weighed on prices, but market underpinned by good export demand from Chinese buyers, expectations for bullish USDA production report and firm soymeal.
CBOT-SOYOIL - January down 0.40 cent at 35.52 cents a pound, March down 0.40 cent at 35.78 cents a pound. Following crude oil market lower.
FCPO-JAKARTA, Jan 8 (Reuters) - Malaysian palm futures dropped 6.1 percent on Thursday as investors pocketed gains from a rally over the previous eight days, traders said. The sell-off was also fuelled by the biggest daily fall for crude oil in seven years on Wednesday, they said.
The benchmark March palm oil contract on the Bursa Malaysia Derivatives Exchange closed down 120 ringgit, or 6.1 percent, at 1,865 ringgit ($527) per tonne.
Other traded contracts dropped between 86 ringgit and 116 ringgit. Overall volume was 18,429 lots of 25 tonnes each.
REGIONAL EQUITIES-Economic worries in the region resurfaced and sent Asian
stocks lower after dire U.S. private employment data and fears about corporate earnings cooled investors' willingness to take on more risk for higher returns.
Singapore's Straits Times Index <.FTSTI> dropped 2.8 percent to its lowest since Jan. 2.
In Bangkok, the main index <.SETI> closed up 0.45 percent after an early drop of as much as 1.6 percent, helped by late buying in heavyweight energy shares as oil edged above $43 due to escalating violence in the Middle East
Malaysian stocks <.KLSE> lost 1.8 percent, erasing a small 0.58 percent gain on Wednesday. Plantation stocks were among the decliners.
Citigroup added 0.1 percent to $7.16 after lawmakers said the No. 2 U.S. bank had agreed to support legislation that would allow bankruptcy courts to erase some mortgage debt to help bankrupt homeowners better handle their payments.
The Dow Jones industrial average <.DJI> was down 27.24 points, or 0.31 percent, to 8,742.46. The Standard & Poor's 500 Index <.SPX> was up 3.08 points, or 0.34 percent, to 909.73. The Nasdaq Composite Index <.IXIC> gained 17.95 points, or 1.12
percent, to 1,617.01.
NYMEX-NEW YORK, Jan 8 (Reuters) - U.S. crude oil futures ended down for a second day in a row on Thursday on mounting economic worries even as President-elect Barack Obama sought to gain support for an economic stimulus plan that includes an energy
efficiency program.
On the New York Mercantile Exchange, February crude
contract has fallen a combined $6.88, or 14.2 percent.
CBOT-SOYBEANS - January
Falling crude oil and stock markets weighed on prices, but market underpinned by good export demand from Chinese buyers, expectations for bullish USDA production report and firm soymeal.
CBOT-SOYOIL - January
FCPO-JAKARTA, Jan 8 (Reuters) - Malaysian palm futures dropped 6.1 percent on Thursday as investors pocketed gains from a rally over the previous eight days, traders said. The sell-off was also fuelled by the biggest daily fall for crude oil in seven years on Wednesday, they said.
The benchmark March palm oil contract
Other traded contracts dropped between 86 ringgit and 116 ringgit. Overall volume was 18,429 lots of 25 tonnes each.
REGIONAL EQUITIES-Economic worries in the region resurfaced and sent Asian
stocks lower after dire U.S. private employment data and fears about corporate earnings cooled investors' willingness to take on more risk for higher returns.
Singapore's Straits Times Index <.FTSTI> dropped 2.8 percent to its lowest since Jan. 2.
In Bangkok, the main index <.SETI> closed up 0.45 percent after an early drop of as much as 1.6 percent, helped by late buying in heavyweight energy shares as oil edged above $43 due to escalating violence in the Middle East
Malaysian stocks <.KLSE> lost 1.8 percent, erasing a small 0.58 percent gain on Wednesday. Plantation stocks were among the decliners.
DJI Daily: Losing ground
Market continue to losing ground with another negative closing. Resistance and support maintain at 9000-9088 and 8372-8347 level respectively.
KLSE Daily: Correction phase to be continue
Correction phase likely to continue in near term market. We now looking for resistance at 923-919 (gap left over on 8/1/2009) and support remains at 901-897 (gap left over on 5/1/2009).
FKLI Daily: Remains steady above 900 mark
Market was in correction mode following prices retreated. Nevertheless, 900 mark looks well defended. We continue to look for the downside support at 903.5-901 (gap left over on 5/1/2009. Upside resistance remains at 942.5.
FCPO Daily: Pull back after sharp rebound
Market is entering to a correction phase as prices pulled back after the recent sharp rebound. We continue to look for the immediate upside resistance at 2058. Immediate downside support is pegged at 1840-1800 followed by 1738-1723.
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