Wednesday, February 25, 2009
Trader's Comment: CPO futures finished generally higher on strong export figures.
CPO futures finished generally higher on strong export figures. Benchmark May09 opened RM19 higher at 1890 following overnight gains in CBOT soy oil after the farmer strike in Argentina and also the rally of crude oil. It almost covered its yesterday’s left over gap, when it then fell to intra day low of 1881. However, FCPO prices were quick to rebound and started to climb steadily through out the day. eCBOT soy complex edged higher in Asian time trading and Dalian palm also ended higher. Private cargo surveyor ITS recorded a 5% increase of 1-25 Feb export data, while SGS posted a slight decrease. With these numbers, traders were still firm on FCPO market as they believe that palm oil stocks level will still remained low due to lower production. Benchmark may09finally settled RM23 higher at 1894 after it hit intra day high of 1912 in the afternoon session.
Breaking News-RTRS-UPDATE 1-Indonesia keeps March palm oil export tax at zero
JAKARTA, Feb 25 (Reuters) - Indonesia maintained its zero percent palm oil export tax in March, while cutting the crude palm oil base export prices to $480 a tonne, from $482 a tonne in February, a trade ministry official said on Wednesday.
Breaking News-RTRS-China's US soybean purchasing may drop - Oil World
HAMBURG, Feb 24 (Reuters) - Heavy recent Chinese soybean buying, especially from the United States, may start to decline as Chinese domestic prices are falling, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Prices on the Chinese soy market have recently been held stable by the government's policy of building up stocks and making major import purchases to cushion the impact of lower than expected domestic production following China's drought, it said.
Prices on the Chinese soy market have recently been held stable by the government's policy of building up stocks and making major import purchases to cushion the impact of lower than expected domestic production following China's drought, it said.
Breaking News-RTRS-Bernanke: Recession will likely end in '09
(USD) Fed Chair Bernanke says the recession will likely end in '09 with
recovery in '10, only if official actions succeed. Says economy 'severe
contraction' likely continued in Q1'09. Due to lower commodity prices, sees
substantial lessening of infl pressure. Says the public-private program to buy
bad bank assets will take a little time to set up. Says preferred convertible
shares will be turned into common, if losses build up. Also says the Fed is
working toward a uniform mortgage renegotiation approach for MBS it owns, but
it remains tricky.
recovery in '10, only if official actions succeed. Says economy 'severe
contraction' likely continued in Q1'09. Due to lower commodity prices, sees
substantial lessening of infl pressure. Says the public-private program to buy
bad bank assets will take a little time to set up. Says preferred convertible
shares will be turned into common, if losses build up. Also says the Fed is
working toward a uniform mortgage renegotiation approach for MBS it owns, but
it remains tricky.
Breaking News-RTRS-Argentine soy market halted for 2nd day by strike
BUENOS AIRES, Feb 23 (Reuters) - Argentina's soy market was paralyzed on Monday, the second day of a commercial strike by farmers against government tax and agricultural policies.
The halt in sales is due to be lifted at midday Tuesday as farm groups prepare for negotiations with the government.
The halt in sales is due to be lifted at midday Tuesday as farm groups prepare for negotiations with the government.
Breaking News-RTRS-UPDATE 2-Malaysia cuts key rate again as recession looms
KUALA LUMPUR, Feb 24 (Reuters) - Malaysia cut its key interest rate on Tuesday for a third straight meeting and pledged more measures to ensure access to credit and to ward off recession risks plaguing the export-dependent country.
Bank Negara Malaysia (BNM) cut its key overnight policy rate by 50 basis points to 2.00 percent.
Bank Negara Malaysia (BNM) cut its key overnight policy rate
Trader's Highlight
DJI-NEW YORK, Feb 24 (Reuters) - U.S. stocks rose more than 3 percent on Tuesday to snap back from 12-year lows, after Federal Reserve Chairman Ben Bernanke delivered a big dose of relief when he signaled that nationalization of big banks was not at hand.
Bernanke said the significant value built up in the country's banks would be lost if they were government-owned, easing investor fears that shareholders would be wiped out if the banks were taken over.
The Dow Jones industrial average <.DJI> rose 235.76 points, or 3.31 percent, to 7,350.54. The Standard & Poor's 500 Index <.SPX> gained 29.69 points, or 3.99 percent, to 773.02. The Nasdaq Composite Index <.IXIC> added 54.11 points, or 3.90
percent, to 1,441.83.
NYMEX-NEW YORK, Feb 24 (Reuters) - U.S. crude oil futures were steady at higher levels late on Tuesday, after the industry group American Petroleum Institute showed reported a rise in domestic crude stocks last week that was less than expected.
Crude futures had settled up nearly 4 percent, aided as Wall Street rebounded from a 12-year low the previous session.
On the New York Mercantile Exchange at 5 p.m. EST (1700 GMT), April crude was up $1.52, or 3.95 percent, at $39.96. It earlier settled at the same level, after trading from $37.65 to $40.13.
CBOT=SOYBEANS - March up 8-1/4 cents at $8.81 per bushel.
Rally in stock market and crude oil in addition to concerns about a farmer strike in Argentina boosted soybeans as did talk of fresh buying interest by China.
CBOT-SOYOIL - March up 0.20 cent per lb at 30.51 cents. Gains in crude oil, stock market and higher close in soy supported soyoil.
FCPO-JAKARTA, Feb 24 (Reuters) - Malaysian palm futures bounced back after losing nearly 3 percent earlier in the day to finish flat on Tuesday on hopes that palm export data due to be released this week would show strong demand, traders said.
There was speculation late in the day that cargo surveyor Intertek Testing Service may put Feb.1-25 exports at 1.06 million tonnes, up from 952,000 tonnes shipped out in the same period a month earlier, another Malaysian trader said.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange dropped 9 ringgit, or 0.5 percent, to 1,871 ringgit ($510) per tonne, after dropping as low as 1,828 ringgit.
Other traded contracts rose between 9 and 105 ringgit. Overall volume was 13,476 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Feb 24 (Reuters) - Southeast Asian stocks fell on
Tuesday as growing concerns about the global financial system pushed Thai stocks down to a one-month low and depressed financial shares in Singapore.
Malaysia closed up 0.7 percent, ending two days of falls, before the country's central bank announced a half-point interest rate cut to 2 percent.
Singapore's index <.FTSTI> ended down 1.0 percent, erasing much of a 2.2 percent rise on Monday
Bernanke said the significant value built up in the country's banks would be lost if they were government-owned, easing investor fears that shareholders would be wiped out if the banks were taken over.
The Dow Jones industrial average <.DJI> rose 235.76 points, or 3.31 percent, to 7,350.54. The Standard & Poor's 500 Index <.SPX> gained 29.69 points, or 3.99 percent, to 773.02. The Nasdaq Composite Index <.IXIC> added 54.11 points, or 3.90
percent, to 1,441.83.
NYMEX-NEW YORK, Feb 24 (Reuters) - U.S. crude oil futures were steady at higher levels late on Tuesday, after the industry group American Petroleum Institute showed reported a rise in domestic crude stocks last week that was less than expected.
Crude futures had settled up nearly 4 percent, aided as Wall Street rebounded from a 12-year low the previous session.
On the New York Mercantile Exchange at 5 p.m. EST (1700 GMT), April crude
CBOT=SOYBEANS - March
Rally in stock market and crude oil in addition to concerns about a farmer strike in Argentina boosted soybeans as did talk of fresh buying interest by China.
CBOT-SOYOIL - March
FCPO-JAKARTA, Feb 24 (Reuters) - Malaysian palm futures bounced back after losing nearly 3 percent earlier in the day to finish flat on Tuesday on hopes that palm export data due to be released this week would show strong demand, traders said.
There was speculation late in the day that cargo surveyor Intertek Testing Service may put Feb.1-25 exports at 1.06 million tonnes, up from 952,000 tonnes shipped out in the same period a month earlier, another Malaysian trader said.
The benchmark May contract
Other traded contracts rose between 9 and 105 ringgit. Overall volume was 13,476 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Feb 24 (Reuters) - Southeast Asian stocks fell on
Tuesday as growing concerns about the global financial system pushed Thai stocks down to a one-month low and depressed financial shares in Singapore.
Malaysia closed up 0.7 percent, ending two days of falls, before the country's central bank announced a half-point interest rate cut to 2 percent.
Singapore's index <.FTSTI> ended down 1.0 percent, erasing much of a 2.2 percent rise on Monday
DJI Daily: Bear took a breathe
Bear took a little breathe after the recent sharp drop. However, market outlook remains cautious and bearish. Downside support remains at 6900-6300. For upside, resistance maintain at 7800-7900.
KLSE Daily: Malaysia Boleh
Lets shout for 'Malaysia Boleh' as market ended good despite most regional market fell. We maintain the upside resistance at 900 mark. Downside support is at 884-880 (gap left over on 6/2/2009).
FKLI Daily: tracking gain on KLCI
Market recouped from its earlier losses to end generally higher as tracking gain on KLCI. We maintain the upside resistance at 895-900 and downside support is pegged at 865-858.
FCPO Daily: remains range bound mode
Market tested the immediate support at 1830 in intra-day basis and able to sustain. Thus, market likely to move in range of 1800-1900 in near term. We continue to look for the resistance at 1900-1910. Support is pegged at 1798-1790 (gap left over on 4/2/2009).
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