KUALA LUMPUR, March 4 - Malaysia's February palm oil stocks probably tumbled 8.6 percent to 1.67 million tonnes, their lowest in 16 months, as output slowed further on floods in key growing regions, a Reuters poll showed on Wednesday.
The stock level is at its lowest since October 2007 and the pace of the fall appeared to gain some momentum as shipments of the vegetable oil fell 10.7 percent to 1.2 million tonnes, moderating from a sharp drop recorded in January, according to a
median estimate of five plantation houses.
"Production in Sabah and Sarawak (state) could have fallen by 15 percent because the heavy rains caused massive floods," said one poll contributor.
Wednesday, March 4, 2009
Trader's Highlight
DJI - NEW YORK, March 3 - U.S. stocks fell in volatile trading on Tuesday, with the S&P ending below 700 for the first time since October 1996 as persistent uncertainty about the amount of money needed to shore up the financial system
overshadowed a hunt for bargains.
The Dow Jones industrial average fell 37.27 points, or 0.55 percent, to 6,726.02. The Standard & Poor's 500 Index lost 4.49 points, or 0.64 percent, to 696.33. The Nasdaq Composite Index shed 1.84 points, or 0.14 percent, to 1,321.01.
NYMEX - NEW YORK, March 3 - U.S. crude futures kept gains of more than $1 Tuesday in post-settlement trading, after the American Petroleum Institute said that domestic crude stocks dropped slightly last week due to lower imports.
On the New York Mercantile Exchange, at 4:50 p.m. EST (2150 GMT), April crude was up $1.26, or 3.14 percent, at $41.41 a barrel. It earlier settled up $1.50, or 3.74 percent, at $41.65, seesawing between $39.44 and $42.07.
CBOT - SOYBEANS - March up 14-1/2 cents at $8.63 a bushel. Nearby spread firms as prospects for export demand for nearby U.S. soy remain strong given uncertainty over exports out of Argentina.
CBOT - SOYOIL - March up 0.09 cent at 30.19 cents a pound. Following rally in soybeans. Gains in crude oil also support.
FCPO - KUALA LUMPUR, March 3 - Malaysian crude palm oil futures ended down 0.9 percent on Tuesday on soft soyoil but with a weaker ringgit and speculation over stocks data supporting.
U.S. soybean futures rose only half a percent on Tuesday, after falling 3 percent in the previous session, as a deteriorating global economy hit stock markets and crude oil prices.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange went as low as 31 ringgit to 1,840 ringgit ($496.3) per tonne, a level unseen since Feb. 23. The contract then settled down 16 ringgit.
REGIONAL EQUITIES - BANGKOK, March 3 - Singapore's stock market hit a four-month low on Tuesday, and Malaysia and Thailand also fell, dragged down by further broad losses in Southeast Asian bank shares including DBS Group, Bumiputra-Commerce and Bangkok Bank.
Malaysia's index fell 0.9 percent to its lowest since Dec. 26, with lender CIMB off 0.8 percent. Public Bank fell 1.2 percent and Maybank shed 2 percent.
overshadowed a hunt for bargains.
The Dow Jones industrial average fell 37.27 points, or 0.55 percent, to 6,726.02. The Standard & Poor's 500 Index lost 4.49 points, or 0.64 percent, to 696.33. The Nasdaq Composite Index shed 1.84 points, or 0.14 percent, to 1,321.01.
NYMEX - NEW YORK, March 3 - U.S. crude futures kept gains of more than $1 Tuesday in post-settlement trading, after the American Petroleum Institute said that domestic crude stocks dropped slightly last week due to lower imports.
On the New York Mercantile Exchange, at 4:50 p.m. EST (2150 GMT), April crude
CBOT - SOYBEANS - March up 14-1/2 cents at $8.63 a bushel. Nearby spread firms as prospects for export demand for nearby U.S. soy remain strong given uncertainty over exports out of Argentina.
CBOT - SOYOIL - March up 0.09 cent at 30.19 cents a pound. Following rally in soybeans. Gains in crude oil also support.
FCPO - KUALA LUMPUR, March 3 - Malaysian crude palm oil futures ended down 0.9 percent on Tuesday on soft soyoil but with a weaker ringgit and speculation over stocks data supporting.
U.S. soybean futures rose only half a percent on Tuesday, after falling 3 percent in the previous session, as a deteriorating global economy hit stock markets and crude oil prices.
The benchmark May contract on the Bursa Malaysia Derivatives Exchange went as low as 31 ringgit to 1,840 ringgit ($496.3) per tonne, a level unseen since Feb. 23. The contract then settled down 16 ringgit.
REGIONAL EQUITIES - BANGKOK, March 3 - Singapore's stock market hit a four-month low on Tuesday, and Malaysia and Thailand also fell, dragged down by further broad losses in Southeast Asian bank shares including DBS Group, Bumiputra-Commerce and Bangkok Bank.
Malaysia's index fell 0.9 percent to its lowest since Dec. 26, with lender CIMB off 0.8 percent. Public Bank fell 1.2 percent and Maybank
Trader's Comment: Palm oil futures ended lower after a choppy range trading.
Palm oil futures ended lower after a choppy range trading. The concerns of deepening economic crisis and mix tone in other vege oil market had further enhanced the uncertainty in CPO market. Soy oil edged higher in Asian time trading while Dalian palm ended with losses. Regional equity market had continued to fall following the previous session in Wall Street tumbled to a new 12 year low (closed below 7000). Despite the Ringgit getting weaker, the gloomy sentiment in CPO market saw Benchmark May09 to hovered between 1860-1840 level in a choppy manner through out the day. It hit intra day high at 1866 on late trading but eased off to settle RM16 lower at 1855.
Subscribe to:
Posts (Atom)
