Friday, April 3, 2009
Trader's Comment: Palm oil futures ended marginally higher after a choppy trading day.
Palm oil futures ended marginally higher after a choppy trading day. The battle between sellers who were taking the opportunity to book their previous day’s profit and buyers who were still willing to jump on board expecting the bullish trend to continue, saw Benchmark Jun09 to hover within a range of 2185-2125 level through out the day before it finally settled RM6 higher at 2165. Generally, the overall market was still fundamentally sound and technically supportive. Fundamentally, with the expectation of flat March09 production reasonable export figures reported by private cargo surveyors, traders were now expecting palm oil March09 inventories to reduce to around 1.4 million tones. Technically, the ability of CPO price to maintain above 2100 level today after yesterday’s rally may further enhanced the strength of the near term bull in CPO market.
Trader's Highlight
DJI - NEW YORK, April 2 - U.S stocks rallied for a third day on Thursday as more data pointed to a stabilizing economy and changes to an accounting rule were seen as shoring up the volatile financial sector in the short term.
World leaders at the G20 summit on London also boosted markets when they announced an additional trillion dollars to support the International Monetary Fund and boost flagging trade.
The Dow Jones industrial average jumped 216.48 points, or 2.79 percent, to 7,978.08. The Standard & Poor's 500 Index rose 23.30 points, or 2.87 percent, to 834.38. The Nasdaq Composite Index leaped 51.03 points, or 3.29 percent, to 1,602.63.
NYMEX - NEW YORK, April 2 - U.S. crude oil futures settled on Thursday with the biggest one-day percentage gain in three weeks as Wall Street rallied on optimism that steps agreed to by world leaders at the G20 meeting in London would restore global economic growth.
On the New York Mercantile Exchange, May crude settled up $4.25, or 8.78 percent, at $52.64 a barrel, trading from $48.45 to $52.87. It was the biggest one-day percentage gain since crude ended up 11.1 percent on March 12.
CBOT - SOYBEANS - May up 25 cents at $9.77 per bushel.
Big gains for U.S. stock market, strong crude oil and weak dollar combining to boost soybean futures markets.
CBOT - SOYOIL - May up 1.60 cents per lb at 35.10 cents per lb.
Strong rally for crude oil and stock market dominating trade on Thursday in addition to short-covering.
FCPO - KUALA LUMPUR, April 2 - Asian vegetable oil markets gained on Thursday, bolstered by mounting expectations that a summit of G20 leaders would issue measures to stimulate growth, spurring food demand amid supply squeeze fears.
Malaysian crude palm oil futures jumped 5.1 percent to a fresh 6-month peak while U.S. soyoil for May delivery jumped 2.4 percent and Dalian Commodity Exchange soyoil futures edged higher.
The benchmark June contract on Bursa Malaysia's Derivatives Exchange rose as much as 105 ringgit to 2,175 Malaysian ringgit ($602.5) per tonne, a level unseen since Sept 29, 2008, before settling at 2,159 ringgit, up 4.3 percent.
REGIONAL EQUITIES - BANGKOK, April 2 - Southeast Asian stocks posted healthy gains on Thursday as investors snapped up blue chips like Singapore's CapitaLand, Malaysia's CIMB and Indonesia's Bank Rakyat as hopes for a U.S. economic recovery grew.
Singapore jumped 6 percent to close near a three-month high as investors piled into property shares following better-than-expected U.S. home sales data, which raised hopes the economic downturn there was moderating.
In Malaysia, the Kuala Lumpur composite index built on gains from Wednesday, adding 2.4 percent to close at its highest since Feb. 17, while the Indonesian benchmark index added 2.6 percent to end at its highest since Oct. 15.
World leaders at the G20 summit on London also boosted markets when they announced an additional trillion dollars to support the International Monetary Fund and boost flagging trade.
The Dow Jones industrial average jumped 216.48 points, or 2.79 percent, to 7,978.08. The Standard & Poor's 500 Index rose 23.30 points, or 2.87 percent, to 834.38. The Nasdaq Composite Index leaped 51.03 points, or 3.29 percent, to 1,602.63.
NYMEX - NEW YORK, April 2 - U.S. crude oil futures settled on Thursday with the biggest one-day percentage gain in three weeks as Wall Street rallied on optimism that steps agreed to by world leaders at the G20 meeting in London would restore global economic growth.
On the New York Mercantile Exchange, May crude settled up $4.25, or 8.78 percent, at $52.64 a barrel, trading from $48.45 to $52.87. It was the biggest one-day percentage gain since crude ended up 11.1 percent on March 12.
CBOT - SOYBEANS - May up 25 cents at $9.77 per bushel.
Big gains for U.S. stock market, strong crude oil and weak dollar combining to boost soybean futures markets.
CBOT - SOYOIL - May up 1.60 cents per lb at 35.10 cents per lb.
Strong rally for crude oil and stock market dominating trade on Thursday in addition to short-covering.
FCPO - KUALA LUMPUR, April 2 - Asian vegetable oil markets gained on Thursday, bolstered by mounting expectations that a summit of G20 leaders would issue measures to stimulate growth, spurring food demand amid supply squeeze fears.
Malaysian crude palm oil futures jumped 5.1 percent to a fresh 6-month peak while U.S. soyoil for May delivery jumped 2.4 percent and Dalian Commodity Exchange soyoil futures edged higher.
The benchmark June contract on Bursa Malaysia's Derivatives Exchange rose as much as 105 ringgit to 2,175 Malaysian ringgit ($602.5) per tonne, a level unseen since Sept 29, 2008, before settling at 2,159 ringgit, up 4.3 percent.
REGIONAL EQUITIES - BANGKOK, April 2 - Southeast Asian stocks posted healthy gains on Thursday as investors snapped up blue chips like Singapore's CapitaLand, Malaysia's CIMB and Indonesia's Bank Rakyat as hopes for a U.S. economic recovery grew.
Singapore jumped 6 percent to close near a three-month high as investors piled into property shares following better-than-expected U.S. home sales data, which raised hopes the economic downturn there was moderating.
In Malaysia, the Kuala Lumpur composite index built on gains from Wednesday, adding 2.4 percent to close at its highest since Feb. 17, while the Indonesian benchmark index added 2.6 percent to end at its highest since Oct. 15.
DJI Daily: Holding ground
Market managed to hold its ground despite 8000 mark tested in intra-day basis but not on closing. We are now looking the upside resistance at 8100-8200. Downside support adjusted to 7500-7400
KLSE Daily: Bull won the battle
Bull has proved won the battle to stay above 900 mark with a long white candle printed. Market looks may continue to move up with upside resistance is stood at 910-925. While, downside support is pegged at 890-884 (gap left over on 2/4/2009).
FKLI Daily: Strong rebound
Market rebounded strongly ended above 900 mark had definitely brighten up the immediate daily technical landscape. Bull looks may continue its upward move with upside resistance at 920-930. to the downside, support is pegged at 888-883 (gap left over on 2/4/2009).
FCPO Daily: Rallied for third days in a row
Resistance at 2100-2150 has been violated completely with a long white candle printed. This had cheered up the immediate daily technical outlook. We are now looking for the upside resistance at 2200-2250. To the downside, support is pegged at 2060-2050.
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