Monday, April 13, 2009
Trader's Comment: CPO futures ended higher but off the high on late intra-day profit taking.
CPO futures ended higher but off the high on late intra-day profit taking. Benchmark Jun09 initially opened almost unchanged at 2300 but immediately broke this psychological resistance level as prices rallied and trade steadily through out most of the sessions. It surged to intra day high of 2385 in late afternoon session before some profit taking activities emerged and suppressed prices. This sent Benchmark Jun09 eased off and ended RM36 higher at 2335. External vege oil market were supportive today as eCBOT soy oil edged higher while Dalian palm had been traded at limit up prices through out the day. The near term outlook for local CPO market remained bullish as traders were confident that palm oil stocks may continue to fall further in the coming month.
Breaking News-(BN) IOI Chairman Sees Palm Oil at 2,600-2,800 Ringgit
By Chan Tien Hin
April 13 (Bloomberg) -- IOI Corp., Malaysia’s second- biggest palm oil producer by market value, expects the price of the commodity to trade at between 2,600 and 2,800 ringgit ($774) per ton for the rest of the year because of rising demand, the Business Times reported, citing Chairman Lee Shin Cheng.
April 13 (Bloomberg) -- IOI Corp., Malaysia’s second- biggest palm oil producer by market value, expects the price of the commodity to trade at between 2,600 and 2,800 ringgit ($774) per ton for the rest of the year because of rising demand, the Business Times reported, citing Chairman Lee Shin Cheng.
Breaking News-RTRS-US directs GM to prep for bankruptcy filing-NY Times
WASHINGTON, April 12 (Reuters ) - The U.S. Treasury Department is directing General Motors to lay the groundwork for a bankruptcy filing by June 1, even though the automaker has publicly stated it could reorganize outside of court, The New York Times reported on Sunday.
Breaking News-RTRS-China March soy import hit the 2nd highest-Customs
BEIJING, April 10 (Reuters) - China, the world's largest soybean buyer, imported 3.86 million tonnes of soybeans in March, a rise of 66.6 percent from a year earlier and the second highest monthly tally, according to official Customs figures.
Trader's Highlight
FCPO-KUALA LUMPUR, April 10 (Reuters) - Malaysian crude palm oil futures rose as much as 1.5 percent to hit a 7-month high on Friday as industry data suggested impending tightness in domestic inventories.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange rose as much as 33 ringgit to 2,302 Mringgit ($637.1) per tonne, a level unseen since Sept. 26 2008. The contract settled at 2,299 ringgit per tonne, up 1.3 percent.
Other traded months rose between 7 and 60 ringgit <0#KPO:>. Overall volume stood at 10,824 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, April 10 (Reuters) - Thai stocks <.SETI> ended near
three-month highs on Friday after gains in oil prices helped push up big-cap energy shares such as PTT and PTT Exploration, but concern over anti-government protests were a drag for much of the day.
Stock markets in Singapore, Indonesia and the Philippines were closed on Friday for market holidays.
Malaysia's benchmark index <.KLSE> climbed 2.6 percent to its highest since Oct. 15, while Vietnam's benchmark index <.VNI> jumped 4.3 percent, snapping two days of losses.
The benchmark June contract
Other traded months rose between 7 and 60 ringgit <0#KPO:>. Overall volume stood at 10,824 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, April 10 (Reuters) - Thai stocks <.SETI> ended near
three-month highs on Friday after gains in oil prices helped push up big-cap energy shares such as PTT and PTT Exploration, but concern over anti-government protests were a drag for much of the day.
Stock markets in Singapore, Indonesia and the Philippines were closed on Friday for market holidays.
Malaysia's benchmark index <.KLSE> climbed 2.6 percent to its highest since Oct. 15, while Vietnam's benchmark index <.VNI> jumped 4.3 percent, snapping two days of losses.
DJI Weekly: Trying to survive at above 8000 mark
KLSE Weekly: Eyeing 960-970 level
FKLI Weekly: Market rally likely to extended
FCPO Weekly: More room to the upside
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