Friday, April 24, 2009

Trader's Comment: CPO futures ended off the high after hitting 2648 level but remained in positive territory.

CPO futures ended off the high after hitting 2648 level but remained in positive territory. Profit taking activities initially took place in the morning trade as Benchmark July09 hovering at a lower level between 2565-2535 through out the morning session. However, buyers became aggressive in the second session when prices suddenly shoot up sharply and broke above 2600 level. It then surged to the intra day high of 2648 before it finally slid again to settle RM5 higher at 2585. Market talk that the next export data for the period of 1-25April may hit 970k tones had further enhanced speculative buying in BMD. Traders’ beliefs that palm oil stocks continue to be at lower level relative to demand still stood firm.

Breaking News-RTRS-UPDATE 1-Indonesia keeps May palm oil export tax at zero

JAKARTA, April 24 (Reuters) - Indonesia retained its zero percent palm oil export tax in May, while raising the crude palm oil base export price to $560 per tonne from $515 per tonne in April, a trade ministry official said on Friday.

Breaking News--RTRS-India may import record veg oils in 2008/09-trade

NEW DELHI, April 23 (Reuters) - India's vegetable oil imports, which have surged in the past few months, are expected to rise further in April and May and take purchases to a record in the year to October, a leading trade body said on Thursday.
Vegetable oil imports were expected to touch an all-time high of 7.5 million tonnes in 2008/09, 19 percent more than the current record of 6.3 million tonnes in 2007/08, Ashok Sethia, president of the Solvent Extractors Association of India (SEA), said in a statement.

Trader's Highlight

DJI-NEW YORK, April 23 (Reuters) - U.S. stocks rose in volatile trade on Thursday as better-than-expected results from several regional banks lifted financial shares,
overshadowing disappointing economic data and anemic outlooks from economic bellwethers like United Parcel Service.

But investors wrestled with the possibility that the federal government's "stress tests" on 19 major U.S. banks may reveal weaknesses, which created volatility throughout the session. The government is set to unveil results on May 4.

The Dow Jones industrial average <.DJI> gained 70.49 points, or 0.89 percent, to 7,957.06. The Standard & Poor's 500 Index <.SPX> rose 8.37 points, or 0.99 percent, to 851.92. The Nasdaq Composite Index <.IXIC> added 6.09 points, or 0.37 percent, to 1,652.21.

NYMEX-NEW YORK, April 23 (Reuters) - U.S. crude oil futures ended higher on Thursday as Wall Street climbed back up and the weakened dollar attracted investors' money to commodities such as oil.

On the New York Mercantile Exchange, June crude settled up 77 cents, or 1.58 percent, at $49.62 a barrel, trading from $48.37 to $49.92.

CBOT-SOYBEANS - May down 8-1/4 cents per bushel at $10.37-3/4 per bushel.

Profit-taking and corn/soy spreading weighed on soybean futures in late dealings. Wet weather in the Midwest led to ideas for lower corn acreage and higher soybean acreage.

U.S. Census Bureau said U.S. soy crush in March 144.66 million bushels, above average estimate for 144.2 million.

CBOT-SOYOIL - May up 0.11 cent per lb at 36.20 cents per lb. Following higher palm oil futures.

U.S. Census Bureau said U.S. soyoil stocks at the end of March 3.064 billion lbs, below average estimate for 3.110 billion.

FCPO-JAKARTA, April 23 (Reuters) - Malaysian crude palm oil futures rose 4.2 percent on Thursday to its highest finishing in eight and a half months, fuelled by escalating fears over supply tightness, traders said.

The benchmark July contract on the Bursa Malaysia Derivatives Exchange rose 105 ringgit to 2,580 ringgit ($712.70), the strongest closing level since August 29.

Other traded months rose between 15 and 98, except for the August contract, which fell 90 ringgit. <0#KPO:> Overall volume was more than triple the usual level at 33,490 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, April 23 (Reuters) - Southeast Asian shares ended mixed on Thursday, unsettled by worries over the banking sector and corporate earnings, but Singapore and Thailand snapped recent falls, helped by appetite for commodity-linked shares.

Thai stocks <.SETI> led advancers, rising 1.2 percent. Malaysia <.KLSE>, Southeast Asia's second-best performer this year after Indonesia, climbed 1.04 percent but Vietnamese stocks <.VNI> lost 2.07 percent.

DJI Daily: stuck in sideways


Immediate daily technical landscape nothing much improved as market remains in sideways move. We continue to look for the resistance at 8100-8200. While, downside support is pegged at 7700 followed by 7500-7400 level.

KLSE Daily: inching higher


Market continue to inch higher. We maintain the upside resistance 980-985. Meanwhile, downside support is pegged at 968-966 (gap left over on 22/4/2009).

FKLI Daily: eyeing 1000 mark


Bull shows the power and continue to strike. Market looks is eyeing 1000 mark. While, downside support is pegged at 965-960.

FCPO Daily: ends of consolidation mode


Market ended the consolidation mode following prices violated 2540 level convincingly. This may indicate more upside room for near term market. As for now, we are looking for the upside resistance at 2600-2675. To the downside, support is pegged at 2420-2400.