Trader's Comment: Palm oil futures ended marginally higher after mix trading.

Palm oil futures ended marginally higher after mix trading. Benchmark July09 settled RM5 higher at 2685 after trading within 2715-2656 through out the day. Price movement was becoming narrower since couple of days ago as players cautiously waiting for new leads from the upcoming key data scheduled to release next Monday. Both private cargo surveyors ITS & SGS will release the first 10 days of May export data, while MPOB will released the April supply & demand data. Generally traders had been speculating that stock level to be around 1.25 million tones, which is somewhere between the forecast of Reuters poll and Malaysia Commodity Minister who had stated that stock level at 1.3 million tonnes and 1.2 million tonnes respectively. Daily volume continue to reduce to 16,221 contracts that changed hands.

Breaking News-RTRS-Malaysian palm stocks now at 1.2 mln tonnes - report

KUALA LUMPUR, May 7 (Reuters) - Malaysian palm oil stocks now stand at 1.2 million tonnes and will keep prices of the vegetable oil trading between 2,600 ringgit ($737.6) and 2,800 ringgit, the country's new commodities minister said on Thursday.
The figure given by Bernard Dompok, who took over the commodities portfolio last month, was 100,000 tonnes lower than a Reuters poll which pegged April's end-stocks at 1.3 million tonnes. For the poll, click [ID:nKLR148859] "Crude palm oil futures prices would rise steadily. We would not see any big drop or spectacular rises like last year," Dompok was quoted by state news agency Bernama as saying.

Trader's Highlight

DJI-NEW YORK, May 7 (Reuters) - Wall Street stocks slid on Thursday as investors took profits from the technology sector's recent surge, while analyst downgrades hurt telecoms and a tepid response to a government bond auction raised fears about
public finances.

Bank stocks also succumbed to profit-taking, with the KBW Bank index <.BKX> dropping 3.5 percent, a day after leaked results from so-called stress tests suggested that most U.S. banks were healthier than previously thought.

The Dow Jones industrial average <.DJI> dropped 102.43 points, or 1.2 percent, to 8,409.85. The Standard & Poor's 500 Index <.SPX> slid 12.14 points, or 1.32 percent, to 907.39. The Nasdaq Composite Index <.IXIC> fell 42.86 points, or 2.44 percent, to 1,716.24.

NYMEX-NEW YORK, May 7 (Reuters) - U.S. crude futures ended at the highest level in almost six months on Thursday, but was well below the day's fresh 2009 peak on a late bout of profit-taking after Wall Street weakened.

On the New York Mercantile Exchange, June crude settled up 37 cents, or 0.66 percent at $56.71 a barrel, the highest settlement since $57.04 on Nov. 14, 2008. It traded from $55.46 to $58.57, the highest intraday since $58.98 was struck on Nov. 17, 2008.

CBOT-SOYBEANS - May down 16 cents at $11.19 a bushel; July down 16 at $11.02.

Pressured by talk China may have cancelled orders for U.S. soy, profit-taking after seven-month highs reached with weight on the market also stemming from a downturn in the stock market.

CBOT-SOYOIL - May down 0.18 cent at 38.47 cents per lb, July down 0.20 at 38.78.

Downturn in soybean market weighs on soyoil. Underpinned by strong weekly export data from USDA. Choppy trade in crude oil led to see-saw trade in soyoil.

FCPO-JAKARTA, May 6 (Reuters) - Malaysian palm futures closed unchanged on Thursday, giving up gains of 2 percent in early trade, after a Reuters poll showed end-April palm stock was higher than many market participants had expected, traders said.

A Reuters poll showed on Thursday that April's inventory is seen at 1.30 million tonnes, the lowest since June 2007, as overseas demand weakened and output edged higher.

The benchmark July contract closed unchanged at 2,680 ringgit per tonne ($760.93). Overall volume was 17,549 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, May 7 (Reuters) - Singapore's benchmark index rose
2.9 percent on Thursday, leading major Southeast Asian stock markets to seven-month highs, as optimism about the global economic outlook induced more buying of big banks in the region.

Singapore <.FTSTI> gained for a sixth straight session to end at its highest level since Oct. 6, bolstered by Wednesday's better-than-expected quarterly results from United Overseas Bank (UOB) and Oversea-Chinese Banking Corp (OCBC).

Against the trend, Malaysia <.KLSE> inched down 0.05 percent, erasing its early 1.4 percent rise, with losers including Sime Darby , down 1.5 percent, and Genting , down 0.8 percent.

However, Maybank rose 1.6 percent after the country's biggest lender said it would keep a dividend payout ratio of 40-60 percent despite the weak global economy.

DJI Daily: Holding ground

Market was holding ground despite a triple digit losses. Thus, we maintain our view in sideways to bias upside potential in near tern market. Resistance remains at 8600-8700 followed by 9000. Downside support is pegged at 8000 level.

KLSE Daily: Outlook remains steady

Bull spirit continue to conquer the market following 1030 level tested in intra-day basis. As for now, we are looking for the upside resistance at 1040. To the downside, support is stood at 1000.

FKLI Daily: Remains firmly bullish

Bull violated the resistance at 1030 and stayed firm. Market momentum remains strong and looks likely to challenge the upside resistance at 1040 followed by 1050. To the downside, support remains at 998-993.5 (gap left over on 4/5/2009).

FCPO Daily: Technical landscape remains positive

Immediate daily technical landscape remains positive posture as market was trading in range bound mode. We are now looking for the immediate upside resistance at 2731 followed by 2798-2800.To the downside, support is pegged at 2620-2600 followed by 2540-2530.