Thursday, May 28, 2009
Trader's Comment: Palm oil futures ended unchanged after trading in a roller coaster manner.
Palm oil futures ended unchanged after trading in a roller coaster manner. Benchmark Aug09 hit intra day high of 2525 after opened almost unchanged at 2506, but immediately fell to intra day low at 2440 as profit-taking activities emerged after yesterday’s rally. Prices then began to hover between this range through out the day in a very choppy manner, until it finally settled unchanged at 2505. The statement made by a well-known industry analyst Mr. James Fry had helped to provide some cushion of support to the local CPO market. He said that CPO prices may hit RM3000 if crude oil market continue to rise, but without stipulating a time frame. ECBOT soy oil was also mix today after a volatile trading day while Dalian palm ended to inch lower.
Breaking News-RTRS-FACTBOX-Palm oil output forecasts for Southeast Asia
Following is a table of new and old forecasts by analysts, Malaysian and Indonesian governments and the industry for palm oil production in the Southeast Asian countries this year:
MALAYSIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 17,500,000 ~ old forecast -nil-
Oilworld (Oct08/Sept09)new forecast 17,800,000 ~ old forecast 18,000,000
M.R Chandran new forecast 17,800,000 ~ old forecast -nil-
Commodities Ministry new forecast 17,700,000 ~ old forecast 18,300,000
INDONESIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 22,000,000 ~ old forecast 21,500,000
Oilworld (Oct08/Sept09) new forecast 20,300,000 ~ old forecast 20,300,000
Government projection new forecast 19,700,000 ~ old forecast 19,700,000
Industry estimate new forecast 20,600,000 ~ old forecast 20,300,000
MALAYSIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 17,500,000 ~ old forecast -nil-
Oilworld (Oct08/Sept09)new forecast 17,800,000 ~ old forecast 18,000,000
M.R Chandran new forecast 17,800,000 ~ old forecast -nil-
Commodities Ministry new forecast 17,700,000 ~ old forecast 18,300,000
INDONESIAN PALM OIL OUTPUT 2009 (in tonnes)
Dorab Mistry new forecast 22,000,000 ~ old forecast 21,500,000
Oilworld (Oct08/Sept09) new forecast 20,300,000 ~ old forecast 20,300,000
Government projection new forecast 19,700,000 ~ old forecast 19,700,000
Industry estimate new forecast 20,600,000 ~ old forecast 20,300,000
Breaking News-RTRS-INTERVIEW-"Green" palm planters struggling to find buyers
JAKARTA, May 27 (Reuters) - Palm oil planters in the world's top two producers Indonesia and Malaysia are struggling to find buyers for their eco-friendly palm oil, an industry official said on Wednesday, threatening to slow momentum.
Under fire from green groups and some Western consumers, the palm oil industry established the Roundtable on Sustainable Palm Oil (RSPO) in 2004 to develop an ethical certification system that includes commitments to preserve rainforests and wildlife.
"As for demand, the volume that is currently available versus the offtake, there is a mismatch," Vengeta Rao, secretary general of the RSPO, said on the sidelines of a palm oil conference.
He said the industry had so far sold only 15,000 tonnes of certified greed palm oil since the first shipment last November while output might have reached around 600,000 tonnes.
Under fire from green groups and some Western consumers, the palm oil industry established the Roundtable on Sustainable Palm Oil (RSPO) in 2004 to develop an ethical certification system that includes commitments to preserve rainforests and wildlife.
"As for demand, the volume that is currently available versus the offtake, there is a mismatch," Vengeta Rao, secretary general of the RSPO, said on the sidelines of a palm oil conference.
He said the industry had so far sold only 15,000 tonnes of certified greed palm oil since the first shipment last November while output might have reached around 600,000 tonnes.
Trader's Highlight
DJI-NEW YORK, May 27 (Reuters) - U.S. stocks dropped on Wednesday as rising yields on U.S. government debt fueled concern that businesses and consumers could face higher borrowing costs, which could hamper an economic recovery.
The Dow Jones industrial average <.DJI> fell 173.47 points, or 2.05 percent, to end at 8,300.02. The Standard & Poor's 500 Index <.SPX> was down 17.27 points, or 1.90 percent, at 893.06. The Nasdaq Composite Index <.IXIC> was down 19.35 points, or 1.11 percent, at 1,731.08.
NYMEX-NEW YORK, May 27 (Reuters) - U.S. crude oil futures held their gains in post-settlement trading on Wednesday, as data from the American Petroleum Institute showed a larger-than-expected drawdown in crude stocks last week.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), July crude was up 52 cents, or 0.83 percent, at $62.97 a barrel. It earlier settled up $1, or 1.6 percent, at $63.45, the highest close since $65.30 on Nov. 5. It traded from $62.19 to $63.82, the highest intraday since $65.56 was hit on Nov. 10.
CBOT-SOYBEANS - July up 1-1/2 cents per bushel at $11.87. November up 7-1/2 at $10.50.
Shrinking soy stocks, strong export demand and fund buying combine to boost soy to $12 per bushel, an eight-month high.
USDA said U.S. soy planting 48 percent complete, below the 65 percent five-year average but within trade estimates for 45 to 50 percent.
U.S. Census Bureau to issue monthly crush data on Thursday.
CBOT-SOYOIL - July up 0.06 cent per lb at 37.81. Spillover support from gains in soy with firm crude oil also supportive.
FCPO-KUALA LUMPUR, May 27 (Reuters) - Malaysian palm futures jumped 3.1 percent on Wednesday, with more buyers back into the market a day after a sell off, on concerns stock levels this month could go lower.
The benchmark August contract on Bursa Malaysia's Derivatives Exchange rose 75 ringgit to 2,505 ringgit ($718.4) per tonne. Overall volume surged to 17,373 lots of 25 tonnes each from the usual 10,000 lots.
REGIONAL EQUITIES-BANGKOK, May 27 (Reuters) - Most Southeast Asian stocks rose
on Wednesday as energy shares jumped on higher oil prices and Singapore's index neared an eight-month high with CapitaLand and DBS Group leading the way.
Singapore's index <.FTSTI> jumped 3 percent to its highest since October 3, Thailand's benchmark SET index <.SETI> climbed 2.3 percent, Indonesia's index <.JKSE> rose 1.9 percent and Bucking the trend, Malaysian stocks <.KLSE> closed down 0.4 percent, ahead of an announcement by the country's central bank that the local economy contracted a larger-than-expected 6.2 percent in the first quarter from a year ago.
The Dow Jones industrial average <.DJI> fell 173.47 points, or 2.05 percent, to end at 8,300.02. The Standard & Poor's 500 Index <.SPX> was down 17.27 points, or 1.90 percent, at 893.06. The Nasdaq Composite Index <.IXIC> was down 19.35 points, or 1.11 percent, at 1,731.08.
NYMEX-NEW YORK, May 27 (Reuters) - U.S. crude oil futures held their gains in post-settlement trading on Wednesday, as data from the American Petroleum Institute showed a larger-than-expected drawdown in crude stocks last week.
On the New York Mercantile Exchange at 5 p.m. EDT (2100 GMT), July crude
CBOT-SOYBEANS - July
Shrinking soy stocks, strong export demand and fund buying combine to boost soy to $12 per bushel, an eight-month high.
USDA said U.S. soy planting 48 percent complete, below the 65 percent five-year average but within trade estimates for 45 to 50 percent.
U.S. Census Bureau to issue monthly crush data on Thursday.
CBOT-SOYOIL - July
FCPO-KUALA LUMPUR, May 27 (Reuters) - Malaysian palm futures jumped 3.1 percent on Wednesday, with more buyers back into the market a day after a sell off, on concerns stock levels this month could go lower.
The benchmark August contract
REGIONAL EQUITIES-BANGKOK, May 27 (Reuters) - Most Southeast Asian stocks rose
on Wednesday as energy shares jumped on higher oil prices and Singapore's index neared an eight-month high with CapitaLand and DBS Group leading the way.
Singapore's index <.FTSTI> jumped 3 percent to its highest since October 3, Thailand's benchmark SET index <.SETI> climbed 2.3 percent, Indonesia's index <.JKSE> rose 1.9 percent and Bucking the trend, Malaysian stocks <.KLSE> closed down 0.4 percent, ahead of an announcement by the country's central bank that the local economy contracted a larger-than-expected 6.2 percent in the first quarter from a year ago.
KLSE Daily: Uptrend remians intact
Market close off from the fresh high. Nevertheless, overall daily technical outlook remains good and supportive. Currently, upside resistance is maintain at 1070-1080. To the downside, immediate support is stood at 1047-1045 (gap left over on 25/5/2009)followed by 1040-1035.
FKLI Daily: Maintain upward posture
Market is maintaining its upward posture moving in tight range manner. We continue to look for the upside resistance at 1075-1080. Downside support is pegged at 1040-1035.
FCPO Daily: Bulls defended
Market had a little pull back after the recent sell down as bull was tried to defend. However, the rebound was not convincing enough to change the current negative daily technical landscape into positive mode. We are now looking for the upside resistance at 2530-2560 followed by 2600. To the downside, support is pegged at 2350 followed by 2300.
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