Trader's Comment: Palm oil futures continue to end lower on 3rd straight day losses after surrendered its earlier gains.

Palm oil futures continue to end lower on 3rd straight day losses after surrendered its earlier gains. Benchmark Sep09 unable to cover fully on its yesterday’s left over gap as it merely hit intra day high of 2294 after opened RM26 higher at 2288. Prices then began to fall through out most of the sessions until it hit intra day low of 2209 in the second session. The emerged of some late intra day short covering activities led Benchmark Sep09 to settle RM32 lower at 2230. Trading remained quiet since last few days as players now cautiously awaiting for more fresh leads from tonight’s USDA June planting & quarterly stock report and the upcoming MPOB supply & demand data due to release on 10 July. External markets were mix as Dalian palm inched lower while eCBOT soy oil recovered from its overnight losses to trade higher in Asian time trading.

Breaking News-(BN) Malaysia to Set Up 10 Billion Ringgit Private Equity Fund

By Soraya Permatasari
June 30 (Bloomberg) -- Malaysia’s government plans to set up a 10 billion ringgit ($2.8 billion) private equity fund, Prime Minister Najib Razak.
The fund will focus on investing in companies majority- owned by the country’s ethnic Malays, Najib said today in a speech in Kuala Lumpur.

Breaking News-(BN) Malaysia to Ease 30% Rule on Bumiputera Ownership in IPOs

By Soraya Permatasari
June 30 (Bloomberg) -- Malaysia will ease a requirement to allocate 30 percent of the shares in initial public offerings to so-called Bumiputera investors, Prime Minister Najib Razak said today in a speech.

Trader's Highlight

DJI-NEW YORK, June 29 (Reuters) - U.S. stocks rose on Monday as higher oil prices lifted shares of energy companies and fund managers snapped up this quarter's winners to burnish their portfolios.

Fund managers are enhancing their portfolios before the quarter ends on Tuesday in a ritual known as "window dressing" by selling some of the quarter's losers and scooping up the winners. This move bolstered stocks as well.

The Dow Jones industrial average <.DJI> gained 90.99 points, or 1.08 percent, to end at 8,529.38. The Standard & Poor's 500 Index <.SPX> was up 8.33 points, or 0.91 percent, at 927.23. The Nasdaq Composite Index <.IXIC> was up 5.84 points, or 0.32 percent, at 1,844.06.

Wall Street's eyes and ears also were on the news coverage of Bernie Madoff, who was sentenced to 150 years in prison on Monday for running what prosecutors called a $65 billion Ponzi scheme. When Madoff's fraud was revealed last December, its scope was so brazen and so massive that it shocked investors and made everyone question their broker.

NYMEX-NEW YORK, June 29 (Reuters) - U.S. crude oil futures rose sharply on Monday as attacks in Nigeria and optimism about economic recovery helped boost equities, sidelining worries about tepid demand and high inventories.

On the New York Mercantile Exchange, August crude settled up $2.33, or 3.37 percent, at $71.49 a barrel, the highest settlement since June 12's $72.04. It traded from $68.36 to $71.92.

CBOT-SOYBEANS - July up 14 cents per bushel at $12.15. November down 7-1/2 cents at $9.83-1/2.

Tight supplies of soy continue to lift soybean futures market while good U.S. crop growing weather weighs on November

CBOT-SOYOIL - July down 0.30 cent per lb at 35.78. Turns down on profit-taking.

FCPO-JAKARTA, June 29 (Reuters) - Malaysian palm futures fell on Monday as investors cut positions amid fears that demand for the tropical oil is slowing down and on worries that India might impose import duties, traders said.

The benchmark September palm oil contract on the Bursa Malaysia Derivatives Exchange lost 57 ringgit, or 2.5 percent, to 2,262 ringgit ($639.5) a tonne. Overall traded volume was 12,695 lots at 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, June 29 (Reuters) - Southeast Asian stock markets
ended mixed on Monday, with losses in big caps such as SingTel
weighing on Singapore but the Thai index outperforming thanks to
gains in banking shares.

Singapore's index <.FTSTI> inched down 0.03 percent, with Singapore Telecommunications sliding 1.3 percent, after four days of gains, and CapitaLand fell 0.53 percent.

Malaysia <.KLSE> ended flat, but Maybank rose 0.9 percent and Public Bank 1.1 percent. However, TA Investment Management said the outlook for
Malaysian banking stocks remained murky because there was no clear sign yet that the economy would bounce back in the fourth quarter as many have hoped.

Indonesia <.JKSE> eased 0.3 percent while Manila <.PSI> drifted down 0.4 percent, even though their central banks could decide to cut interest rates at meetings in July.

KLSe Daily: Continue to inch higher

Overall market momentum remains steady and slowly inching up. To the upside, resistance is stood at 1083-1086 (gap left over since 16/6/2009)followed by 1095. Immediate downside support will be looking at 1072 followed by 1064-1059 (gap left over on 24/6/2009).

FKLI Daily: Firmly bullish

Market close firm and looks may want to challenge 1092-1100 in near term. Immediate support is pegged at 1072 followed by 1055.

FCPO Daily: Consolidation phase likely to extend

Consolidation phase likely to extend as market remains in rangy mode bias sideways to lower in near term market. As for now, upside resistance is at 2289-2296 (gap left over on 29/6/2009) followed by 2340-2350. For downside, immediate downside support is pegged at 2231 followed by 2155-2149.