Thursday, July 9, 2009
Breaking News-RTRS-PREVIEW-India's June edible oil imports to slow down
NEW DELHI, July 8 (Reuters) - India's June edible oil imports may fall 4 percent from May, registering their first monthly fall since March, while annual growth is likely to slow to 21 percent after doubling in the previous two months.
Trader's Highlight
DJI-NEW YORK, July 8 (Reuters) - The Dow and the Nasdaq eked out gains on Wednesday as a late-stage rally brought stocks off their lows on hopes that the quarterly earnings season would deliver good news.
The Dow Jones industrial average <.DJI> gained 14.81 points, or 0.18 percent, to 8,178.41. The Standard & Poor's 500 Index <.SPX> dropped 1.47 points, or 0.17 percent, to 879.56. The Nasdaq Composite Index <.IXIC> added 1.00 points, or 0.06 percent, to 1,747.17.
NYMEX-NEW YORK, July 8 (Reuters) - U.S. crude oil futures ended down for the sixth straight session on Wednesday, hitting the lowest close in seven weeks, as government data showed larger-than-expected increases in distillate and gasoline
inventories last week. OPEC expects global demand to fall to 84.2 million bpd this year from 85.6 million bpd last year.
On the New York Mercantile Exchange, August crude settled down $2.79, or 4.43 pct, at $60.14 a barrel, the lowest close since May 19's $59.65. It traded from $60.01 to $62.68.
CBOT-SOYBEANS - July down 49-1/2 cents at $10.84 a bushel, November down 3 cents at $8.92 a bushel.
Long-liquidation weighs on market. Nearby contract falls below $11 a bushel for the first time since early May ahead of expiration of July contract.
CBOT-SOYOIL - July down 0.82 cent at 32.08 cents a lb. Following nearby soybeans with weak crude oil also lending pressure.
FCPO--KUALA LUMPUR, July 8 (Reuters) - Malaysian crude palm oil futures tumbled 4.2 percent to a 14-week low on Wednesday on fears global economic recovery could stall in the second half of the year, triggering a rush out of commodities.
The benchmark September contract on Bursa Malaysia's Derivatives Exchange fell as much as 86 ringgit to 1,983 ringgit ($557) per tonne, a level unseen since March 31, before settling at 2,002 ringgit. Volumes shot up to 14,560 lots at 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, July 8 (Reuters) - Some Southeast Asia stock markets
hit two-week lows on Wednesday amid worries about the global recovery and corporate earnings, with Thailand leading regional losses after weaker crude oil hurt its heavyweight energy shares.
Thai shares <.SETI> lost 1.3 percent on the first day of trading after a two-day break. Singapore's Straits Times Index <.FTSTI> ended down 0.6 percent after falling to its lowest level in two weeks, like Malaysia <.KLSE>, which lost 0.1 percent. The Philippine index <.PSI> slid 0.4 percent, while Vietnam <.VNI> shed 0.2 percent.
The Dow Jones industrial average <.DJI> gained 14.81 points, or 0.18 percent, to 8,178.41. The Standard & Poor's 500 Index <.SPX> dropped 1.47 points, or 0.17 percent, to 879.56. The Nasdaq Composite Index <.IXIC> added 1.00 points, or 0.06 percent, to 1,747.17.
NYMEX-NEW YORK, July 8 (Reuters) - U.S. crude oil futures ended down for the sixth straight session on Wednesday, hitting the lowest close in seven weeks, as government data showed larger-than-expected increases in distillate and gasoline
inventories last week. OPEC expects global demand to fall to 84.2 million bpd this year from 85.6 million bpd last year.
On the New York Mercantile Exchange, August crude
CBOT-SOYBEANS - July
Long-liquidation weighs on market. Nearby contract falls below $11 a bushel for the first time since early May ahead of expiration of July contract.
CBOT-SOYOIL - July
FCPO--KUALA LUMPUR, July 8 (Reuters) - Malaysian crude palm oil futures tumbled 4.2 percent to a 14-week low on Wednesday on fears global economic recovery could stall in the second half of the year, triggering a rush out of commodities.
The benchmark September contract
REGIONAL EQUITIES-BANGKOK, July 8 (Reuters) - Some Southeast Asia stock markets
hit two-week lows on Wednesday amid worries about the global recovery and corporate earnings, with Thailand leading regional losses after weaker crude oil hurt its heavyweight energy shares.
Thai shares <.SETI> lost 1.3 percent on the first day of trading after a two-day break. Singapore's Straits Times Index <.FTSTI> ended down 0.6 percent after falling to its lowest level in two weeks, like Malaysia <.KLSE>, which lost 0.1 percent. The Philippine index <.PSI> slid 0.4 percent, while Vietnam <.VNI> shed 0.2 percent.
Trader's Comment: Palm oil futures tumbled sharply lower on bearish external markets
Palm oil futures tumbled sharply lower on bearish external markets while struggling to maintain at above 2000 level. Benchmark Sep09 had been hovering between 2014-1983 level through out the day after it gap down RM59 to open at 2010, following the overnight sharp decline of CBOT soy oil. Sentiment continued to be weak as spill over from Dalian palm that had immediately fell to almost limit down level while NYMEX crude oil also extended its overnight losses to edge lower during Asian time trading. News from Reuters poll stating that Malaysia’s June palm oil stocks likely to rose 4.6% to 4-month high also further undermined FCPO market. Benchmark Sep09 ended RM67 lower at 2002.
FKLI Daily: Searching for support
Market is searching support for landing. Thus, market may due for correction in near term. We continue to look for the immediate support at 1050-1045 followed by 1030. To the upside, resistance is adjusted to 1065-1070.
FCPO Daily: Dived
Market dived into a deep blue sea following 2000 mark violated with a big gap left over. Overall technical outlook remains weak despite prices bounced back to 2000 mark at closing. We still maintain bearish view on near term market. As for now, upside resistance is at 2014-2059 (gap left over on 8/7/2009). Downside support is pegged at 1960-1950.
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