Trader's Comment: Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher

Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher, as market expecting export figures will continue to be supportive. Benchmark Sep09 immediately gap up RM33 to open at 2023 and climbed steadily through out most of the sessions. Market talk that tomorrow’s 1-15 July export data could achieve 660k tonnes compare with 560k tonnes (ITS) seen in last month corresponding period, had helped to fuel the buying sentiment in local BMD. Benchmark Sep09 hit intra day high of 2078 in the second session before some intra day profit taking activities emerged in late trading and led prices easing off to settle RM46 higher at 2036. External markets were also supportive as Asian time NYMEX crude oil and other vege oil markets edging higher today.

Trader's Highlight

DJI-NEW YORK, July 14 (Reuters) - U.S. stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.

The Dow Jones industrial average <.DJI> added 27.81 points, or 0.33 percent, to 8,359.49. The Standard & Poor's 500 Index <.SPX> gained 4.79 points, or 0.53 percent, to 905.84. The Nasdaq Composite Index <.IXIC> rose 6.52 points, or 0.36 percent, to 1,799.73.

NYMEX-NEW YORK, July 14 (Reuters) - U.S. crude oil futures edged up in post-settlement trading on Tuesday after inventory from the American Petroleum Institute showed crude oil and gasoline supplies fell last week.

On the New York Mercantile Exchange, August crude ended Globex trading up 6 cents at $59.75 a barrel, after earlier settling 17 cents, or 0.28 percent lower, at $59.52 a barrel, trading from $59.15 to $61.46.

CBOT-SOYBEANS - July expired 17-1/2 cents per bushel lower at $10.74. August up 16 at $10.34-1/2. Spot July pressured by long-liquidation during expiration. Tight stocks of soybeans begin to lift old-crop August and September in addition to fund buying.

NOPA pegged U.S. June soy crush 133.145 million bushels, below an average of analysts' estimates for 135.9 million and about equal to the 133.513 million in June 2008.

CBOT-SOYOIL - July expired up 0.38 cent per lb at 33.65. August up 0.37 at 33.77.

Short-covering during expiration lifted July with other months supported by short-covering, fund and commercial buying in addition to unwinding of meal/oil spreads.

NOPA pegged U.S. soyoil stocks at the end of June 2.907 bln lbs, above the 2.449 bln lbs at the end of June 2008.

FCPO-JAKARTA, July 14 (Reuters) - Malaysian palm oil futures rose 2.3 percent on Tuesday, coming off a 3-½ month low the previous day on speculation that palm exports in the first fifteen days of July, due out Wednesday, were stronger, traders said.

The benchmark September contract on Bursa Malaysia's Derivatives Exchange rose 46 ringgit to 2,036 ringgit ($568.08) per tonne. Volume was 13,534 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, July 14 (Reuters) - Most Southeast Asian stock markets gained ground on Tuesday, with Singapore bouncing from a one-week low after strong second-quarter economic data and Malaysia near a two-week high, with financials among advancers.

Singapore's index <.FTSTI> rose 1.9 percent, erasing Monday's 1.8 percent fall as banks recouped recent losses after news the city state had recovered from its worst recession and upgraded its economic outlook due to rising drug output and construction.

Financial buying also pushed Malaysia's main index <.KLSE> up 1.5 percent to its highest level since July 2, with Bumiputra-Commerce and Public Bank climbing more than 3 percent each.

KLSE Daily: Bull run to continue

Market is no longer stuck in sideways move after yesterday breakout with a long white candle. Market looks may want to cover the left over upside gap since 16/6/2009 at 1083-1086 followed by 1096. To the downside, support is stood at 1058.

FKLI Daily: Eyeing recent high at 1092

Market rebounded strongly and looks may want to challenge the recent high at 1092 level. Meanwhile, downside support is pegged at 1055-1050.

FCPO Daily: Struggle to survive

Market struggle to survive at 2000 mark after found a temporary support at 1964. Nevertheless, overall technical landscape remains bearish despite prices tested the intra-day high at 2078. We are now looking for the immediate resistance at 2085-2100 followed by 2150. While, immediate downside support is pegged at 1964.