Trader's Comment: Palm oil futures extended strongly from its overnight rally to break 2100 level

Palm oil futures extended strongly from its overnight rally to break 2100 level on improve export numbers and positive regional equity markets. Both private cargo surveyors had released positive results of 1-15 July export data as ITS and SGS reported an increase of 17.6% and 14.6% respectively. On the other hand, market were now anticipating that production may not keep pace with the increasing demand and this further enhanced more speculative buying activities in BMD. Benchmark Sep09 rallied strongly through out most of the sessions until it hit intra day high at 2124 in the afternoon session. It finally eased off slightly to settle RM67 higher at 2103 due to some late intra day profit taking activities.

Breaking News-RTRS-Record China soy arrivals cause port congestion

BEIJING/SINGAPORE, July 15 (Reuters) - Record soybean import volumes have caused congestion in some northern Chinese ports with unloading delayed by up to a week, but the situation should ease from August as imports slow down, traders and port officials said on Wednesday.

Trader's Highlight

DJI-NEW YORK, July 15 (Reuters) - U.S. stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

The Dow Jones industrial average <.DJI> rose 256.72 points, or 3.07 percent, to 8,616.21. The Standard & Poor's 500 Index <.SPX> gained 26.84 points, or 2.96 percent, to 932.68, its best gain in nearly two months and putting it solidly back into the black for the year. The Nasdaq Composite Index <.IXIC> jumped 63.17 points, or 3.51 percent, to 1,862.90.

Minutes from last month's FOMC meeting showed central bank policy-makers thought economic growth would resume in the second half of the year, although the economy remained vulnerable.

NYMEX-NEW YORK, July 15 (Reuters) - U.S. crude oil futures settled more than 3 percent higher on Wednesday as a government inventory report showing crude supplies fell last week, the dollar's weakness and strong equities combined to lift oil.

On the New York Mercantile Exchange, August crude rose $2.02, or 3.39 percent, to settle at $61.54 a barrel, trading from $59.65 to $62. The $62 high was reached in Globex trading after the day's settlement was reached.

CBOT-SOYBEANS - August down 14 cents at $10.20-1/2 a bushel

Market turns lower as traders lock in profits following rallies this week. Good growing weather also weighs but good export demand and supportive outside markets limit downturn.

CBOT-SOYOIL - August up 0.35 cent at 34.12 cents per lb.Gains in crude oil lending spillover support to soyoil futures.

FCPO-JAKARTA, July 15 (Reuters) - Malaysian palm oil futures closed at its highest level in more than a week on Wednesday, boosted by higher exports, after posting the biggest day-gain in nearly three weeks, traders said.

The benchmark September contract on Bursa Malaysia's Derivatives Exchange rose 67 ringgit, or 3.3 percent, to 2,103 ringgit ($590.456) per tonne, a level not seen since July 6. Volume totalled 19,251 lots of 25 tonnes each, almost double the
usual turnover.

REGIONAL EQUITIES-BANGKOK, July 15 (Reuters) - Southeast Asian stock markets
edged higher on Wednesday as solid earnings from U.S. firms and an improving Asian economic outlook boosted confidence in a global recovery, sending Singapore and Malaysian shares to fresh highs.

Singapore's benchmark index <.FTSTI> rose 3.4 percent, with a blue chip shares rally taking it to a near five-week high and on buying in the last minutes of trading after a Reuters poll showed the country will see a sharp turnaround next year as the
continent rebounds

Malaysian stocks <.KLSE> edged 1.63 percent higher, having hit their highest level unseen since Aug. 15, 2008 earlier in the day, Philippine stocks <.PSI> closed up 0.95 percent at its highest since June 15, with Philippine Long Distance Telephone
leading the way with a 0.42 percent rise.

DJI Daily: Found support at 8000 mark

Market recovered and rebounded strongly as 8000 mark provided a good support. Market looks may want to challenge 8800-9000 level in near term.

KLSE Daily: Bullish

Bull extended its wining streak to mark another fresh high for the year. Market looks likely to continue bull run journey in near term. As for now, we are looking for the upside resistance at 1120-1130. To the downside, support is pegged at 1080.

FKLI Daily: Fabulous

Strong rallied to reach another peak of the year had further cheer up the overall technical landscape. Market looks may likely to extend its bull run in near term with upside resistance at 1130-1150. Downside support is pegged at 1080.

FCPO Daily: Gaining ground

Market manage to gain ground to close at 2100 mark had helped to neutralise a little the bearish technical landscape. Therefore, we continue to look for the immediate upside resistance at 2150 followed by 2200. While, immediate downside support is pegged at 2020-2000.