Friday, July 17, 2009

Breaking News-(BN) Indonesian Rupiah Declines 0.4% on Reports of Hotel Bombing

By Lilian Karunungan
July 17 (Bloomberg) -- The Indonesian rupiah declined 0.4 percent to 10,155 per dollar on reports that two hotels were bombed in Jakarta.
The facade of the Ritz-Carlton hotel was blown off in one blast Friday morning, the Associated Press reported, citing police. Another explosion hit the Marriott hotel. An Associated Press reporter saw three injured taken away from the Ritz, the agency said.

Trader's Comment: Palm oil futures lose its grip in late trading and settled at the intra day low of 2020

Palm oil futures lose its grip in late trading and settled at the intra day low of 2020 after the earlier sideways movement and mix trading. Market was quite uncertain initially due to the “battle” between speculative buyers who believe that the uptrend is still intact and the profit takers who had started to book their profit from the 2-day rally. New Benchmark Oct09 had been hovering in a tight range between 2100-2067 through out most of the sessions. However, as external markets turned weaker in late trading, intra day liquidation began to emerge in the BMD and saw prices to slid further until closing. Both Asian time NYMEX crude oil and eCBOT soy oil had edged more than 1% lower.

Breaking News-RTRS-UPDATE 2-China to sell soy reserves, may get few buyers

BEIJING, July 16 (Reuters) - China plans sales of corn and soybeans from state reserves from next week, its first from massive purchases of 2008 crops, but high prices are likely to deter buyers in a market already flooded with imported soybeans.
Traders told Reuters the soybeans are likely to be priced at 3,750 yuan ($549) a tonne, about $40-$50 above import prices, while they said the corn sale comes too close to the start of the new harvest.

Trader's Highlight

DJI-NEW YORK, July 16 (Reuters) - U.S. stocks rallied for a fourth day on Thursday after JPMorgan's strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news.

The Dow Jones industrial average <.DJI> rose 95.61 points, or 1.11 percent, to 8,711.82.

The Standard & Poor's 500 Index <.SPX> gained 8.06 points, or 0.86 percent, to finish at 940.74, and has climbed 7 percent for the week so far. The Nasdaq Composite Index <.IXIC> advanced 22.13 points, or 1.19 percent, to 1,885.03.

NYMEX-
NEW YORK, July 16 (Reuters) - U.S. crude oil futures ended a seesaw session higher on Thursday, bouncing late with equities markets after conflicting data about economic recovery kept trading choppy.

On the New York Mercantile Exchange, August crude rose 48 cents, or 0.78 percent, to settle at $62.02 a barrel. Trading ranged from $60.29 to $62.18.

CBOT-SOYBEANS
- August down 44-1/2 cents at $9.76 a bushel

Soybean futures fall to 3-1/2 month low on pressure from good crop weather in the United States and news China selling soy from reserves next week.

China confirms sales of 500,000 tonnes of soybean reserves next week, may get few buyers.

CBOT-SOYOIL
- August down 0.32 cent at 33.80 cents per lb.

Spillover selling pressure from falling soybeans. Drop in crude oil also weighs on prices Overall volume was 22,903 lots of 25 tonnes each, more than double the usual 10,000 lots.

FCPO-JAKARTA, July 16 (Reuters) - Malaysian palm oil futures tumbled on Thursday as investors locked in profits after the market jumped nearly 6 percent in the previous two sessions, with weak outside markets fueling the selling mood, traders said. The benchmark October contract on Bursa Malaysia's Derivatives Exchange, the new third month contract, dropped 65 ringgit, or 3.1 percent, to 2,020 ringgit ($565.98) a tonne, after going as high as 2,100 ringgit.

REGIONAL EQUITIES
-BANGKOK, July 16 (Reuters) - Major Southeast Asian stock
markets rose for the third day on Thursday, with buying of property shares pushing Singapore to its highest level in 10 months and economic optimism lifting the mood elsewhere.

Singapore <.FTSTI> gained 0.5 percent, earlier rising as much as 1.9 percent to its highest since September last year. Analysts said China's higher-than-expected economic growth and a jump in U.S. stocks in reaction to upbeat corporate results buoyed sentiment in the region.

Malaysia's index <.KLSE> added 1.1 percent, rising as much as 2.1 percent to its highest since Aug. 13, with telecommunications firm Axiata Group up 5.6 percent and Malayan Banking , the biggest lender, up 0.9 percent.

DJI Daily: May challenge 8800-9000 level


Market continue to gain ground and may want to challenge 8800-9000 level in near term. Downside support maintain at 8200.

KLSE Daily: Uptrend likely to continue


Market looks may want to challenge 1130-1140 level in near term. To the downside, support is pegged at 1095.

FKLI Daily: Bull run likely to extend


Market looks may likely to extend its bull run in near term with upside resistance at 1130-1150. Downside support is pegged at 1090.

FCPO Daily: in sideways


Market gave up the earlier gains to close at day low of 2020 level. Thus, market may trade in sideways in near term while searching for direction. Therefore, we continue to look for the immediate upside resistance at 2124 followed by 2150. While, immediate downside support is pegged at 2020-2000 followed by 1983-1964.