Wednesday, July 29, 2009
Trader's Comment: Palm oil futures gained back from yesterday’s losses on positive external vege oil markets.
Palm oil futures gained back from yesterday’s losses on positive external vege oil markets. Benchmark Oct09 fell to intra day low of 2106 after opened RM27 higher at 2125. However, it immediately gained support at that level as it hovered between 2121-2113 till morning close. As Asian time NYMEX crude oil and eCBOT soy oil continue to surge higher this led BMD to follow suit. Benchmark Oct09 extended its gains to hit 2146 before it settled RM42 higher at 2140. Daily volume rebounded from yesterday’s low activity to a total of 16,498 contracts changed hands.
Breaking News-RTRS-Palm exports to rise on soyoil shortage-Oil World
HAMBURG, July 28 (Reuters) - Tight global soyoil supplies are likely to generate a major increase in world palm oil exports as buyers seek alternatives in coming months, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
"World palm oil exports are likely to reach a staggering 35.2 million tonnes in Oct 2008/Sept 2009, up 2.4 million tonnes or seven percent from a year earlier," it said.
This meant palm oil stocks may not be replenished in the key exporters Malaysia and Indonesia. Stocks in the two countries are critical to setting global palm oil prices.
"World palm oil exports are likely to reach a staggering 35.2 million tonnes in Oct 2008/Sept 2009, up 2.4 million tonnes or seven percent from a year earlier," it said.
This meant palm oil stocks may not be replenished in the key exporters Malaysia and Indonesia. Stocks in the two countries are critical to setting global palm oil prices.
Breaking News-RTRS-China soybean reserves may be overstated - GiC
MELBOURNE, July 28 (Reuters) - China's soybean reserves may be less than many market estimates because stocks are poorly reported or are spoiling inside rundown storage facilities, a leading U.S. agribusiness consultant said on Tuesday.
Rick Gilmore, president of Virginia-based GiC Group, said he had anecdotal evidence indicating that Chinese reserves, which have a big influence on world soybean prices, could be significantly over-estimated.
Gilmore declined to be specific, citing sensitivities as his firm operates in China, which he described as a wild card in the international soybean marketplace: a keen buyer if the price was right but its import needs were difficult to pin down.
Rick Gilmore, president of Virginia-based GiC Group, said he had anecdotal evidence indicating that Chinese reserves, which have a big influence on world soybean prices, could be significantly over-estimated.
Gilmore declined to be specific, citing sensitivities as his firm operates in China, which he described as a wild card in the international soybean marketplace: a keen buyer if the price was right but its import needs were difficult to pin down.
Trader's highlight
DJI-NEW YORK, July 28 (Reuters) - The Dow and the S&P 500 dipped on Tuesday as investors shrugged off weak consumer confidence data and focused on positive earnings reports.
The Dow Jones industrial average <.DJI> shed 11.79 points, or 0.13 percent, to 9,096.72. The Standard & Poor's 500 Index <.SPX> dropped 2.56 points, or 0.26 percent, to 979.62.
But the Nasdaq Composite Index <.IXIC> gained 7.62 points, or 0.39 percent, to 1,975.51.
NYMEX-NEW YORK, July 28 (Reuters) - U.S. crude oil futures fell back in post-settlement trading on Tuesday after industry data showed a huge increase in crude inventories last week, contrary to analysts' forecasts that supplies fell.
On the New York Mercantile Exchange at 4:50 p.m. EDT (2050 GMT), September crude was down $1.58, or 2.31 percent, at $66.80 a barrel. It earlier settled down $1.15, or 1.68 percent, at $67.23, trading from $66.48 to $68.86.
CBOT-SOYBEANS - August up 33-1/4 cents per bushel at $10.54-1/2. November up 20-1/2 at $9.27.
Supported by tight soybean stocks, talk that China bought one or two cargoes of U.S. soybeans for November shipment and lagging growth rate of U.S. soybean crop.
CBOT-SOYOIL - August up 0.22 cent per lb at 33.82.
Support from gains in soybeans and widespread talk that India bought soyoil. Falling crude oil limiting gains.
FCPO-JAKARTA, July 28 (Reuters) - Malaysian crude palm oil futures rose on Tuesday, underpinned by gains in soybean and crude oil, although physical trade was thin as players chose to wait and see if a rebound could be sustained, traders said.
The benchmark October contract on Bursa Malaysia's Derivatives Exchange closed up 42 ringgit, or 2 percent, to 2,140 ringgit ($610.20) per tonne. Overall volume was 16,498 lots of 25 tonnes.
REGIONAL EQUITIES-BANGKOK, July 28 (Reuters) - Southeast Asian stock markets
extended recent gains on Tuesday, with Singapore, Thailand and Indonesia rising for a fourth day and good buying interest seen in bank shares such as DBS, Bank of Ayudhya and Bank Rakyat.
Singapore's index <.FTSTI> rose 1.8 percent, with DBS Group, Southeast Asia's biggest lender, climbing 5.5 percent, Oversea-Chinese Banking Corp adding over 2 percent and United Overseas Bank gaining 3.2 percent.
Malaysia's index <.KLSE> rose for a fifth day, adding 1.4 percent, led by a 3.2 percent rise in plantation conglomerate Sime Darby and a 4.6 percent gain in IOI Corp as Malaysian crude palm oil rose on the day.
The Dow Jones industrial average <.DJI> shed 11.79 points, or 0.13 percent, to 9,096.72. The Standard & Poor's 500 Index <.SPX> dropped 2.56 points, or 0.26 percent, to 979.62.
But the Nasdaq Composite Index <.IXIC> gained 7.62 points, or 0.39 percent, to 1,975.51.
NYMEX-NEW YORK, July 28 (Reuters) - U.S. crude oil futures fell back in post-settlement trading on Tuesday after industry data showed a huge increase in crude inventories last week, contrary to analysts' forecasts that supplies fell.
On the New York Mercantile Exchange at 4:50 p.m. EDT (2050 GMT), September crude
CBOT-SOYBEANS - August
Supported by tight soybean stocks, talk that China bought one or two cargoes of U.S. soybeans for November shipment and lagging growth rate of U.S. soybean crop.
CBOT-SOYOIL - August
Support from gains in soybeans and widespread talk that India bought soyoil. Falling crude oil limiting gains.
FCPO-JAKARTA, July 28 (Reuters) - Malaysian crude palm oil futures rose on Tuesday, underpinned by gains in soybean and crude oil, although physical trade was thin as players chose to wait and see if a rebound could be sustained, traders said.
The benchmark October contract
REGIONAL EQUITIES-BANGKOK, July 28 (Reuters) - Southeast Asian stock markets
extended recent gains on Tuesday, with Singapore, Thailand and Indonesia rising for a fourth day and good buying interest seen in bank shares such as DBS, Bank of Ayudhya and Bank Rakyat.
Singapore's index <.FTSTI> rose 1.8 percent, with DBS Group
Malaysia's index <.KLSE> rose for a fifth day, adding 1.4 percent, led by a 3.2 percent rise in plantation conglomerate Sime Darby
KLSE Daily: Bull rally likley to contiune
Market resumed rally with double digit up. More strength has been developed to challenge 1190-1200 level in the current bullish atmosphere. For downside, support is stood at 1160-1150.
FKLI Daily: Likely to challenge 1200 mark
Market is surging non-stop with another new high for the year. Market looks likely to challenge 1200 mark in near term. While, downside support is pegged at 1165-1150.
FCPO Daily: Sideways to bias upside potential
Immediate daily technical outlook improved following prices violated 2135 level.Thus, market may extend its sideways bias to upside potential in near term. Currently, we are looking for the upside resistance at 2162 followed by 2184. To the downside, support is pegged at 2100 followed by 2080-2060.
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