Tuesday, September 29, 2009
Trader's Comment: Palm oil futures down sharply lower on bearish forecast.
Palm oil futures down sharply lower on bearish forecast. Benchmark Dec09 immediately gap down RM56 to open at 2130 and under pressure through out most of the sessions. It broke below 2100 level after second session resumed and hit intra day low of 2082 before some bargain hunters came in to provide some support. Prices then hovered between 2115-2095 and settled RM83 lower at 2103. The bearish statement made by a well-known industry analyst Mr Dorab Mistry at the Global Vege Oil Conference in India over the weekend, had caused some selling pressure to BMD. Mr Mistry stated that palm oil prices need to drop to RM1900 for demand to rebound and keep stocks under control. Meanwhile, weaker external markets had also enhanced the selling sentiment as both eCBOT soy oil and Dalian palm fell more than 1% lower.
Trader's Highlight
DJI-NEW YORK, Sept 28 (Reuters) - U.S. stocks rallied on Monday, snapping a three-day losing streak, as a spurt of corporate takeovers in the technology and health-care sectors fueled optimism about share values.
Mergers and acquisitions are typically viewed as bullish as it suggests companies are more optimistic about the business outlook.
The Dow Jones industrial average <.DJI> rose 124.17 points, or 1.28 percent, to end at 9,789.36. The Standard & Poor's 500 Index <.SPX> gained 18.60 points, or 1.78 percent, to 1,062.98. The Nasdaq Composite Index <.IXIC> shot up 39.82 points, or 1.90 percent, to 2,130.74.
NYMEX-NEW YORK, Sept 28 (Reuters) - U.S. crude oil futures rose more than 1 percent on Monday, on jitters over Iran's latest test-firing of missiles and as Wall Street rallied on stepped up mergers and acquisition activity.
On the New York Mercantile Exchange, November crude settled up 82 cents, or 1.24 percent, at $66.84 a barrel, trading from $65.41 to $67.54.
CBOT-SOYBEANS - November down 6-1/2 cents per bushel at $9.19-1/2.
Pressure from approach of harvest of potential record large U.S. soybean crop.
Possible frost overnight Monday and early Tuesday in northern U.S. Midwest soy growing areas but no significant harm to soy likely and no concerns for frost or freeze over the next 10 days. [
CBOT-SOYOIL - October down 0.80 cent per lb at 33.24 cents. Spillover selling pressure from weak soybeans and meal/oil spreading.
FCPO-KUALA LUMPUR, Sept 28 (Reuters) - Malaysian crude palm oil futures slid 4.8 percent on Monday, hitting a two week low, as traders booked profits after an industry analyst over the weekend painted a short-term bearish picture of the market.
The benchmark December contract on the Bursa Malaysia Derivative Exchange fell as much as 104 ringgit to 2,082 ringgit ($599.5) before settling down 83 ringgit at 2,103 ringgit.
REGIONAL EQUITIES-BANGKOK, Sept 28 (Reuters) - Southeast Asian stock markets extended recent losses on Monday in a market wary of weak U.S. economic data, while lower oil prices forced down big-cap energy and resource shares across the region.
Singapore <.FTSTI> lost more than 1 percent to its lowest in almost three weeks, while Malaysia <.KLSE> and Indonesia <.JKSE> slid to near-two-week lows, ending down 0.9 percent and 1.9 percent, respectively.
Thailand <.SETI> and the Philippines <.PSI> each fell more than 1 percent to one-week lows, while Vietnam <.VNI>, Southeast Asia's best performer last week, inched down 0.1 percent.
Mergers and acquisitions are typically viewed as bullish as it suggests companies are more optimistic about the business outlook.
The Dow Jones industrial average <.DJI> rose 124.17 points, or 1.28 percent, to end at 9,789.36. The Standard & Poor's 500 Index <.SPX> gained 18.60 points, or 1.78 percent, to 1,062.98. The Nasdaq Composite Index <.IXIC> shot up 39.82 points, or 1.90 percent, to 2,130.74.
NYMEX-NEW YORK, Sept 28 (Reuters) - U.S. crude oil futures rose more than 1 percent on Monday, on jitters over Iran's latest test-firing of missiles and as Wall Street rallied on stepped up mergers and acquisition activity.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Pressure from approach of harvest of potential record large U.S. soybean crop.
Possible frost overnight Monday and early Tuesday in northern U.S. Midwest soy growing areas but no significant harm to soy likely and no concerns for frost or freeze over the next 10 days. [
CBOT-SOYOIL - October
FCPO-KUALA LUMPUR, Sept 28 (Reuters) - Malaysian crude palm oil futures slid 4.8 percent on Monday, hitting a two week low, as traders booked profits after an industry analyst over the weekend painted a short-term bearish picture of the market.
The benchmark December contract
REGIONAL EQUITIES-BANGKOK, Sept 28 (Reuters) - Southeast Asian stock markets extended recent losses on Monday in a market wary of weak U.S. economic data, while lower oil prices forced down big-cap energy and resource shares across the region.
Singapore <.FTSTI> lost more than 1 percent to its lowest in almost three weeks, while Malaysia <.KLSE> and Indonesia <.JKSE> slid to near-two-week lows, ending down 0.9 percent and 1.9 percent, respectively.
Thailand <.SETI> and the Philippines <.PSI> each fell more than 1 percent to one-week lows, while Vietnam <.VNI>, Southeast Asia's best performer last week, inched down 0.1 percent.
FCPO Daily: Remains in weak momentum
CBOT Soyoil Daily: More room to bias downside potential
DJI Daily: May challenge 10,000 mark
FKLI Daily: Bulls show little tiredness sign
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