BEIJING, Dec 23 (Reuters) - China's commerce ministry has
revised up its forecast for soy imports in December to 4.58
million tonnes, the second largest monthly import ever, from its
earlier estimate of 3.87 million tonnes.
The ministry's forecast was below expectations of the
country's top planning body, the National Development and Reform
Commission (NDRC), which sees record imports for December, or
larger than the 4.71 million tonnes in June, the highest ever
monthly import.
Thursday, December 24, 2009
Trader's Highlight
DJI- NEW YORK, Dec 23 (Reuters) - The dollar halted a six-day rally and global stocks lost steam on Wednesday after an unexpected fall in U.S. new home sales curbed optimism about the economic recovery.
Oil prices jumped 3 percent, supporting energy shares, as data showed a much larger-than-expected decline in inventory of crude oil. The weaker dollar also boosted commodity prices in general, sending gold as much as 1 percent higher. A weaker dollar makes commodities cheaper for investors using other currencies.
The Dow Jones industrial average <.DJI> edged up 1.51 points, or 0.01 percent, to 10,466.44, while The Standard & Poor's 500 Index <.SPX> rose 2.57 points, or 0.23 percent, to 1,120.59. The Nasdaq Composite Index <.IXIC> ended up 16.97 points, or 0.75 percent, to 2,269.64.
NYMEX- NEW YORK, Dec 23 (Reuters) - U.S. crude oil futures ended 3 percent higher on Wednesday, boosted by government inventory data showing crude stocks fell more than expected last week and the dollar's slump.
Crude oil reached $77 a barrel intraday for the first time since Dec. 4, when it hit $77.90. The contract has gained about $7 since Dec. 14 when it hit a nearly 2-1/2-month low, dropping intraday to $68.59.
On the New York Mercantile Exchange, February crude rose $2.27, or 3.05 percent, to settle at $76.67 a barrel, trading from $74.25 to $77.00.
CBOT- SOYBEANS - January up 10-1/4 cents at $10.01-/4 a bushel. Market snaps four-day losing streak in rebound from decline to lowest level since Nov. 13. Better-than-expected soybean crush data adds strength as well as rallying crude oil prices.
CBOT-SOYOIL - January up 0.03 cent at 38.08 cents per lb. Spillover support from rally in crude oil market boosts prices while report of large soyoil stocks weighs on market.
FCPO- KUALA LUMPUR, Dec 23 (Reuters) - Malaysian crude palm oil futures dropped for a third day on Wednesday due to a firmer U.S. dollar and some position squaring towards the year end.
Expectations of a stock drawdown due to the end of the high production season limited losses. Traders expect stocks to fall about 13 percent to 1.68 million tonnes in December compared with the previous month.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled down 21 ringgit at 2,494 ringgit per ($725.8) tonne.
REGIONAL EQUITIES- BANGKOK, Dec 23 (Reuters) - Southeast Asian stock markets gained on Wednesday, with Noble Group leading Singapore to its highest in over a year while Thailand hovered around two month highs as investors bought big caps such as PTT and Siam Cement.
Singapore's index <.FTSTI> rose 0.6 percent to its highest since Aug. 11, 2008, with commodities firm Noble Group climbing 4.3 percent after Australia's Macarthur Coal made an offer to buy Noble unit Gloucester Coal in an all-share deal worth $591.3 million.
Malaysia's index <.KLSE> was nearly flat, edging up 0.01 percent, with palm plantation firms leading advancers. IOI Corp and Sime Darby each gained 0.6 percent.
Oil prices jumped 3 percent, supporting energy shares, as data showed a much larger-than-expected decline in inventory of crude oil. The weaker dollar also boosted commodity prices in general, sending gold as much as 1 percent higher. A weaker dollar makes commodities cheaper for investors using other currencies.
The Dow Jones industrial average <.DJI> edged up 1.51 points, or 0.01 percent, to 10,466.44, while The Standard & Poor's 500 Index <.SPX> rose 2.57 points, or 0.23 percent, to 1,120.59. The Nasdaq Composite Index <.IXIC> ended up 16.97 points, or 0.75 percent, to 2,269.64.
NYMEX- NEW YORK, Dec 23 (Reuters) - U.S. crude oil futures ended 3 percent higher on Wednesday, boosted by government inventory data showing crude stocks fell more than expected last week and the dollar's slump.
Crude oil reached $77 a barrel intraday for the first time since Dec. 4, when it hit $77.90. The contract has gained about $7 since Dec. 14 when it hit a nearly 2-1/2-month low, dropping intraday to $68.59.
On the New York Mercantile Exchange, February crude
CBOT- SOYBEANS - January
CBOT-SOYOIL - January
FCPO- KUALA LUMPUR, Dec 23 (Reuters) - Malaysian crude palm oil futures dropped for a third day on Wednesday due to a firmer U.S. dollar and some position squaring towards the year end.
Expectations of a stock drawdown due to the end of the high production season limited losses. Traders expect stocks to fall about 13 percent to 1.68 million tonnes in December compared with the previous month.
The benchmark March contract
REGIONAL EQUITIES- BANGKOK, Dec 23 (Reuters) - Southeast Asian stock markets gained on Wednesday, with Noble Group leading Singapore to its highest in over a year while Thailand hovered around two month highs as investors bought big caps such as PTT and Siam Cement.
Singapore's index <.FTSTI> rose 0.6 percent to its highest since Aug. 11, 2008, with commodities firm Noble Group
Malaysia's index <.KLSE> was nearly flat, edging up 0.01 percent, with palm plantation firms leading advancers. IOI Corp
FCPO Daily: 2500 levels defended
Market defended 2500 levels at the closing after tested the intra-day low at 2482. However, immediate daily technical outlook has losing its upward strength and looks may consolidate further in near term. For now, we are looking for the immediate downside support at 2480 followed by 2460-2445. To the upside, resistance is pegged at 2540-2550 followed by 2585-2598 (gap left over on 21/12/2009.
NYMEX Crude Daily: Strengthen further
Market surged with printed a long white candle had strengthen further the immediate technical landscape. Market looks may continue to move sideways to bias upside potential in near term with immediate upside target at USD78.00-79.00 followed by USD80.00. Downside support is pegged at USD72.00
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