Wednesday, March 10, 2010

Trader's Highlight

DJI-NEW YORK, March 9 (Reuters) - One year to the day after stocks fell to their worst close in more than 12 years, the U.S. market spent most of Tuesday spinning its wheels.

Major U.S. averages ended slightly higher as falling commodity prices pressured materials stocks, offsetting gains in the telecom and industrial sectors.

The Dow Jones industrial average <.DJI> gained 11.86 points, or 0.11 percent, to 10,564.38. The Standard & Poor's 500 Index <.SPX> edged up 1.95 points, or 0.17 percent, to 1,140.45. The Nasdaq Composite Index <.IXIC> rose 8.47 points, or 0.36 percent, to 2,340.68.

NYMEX-NEW YORK, March 9 (Reuters) - U.S. crude oil futures were little changed in post-settlement trading on Tuesday after an industry group's report showed domestic crude stocks rose much more than expected last week.

The American Petroleum Institute said crude stocks jumped 6.5 million barrels, against the forecast in a Reuters poll for just a 1.9 million-barrel build.

The U.S. Energy Information Administration will issue its inventory report on Wednesday at 10:30 a.m. EST (1530 GMT).

On the New York Mercantile Exchange, April last traded down 50 cents at $81.37 a barrel. It was down 47 cents before the API data hit. It had settled 38 cents lower, or 0.46 percent, at $81.49 a barrel, trading from $80.16 to $81.91.

CBOT-SOYBEANS
-March up 1 cent at $9.41-1/2 a bushel, May down 1/2 cent at $9.47-1/2.

Ended mostly weak on harvesting of likely record large South American soy crop, firm dollar and weak crude oil. But late short-covering lifted the market above the day's lows and spot March ended firm.

Brazil soy crop view rises to record 67.57 million tonnes - government.

CBOT-SOYOIL-March up 0.02 cent at 39.97 cents per lb, May up 0.02 at 40.30 cents per lb. Overall traded volume was 10,742 lots at 25 tonnes each.

FCPO-JAKARTA, March 9 (Reuters) - Malaysian crude palm oil futures fell more than 2 percent on Tuesday, as investors sold on concerns over the outlook for prices after a bearish forecast from a top industry analyst on rival soybean stocks, traders said.

The benchmark May crude palm oil futures on the Bursa Malaysia Derivatives Exchange ended down 59 ringgit, or 2.18 percent, at 2,650 ringgit a tonne on the day.

REGIONAL EQUITIES-BANGKOK, March 9 (Reuters) - Indonesian shares climbed to their highest level in almost seven weeks on Tuesday as financials and big caps gained, but Thai stocks fell further ahead of an anti-government rally at the end of the week.

Stock markets in the region ended mixed, taking a breather as U.S. stock index futures pointed to a slightly lower start on Wednesday.

Singapore <.FTSTI> edged up 0.18 percent, Malaysia <.KLSE> fell 0.5 percent, the Philippines <.PSI> added 0.4 percent and Vietnam <.VNI> rose for a fifth session, ending up 1.2 percent.

In Kuala Lumpur, financials gave up their recent gains, with Malayan Banking falling 1.5 percent, Public Bank easing 0.5 percent and AMMB Holding down 0.6 percent.