Monday, January 25, 2010

Breaking News-RTRS-China's festive demand for palm oil slows as stocks rise

KUALA LUMPUR, Jan 22 (Reuters) - China has slowed palm oil purchases ahead of the Lunar New Year as port stocks are above 350,000-400,000 tonnes after heavy buying in the last two months of 2009, Asian vegetable oil traders said on Friday.
Although palm oil stocks at ports are 42 percent lower than the recent high level of 600,000 tonnes hit in July last year, demand has slowed, Chinese traders said.

Breaking News-RTRS-UPDATE 1-Indonesia says to set palm oil exports quota in 5 years

JAKARTA, Jan 22 (Reuters) - Indonesia, the world's top palm oil producer, is planning to set an exports quota for the tropical oil within the next five years in order to boost the by-product industry, Industry Minister M.S. Hidayat said on Friday.

Breaking News-RTRS-US soybean seen down near term on supply-Allendale

CRYSTAL LAKE, Ill., Jan 23 (Reuters) - Research and advisory firm Allendale, Inc said U.S. soybean prices would sink over the next two to three months, pressured by heavy supplies due to a record-large South American harvest this spring.

Trader's Highlight

DJI-NEW YORK, Jan 22 (Reuters) - U.S. stocks capped their worst three-day slide in 10 months on Friday on fears the White House's plan to curb bank risk-taking would cut profits, and tech shares slumped after Google Inc's disappointing results.

Uncertainty about the Senate's confirmation of Ben Bernanke for another term as the Federal Reserve's chairman also rattled investors in a week when political squabbles helped erase stocks' gains for 2010.

NYMEX-NEW YORK, Jan 22 (Reuters) - U.S. crude oil futures ended at their lowest level in four weeks on Friday as Wall Street dropped sharply on plans to limit trading by banks and oil demand in China and the United States remained a concern.

Wednesday's government inventory data showing a big jump in gasoline supplies last week and continued signs of weak demand for distillates hung over the market, traders said.

On the New York Mercantile Exchange, March crude settled down $1.54, or 2.02 percent, at $74.54 a barrel, down for a third straight day and marking the lowest close since Dec. 22's $74.40. It traded from $74.31, lowest since the Dec. 23 intraday low of $74.25, to $76.50.

CBOT-CHICAGO, Jan 22 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.

CBOT-SOYBEANS - March down 2-1/2 cents at $9.51-1/2 per bushel.Pressured by Obama administration proposal to restrict banks's ability to trade and/or invest in commodities, plus prospects for bumper soy crops in South America. Some underpinning from worries about hotter/drier weather in Argentina, and strong U.S. export sales.

CBOT-SOYOIL
- March down 0.29 cent at 36.71 cents per lb. Following soybeans and early declines in crude oil.

FCPO-KUALA LUMPUR
, Jan 22 (Reuters) - Malaysian crude palm oil futures ended 1.3 percent lower on Friday as a new U.S. proposal to limit financial risk taking took commodities across the board lower [COM/WRAP] but traders say the market was likely to recover next week.

Palm oil prices have lost nearly 8 percent so far this year, with much of the losses made this week due to high stocks, slowing exports and China's moves to tighten credit.

REGIONAL EQUITIES-BANGKOK
, Jan 22 (Reuters) - Southeast Asian stock markets fell on Friday, with Singapore's index hitting a one-month low, weighed down by selling in financials and other big-caps.

The U.S. government's proposed bank restrictions fuelled concern about banks' profits and global growth, hitting stock markets across the board.

Singapore's Straits Times Index <.FTSTI> ended down 1.1 percent, with DBS Group off 1.6 percent, United Overseas Bank down 1.5 percent and Oversea-Chinese Banking Corp 1.1 percent lower.

Malaysia's index <.KLSE> fell to its lowest since Jan. 18, down 0.6 percent, led by a 1.2 percent loss in financial firm CIMB Group and a 1 percent drop in Malayan Banking . But Malaysia fared best on the week, edging up 0.14 percent, with other Southeast Asian stock markets posting a loss.

FCPO Weekly: Defended at 2400 levels


Market is trying to defend at 2400 levels after straight three weeks losses. Overall momentum getting weaker and market may continue to move sideways to lower in near term. As for now, we are looking for the immediate upside resistance at 2650. To the downside, immediate support is lies at 2400 followed by 2305-2285 (gap left over on 22/11/2009).

NYMEX Crude Weekly: Weaken further


Market momentum weaken further and looks market may continue to move sideways to lower in near term. Hence, upside resistance remains stood at USD83.95 and downside support is lies at USD72.00 to USD68.50.

DJI Weekly: Looks tiredness


Market tested the fresh high at 10,729 levels but failed to sustain. Market looks little tiredness and may due for a correction in near term. Upside resistance and downside support is pegged at 10,730 and 10,000 levels respectively.

FKLI Weekly: Facing some resistance


Market looks facing some resistance to march higher after hits the fresh high at 1307 levels. Thus, market may due for a consolidation phase in near term. To the upside, immediate resistance is looking at at 1310 followed by 1314-1348 (gap left over on 29/2/2008). To the downside, support is pegged at 1285-1275 followed by 1265-1250.