Monday, February 8, 2010

Breaking News-RTRS-UPDATE 1-Indonesia says to limit palm oil exports in 2015

JAKARTA, Feb 8 (Reuters) - Indonesia, the world's number one palm oil producer, plans to limit exports of the tropical oil to encourage the development of higher-value, refined products, the industry minister said on Monday.
Palm oil exports will be limited to not more than 50 percent of output in 2015, and to 30 percent of output in 2020, the minister said.
The Indonesian Palm Oil Association (GAPKI) has forecast that exports will rise 16 percent this year to 18 million tonnes, following a 12 percent increase last year.

Trader's Highlight

DJI-NEW YORK, Feb 5 (Reuters) - U.S. stocks erased a midday drop to end slightly higher on Friday, closing out a volatile week punctuated by mixed signals from the labor market data and growing anxiety over fiscal problems in Europe.

Major indexes turned positive heading into the close, as investors scooped up shares in the technology and materials sectors -- two of the worst performers during the market's latest pullback.

NYMEX-NEW YORK, Feb 5 (Reuters) - U.S. crude futures ended at a seven-week low on Friday, down for a third day in a row, as a surging dollar and worries about the U.S. labor market after a mixed government jobs report combined to pressure energy
futures.

On the New York Mercantile Exchange, March crude settled down $1.95, or 2.67 percent, at $71.19 a barrel, trading from $73.94 to $69.50, lowest since the Dec. 15
intraday low of $69.31.

CBOT-CHICAGO, Feb 5 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.

CBOT-SOYBEANS - March down 1/2 cent at $9.13-1/2 per bushel. Pressure from firm dollar, lower equities, lower crude oil and outlooks for record large South American soy production limits gains.

CBOT-SOYOIL - March down 0.21 cent at 37.00 cents per lb. Downturn in crude oil pressures soyoil. Unwinding of oil/meal spreads weighs on soyoil and lifts soymeal.

FCPO-KUALA LUMPUR, Feb 5 (Reuters) - Malaysian palm oil futures inched up 0.4 percent on Friday on expectations of postive export growth figures next weak although gains were limited by the rising dollar.

Sentiment was still weak after the dollar index, a measure of the greenback's performance against major global currencies, hit the highest in seven months on mounting concerns about south European countries's fiscal woes.

REGIONAL EQUITIES-BANGKOK, Feb 5 (Reuters) - Southeast Asian stock markets fell
on Friday as growing concern about debt problems in Europe and U.S. job data triggered broad selling in regional heavyweights, pulling indexes in Singapore and Malaysia to three-month lows.

Singapore's stock index <.FTSTI> dropped 2.2 percent to its lowest since Nov. 9, with the biggest firm, Singapore Telecoms , off 2.7 percent, while Malaysia's index <.KLSE> lost 1.4 percent as Malayan Banking fell 1.2 percent.