KUALA LUMPUR, March 1 (Reuters) - India, the world's top vegetable oil buyer, may shift orders to soyoil from palm oil by 500,000 tonnes to meet higher middle-class demand if the price difference narrows further, the Sunvin group said on Monday.
India, which surpassed China in 2009 as the top buyer of vegetable oil, was expected to buy 9-9.5 million tonnes in 2009/10 on rapid economic growth and weak oilseed output. Palm oil was expected to account for 7.25 million tonnes and soyoil 1.2 million tonnes of imports.
Tuesday, March 2, 2010
Trader's Highlight
DJI-NEW YORK, March 1 (Reuters) - U.S. stocks rose for a second straight day on Monday, boosted by AIG's record-setting deal to sell a major Asian unit and on gains in semiconductor shares after SanDisk Corp raised its revenue forecast.
Hopes for an agreement to resolve nagging uncertainty surrounding debt-laden Greece also encouraged investors.
NYMEX-NEW YORK, March 1 (Reuters) - U.S. crude oil futures ended lower on Monday as mixed economic data and a stronger dollar versus the euro kept the energy markets under pressure. Crude oil futures seesawed near $80 a barrel early, before falling towards $78, after front-month crude rose more than 9 percent in February from its January close.
On the New York Mercantile Exchange, April crude settled down 96 cents, or 1.21 percent, at $78.70 a barrel, trading from $78.06 to $80.62, highest since hitting an intraday high of $80.67 on Jan. 13.
CBOT-CHICAGO, March 1 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - March up 1-1/2 cents at $9.52-1/2 per bushel, May up 1-1/2 at $9.62-1/2.
Choppy; ended firm on unwinding of corn/soy spreads but pressured off and on through the day as wheat and corn tumbled. Big South American soy harvest also hangs over the market.
CBOT-SOYOIL - March up 0.21 at 39.50 cents per lb; May up 0.20 at 39.90 cents.
FCPO-KUALA LUMPUR, March 1 (Reuters) - Malaysian crude palm oil futures rose as much as 1.7 percent on Monday to one-week highs, echoing a rise in crude oil and soy prices after a long weekend.
Traders said palm oil markets had last week priced in weak February export data released by cargo surveyors on Monday. Expectations of weak production for last month are also supporting the market.
REGIONAL EQUITIES-COLOMBO, March 1 (Reuters) - Southeast Asian stock markets
rallied on Monday, with Singapore and Malaysia leading rally, following better-than-expected earnings and on signs that Greece's debt crisis could be easing.
Singapore's index <.FTSTI> gained 0.8 percent to its highest close since Feb. 23, while Malaysia <.KLSE> rose 1 percent to a near five-week high.
In Kaula Lampur, market heavyweight plantation share Sime Derby gained 1.8 percent as analysts expected earnings to bounce back in the second half after a weaker-than-expected first-half performance.
Hopes for an agreement to resolve nagging uncertainty surrounding debt-laden Greece also encouraged investors.
NYMEX-NEW YORK, March 1 (Reuters) - U.S. crude oil futures ended lower on Monday as mixed economic data and a stronger dollar versus the euro kept the energy markets under pressure. Crude oil futures seesawed near $80 a barrel early, before falling towards $78, after front-month crude rose more than 9 percent in February from its January close.
On the New York Mercantile Exchange, April
CBOT-CHICAGO, March 1 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - March
Choppy; ended firm on unwinding of corn/soy spreads but pressured off and on through the day as wheat and corn tumbled. Big South American soy harvest also hangs over the market.
CBOT-SOYOIL - March
FCPO-KUALA LUMPUR, March 1 (Reuters) - Malaysian crude palm oil futures rose as much as 1.7 percent on Monday to one-week highs, echoing a rise in crude oil and soy prices after a long weekend.
Traders said palm oil markets had last week priced in weak February export data released by cargo surveyors on Monday. Expectations of weak production for last month are also supporting the market.
REGIONAL EQUITIES-COLOMBO, March 1 (Reuters) - Southeast Asian stock markets
rallied on Monday, with Singapore and Malaysia leading rally, following better-than-expected earnings and on signs that Greece's debt crisis could be easing.
Singapore's index <.FTSTI> gained 0.8 percent to its highest close since Feb. 23, while Malaysia <.KLSE> rose 1 percent to a near five-week high.
In Kaula Lampur, market heavyweight plantation share Sime Derby
FCPO Daily: Range trading
Market holding at 2600 levels in tight range trading. Thus, market may continue to move in range trading between 2660 to 2580 levels. A significant breakout either to the upside of 2660 or to the downside at 2580 levels may provide a more clearer direction to the market.
FKLI Daily: May want to challenge 1288 levels.
Market continue to inch higher and looks may want to challenge the recent high at 1288 levels in near term. Next resistance will be looking at 1295.5 to 1300.0 levels. To the downside, immediate support is pegged at 1270.0 followed by 1260.0 levels.
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