Monday, April 12, 2010

Breaking News-RTRS-UPDATE 1-Malaysia's March palm stocks fall to 6-month lows

KUALA LUMPUR, April 12 (Reuters) - Malaysia's March palm oil
stocks dropped to six month lows as overseas demand outweighed a
strong production recovery in absolute terms.
The Malaysian Palm Oil Board said on Monday that stocks in
the world's No.2 producer of the vegetable oil dropped 7.5
percent to slightly more than 1.65 million tonnes, a level unseen
since September and staying within market expectations.
But pace of the decline in stocks has slowed as palm oil
yield improved in key producing states of Sabah on Borneo island
and Johor on the mainland while the drier weather from El Nino
weather condition appeared to ease.

FCPO Weekly: still in consolidation


Consolidation looks likely to extend in near term as prices remains traded in rangy mode between 2722-2726 to 2400-2393 levels.Violation of either way may provide a clearer direction to market.

Breaking News-RTRS-China soy, grains market weekly report - CNGOIC

BEIJING, April 9 (Reuters) - China's new orders for imported soybeans are likely to remain at a low level in coming weeks, with soy crushers expected to import a record volume in May, the China National Grain and Oils Information Center (CNGOIC) said on Friday.
China, the top soy buyer, was likely to import between 4.6 million and 5 million tonnes of the oilseed in May. March imports were estimated at 4 million to 4.2 million tonnes, the official think tank said.

DJI Weekly: Strengthened further


Market surpassing 11,000 had strengthened further the overall immediate technical outlook to bias upside potential. As for now, we are looking for the upside resistance at 11,140-11,160 followed by 11,500. To the downside, support is lies at 10,700 followed by 10,500.

Trader's Highlight

DJI-NEW YORK, April 9 (Reuters) - U.S. stocks rose on Friday with the Dow surpassing 11,000 for the first time in a year-and-a-half after Chevron's upbeat outlook and wholesale inventories data reinforced bets on an improving economy.

The S&P energy sector <.GSPE>, up 1.1 percent, led the market's advance. Chevron Corp climbed 2.4 percent to $79.50 a day after it said its refining and marketing arm would return to profit in the first quarter.

The Dow Jones industrial average <.DJI> gained 70.28 points, or 0.64 percent, to end at 10,997.35. The Standard & Poor's 500 Index <.SPX> rose 7.93 points, or 0.67 percent, to 1,194.37. The Nasdaq Composite Index <.IXIC> added 17.24 points, or 0.71 percent, to 2,454.05.

NYMEX-NEW YORK, April 9 (Reuters) - U.S. crude oil futures ended lower for a third consecutive session on Friday, as concerns about demand, high inventories and technical weakness combined to push oil lower.

Trading seesawed as hopes for a rescue solution for debt-laden Greece strengthened the euro against the dollar -- usually a bullish scenario for oil -- while a ratings agency downgrade of Greece's credit ratings sparked concern about oil demand.

On the New York Mercantile Exchange, May crude fell 47 cents, or 0.55 percent, to settle at $84.92 a barrel, trading from $84.12 to $86.37.

CBOT-CHICAGO, April 9 (Reuters) - Chicago Board of Trade grains and soy complex close on Friday.

CBOT-SOYBEANS - May up 5-3/4 cents at $9.52-1/4 a bushel; November down 1 at $9.36-1/2. Lower-than-expected U.S. soy ending stocks figure in USDA's April report viewed supportive, along with weaker dollar.

CBOT-SOYOIL - May up 0.12 cent at 40.04 cents per lb. Following soybeans despite weak crude oil market.

FCPO-KUALA LUMPUR, April 9 (Reuters) - Malaysia crude palm oil futures closed broadly higher on Friday ahead of a key industry report on Monday which traders said will likely show a drop in the country's palm oil inventory.

At the close, the benchmark June contract jumped 3.8 percent to 2,594 ringgit ($810.9) per tonne and the May contract added 1.3 percent to close at 2,553.

Overall traded volume stood at 16,708 lots of 25 tonnes each -- sharply higher than the usual 10,000 lots.

REGIONAL EQUITIES-BANGKOK, April 9 (Reuters) - Thai stocks ended 0.7 percent higher on Friday, recouping losses after prominent emerging market fund manager Mark Mobius recommended the market, while Indonesia fell after investors took profits on bank stocks.

Other Southeast Asian markets extended gains because of optimism over the region's economic growth and the earnings prospects of listed companies.

Singapore <.FTSTI> ended up 0.3 percent, Malaysia <.KLSE> inched up 0.08 percent and Vietnam <.VNI>, the region's smallest market, rose 0.29 percent.

FKLI Weekly: Likely to move higher


Market remains its bullishness after fully covered the gap left over at 1345-1348 levels. Thus, uptrend remains intact and looks may continue to challenge the next resistance at 1385-1395. To the downside, support is pegged at 1315-1300.