KUALA LUMPUR, April 22 (Reuters) - Hwang DBS raised its crude palm oil price assumptions for 2010 to 2,460 ringgit ($769.2) from 2,380 ringgit on lower inventories.
But the rise was weak as the investment bank also priced in palm oil's narrower discount to rival soyoil. Here are some highlights on the impact of various currencies on palm oil: * Stronger yuan should make palm and soybean oils cheaper in China. But as imported soybeans are already cheaper; a yuan revaluation may prompt measures to protect domestic interests to keep domestic prices from dropping too much.
Friday, April 23, 2010
Breaking News-RTRS-China threatens retaliation in Argentina trade dispute-Xinhua
BEIJING, April 22 (Reuters) - A senior Chinese trade official said China has no choice but to consider retaliatory measures against Argentina, accusing the South American country of growing trade protectionism toward Chinese products, the official Xinhua news agency reported.
China's imports of Argentine soyoil would not be normalised unless Argentine exporters "increase the quality and safety of the product," Xinhua quoted Vice-Commerce Minister Jiang Yaoping as saying in Buenos Aires.
According to the report, Jiang said China had not set up trade barriers against Argentine products, but because of external and internal pressures resulting from protectionist moves by the South American country, China "will have no alternative other than to consider countermeasures".
China's imports of Argentine soyoil would not be normalised unless Argentine exporters "increase the quality and safety of the product," Xinhua quoted Vice-Commerce Minister Jiang Yaoping as saying in Buenos Aires.
According to the report, Jiang said China had not set up trade barriers against Argentine products, but because of external and internal pressures resulting from protectionist moves by the South American country, China "will have no alternative other than to consider countermeasures".
Breaking News-RTRS-US Census crush data lifts nearby CBOT soy futures
CHICAGO, April 22 (Reuters) - Bullish monthly data on soy processing from the U.S. Census Bureau showing stronger-than-expected usage helped lift soybean and soymeal futures on the Chicago Board of Trade, analysts said Thursday.
The Census Bureau reported that U.S. processors crushed 156.14 million bushels of soybeans during March, up from 144.42 million a year earlier.
The crush figure was slightly above the average estimate among analysts surveyed by Reuters of 154.9 million, and pointed to tightening stocks of U.S. soybeans at the end of the 2009/10 marketing year on Aug. 31.
The Census Bureau reported that U.S. processors crushed 156.14 million bushels of soybeans during March, up from 144.42 million a year earlier.
The crush figure was slightly above the average estimate among analysts surveyed by Reuters of 154.9 million, and pointed to tightening stocks of U.S. soybeans at the end of the 2009/10 marketing year on Aug. 31.
Trader's Highlight
DJI-NEW YORK, April 22 (Reuters) - U.S. stocks staged a late-day comeback on Thursday as strong quarterly profits from consumer bellwethers like Starbucks Corp outweighed worries about Greece's shaky finances.
First-quarter earnings are on track to set a record for the percentage of companies beating estimates. Eighty-five percent of the 98 S&P 500 companies that have reported so far have beaten estimates, well above the 61 percent in a typical quarter, according to Thomson Reuters.
The Dow Jones industrial average <.DJI> climbed 9.37 points, or 0.08 percent, to 11,134.29. The Standard & Poor's 500 Index <.SPX> rose 2.73 points, or 0.23 percent, to 1,208.67. The Nasdaq Composite Index <.IXIC> gained 14.46 points, or 0.58 percent, to 2,519.07.
NYMEX-NEW YORK, April 22 (Reuters) - U.S. crude oil futures reversed course in late trading and ended higher on Thursday, as U.S. equities regained composure also late in the day as higher quarterly earnings reinforced optimism about the economic recovery.
Prices were down most of the day on concerns about Greece's fiscal problems, which had sparked flight from commodities and equities to safer havens such as the dollar.
The late recovery in the energy markets followed losses on Wednesday arising from a government inventory report showing crude stockpiles rose last week, defying forecasts for a slight drop.
On the New York Mercantile Exchange, crude for June delivery ended up 2 cents, or 0.02 percent, at $83.70 a barrel, recovering from a session low of $81.73. The day's top hit $84.07.
CBOT-CHICAGO, April 22 (Reuters) - Chicago Board of Trade grains and soy complex close on Thursday.
CBOT-SOYBEANS - May up 8-3/4 cents at $10.04-1/4 per bushel; new-crop November up 8 at $9.85. Rallied on technical buying, including short-covering, but spot May encounters resistance above $10 and stays below Wednesday's three-month high of $10.05.
CBOT-SOYOIL - May up 0.19 cent per lb at 39.09 cents per lb. Gains with soybeans.
FCPO-KUALA LUMPUR, April 22 (Reuters) - Malaysian palm oil futures ended higher on Thursday on stronger vegetable oil markets, although some investors were still cautious on the ringgit currency.
The Malaysian ringgit erased most of its earlier losses as exporters bought the local currency for settlements, weighing on palm oil as the higher ringgit makes the commodity expensive for refiners.
The benchmark July crude palm oil futures on Bursa Malaysia Derivatives Exchange settled up 0.8 percent, or 19 ringgit, to 2,490 ringgit ($778.6) per tonne. Overall traded volume stood at 11,918 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, April 22 (Reuters) - Optimism over first-quarter earnings pushed regional markets higher on Thursday, even Thailand finishing higher after a volatile session as investors bought banks and electronics firms despite political uncertainty.
Singapore <.FTSTI>, Malaysia <.KLSE> and Indonesia <.JKSE> rose between 0.25 and 0.50percent, while Vietnam <.VNI> rose almost 2 percent.
In Singapore, the largest real estate investment trust CapitaMall Trust rose 2.2 percent and bourse operator Singapore Exchange gained 2.5 percent after both
reported favourable quarterly results in recent sessions.
In Kuala Lumpur, contract manufacturer Unisem rose 5.8 percent and Globetronics gained 4.6 percent on expectations chip makers would deliver strong results, following Intel's stunning performance last week.
First-quarter earnings are on track to set a record for the percentage of companies beating estimates. Eighty-five percent of the 98 S&P 500 companies that have reported so far have beaten estimates, well above the 61 percent in a typical quarter, according to Thomson Reuters.
The Dow Jones industrial average <.DJI> climbed 9.37 points, or 0.08 percent, to 11,134.29. The Standard & Poor's 500 Index <.SPX> rose 2.73 points, or 0.23 percent, to 1,208.67. The Nasdaq Composite Index <.IXIC> gained 14.46 points, or 0.58 percent, to 2,519.07.
NYMEX-NEW YORK, April 22 (Reuters) - U.S. crude oil futures reversed course in late trading and ended higher on Thursday, as U.S. equities regained composure also late in the day as higher quarterly earnings reinforced optimism about the economic recovery.
Prices were down most of the day on concerns about Greece's fiscal problems, which had sparked flight from commodities and equities to safer havens such as the dollar.
The late recovery in the energy markets followed losses on Wednesday arising from a government inventory report showing crude stockpiles rose last week, defying forecasts for a slight drop.
On the New York Mercantile Exchange, crude for June delivery
CBOT-CHICAGO, April 22 (Reuters) - Chicago Board of Trade grains and soy complex close on Thursday.
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, April 22 (Reuters) - Malaysian palm oil futures ended higher on Thursday on stronger vegetable oil markets, although some investors were still cautious on the ringgit currency.
The Malaysian ringgit
The benchmark July crude palm oil futures
REGIONAL EQUITIES-BANGKOK, April 22 (Reuters) - Optimism over first-quarter earnings pushed regional markets higher on Thursday, even Thailand finishing higher after a volatile session as investors bought banks and electronics firms despite political uncertainty.
Singapore <.FTSTI>, Malaysia <.KLSE> and Indonesia <.JKSE> rose between 0.25 and 0.50percent, while Vietnam <.VNI> rose almost 2 percent.
In Singapore, the largest real estate investment trust CapitaMall Trust
reported favourable quarterly results in recent sessions.
In Kuala Lumpur, contract manufacturer Unisem
FCPO Daily: Getting closer to 2500 but yet to break through
Market getting closer to 2500 levels again but yet to break through. Market maintain its sideways to lower posture in near term. Thus, we are looking to for the immediate upside resistance 2500-2504 (left over gap since 19/4/2010)followed by 2525-2530. While, downside support is lies at 2455-2460 followed by 2440-2430.
FKLI Daily: Defended
Market defended well following prices manage to bounce back to close at intra-day high. However, it was not convincing enough to change the immediate daily technical outlook. Thus, correction mode is likely to continue in near term. As for now, we are looking for the immediate upside resistance at 1345-1350.5. While, immediate downside support is lies at 1327-1326 followed by 1320-1310 levels.
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