KUALA LUMPUR, Oct 4 (Reuters) - Malaysian palm oil stocks now stand at around 1.7 million tonnes, Commodities Minister Bernard Dompok said on Monday.
That represents a 1.3 percent drop from August levels probably due in part to strong exports outpacing a seasonal rise in output in the world's No. 2 producer of the vegetable oil.
Industry regulator Malaysian Palm Oil Board will next week report stock figures, which often drive benchmark prices, for September. In August, inventories jumped 22.6 percent to 1.72 million tonnes -- a six month high.
Dompok said 2010 output was "not too far off" the official target of 17.8 million tonnes. The government had at the start of this year forecast production to be above 18 million tonnes.
Tuesday, October 5, 2010
Trader's Highlight
DJI-NEW YORK, Oct 4 (Reuters) - U.S. stocks fell in light trading on Monday as investors took profits on recent gains, using middling economic data and worries about euro zone debt as a catalyst for shedding long positions.
Commodities stocks led the decliners in reaction to the rising dollar. The greenback was stronger as investors shifted away from the euro, which fell about 0.8 percent versus the dollar in late trading, on renewed concerns about euro-zone public debt. The S&P materials index <.GSPM> led the decline, falling 1.4 percent.
The Dow Jones industrial average <.DJI> fell 78.41 points, or 0.72 percent, at 10,751.27. The Standard & Poor's 500 Index <.SPX> lost 9.21 points, or 0.80 percent, at 1,137.03. The Nasdaq Composite Index <.IXIC> dropped 26.23 points, or 1.11percent, at 2,344.52.
NYMEX-NEW YORK, Oct 4 (Reuters) - U.S. crude oil futures ended slightly lower on Monday, snapping a three-day winning streak, as a stronger dollar and weaker U.S. equities weighed on prices.
But losses were limited as the market was earlier supported by a strike in France's top oil port and as movements were halted at the key Houston Ship Channel after a barge accident, affecting crude inflows to four large refineries in the area.
On the New York Mercantile Exchange, crude for November delivery settled down 11 cents, 0.13 percent, at $81.47 a barrel, after trading as high as $82.38, the highest since prices hit an intraday high of $82.67 on Aug. 6. It traded as low as $80.77.
CBOT-CHICAGO, Oct 4 (Reuters) - Chicago Board of Trade grain and soy complex close on Monday.
CBOT-SOYBEANS - November down 3 cents at $10.54 a bushel. Lower on active harvest of a likely record large U.S. soybean crop and a firm dollar.
CBOT-SOYOIL - October down 0.39 cent at 43.10 cents per lb. Spillover pressure from lower soybeans.
FCPO-KUALA LUMPUR, Oct 4 (Reuters) - Global vegetable oil markets fell sharply on Monday, infected by a sell-off in grains markets after a report of larger-than-expected U.S. corn stockpiles.
U.S. Department of Agriculture (USDA) said last week the U.S. corn stockpile hit its largest level in four years as the autumn harvest opened in September.
And this week the grains markets continued their selloff, dragging on Malaysia's benchmark palm oil prices <0#KPO:> which dropped 2.5 percent to close at 2,666 ringgit ($864.2) after touching a two-week low.
REGIONAL EQUITIES-BANGKOK, Oct 4 (Reuters) - Most Southeast Asian stock markets rose on Monday as positive spillover from a broad Asian rally increased investor appetite in the region, with energy shares a focus of buying interests amid high global oil prices.
Capital inflow helped boost share prices, outweighing a prospect of slowing Southeast Asian economic growth and the region's relatively high valuations.
Asian stocks shot to a two-year high on Monday, boosted by interest in emerging markets, while the dollar edged up after last week's sell-off, though speculation the Federal Reserve will add to money supply was still rife.
Commodities stocks led the decliners in reaction to the rising dollar. The greenback was stronger as investors shifted away from the euro, which fell about 0.8 percent versus the dollar in late trading, on renewed concerns about euro-zone public debt. The S&P materials index <.GSPM> led the decline, falling 1.4 percent.
The Dow Jones industrial average <.DJI> fell 78.41 points, or 0.72 percent, at 10,751.27. The Standard & Poor's 500 Index <.SPX> lost 9.21 points, or 0.80 percent, at 1,137.03. The Nasdaq Composite Index <.IXIC> dropped 26.23 points, or 1.11percent, at 2,344.52.
NYMEX-NEW YORK, Oct 4 (Reuters) - U.S. crude oil futures ended slightly lower on Monday, snapping a three-day winning streak, as a stronger dollar and weaker U.S. equities weighed on prices.
But losses were limited as the market was earlier supported by a strike in France's top oil port and as movements were halted at the key Houston Ship Channel after a barge accident, affecting crude inflows to four large refineries in the area.
On the New York Mercantile Exchange, crude for November delivery
CBOT-CHICAGO, Oct 4 (Reuters) - Chicago Board of Trade grain and soy complex close on Monday.
CBOT-SOYBEANS - November
CBOT-SOYOIL - October
FCPO-KUALA LUMPUR, Oct 4 (Reuters) - Global vegetable oil markets fell sharply on Monday, infected by a sell-off in grains markets after a report of larger-than-expected U.S. corn stockpiles.
U.S. Department of Agriculture (USDA) said last week the U.S. corn stockpile hit its largest level in four years as the autumn harvest opened in September.
And this week the grains markets continued their selloff, dragging on Malaysia's benchmark palm oil prices <0#KPO:> which dropped 2.5 percent to close at 2,666 ringgit ($864.2) after touching a two-week low.
REGIONAL EQUITIES-BANGKOK, Oct 4 (Reuters) - Most Southeast Asian stock markets rose on Monday as positive spillover from a broad Asian rally increased investor appetite in the region, with energy shares a focus of buying interests amid high global oil prices.
Capital inflow helped boost share prices, outweighing a prospect of slowing Southeast Asian economic growth and the region's relatively high valuations.
Asian stocks shot to a two-year high on Monday, boosted by interest in emerging markets, while the dollar edged up after last week's sell-off, though speculation the Federal Reserve will add to money supply was still rife.
Subscribe to:
Posts (Atom)
