KUALA LUMPUR, April 13 (Reuters) - China, the world's No.2 vegetable oil buyer, chased palm oil cargoes on Wednesday as traders switch over to the tropical oil during the warmer months and avoid soyoil imports on ample supply.
China's soyoil imports are falling as soybean from national reserves is set to be released into local markets to rein in prices.
Thursday, April 14, 2011
Trader's Highlight
DJI-NEW YORK, April 13 (Reuters) - U.S. stocks finished mostly flat in a choppy session on Wednesday, as investors bet on strong technology earnings even as JPMorgan Chase's numbers weighed on other market sectors.
Network equipment maker Riverbed Technology Inc boosted the industry and helped buoy the Nasdaq after its quarterly outlook. The stock surged 12.4 percent to $34.74 on four times the average daily volume over the last 50 days.
The Dow Jones industrial average <.DJI> gained 7.41 points, or 0.06 percent, to 12,270.99. The Standard & Poor's 500 Index <.SPX> inched up 0.25 of a point, or 0.02 percent, to 1,314.41. The Nasdaq Composite Index <.IXIC> added 16.73 points, or 0.61 percent, to 2,761.52.
NYMEX-NEW YORK, April 13 (Reuters) - U.S. crude futures ended higher on Wednesday after diving nearly 6 percent in two days, led by gasoline gains fuelled by government inventory data showing the biggest drop in stocks since 1998.
U.S. gasoline stocks fell 7 million barrels last week as refiners lower capacity utilization 3 percentage points and emptied winter-grade gasoline inventories to make room for summer blends, data from the U.S. Energy Information Administration showed.
On the New York Mercantile Exchange, May crude rose 86 cents, or 0.81 percent, to settle at $107.11, trading from $105.31 to $107.43.
CBOT-CHICAGO, April 13 (Reuters) - U.S. soybean futures ended slightly higher on Wednesday, bolstered by an upside correction following a broad-based sell-off in Tuesday following a recommendation by Goldman Sachs to book profits, traders said.
Given projection for relatively tight stocks in soybeans as well as corn, higher soybean prices were needed to effectively "buy" acreage from corn as grains move into the planting season, traders said.
FCPO-JAKARTA, April 13 (Reuters) - Malaysian palm oil hit a two week trough before paring losses late on Wednesday, with sentiment driven by comparative vegetable oils and crude prices, as market players braced themselves for further weakness due to a higher production cycle.
The benchmark June crude palm oil contract on Bursa Malaysia Derivatives closed at 3,348 Malaysian ringgit ($1,105) a tonne, after earlier falling 2.1 percent to a low of 3,302 ringgit.
Traded volume on the June contract was 13,246 lots of 25 tonnes each, versus Tuesday's near three-week high total at 21,496 lots.
REGIONAL EQUITIES-COLOMBO , April 13 (Reuters) - Most Southeast Asian stock markets gained in thin volume on Wednesday, led by Singapore, which rose over 1 percent as transport shares advanced and on strong economic growth expectations ahead of a central bank policy meeting.
Investors looked for fresh opportunities in risky assets in emerging markets, a day after crude oil prices dropped over 3 percent, but most of them waited for further direction from upcoming company earnings reports.
Singapore's Straits Times Index (STI) <.FTSTI> rose 1.1 percent, its biggest gain in a day since March 30, but the day's volume was 0.83 times of its 30-day average volume.
Singapore central bank will also announce the results of its latest policy review on Thursday. Economists expect it to tighten policy further to curb imported inflation, allowing the Singapore dollar to continue to appreciate. Such a move could draw further inflows into Singaporean assets.
The pullback in oil prices gave some relief to transportation stocks in Singapore, though fuel prices remain well above their levels at the end of last year.
Singapore Airlines, the world's second most valuable carrier by market capitalisation, jumped 4.9 percent and the world's sixth largest container shipping firm Neptune Orient Lines gained 3.1 percent on hopes of benefiting from the declining crude oil prices.
In Kuala Lumpur, petrochemical producer Petronas Chemicals Group gained 4.4percent after a sharp drop in the previous day due to the fall in global oil prices.
Network equipment maker Riverbed Technology Inc
The Dow Jones industrial average <.DJI> gained 7.41 points, or 0.06 percent, to 12,270.99. The Standard & Poor's 500 Index <.SPX> inched up 0.25 of a point, or 0.02 percent, to 1,314.41. The Nasdaq Composite Index <.IXIC> added 16.73 points, or 0.61 percent, to 2,761.52.
NYMEX-NEW YORK, April 13 (Reuters) - U.S. crude futures ended higher on Wednesday after diving nearly 6 percent in two days, led by gasoline gains fuelled by government inventory data showing the biggest drop in stocks since 1998.
U.S. gasoline stocks fell 7 million barrels last week as refiners lower capacity utilization 3 percentage points and emptied winter-grade gasoline inventories to make room for summer blends, data from the U.S. Energy Information Administration showed.
On the New York Mercantile Exchange, May crude
CBOT-CHICAGO, April 13 (Reuters) - U.S. soybean futures ended slightly higher on Wednesday, bolstered by an upside correction following a broad-based sell-off in Tuesday following a recommendation by Goldman Sachs to book profits, traders said.
Given projection for relatively tight stocks in soybeans as well as corn, higher soybean prices were needed to effectively "buy" acreage from corn as grains move into the planting season, traders said.
FCPO-JAKARTA, April 13 (Reuters) - Malaysian palm oil hit a two week trough before paring losses late on Wednesday, with sentiment driven by comparative vegetable oils and crude prices, as market players braced themselves for further weakness due to a higher production cycle.
The benchmark June crude palm oil contract
Traded volume on the June contract was 13,246 lots of 25 tonnes each, versus Tuesday's near three-week high total at 21,496 lots.
REGIONAL EQUITIES-COLOMBO , April 13 (Reuters) - Most Southeast Asian stock markets gained in thin volume on Wednesday, led by Singapore, which rose over 1 percent as transport shares advanced and on strong economic growth expectations ahead of a central bank policy meeting.
Investors looked for fresh opportunities in risky assets in emerging markets, a day after crude oil prices dropped over 3 percent, but most of them waited for further direction from upcoming company earnings reports.
Singapore's Straits Times Index (STI) <.FTSTI> rose 1.1 percent, its biggest gain in a day since March 30, but the day's volume was 0.83 times of its 30-day average volume.
Singapore central bank will also announce the results of its latest policy review on Thursday. Economists expect it to tighten policy further to curb imported inflation, allowing the Singapore dollar to continue to appreciate. Such a move could draw further inflows into Singaporean assets.
The pullback in oil prices gave some relief to transportation stocks in Singapore, though fuel prices remain well above their levels at the end of last year.
Singapore Airlines
In Kuala Lumpur, petrochemical producer Petronas Chemicals Group
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