KUALA LUMPUR, May 5 (Reuters) - India, the world's largest vegetable oil importer, was buying more Southeast Asian palm oil to cover demand as port stocks run low, although a decline in competing soyoil prices may prompt a shift in orders, dealers said on Thursday.
Imported vegetable oil stocks at various ports stand at 415,000 tonnes at end-April, lower than the usual 650,000 tonnes, and this has spurred more imports even though the rapeseed crushing season is underway, Southeast Asian and Indian traders said.
Friday, May 6, 2011
Trader's Highlight
DJI-NEW YORK, May 5 (Reuters) - Wall Street stock indexes fell for a fourth straight day on Thursday as a massive sell-off in commodities spilled over into other markets, forcing investors out of higher-risk assets and rattling equities markets before Friday's U.S. payrolls data.
Oil suffered the biggest one-day price drop ever for the Brent futures contract, which settled down 8.6 percent at $110.80 per barrel. That drove oil shares lower, making the energy sector <.GSPE> the worst performer on the S&P as it fell 2.3 percent.
The Dow Jones industrial average <.DJI> dropped 139.41 points, or 1.10 percent, to 12,584.17. The Standard & Poor's 500 Index <.SPX> fell 12.22 points, or 0.91 percent, to 1,335.10. The Nasdaq Composite Index <.IXIC> lost 13.51 points, or 0.48 percent, to 2,814.72.
NYMEX-NEW YORK, May 5 (Reuters) - U.S. crude oil futures plunged nearly 9 percent to end below $100 a barrel on Thursday, the lowest since mid-March, in a scorching commodities sell-off ignited by worries about economic growth and tighter monetary policies.
Crude oil futures have fallen four straight days, posting the biggest four-day percentage loss for a year, as investors quickly reverted to their focus on fundamentals.
On the New York Mercantile Exchange, crude for June delivery settled at $99.80a barrel, losing $9.44, or 8.64 percent, the lowest since March 16, when prices closed at $97.98. It traded from $99.35 to $109.38.
CBOT-U.S. soybean futures plunged Thursday, with the July contract down 2 percent after a day-long sell-off as a broad group of commodities likewise Soybean futures have closed lower in seven of the last eight sessions.
FCPO-KUALA LUMPUR, May 5 (Reuters) - Malaysian palm futures fell on Thursday as traders booked profits on expectations of higher stocks in the months to come and sharp declines in agriculture commodities.
The tropical oil has lost 15 percent so far this year and could extend the losses as the market expects Malaysian palm oil stocks to have hit a six-month high in April with production outstripping a modest growth in exports.
The benchmark July contract on the Bursa Malaysia Derivatives Exchange ended 1.1 percent lower to 3,229 ringgit ($1,085) per tonne -- nearing a two-week low of 3,228 ringgit hit the day before. Overall traded volume stood at 28,605 lots of 25 tonnes each, higher than the 25,500 lots usually traded.
REGIONAL EQUITIES-COLOMBO , May 5 (Reuters) - Most Southeast Asian stock markets extended losses on Thursday, amid thin volumes as concerns over slow global economic recovery after poor U.S. economic data and expectations of further monetary tightening damped investor sentiment.
Singapore <.FTSTI>, the region's worst performer this year lost 0.13 percent to a five-week low and Malaysia <.KLSE> slid 0.47 percent to its lowest close since March 29 with a net foreign outflow of $39.7 million, bourse data showed.
After the market closed, Malaysia's central bank also raised its key policy rate by 25 basis points to 3 percent in a move to cope with rising inflation fuelled by higher food and energy prices.
Poor economic data along with softening commodities, monetary tightening fears and falling U.S. dollar pushed Asian shares outside Japan <.MIAPJ0000PUS> down for the third consecutive day, moving further away from a three-year high tested last week.
Oil suffered the biggest one-day price drop ever for the Brent futures contract, which settled down 8.6 percent at $110.80 per barrel. That drove oil shares lower, making the energy sector <.GSPE> the worst performer on the S&P as it fell 2.3 percent.
The Dow Jones industrial average <.DJI> dropped 139.41 points, or 1.10 percent, to 12,584.17. The Standard & Poor's 500 Index <.SPX> fell 12.22 points, or 0.91 percent, to 1,335.10. The Nasdaq Composite Index <.IXIC> lost 13.51 points, or 0.48 percent, to 2,814.72.
NYMEX-NEW YORK, May 5 (Reuters) - U.S. crude oil futures plunged nearly 9 percent to end below $100 a barrel on Thursday, the lowest since mid-March, in a scorching commodities sell-off ignited by worries about economic growth and tighter monetary policies.
Crude oil futures have fallen four straight days, posting the biggest four-day percentage loss for a year, as investors quickly reverted to their focus on fundamentals.
On the New York Mercantile Exchange, crude for June delivery
CBOT-U.S. soybean futures plunged Thursday, with the July contract down 2 percent after a day-long sell-off as a broad group of commodities likewise Soybean futures have closed lower in seven of the last eight sessions.
FCPO-KUALA LUMPUR, May 5 (Reuters) - Malaysian palm futures fell on Thursday as traders booked profits on expectations of higher stocks in the months to come and sharp declines in agriculture commodities.
The tropical oil has lost 15 percent so far this year and could extend the losses as the market expects Malaysian palm oil stocks to have hit a six-month high in April with production outstripping a modest growth in exports.
The benchmark July contract
REGIONAL EQUITIES-COLOMBO , May 5 (Reuters) - Most Southeast Asian stock markets extended losses on Thursday, amid thin volumes as concerns over slow global economic recovery after poor U.S. economic data and expectations of further monetary tightening damped investor sentiment.
Singapore <.FTSTI>, the region's worst performer this year lost 0.13 percent to a five-week low and Malaysia <.KLSE> slid 0.47 percent to its lowest close since March 29 with a net foreign outflow of $39.7 million, bourse data showed.
After the market closed, Malaysia's central bank also raised its key policy rate by 25 basis points to 3 percent in a move to cope with rising inflation fuelled by higher food and energy prices.
Poor economic data along with softening commodities, monetary tightening fears and falling U.S. dollar pushed Asian shares outside Japan <.MIAPJ0000PUS> down for the third consecutive day, moving further away from a three-year high tested last week.
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