HAMBURG, Aug 9 (Reuters) - Low palm oil prices are likely to generate more Chinese buying and strong demand from China and other importers may help support palm prices, Hamburg-based oilseeds analysts Oil World forecast on Tuesday.
Malaysian palm oil futures dropped on Monday to their lowest in more than nine months as investors fretted over global economic growth and the outlook for commodity demand after the United States lost its top credit rating.
Wednesday, August 10, 2011
Trader's Highlight
DJI-NEW YORK, Aug 9 (Reuters) - U.S. stocks clawed back most of Monday's losses as a U.S. Federal Reserve promise of at least two more years of near-zero interest rates overshadowed its warning about slowing economic growth.
The Fed's statement gave markets a glimmer of hope, with stocks' gains accelerating into Tuesday's close.
In a sign investors were not entirely convinced of the Fed's ability to stave off another recession, they sought safer bets, including the Swiss franc and gold. Gold GCZ1 pared its early gain to record levels but was still up about 1 percent at just above $1,728 an ounce.
The Dow Jones industrial average .DJI gained 429.92 points, or 3.98 percent, to 11,239.77. The Standard & Poor's 500 Index .SPX jumped 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index .IXIC climbed 124.83 points, or 5.29percent, to 2,482.52.
NYMEX-NEW YORK, Aug 9 (Reuters) - U.S. crude futures turned positive after the American Petroleum Institute data showed an unexpected drawdown in U.S. crude inventories last week, against forecasts that stocks rose.
Traders said a late rally on Wall Streeet also boosted crude futures after they ended lower for a second day, hitting a 10-month low as the U.S. Federal Reserve released a statement that failed to inspire optimism about energy demand.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $79.30 a barrel, the lowest since Sept. 29, when front-month crude prices closed at $77.86. It traded from $75.71, also the lowest since Sept. 29, to $83.05.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a fifth consecutive session, pressured by improved U.S. weather that should favor the developing U.S. soy crop and by a retreat in crude oil, traders said.
Market briefly traded higher after a bullish open on Wall Street eased concerns about a global economic slowdown. But soybeans turned lower as U.S. equities backed off their highs.
FCPO-KUALA LUMPUR, Aug 9 (Reuters) - Malaysian palm oil futures hit fresh nine-month lows on Tuesday as concerns that a global economic slowdown were imminent after the U.S. credit downgrade continue to pressure financial markets.
World stocks sank sharply for a 10th session running on Tuesday, racking up a 20 percent loss since early May, and gold hit another record high as investors continued to dump riskier assets in highly volatile markets
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 2.5 percent lower at 2,920 Malaysian ringgit ($967.21) a tonne after hitting as low as 2,917 ringgit, a level unseen since late-October last year.
Overall traded volume rose to 35,313 lots of 25 tonnes each from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 9 (Reuters) - Southeast Asian stocks fell sharply on Tuesday, with commodity-related and bank shares hit hardest as foreign and local investors sold off what have been Asia's best performing markets this year on fears of a steep global slowdown.
Most of the region's markets recouped early losses but then slipped again. Helping them recover from sharp initial drops was buying led by government funds, but investors mostly remained cautious as they waited for clues from elsewhere on developments with the U.S and European Union debt crises.
In early trade, Indonesia's main index .JKSE plummeted 6.7 percent, Malaysia .JKSE and Philippines .PSI each fell 4.9 percent, Thailand .SETI was down 4 percent while Vietnam .VNI dropped 2.7 percent.
Buying kicked in after most of the markets were oversold with their 14-day relative strength indexes lower than 30, a threshold oversold level, according to Thomson Reuters data. However, the buying support could not be sustained due to negative sentiment.
The Fed's statement gave markets a glimmer of hope, with stocks' gains accelerating into Tuesday's close.
In a sign investors were not entirely convinced of the Fed's ability to stave off another recession, they sought safer bets, including the Swiss franc and gold. Gold GCZ1 pared its early gain to record levels but was still up about 1 percent at just above $1,728 an ounce.
The Dow Jones industrial average .DJI gained 429.92 points, or 3.98 percent, to 11,239.77. The Standard & Poor's 500 Index .SPX jumped 53.07 points, or 4.74 percent, to 1,172.53. The Nasdaq Composite Index .IXIC climbed 124.83 points, or 5.29percent, to 2,482.52.
NYMEX-NEW YORK, Aug 9 (Reuters) - U.S. crude futures turned positive after the American Petroleum Institute data showed an unexpected drawdown in U.S. crude inventories last week, against forecasts that stocks rose.
Traders said a late rally on Wall Streeet also boosted crude futures after they ended lower for a second day, hitting a 10-month low as the U.S. Federal Reserve released a statement that failed to inspire optimism about energy demand.
On the New York Mercantile Exchange, crude for September delivery CLU1 settled at $79.30 a barrel, the lowest since Sept. 29, when front-month crude prices closed at $77.86. It traded from $75.71, also the lowest since Sept. 29, to $83.05.
CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade fell for a fifth consecutive session, pressured by improved U.S. weather that should favor the developing U.S. soy crop and by a retreat in crude oil, traders said.
Market briefly traded higher after a bullish open on Wall Street eased concerns about a global economic slowdown. But soybeans turned lower as U.S. equities backed off their highs.
FCPO-KUALA LUMPUR, Aug 9 (Reuters) - Malaysian palm oil futures hit fresh nine-month lows on Tuesday as concerns that a global economic slowdown were imminent after the U.S. credit downgrade continue to pressure financial markets.
World stocks sank sharply for a 10th session running on Tuesday, racking up a 20 percent loss since early May, and gold hit another record high as investors continued to dump riskier assets in highly volatile markets
The benchmark October crude palm oil contract KPOc3 on Bursa Malaysia Derivatives closed 2.5 percent lower at 2,920 Malaysian ringgit ($967.21) a tonne after hitting as low as 2,917 ringgit, a level unseen since late-October last year.
Overall traded volume rose to 35,313 lots of 25 tonnes each from the usual 25,000 lots.
REGIONAL EQUITIES-COLOMBO, Aug 9 (Reuters) - Southeast Asian stocks fell sharply on Tuesday, with commodity-related and bank shares hit hardest as foreign and local investors sold off what have been Asia's best performing markets this year on fears of a steep global slowdown.
Most of the region's markets recouped early losses but then slipped again. Helping them recover from sharp initial drops was buying led by government funds, but investors mostly remained cautious as they waited for clues from elsewhere on developments with the U.S and European Union debt crises.
In early trade, Indonesia's main index .JKSE plummeted 6.7 percent, Malaysia .JKSE and Philippines .PSI each fell 4.9 percent, Thailand .SETI was down 4 percent while Vietnam .VNI dropped 2.7 percent.
Buying kicked in after most of the markets were oversold with their 14-day relative strength indexes lower than 30, a threshold oversold level, according to Thomson Reuters data. However, the buying support could not be sustained due to negative sentiment.
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