Wednesday, September 28, 2011

Breaking News- RTRS - China to buy yet more soyoil, palm oil-Oil World

HAMBURG, Sept 27 (Reuters) - China will again sharply raise imports of soyoil, palm oil and soybeans in 2011/12 as insufficient domestic oilseed production continues to be outpaced by rapid demand growth.
“China’s import dependence in the oilseed sector is reaching alarming proportions,” Oil World said.
China’s October 2011/September 2012 soyoil imports will rise to 1.56 million tonnes from 1.51 million tonnes in 2010/11 and palm oil imports will rise to 6.67 million tonnes from 6.06 million tonnes, Oil World forecasts.
Demand continues to be driven by China’s economic growth, rising population and increasing meat consumption as incomes rise, it said.

Trader's Highlight

DJI-NEW YORK, Sept 27 (Reuters) - U.S. stocks rose for a third straight day on Tuesday and oil prices jumped on rising hopes European leaders will beef up the euro zone's rescue fund and tackle the region's debt crisis.

The euro also rose for a third straight day as multiple reports showed officials considering plans to make its bailout fund many times larger and to recapitalize banks.

The Dow Jones industrial average .DJI closed up 146.83 points, or 1.33 percent, at 11,190.69. The Standard & Poor's 500 Index .SPX rose 12.43 points, or 1.07 percent, at 1,175.38. The Nasdaq Composite Index .IXIC finished up 30.14 points, or 1.20 percent, at 2,546.83

NYMEX-NEW YORK, Sept 27 (Reuters) - U.S. crude oil futures edged up in post-settlement trading on Tuesday after data from the American Petroleum Institute showed that domestic crude stocks rose less than expected last week and stocks fell sharply at the Cushing, Oklahoma, delivery hub.

Earlier, crude stocks settled more than 5 percent higher, the biggest one-day percentage gain in 4-1/2 months, as euro zone efforts to raise the region's bailout fund and support banks sparked buying in equities and commodities markets.

On the New York Mercantile Exchange, November crude CLX1 settled at $84.45 a barrel, up $4.21, or 5.25 percent, to set the biggest single-day percentage rise since May 9 when prices ended up 5.53 percent. It traded from $80.92 to $84.67.

CBOT-SOYBEANS-Soybean futures on the Chicago Board of Trade ended firmer, joining a broad rally in commodities as fresh measures discussed by the European Central Bank curbed anxieties about European debt.

U.S. crude oil futures CLc1 were up about 5 percent by the CBOT close and the U.S. dollar index .DXY was down 1.2 percent.

Soybeans were seen as technically oversold and due for a rebound after Monday's drop to a 10-month low. The nine-day RSI for November soy stood at 14 ahead of the open, within the technically oversold range of 0 to 30.

FCPO-KUALA LUMPUR, Sept 27 (Reuters) - Malaysian palm oil futures bounced up on Tuesday as bargain hunters resurfaced after the market slid to a one-year low the previous day on concerns that developed countries were pushing the world into a recession.

Palm oil led other vegetable oil prices higher, helped by a belief that markets were oversold, a weaker U.S. dollar that makes edible oil exports competitive and recovering shipments owing to robust Asian festival demand.

Benchmark December palm oil futures 0#FCPO: on the Bursa Malaysia Derivatives Exchange settled up 1.5 percent to 2,948 ringgit ($926.72) a tonne.

The previous day, the contract dropped as much as 4.5 percent, its worst daily showing since February this year.

Overall trade stood at 23,487 lots of 25 tonnes each, compared to the usual 25,000 lots.

REGIONAL EQUITIES-BANGKOK, Sept 27 (Reuters) - Southeast Asian stock markets pushed higher on Tuesday, with Indonesia and Thailand surging nearly 5 percent because of hopes that European policymakers will act to contain Greece's debt problems and resolve the euro zone debt crisis.

Buying gained steam during the afternoon as European shares rose for a third straight session, although brokers said the rise in Asia owed more to short-covering than new buying as many investors remained worried about the risk of global recession.

If the euro zone's problems persisted, that could drag global markets lower again, including Southeast Asian stocks despite the fall in their valuations.

The Asian markets finished at their day's highs, with Indonesia's main share index .JKSE ending up 4.8 percent, reversing Monday's 3.2 percent loss. Thai stocks .SETI gained 4.7 percent, erasing part of the previous session's 5.7 percent loss.

Stocks in Singapore .FTSTI and Malaysia .KLSE gained over 2 percent. Vietnam .VNI rose 0.7 percent. The Philippine market .PSI was shut because of Typhoon Nesat.

Trading volume was generally moderate, around the monthly average.
Singaporean bank DBS Group Holdings DBSM.SI, which fell 2.3 percent on Monday, rose 3.5 percent.