KLSE Daily: remains firmly bullish

Overall technical landscape looks firmly bullish and market is likely to extend its range trading between the upside resistance at 1080-1090 and downside support at 1066-1063 (gap left over on 5/6/2009).

FKLI Daily: Healthy consolidation likely to extend

Market looks defended well and managed to recoup from early losses. Thus, market is likely to extend its healthy consolidation between 1050 to 1082 in near term. A breakout from the either one may bring a new development to the market direction.

FCPO Daily: Weaken further

Overall technical landscape seem nothing much improve despite a positive closing. Market looks may extend its sideways to lower move in near term. Currently, we maintain the immediate upside resistance at 2500-2525. To the downside, immediate support is pegged at 2420-2400 followed by 2350.

Trader's Comment: Palm oil futures ended mix after a choppy trading.

Palm oil futures ended mix after a choppy trading. Benchmark Aug09 immediately fell to the morning low of 2451 after opened RM20 higher at 2480, but managed to hold firm through out the morning session as it closed at 2469 before morning break. The recovery on crude oil prices traded in Asian time zone led Benchmark Aug09 rallied to hit intra day high of 2504 after second session opened. Nevertheless, the emerged of market talk that the first 10 days of June export only at 289k tonnes compared to 403k tonnes(ITS) in the same period last month saw prices to retreat as some intra day players began to book their earlier profit and speculative selling. Benchmark Aug09 slid further to intra day low of 2441 before it finally settled RM5 higher at 2465. The strengthening of USD had also further undermined local CPO market. External vege oil were mix as Dalian palm inched lower while eCBOT soy oil edged higher. Position squaring activities were seen ahead of official end May inventory data scheduled to release by tomorrow.

Breaking News-RTRS-FACTBOX-The world's top 15 listed palm oil planters

KUALA LUMPUR, June 9 (Reuters) - Following are the 15 largest
listed palm planters, ranked by market value. They are mostly
located in Indonesia and Malaysia, the top two producers of the
vegetable oil.
Total plantation holdings are in hectares and include both
cultivated and uncultivated land as well as joint ventures with
Indonesian smallholders.

Company


1 Wilmar
2 Sime Darby
3 IOI Corp
4 KL Kepong
5 Golden Agri
6 Astra Agro
7 Indofood
8 Asiatic Dev
9 London Sumatra
10 Boustead
11 United
12 Kulim Bhd
13 IJM Plantations
14 Sampoerna Agro
15 Bakrie Sumatera

Breaking News-RTRS-Brazil trims 08/09 soy crop view to 57.1 mln T

SAO PAULO, June 8 (Reuters) - Brazil's 2008/09 (Oct/Sept) soybean crop was estimated at 57.1 million tonnes, revised down from a May estimate of 57.6 million tonnes, the Agriculture Ministry said Monday.

Breaking News-RTRS-US corn seeding near deadline, acres may go to soy

CHICAGO, June 5 (Reuters) - The window to plant corn is closing rapidly in the heart of the U.S. Corn Belt as two key states struggle to finish, putting at least a million acres of expected corn output at risk of being switched to soybeans.
Illinois and Indiana, which produce a quarter of the American corn crop, had some 3.4 million acres of corn yet to plant this week at a time when all seedings are usually complete. Southern areas of the states were furthest behind.
Depending on how small the crop gets, analysts now say U.S. corn stocks may be the lowest since 2003 by next year.

Breaking News-RTRS-UPDATE 1-China cuts May soy import forecast, ups June -MOFCOM

BEIJING, June 8 (Reuters) - China's Commerce Ministry has revised downward its estimate for the country's soybean imports in May, to 3.96 million tonnes from 4.29 million tonnes.

Trader's Highlight

DJI-NEW YORK, June 8 (Reuters) - U.S. stocks rebounded late on Monday to end flat, shrugging off lighter-than-expected sales from McDonald's and lowered iPhone prices from Apple .

The three major U.S. stock indexes had fallen more than 1 percent before rallying in the last hour of trading, led by bank shares.

The Dow Jones industrial average <.DJI> gained 1.36 points, or 0.02 percent, to 8,764.49. The Standard & Poor's 500 Index <.SPX> dropped 0.95 of a point, or 0.10 percent, to 939.14. The Nasdaq Composite Index <.IXIC> dropped 7.02 points, or 0.38 percent, to 1,842.40.

NYMEX-NEW YORK, June 8 (Reuters) - U.S. crude oil futures settled lower on Monday, extending Friday's retreat as the dollar strengthened, which made commodities such as oil less attractive to investors.

Traders also raised worries over demand as Wall Street was weaker on profit and interest rate worries. Losses were limited as traders weighed forecasts ahead of weekly inventory data that called for lower crude inventories.

On the New York Mercantile Exchange, July crude settled down 35 cents, or 0.51 percent, at $68.09 a barrel, trading from $66.78 to $68.95. On Friday, it hit an intraday high of $70.32, the highest front-month intraday price since $70.46 was struck on Nov. 5.

CBOT-SOYBEANS - July up 7 cents at $12.32-1/2 a bushel.

Choppy, nearby contract rises due to tight stocks in the country but deferreds pressured by some outlooks for a switch to soy acres in the United States away from corn because of wet weather that stalled corn plantings.

Traders expecting USDA to report U.S. soy planting 80 percent complete in weekly progress report late Monday.

CBOT-SOYOIL - July down 0.33 cent at 39.40 cents a pound. Lower crude oil pressures prices.

FCPO-KUALA LUMPUR, June 8 (Reuters) - Malaysian palm oil futures tumbled as much as 2.6 percent to a near 2-week low on fears that June shipments may fall back after months of sustained buying by China and India.

Traders are waiting for a slew of data on May palm oil output, exports and stocks to be issued by the Malaysian Palm Oil Board on Wednesday. Cargo surveyors will report on June 1-10 palm oil exports by the Southeast Asian country on the same day.

The benchmark August contract on the Bursa Malaysia's Derivatives Exchange settled down 62 ringgit to 2,458 ringgit ($698.9) per tonne after hitting a low of 2,454 ringgit, a level unseen since May 28. Overall volume shot up to 16,358 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, June 8 (Reuters) - Most Southeast Asian stock
markets gave up early gains on Monday, with CapitaLand and other big caps leading Singapore to a 1-week low, and weaker bank shares pushing Indonesia and Thailand lower.

Singapore's benchmark Straits Times Index <.FTSTI> fell 2.6 percent, after earlier losing more than 3 percent to 2321.41, its lowest since May 29. CapitaLand , Southeast Asia's biggest developer, dropped 3.6 percent.

In Kuala Lumpur, the main index <.KLSE> eased 0.3 percent, after earlier rising to its highest level since September 8. Lafarge Malayan Cement Berhad slid 18.5 percent, while Genting was down 1.7 percent.

KLSE Daily: Overall still bullish

Market may due for a consolidation phase for a more sustainable rally following prices retreated after hit the year high at 1080. As for now, we continue to look for the upside resistance at 1080-1090. To the downside, support is stood at 1066-1063 (gap left over on 5/6/2009).

FKLI Daily: Toppish

Profit taking activities were evident after market tested another fresh high at 1082 in intra-day basis. Nevertheless, overall daily technical reading remains in positive tone with toppish sign. Thus, market may due for a consolidation phase in near term. To the upside, we continue to look for 1082-1090. While, downside support is pegged at 1055-1050.

FCPO Daily: Losing ground further

Market is losing ground further following 2500 mark failed to defend. Thus, market may move sideways to lower in near term. As for now, we are looking for the immediate upside resistance at 2500-2525. To the downside, support is pegged at 2420-2400 followed by 2350.

Trader's Comment: Palm oil futures continue to fall lower and break below 2500 level on weak external factors.

Palm oil futures continue to fall lower and break below 2500 level on weak external factors. Benchmark Aug09 initially was still holding steadily in the morning session as it bounced back from the morning low of 2500 and managed to close at 2522 before lunch time. However, sentiment turned weaker in the second session. Seller became more aggressive as prices broke below 2500 level and continue to fall lower through out the remaining session until it hit intra day low of 2454, before it finally settled RM62 lower at 2458. The bearish external markets had provided more selling sentiment to the local CPO market. Both crude oil and eCBOT soy oil continue to fall more than 1% lower after their respective overnight losses, while Dalian palm ended almost 2% lower during the Asian time trading.

Breaking News-RTRS-China soy crushers in red after CBOT price rally

BEIJING, June 5 (Reuters) - A rise of Chicago Board of Trade soy prices (CBOT) is leading Chinese soy plants to operate at a loss as they crush soybeans imported from the United States and South America, according to an official survey.
Imported soybeans for July shipment rose to more than 4,300 yuan ($629.3) per tonne after CBOT soy <0#S:> hit its highest level since mid-September, leading crushers to post losses by selling their soy products at current prices, the China National Grain and Oils Information Centre (CNGOIC) said in a report.

Breaking News-RTRS-UPDATE 1-Brazil 08/09 soy crop trimmed to 57.4 mln T-Abiove

SAO PAULO, June 5 (Reuters) - Brazil's 2008/09 (Oct-Sept) soybean crop that just finished harvesting in the past weeks was estimated at 57.4 million tonnes, down slightly from the 57.7 million tonnes projected in April, Vegetable Oils Industry Association (Abiove) said Friday.
In the commercial year of 2009/10 (Feb-Jan) for the industry, Abiove revised upward its forecast for exports of whole beans to 24.8 million tonnes from 24.5 million tonnes estimated two months ago.
The association gave no reason for the revision in its forecast in the report released Friday.

Trader's Highlight

DJI-NEW YORK, June 5 (Reuters) - U.S. stocks flip-flopped throughout Friday's session, with the major indexes ending split as investors paused to consider conflicting signals in monthly U.S. jobs data.

Trading was choppy as the stock market initially started higher and then drifted lower as investors reassessed the implications of the latest jobs report.

The Labor Department reported that employers cut 345,000 jobs in May -- substantially less than analysts had forecast -- but the U.S. unemployment rate hit 9.4 percent, its highest since 1983.

The Dow Jones industrial average <.DJI> gained 12.89 points, or 0.15 percent, to 8,763.13. The Standard & Poor's 500 Index <.SPX> declined 2.37 points, or 0.25 percent, to 940.09. The Nasdaq Composite Index <.IXIC> dipped 0.60 of a point, or 0.03 percent, to 1,849.42.

On Monday, effective at the start of trading, Citigroup will be replaced in the blue-chip Dow average with Travelers . The large insurance company, known for its red umbrella logo, was once one of the crown jewels in the Citigroup empire before the financial giant was rocked by the credit crisis.

So after the weekend, when trading resumes on Monday, GM will be replaced in the Dow by Cisco Systems Inc , which makes the routers that drive the Internet.

NYMEX-NEW YORK, June 5 (Reuters) - U.S. crude oil futures ended lower in choppy trading on Friday, as misgivings about the latest government jobs report undermined an early surge to a seven-month high above $70 a barrel.

On the New York Mercantile Exchange, July crude settled down 37 cents, or 0.54 percent, at $68.44 a barrel, after trading from $67.54 to $70.32, the highest front-month intraday price since $70.46 was struck on Nov. 5.

CBOT-SOYBEANS - July down 4-1/2 cents at $12.25-1/2 a bushel. Rally in the dollar, weak crude oil and profit-taking before the weekend and after Thursday's strong rally to 8-1/2 month high, led by fund buying.

Tight soy stocks continue to limit downside moves in soy in addition to bouts of fund buying as a hedge against inflation.

CBOT-SOYOIL - July down 0.61 cent at 39.73 cents a pound. Profit-taking following rally earlier this week combined with drop in crude oil prices weigh on market.

FCPO-JAKARTA, June 5 (Reuters) - Malaysian palm oil futures dropped 1.9 percent on Friday, their biggest one-day fall in nearly two weeks, as investors pocketed profits, traders said.

The benchmark August contract on the Bursa Malaysia's Derivatives Exchange closed down 49 ringgit at the day's low of 2,520 ringgit ($721.44) per tonne, after rising as high as 2,611 ringgit. Overall volume was 16,906 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, June 5 (Reuters) - Most Southeast Asian stock markets rose on Friday to their highest levels in more than eight months, supported by broad global recovery hopes, and led by financial shares such as DBS and Maybank.

Stocks in Southeast Asia notched up strong gains on the week as share markets rallied and oil prices rose towards $70 a barrel. By 0950 GMT, the MSCI index of Asia-Pacific stocks outside Japan <.MIAPJ0000PUS> was up 1.2 percent.

Singapore's index <.FTSTI> rose 1.4 percent, with top lender DBS Group and Oversea-Chinese Banking Corp both gaining 1.4 percent.

Malaysia <.KLSE> rose 1.1 percent to its highest since Sept. 9, with Maybank up 1.8 percent and Bumiputra-Commerce adding 3.5 percent.

Thailand's stock index <.SETI> rose for a third day, up 1.9 percent to its highest since Sept. 29, with Bangkok Bank and Kasikornbank both gaining more than 3 percent.

DJI Weekly: Rangy mode with bias upside potential

Market looks may continue to move in range trading with bias upside potential in near term market. Resistance is at 9000-9200, while downside support is pegged at 8200.

KLSE Weekly: Rallied is likely to continue

Good closing for the week at new high had beautified further the overall positive technical outlook. Currently, we continue to look for the upside resistance at 1080-1090 followed by 1100. To the downside, support is stood at 1040-1030.

FKLI Weekly: Peakless

Bulls maintain its upward posture to waltz higher. As for now, we continue to look for the upside resistance at 1080-1090 followed by 1100-1120. While, downside support is pegged at 1045-1050.

FCPO Weekly: losing upside momentum

Market failed to sustain at 2600 mark to end at week's low had weakened further the immediate technical landscape. Market is losing its upside momentum, therefore we are now looking for the downside support at 2350. Violation of it may provide more room to downside potential. To the upside, resistance is at 2648-2665.