Market extended its consolidation mode and continue to range in between 1250 to 1286 levels. We are still waiting for a significant breakout from the either way to provide us a more clearer picture.
Monday, January 4, 2010
FKLI Weekly: in Consolidation mode
Market extended its consolidation mode and continue to range in between 1250 to 1286 levels. We are still waiting for a significant breakout from the either way to provide us a more clearer picture.
Thursday, December 31, 2009
Trader's Highlight
DJI-NEW YORK, Dec 30 (Reuters) - U.S. stocks ended a smidgen higher in very light trading on Wednesday as a stronger-than-expected report on Midwest U.S. business
activity was offset by investors taking profits in some of the year's better performers.
Still, the Dow and the Nasdaq eked out fresh highs for the year. The Standard & Poor's benchmark index is up 25 percent for 2009, putting it on track for its best year since 2003.
NYMEX-NEW YORK, Dec 30 (Reuters) - U.S. crude oil futures ended higher on Wednesday after seesaw trading, lifted by a government inventory report showing crude and refined products stocks fell last week.
Cold weather in the U.S. and turmoil in OPEC-members Iran and Nigeria also were supportive, even as the stronger dollar helped limit crude futures' rise. A drop in gasoline inventories helped lift RBOB gasoline futures.
On the New York Mercantile Exchange, February crude rose 41 cents, or 0.52 percent, to settle at $79.28 a barrel, trading from $78.46 to $79.80, highest intraday price since $79.92 was struck on Nov. 23.
CBOT-CHICAGO, Dec 30 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.
CBOT-SOYBEANS - January down 1-3/4 cents at $10.36-1/4 a bushel. Market receiving support from gains on crude oil market but prospects for big South American soybean crop in 2010 weigh.
CBOT-SOYOIL - January up 0.06 cent per lb at 39.49 cents per lb. Support from gains in crude oil.
FCPO-JAKARTA, Dec 30 (Reuters) - Malaysian palm oil futures ended up a fraction on Wednesday after gains in the crude oil market, but expectations of low exports for December and higher stocks capped the rise.
REGIONAL EQUITIES-BANGKOK, Dec 24 (Reuters) - Southeast Asian stock markets ended mixed on Thursday in a listless holiday-trading session, with Singapore falling back from a more than one-year high and Thailand easing off from its highest in two months.
Singapore's benchmark Straits Times Index <.FTSTI> edged down 0.14 percent after a two-day rise, weighed down by casino operator Genting Singapore and shopping mall operator CapitaMalls , which each dropped almost 1 percent.
Malaysia's index <.KLSE> was up 0.3 percent, led by a 2.1 percent surge in industrial gas provider Petronas Gas and a 3.6 percent climb in pay-TV operator Astro All Asia Networks.
activity was offset by investors taking profits in some of the year's better performers.
Still, the Dow and the Nasdaq eked out fresh highs for the year. The Standard & Poor's benchmark index is up 25 percent for 2009, putting it on track for its best year since 2003.
NYMEX-NEW YORK, Dec 30 (Reuters) - U.S. crude oil futures ended higher on Wednesday after seesaw trading, lifted by a government inventory report showing crude and refined products stocks fell last week.
Cold weather in the U.S. and turmoil in OPEC-members Iran and Nigeria also were supportive, even as the stronger dollar helped limit crude futures' rise. A drop in gasoline inventories helped lift RBOB gasoline futures.
On the New York Mercantile Exchange, February crude
CBOT-CHICAGO, Dec 30 (Reuters) - Chicago Board of Trade grains and soy complex close on Wednesday.
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO-JAKARTA, Dec 30 (Reuters) - Malaysian palm oil futures ended up a fraction on Wednesday after gains in the crude oil market, but expectations of low exports for December and higher stocks capped the rise.
REGIONAL EQUITIES-BANGKOK, Dec 24 (Reuters) - Southeast Asian stock markets ended mixed on Thursday in a listless holiday-trading session, with Singapore falling back from a more than one-year high and Thailand easing off from its highest in two months.
Singapore's benchmark Straits Times Index <.FTSTI> edged down 0.14 percent after a two-day rise, weighed down by casino operator Genting Singapore
Malaysia's index <.KLSE> was up 0.3 percent, led by a 2.1 percent surge in industrial gas provider Petronas Gas
FCPO Daily: Missed the 2600 levels again
Market again failed to sustain at 2600 levels in a rather dull trading day. Consolidation phase is likely to continue in near term. to the upside, resistance is looking at at 2650. While, downside support is remain lies at 2575-2570 followed by 2500-2480.
Wednesday, December 30, 2009
Happy New Year!!
Dear All,
Please be informed that Bursa Malaysia Derivatives Berhad will be closed on Friday, 1st January 2010 in conjunction with New Year:-
We wish all our Clients, Associates and Friends;
Happy New Year & Great Year Ahead.
Please be informed that Bursa Malaysia Derivatives Berhad will be closed on Friday, 1st January 2010 in conjunction with New Year:-
We wish all our Clients, Associates and Friends;
Happy New Year & Great Year Ahead.
Trader's Highlight
DJI- NEW YORK, Dec 29 (Reuters) - U.S. stocks edged lower in a low-volume session on Tuesday, breaking a six-day string of gains as investors found little reason to push stocks higher as the year's end approached.
Data showing a rise in consumer confidence was offset by a housing report pointing to more bumps in the road. The day's decline followed six days of gains. But the
benchmark Standard & Poor's 500 index is still up 25 percent for the year.
NYMEX- NEW YORK, Dec 29 (Reuters) - U.S. crude oil futures were little changed in late trade on Tuesday, after an industry report showed a rise in U.S. crude stockpiles -- a report that followed a slightly higher settlement after a seesaw session.
Crude was supported by cold weather that lifted heating oil futures and by expectations that oil inventory reports would show that crude and distillate inventories fell last week.
On the New York Mercantile Exchange, February crude rose 10 cents, or 0.13 percent, to settle at $78.87 a barrel, trading from $78.02 to $79.39, highest intraday price since $79.92 was struck on Nov. 23.
CBOT- CHICAGO, Dec 29 (Reuters) - Chicago Board of Trade grains and soy complex closing on Tuesday.
CBOT-SOYBEANS - January up 9 cents at at $10.38 per bushel; March up 9 at $10.47. Turned higher on a lack of commercial selling and strong export pace in addition to technical advances after falling to oversold levels last week. Market also extending Monday's 3 percent rally, which was tied to expected index fund purchases in early January.
CBOT-SOYOIL - January down 0.20 cent at 39.43 cents per lb; March down 0.20 at 39.85 cents. Profit-taking after the strong rally on Monday amd meal/oil spreading also weighs.
FCPO- JAKARTA, Dec 29 (Reuters) - Malaysian palm oil futures ended barely changed on Tuesday after earlier gains faded on profit taking and as a firmer U.S. dollar weighed on prices.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange closed down 2 ringgit, or 0.08 percent, at 2,590 ringgit ($755) per tonne.
REGIONAL EQUITIES- BANGKOK, Dec 29 (Reuters) - Thailand's stock market <.SETI> climbed to its highest in more than two months on Tuesday, leading gains in other major Southeast Asian stock markets as investors snapped up energy counters and commodity stocks.
Singapore hit its highest in nearly 17 months thanks to a more positive outlook for the U.S. economy in 2010 after holiday sales figures sent Wall Street to its highest close of 2009, but trading in Asia remained thin.
Malaysia's main index <.KLSE> advanced 0.2 percent to its highest in more than five weeks, with palm plantation company Sime Darby up 0.1 percent.
Data showing a rise in consumer confidence was offset by a housing report pointing to more bumps in the road. The day's decline followed six days of gains. But the
benchmark Standard & Poor's 500 index is still up 25 percent for the year.
NYMEX- NEW YORK, Dec 29 (Reuters) - U.S. crude oil futures were little changed in late trade on Tuesday, after an industry report showed a rise in U.S. crude stockpiles -- a report that followed a slightly higher settlement after a seesaw session.
Crude was supported by cold weather that lifted heating oil futures and by expectations that oil inventory reports would show that crude and distillate inventories fell last week.
On the New York Mercantile Exchange, February crude
CBOT- CHICAGO, Dec 29 (Reuters) - Chicago Board of Trade grains and soy complex closing on Tuesday.
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO- JAKARTA, Dec 29 (Reuters) - Malaysian palm oil futures ended barely changed on Tuesday after earlier gains faded on profit taking and as a firmer U.S. dollar weighed on prices.
The benchmark March contract
REGIONAL EQUITIES- BANGKOK, Dec 29 (Reuters) - Thailand's stock market <.SETI> climbed to its highest in more than two months on Tuesday, leading gains in other major Southeast Asian stock markets as investors snapped up energy counters and commodity stocks.
Singapore hit its highest in nearly 17 months thanks to a more positive outlook for the U.S. economy in 2010 after holiday sales figures sent Wall Street to its highest close of 2009, but trading in Asia remained thin.
Malaysia's main index <.KLSE> advanced 0.2 percent to its highest in more than five weeks, with palm plantation company Sime Darby
FKLI Daily: Strengthen further
Market continue to edge higher and violated the immediate support at 1275.5 had strengthen further the upward momentum. Thus, we maintain our view sideways to bias upside potential in near term with upside target is pegged at 1286 levels. To the downside, support is looking at 1265-1260 levels.
FCPO Daily: Shies away at 2600 levels again
Market shies away after hit the fresh high at 2632 levels. Hence, market may extend its consolidation phase in near term unless a convincing breakout from the overhead resistance at 2650 may provide more room to bias upside potential. To the downside, support is lies at 2575-2570 followed by 2500-2480.
Tuesday, December 29, 2009
Breaking News- RTRS-Indonesia sees higher 2010 CPO, rubber, cocoa output
JAKARTA, Dec 28 (Reuters) - Indonesia expects production of its plantation crops, including palm oil, rubber and cocoa, to be higher next year due to bigger areas under cultivation and as some crops enter peak production, a senior agriculture ministry official said on Monday.
Breaking News- RTRS-ANALYSIS-Brazil kicks off soy harvest amid currency woes
SAO PAULO, Dec 28 (Reuters) - Brazilian farmers have made an early start to gathering an expected bumper 2009/10 soybean crop whose development has been helped by above-average rains, but a strong local currency will limit their profits.
Brokers say the first cargoes of soy began to arrive in the last week in silos around the north of the country's No. 1 soy producing state, Mato Grosso.
Brokers say the first cargoes of soy began to arrive in the last week in silos around the north of the country's No. 1 soy producing state, Mato Grosso.
Trader's Highlight
DJI-NEW YORK, Dec 28 (Reuters) - U.S. stocks edged higher for a sixth straight day on Monday as data indicating improved consumer spending lifted shares of retailers, offsetting a drop in airline shares amid security worries.
Indexes hit fresh closing highs for 2009, but volume was light in what was expected to be a slow last week of trading for 2009, with investors attempting to hold on to solid profits for the year.
NYMEX- NEW YORK, Dec 28 (Reuters) - U.S. crude oil futures rose on Monday on cold weather that sent heating oil futures higher and on momentum from continued optimism about economic recovery.
Concerns about unrest in Iran and the dispute between Russia and Ukraine over transit fees for crude oil going to Europe also were supportive, sources said.
On the New York Mercantile Exchange, February crude rose 72 cents, or 0.92 percent to settle at $78.77 a barrel, trading from $77.76 to $79.12, highest intraday price since $79.92 was reached on Nov. 23.
CBOT-CHICAGO, Dec 28 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - January up 29-1/2 cents at $10.29 per bushel. Support from fund buying, soaring corn market and strong export demand, with additional strength from a weak dollar and firm crude oil. Weekly export inspections data viewed bullish.
CBOT-SOYOIL - January up 1.17 cents at 39.63 cents per lb. Following soybeans, with weak dollar and firm crude oil supportive.
FCPO-JAKARTA, Dec 28 (Reuters) - Malaysian crude palm oil futures closed up 1.49 percent on Monday on gains in crude oil prices and expectations of weaker stocks, but a lower-than-expected export figure capped gains.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange closed up 38 ringgit at 2,592 ringgit ($756.23) per tonne, after going as high as 2,605 ringgit during the day.
REGIONAL EQUITIES-BANGKOK, Dec 28 (Reuters) - Most Southeast Asian stock markets ended higher on Monday, with Singapore approaching a 17-month high, while Indonesia and Malaysia edged up after Christmas holidays, with energy shares leading the way.
Singapore's benchmark stock index <.FTSTI> rose 0.63 percent to its highest level since Aug. 7, 2008, led by a 6.0 percent gain in casino and resort operator Genting Singapore, while Thailand's main index <.SETI> climbed 0.45 percent.
Shares in Malaysia's SapuraCrest gained 4.8 percent after its unit, TLO, has been awarded a joint contract by 11 of Petronas Production Sharing Contractors to provide works and services for the transportation and installation of offshore oil and gas facilities.
Indexes hit fresh closing highs for 2009, but volume was light in what was expected to be a slow last week of trading for 2009, with investors attempting to hold on to solid profits for the year.
NYMEX- NEW YORK, Dec 28 (Reuters) - U.S. crude oil futures rose on Monday on cold weather that sent heating oil futures higher and on momentum from continued optimism about economic recovery.
Concerns about unrest in Iran and the dispute between Russia and Ukraine over transit fees for crude oil going to Europe also were supportive, sources said.
On the New York Mercantile Exchange, February crude
CBOT-CHICAGO, Dec 28 (Reuters) - Chicago Board of Trade grains and soy complex close on Monday.
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO-JAKARTA, Dec 28 (Reuters) - Malaysian crude palm oil futures closed up 1.49 percent on Monday on gains in crude oil prices and expectations of weaker stocks, but a lower-than-expected export figure capped gains.
The benchmark March contract
REGIONAL EQUITIES-BANGKOK, Dec 28 (Reuters) - Most Southeast Asian stock markets ended higher on Monday, with Singapore approaching a 17-month high, while Indonesia and Malaysia edged up after Christmas holidays, with energy shares leading the way.
Singapore's benchmark stock index <.FTSTI> rose 0.63 percent to its highest level since Aug. 7, 2008, led by a 6.0 percent gain in casino and resort operator Genting Singapore
Shares in Malaysia's SapuraCrest
FKLI Daily: Sideways to bias upside potential
Market rebounded to end at day high after the recent sideways move. Physiological support at 1250 levels has been defended well and market may move sideways bias to upside potential provided it manage to breakout from the immediate upside resistance at 1275.5 levels. The next upside resistance is pegged at 1286 levels.
FCPO Daily: Gaining ground
Market covered the upside gap left over at 2585-2598 has helped to gain ground further. However, immediate technical outlook remains mix and may consolidate further in near term. We continue to look for the immediate upside resistance at 2628 followed by 2650. To the downside, support is lies at 2500-2480.
Monday, December 28, 2009
Trader's Highlight
DJI-NEW YORK, Dec 24 (Reuters) - U.S. stocks rallied in a brief pre-holiday session on Thursday, closing at 2009 highs, after data showing a drop in initial jobless claims and growth in durable goods orders suggested an economic recovery was
picking up steam.
NYMEX-NEW YORK, Dec 24 (Reuters) - U.S. crude oil futures rose on Thursday, ending above $78 a barrel on optimism about economic recovery that pushed equities higher, a weaker dollar and momentum from the previous day's rise after inventory reports
showed oil stockpiles fell last week.
U.S. stocks rallied after data showing a drop in initial jobless claims and growth in durable goods orders suggested an economic recovery was picking up steam.
On the New York Mercantile Exchange, February crude rose $1.38, or 1.8 percent, to settle at $78.05 a barrel, trading from $76.19 to $78.25.
CBOT-CHICAGO, Dec 24 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Thursday.
CBOT-SOYBEANS - January down 1-3/4 cents at $9.99-1/2 a bushel. Expectations for large supplies from South America pressure market in thin trade but market underpinned by good export data.
CBOT-SOYOIL - January up 0.38 cent at 38.46 cents per lb. Rallying crude oil market provides strength to soyoil.
FCPO-KUALA LUMPUR, Dec 24 (Reuters) - Malaysian crude palm oil futures jumped 2.2 percent on Thursday, after three consecutive days of declines, as higher crude oil prices and a weaker U.S. dollar lifted the market.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled up 54 ringgit to 2,554 ringgit ($745) per tonne after going as high as 2,573 ringgit.
REGIONAL EQUITIES- BANGKOK, Dec 24 (Reuters) - Southeast Asian stock markets ended mixed on Thursday in a listless holiday-trading session, with Singapore falling back from a more than one-year high and Thailand easing off from its highest in two months.
Singapore's benchmark Straits Times Index <.FTSTI> edged down 0.14 percent after a two-day rise, weighed down by casino operator Genting Singapore and shopping mall operator CapitaMalls , which each dropped almost 1 percent.
Malaysia's index <.KLSE> was up 0.3 percent, led by a 2.1 percent surge in industrial gas provider Petronas Gas and a 3.6 percent climb in pay-TV operator Astro All Asia Networks.
picking up steam.
NYMEX-NEW YORK, Dec 24 (Reuters) - U.S. crude oil futures rose on Thursday, ending above $78 a barrel on optimism about economic recovery that pushed equities higher, a weaker dollar and momentum from the previous day's rise after inventory reports
showed oil stockpiles fell last week.
U.S. stocks rallied after data showing a drop in initial jobless claims and growth in durable goods orders suggested an economic recovery was picking up steam.
On the New York Mercantile Exchange, February crude
CBOT-CHICAGO, Dec 24 (Reuters) - Chicago Board of Trade grains and soy complex closing trends on Thursday.
CBOT-SOYBEANS - January
CBOT-SOYOIL - January
FCPO-KUALA LUMPUR, Dec 24 (Reuters) - Malaysian crude palm oil futures jumped 2.2 percent on Thursday, after three consecutive days of declines, as higher crude oil prices and a weaker U.S. dollar lifted the market.
The benchmark March contract
REGIONAL EQUITIES- BANGKOK, Dec 24 (Reuters) - Southeast Asian stock markets ended mixed on Thursday in a listless holiday-trading session, with Singapore falling back from a more than one-year high and Thailand easing off from its highest in two months.
Singapore's benchmark Straits Times Index <.FTSTI> edged down 0.14 percent after a two-day rise, weighed down by casino operator Genting Singapore
Malaysia's index <.KLSE> was up 0.3 percent, led by a 2.1 percent surge in industrial gas provider Petronas Gas
NYMEX Crude Weekly: Sideways bias
Market continue to gain some ground to stay firm above USD70.00. Thus, market is likely to move sideways bias to trade in between USD82.00 to USD68.00 in near term. Violation of either one may give us more clearer direction.
CBOT Soyoil Weekly: Nothing much changes
Nothing much changes as immediate technical landscape remains in consolidation mode. Thus, we continue to look for the upside resistance at USc41.40 and downside support is lies at USc37.00-36.50.
FCPO Weekly: Looking good
Market looks has found its immediate base support at around 2480 levels after defended well for straight three weeks. We maintain our view to move sideways to bias upside potential in near term with upside resistance looking at 2628 followed by 2650. While, downside support is pegged at 2480 followed by 2428-2419 (left over gap on 29/11/2009).
Thursday, December 24, 2009
Breaking News-RTRS-UPDATE 1-China sees Dec soy imports 4.58 mln T, 2nd largest
BEIJING, Dec 23 (Reuters) - China's commerce ministry has
revised up its forecast for soy imports in December to 4.58
million tonnes, the second largest monthly import ever, from its
earlier estimate of 3.87 million tonnes.
The ministry's forecast was below expectations of the
country's top planning body, the National Development and Reform
Commission (NDRC), which sees record imports for December, or
larger than the 4.71 million tonnes in June, the highest ever
monthly import.
revised up its forecast for soy imports in December to 4.58
million tonnes, the second largest monthly import ever, from its
earlier estimate of 3.87 million tonnes.
The ministry's forecast was below expectations of the
country's top planning body, the National Development and Reform
Commission (NDRC), which sees record imports for December, or
larger than the 4.71 million tonnes in June, the highest ever
monthly import.
Trader's Highlight
DJI- NEW YORK, Dec 23 (Reuters) - The dollar halted a six-day rally and global stocks lost steam on Wednesday after an unexpected fall in U.S. new home sales curbed optimism about the economic recovery.
Oil prices jumped 3 percent, supporting energy shares, as data showed a much larger-than-expected decline in inventory of crude oil. The weaker dollar also boosted commodity prices in general, sending gold as much as 1 percent higher. A weaker dollar makes commodities cheaper for investors using other currencies.
The Dow Jones industrial average <.DJI> edged up 1.51 points, or 0.01 percent, to 10,466.44, while The Standard & Poor's 500 Index <.SPX> rose 2.57 points, or 0.23 percent, to 1,120.59. The Nasdaq Composite Index <.IXIC> ended up 16.97 points, or 0.75 percent, to 2,269.64.
NYMEX- NEW YORK, Dec 23 (Reuters) - U.S. crude oil futures ended 3 percent higher on Wednesday, boosted by government inventory data showing crude stocks fell more than expected last week and the dollar's slump.
Crude oil reached $77 a barrel intraday for the first time since Dec. 4, when it hit $77.90. The contract has gained about $7 since Dec. 14 when it hit a nearly 2-1/2-month low, dropping intraday to $68.59.
On the New York Mercantile Exchange, February crude rose $2.27, or 3.05 percent, to settle at $76.67 a barrel, trading from $74.25 to $77.00.
CBOT- SOYBEANS - January up 10-1/4 cents at $10.01-/4 a bushel. Market snaps four-day losing streak in rebound from decline to lowest level since Nov. 13. Better-than-expected soybean crush data adds strength as well as rallying crude oil prices.
CBOT-SOYOIL - January up 0.03 cent at 38.08 cents per lb. Spillover support from rally in crude oil market boosts prices while report of large soyoil stocks weighs on market.
FCPO- KUALA LUMPUR, Dec 23 (Reuters) - Malaysian crude palm oil futures dropped for a third day on Wednesday due to a firmer U.S. dollar and some position squaring towards the year end.
Expectations of a stock drawdown due to the end of the high production season limited losses. Traders expect stocks to fall about 13 percent to 1.68 million tonnes in December compared with the previous month.
The benchmark March contract on the Bursa Malaysia Derivatives Exchange settled down 21 ringgit at 2,494 ringgit per ($725.8) tonne.
REGIONAL EQUITIES- BANGKOK, Dec 23 (Reuters) - Southeast Asian stock markets gained on Wednesday, with Noble Group leading Singapore to its highest in over a year while Thailand hovered around two month highs as investors bought big caps such as PTT and Siam Cement.
Singapore's index <.FTSTI> rose 0.6 percent to its highest since Aug. 11, 2008, with commodities firm Noble Group climbing 4.3 percent after Australia's Macarthur Coal made an offer to buy Noble unit Gloucester Coal in an all-share deal worth $591.3 million.
Malaysia's index <.KLSE> was nearly flat, edging up 0.01 percent, with palm plantation firms leading advancers. IOI Corp and Sime Darby each gained 0.6 percent.
Oil prices jumped 3 percent, supporting energy shares, as data showed a much larger-than-expected decline in inventory of crude oil. The weaker dollar also boosted commodity prices in general, sending gold as much as 1 percent higher. A weaker dollar makes commodities cheaper for investors using other currencies.
The Dow Jones industrial average <.DJI> edged up 1.51 points, or 0.01 percent, to 10,466.44, while The Standard & Poor's 500 Index <.SPX> rose 2.57 points, or 0.23 percent, to 1,120.59. The Nasdaq Composite Index <.IXIC> ended up 16.97 points, or 0.75 percent, to 2,269.64.
NYMEX- NEW YORK, Dec 23 (Reuters) - U.S. crude oil futures ended 3 percent higher on Wednesday, boosted by government inventory data showing crude stocks fell more than expected last week and the dollar's slump.
Crude oil reached $77 a barrel intraday for the first time since Dec. 4, when it hit $77.90. The contract has gained about $7 since Dec. 14 when it hit a nearly 2-1/2-month low, dropping intraday to $68.59.
On the New York Mercantile Exchange, February crude
CBOT- SOYBEANS - January
CBOT-SOYOIL - January
FCPO- KUALA LUMPUR, Dec 23 (Reuters) - Malaysian crude palm oil futures dropped for a third day on Wednesday due to a firmer U.S. dollar and some position squaring towards the year end.
Expectations of a stock drawdown due to the end of the high production season limited losses. Traders expect stocks to fall about 13 percent to 1.68 million tonnes in December compared with the previous month.
The benchmark March contract
REGIONAL EQUITIES- BANGKOK, Dec 23 (Reuters) - Southeast Asian stock markets gained on Wednesday, with Noble Group leading Singapore to its highest in over a year while Thailand hovered around two month highs as investors bought big caps such as PTT and Siam Cement.
Singapore's index <.FTSTI> rose 0.6 percent to its highest since Aug. 11, 2008, with commodities firm Noble Group
Malaysia's index <.KLSE> was nearly flat, edging up 0.01 percent, with palm plantation firms leading advancers. IOI Corp
FCPO Daily: 2500 levels defended
Market defended 2500 levels at the closing after tested the intra-day low at 2482. However, immediate daily technical outlook has losing its upward strength and looks may consolidate further in near term. For now, we are looking for the immediate downside support at 2480 followed by 2460-2445. To the upside, resistance is pegged at 2540-2550 followed by 2585-2598 (gap left over on 21/12/2009.
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