Monday, September 29, 2008
Trader's Comment: CPO futures prices ended sharply lower weighed down by weaker NYMEX crude oil
CPO futures prices ended sharply lower weighed down by weaker NYMEX crude oil. Benchmark Dec08 initially opened RM 43 lower at 2270 and hovering most between 2284-2260 in the morning session before closing at 2261 by midday break. Spill over selling interest were evident at the start of the afternoon session following NYMEX crude oil trade in Asian time zone drop more than USD 3 per barrel. Dec08 price fell to the day low at 2100 before settled at 2125. Total daily volumes stood at 18,832 contracts changed hands.
FCPO Daily: eyeing 2020
Daily technical landscape dampened further with printed a long black candle. We now looking for the immediate support and resistance at 2020 and 2275-2284 levels respectively.
FKLI Daily: 1000 mark manage to defend?
Market ended with a long black candle. We continue to look for the immediate resistance at 1036-1039 and downside support is at 1005-1000.
KLSE Daily: consolidation phase to be continue
Consolidation phase likely to continue. Resistance and support remained at 1039-1040 and 998-1001 level respectively.
Breaking News-RTRS-High stocks, supplies to cap palm, soy price-Mistry
MUMBAI, Sept 28 (Reuters) - Global supply of edible oils will slightly exceed demand, while the soybean crop is likely to expand in coming months, limiting gains in prices, leading industry analyst Dorab Mistry told a conference on Sunday.
The fall in crude palm oil futures prices, which have halved since their peak in March and are down by a quarter this year, is likely to trigger greater demand from the biofuels sector but for this to happen, prices need to stay at a low of 2,200 ringgit for weeks, he said.
The fall in crude palm oil futures prices, which have halved since their peak in March and are down by a quarter this year, is likely to trigger greater demand from the biofuels sector but for this to happen, prices need to stay at a low of 2,200 ringgit for weeks, he said.
Breaking News-RTRS-India's palm oil importers may negotiate discounts
MUMBAI, Sept 28 (Reuters) - Indian traders who reneged on contracts to import palm oil hope to negotiate discounts from suppliers to resolve disputes but they need to act fast to retain credibility, trade officials and an analyst said on Sunday.
Trader's Highlight
DJI-NEW YORK, Sept 26 (Reuters) - U.S. stocks ended mostly higher on Friday as big bank shares staged a late rally on hopes lawmakers would hammer out an agreement on a $700 billion financial-sector rescue plan this weekend.
The Dow Jones industrial average <.DJI> was up 121.07 points, or 1.10 percent, at 11,143.13. The Standard & Poor's 500 Index <.SPX> was up 4.09 points, or 0.34 percent, at 1,213.27. But the Nasdaq Composite Index <.IXIC> was down 3.23 points, or 0.15 percent, at 2,183.34.
NYMEX-NEW YORK, Sept 26 (Reuters) - U.S. crude oil futures settled lower on Friday, pressured by uncertainty as the wrangling in Washington over a bailout plan for the financial continued in the wake of another bank failure.
On the New York Mercantile Exchange, November crude fell $1.13, or 1.05 percent, to settle at $106.89 a barrel, trading from $104.25 to $108.11.
CBOT-SOYBEANS - November down 19 cents at $11.64 per bushel; January down 19 at $11.80-1/2.
Declines in crude oil weigh on the market, reflecting more long liquidation. Buyers remain hesitant amid worries about fate of the U.S. economy as bank bailout talks drag on.
SOYOIL - October down 0.37 cent at 47.40 cents per lb.
FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives exchange ended 1.4% higher in choppy trade Friday amid liquidation pressure, said
trade participants.
The benchmark December contract on the Bursa Malaysia Derivatives ended MYR33
higher at MYR2,313 a metric ton after reaching an intraday high of MYR2,324/ton.
REGIONAL EQUITIES-SINGAPORE, Sept 26 (Reuters) - Most Southeast Asian stock markets fell on Friday as investors fretted over a stalemate on the U.S. government's planned $700 billion bailout for the financial industry, pushing down property plays in Singapore.
Indonesia <.JKSE> dropped 1.3 percent on banks and resources, while Malaysia <.KLSE> and Thailand <.SETI> edged 0.4 percent down. Hong Kong's Hang Seng <.HSI> fell 1.3 percent, while Japan's Nikkei <.N225> dropped 0.9 percent.
The Dow Jones industrial average <.DJI> was up 121.07 points, or 1.10 percent, at 11,143.13. The Standard & Poor's 500 Index <.SPX> was up 4.09 points, or 0.34 percent, at 1,213.27. But the Nasdaq Composite Index <.IXIC> was down 3.23 points, or 0.15 percent, at 2,183.34.
NYMEX-NEW YORK, Sept 26 (Reuters) - U.S. crude oil futures settled lower on Friday, pressured by uncertainty as the wrangling in Washington over a bailout plan for the financial continued in the wake of another bank failure.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Declines in crude oil weigh on the market, reflecting more long liquidation. Buyers remain hesitant amid worries about fate of the U.S. economy as bank bailout talks drag on.
SOYOIL - October
FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives exchange ended 1.4% higher in choppy trade Friday amid liquidation pressure, said
trade participants.
The benchmark December contract on the Bursa Malaysia Derivatives ended MYR33
higher at MYR2,313 a metric ton after reaching an intraday high of MYR2,324/ton.
REGIONAL EQUITIES-SINGAPORE, Sept 26 (Reuters) - Most Southeast Asian stock markets fell on Friday as investors fretted over a stalemate on the U.S. government's planned $700 billion bailout for the financial industry, pushing down property plays in Singapore.
Indonesia <.JKSE> dropped 1.3 percent on banks and resources, while Malaysia <.KLSE> and Thailand <.SETI> edged 0.4 percent down. Hong Kong's Hang Seng <.HSI> fell 1.3 percent, while Japan's Nikkei <.N225> dropped 0.9 percent.
DJI Weekly: another long lower shadow candle printed
Market printed with another long lower shadow candle again. The current technical landscape remained in bearish atmosphere. No sign of reversal from the current outlook as more support confirmation is needed. We now looking for the immediate support and resistance at 10660-10700 and 11670-11700 level respectively.
Friday, September 26, 2008
FCPO Weekly: stayed above 2300 mark
Market stayed above 2300 mark for the week closed. Market may continue its correction and consolidation in near term. We continue to look for the support at 2020. Immediate upside resistance is at 2406-2414 followed by 2550-2600.
Trader's Comment: CPO futures remain in range bound trading
CPO futures remain in range bound trading due to lack of fresh lead. Positions squaring ahead of weekend coupled with initial margin requirement increase to RM11,500 effective today prompted market players reluctant to take up new position. BMD will be close on 1st and 2nd October due to Hari Raya Puasa. Benchmark Dec08 was trading between 2324 to 2255 before it settled RM33 higher at 2313. Market tone was rather mix to steady due to some trade covering activities.
FKLI Weekly: disappointed bull
Disappointed bull as market closed with a black candle and not strong enough to identify a reversal. Thus, we continue to look for the support at 961. For upside, resistance remained at 1045-1050.
KLSE Weekly: weak close
Bearish atmosphere remained clouded the weekly technical outlook following a weak close after market fully covered the gap at 1037-1039. Thus, consolidation and correction phase is likely to continue. We continue to look for the downside support at 963. For upside, immediate resistance is at 1040-1049 followed by 1064-1068.
Trader's Highlight
DJI-NEW YORK, Sept 25 (Reuters) - Wall Street snapped a three-day losing streak on Thursday as Congress closed in on a deal for a $700 billion financial-sector bailout that investors hope will thaw credit markets and revive lending.
All three major indexes ended up at least 1 percent, with bank shares such as JPMorgan Chase and Bank of America leading gains after Senate Banking Committee Chairman Chris Dodd said lawmakers had reached a "fundamental agreement" on the principles of a rescue plan.
The Dow Jones industrial average <.DJI> was up 196.89 points, or 1.82 percent, at 11,022.06. The Standard & Poor's 500 Index <.SPX> was up 23.31 points, or 1.97 percent, at 1,209.18. The Nasdaq Composite Index <.IXIC> was up 30.89 points, or 1.43 percent, at 2,186.57.
NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude oil futures rose on Thursday after lawmakers in Washington neared a deal on a bailout for ailing banks, and on stronger RBOB gasoline futures.
On the New York Mercantile Exchange, November crude rose $2.29, or 2.17 percent, to settle at $108.02 a barrel, trading from $103.22 to $108.67.
CBOT-SOYBEANS - November down 10 cents at $11.77 per bushel.
Census pegs August U.S. soy crush at 128.65 million bushels, above estimate for 128.0 million.
SOYOIL - October up 0.12 cent at 47.82 cents per lb.Higher on oil/meal spreading, rebounding crude oil.
Census reported preliminary U.S. soyoil stocks August at 2.589 bln lbs, near average trade estimate for 2.587 bln.
FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended 1.6% lower Thursday amid heavy volatile trade, after palm oil
exports were estimated down and also below expectations.
The benchmark December contract on the Bursa Malaysia Derivatives ended MYR38
lower at MYR2,280 a metric ton after reaching an intraday low of MYR2,259/ton.
REGIONAL EQUITIES-SINGAPORE, Sept 25 (Reuters) - Most Southeast Asian stocks fell on Thursday as investors feared the $700 billion rescue package for the U.S. financial sector could be delayed, pushing property stocks such as CapitaLand to fresh lows.
Asian stocks dropped, while European bourses were mixed with investors unsure about how the bailout would prevent the economy from slowing further even if it was passed.
Singapore <.FTSTI> led losses, falling 1.4 percent, while Indonesia <.JKSE> shed 0.7 percent on banks. Malaysia <.KLSE> fell 0.4 percent.
All three major indexes ended up at least 1 percent, with bank shares such as JPMorgan Chase
The Dow Jones industrial average <.DJI> was up 196.89 points, or 1.82 percent, at 11,022.06. The Standard & Poor's 500 Index <.SPX> was up 23.31 points, or 1.97 percent, at 1,209.18. The Nasdaq Composite Index <.IXIC> was up 30.89 points, or 1.43 percent, at 2,186.57.
NYMEX-NEW YORK, Sept 25 (Reuters) - U.S. crude oil futures rose on Thursday after lawmakers in Washington neared a deal on a bailout for ailing banks, and on stronger RBOB gasoline futures.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Census pegs August U.S. soy crush at 128.65 million bushels, above estimate for 128.0 million.
SOYOIL - October
Census reported preliminary U.S. soyoil stocks August at 2.589 bln lbs, near average trade estimate for 2.587 bln.
FCPO-KUALA LUMPUR (Dow Jones)--Crude palm oil futures on Malaysia's derivatives
exchange ended 1.6% lower Thursday amid heavy volatile trade, after palm oil
exports were estimated down and also below expectations.
The benchmark December contract on the Bursa Malaysia Derivatives ended MYR38
lower at MYR2,280 a metric ton after reaching an intraday low of MYR2,259/ton.
REGIONAL EQUITIES-SINGAPORE, Sept 25 (Reuters) - Most Southeast Asian stocks fell on Thursday as investors feared the $700 billion rescue package for the U.S. financial sector could be delayed, pushing property stocks such as CapitaLand
Asian stocks dropped, while European bourses were mixed with investors unsure about how the bailout would prevent the economy from slowing further even if it was passed.
Singapore <.FTSTI> led losses, falling 1.4 percent, while Indonesia <.JKSE> shed 0.7 percent on banks. Malaysia <.KLSE> fell 0.4 percent.
DJI Daily: rebound after three straight days losing streak
Market rebounded after three straight days losing streak. Consolidation phase to be continue in near term market. We currently is looking for the immediate upside resistance at 11143-11125. While, immediate downside support remained at 10742-10595.
Thursday, September 25, 2008
FCPO Daily: sideways market
We continue to look for the immediate resistance at 2357-2367 followed by 2400-2414. For downside, immediate support is at 2250-2240 followed by 2200.
Trader's Comment: CPO futures ended with easier tone after range bound trading
CPO futures ended with easier tone after a range bound trading session. Lower than expected export data released by private cargo surveyors sent prices to trade in negative territory during the morning session. Steady crude oil prices saw speculative buying pushes prices to hit intra-day high at 2351 in the afternoon session. However, it loose steam after lack of follow through buying and crude oil prices also easing off. This sparks some intra-day long liquidation and sent benchmark Dec08 price slides to settle RM38 lower at 2280. Total daily volumes improved to 19,370 contracts transacted.
FKLI Daily: stuck in range
Market is directionless stuck in sideways move. We continue to look for the immediate resistance at 1036-1039 and downside support is at 1005-1000.
KLSE Daily: nothing much changes
Market remained in range bound mode and stayed below the downtrend zone. Consolidation phase likely to continue. Resistance and support remained at 1039-1040 and 998-1001 level respectively.
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