Trader's Highlight

NYMEX-TOKYO, Nov 27 - U.S. crude futures were steady above $54 a barrel on Thursday, keeping more than a $3 gain from the previous day, as a rise on Wall Street helped offset government data showing an unexpectedly large rise in U.S. crude stocks.

NYMEX crude for January delivery was trading down 22 cents at $54.22 a barrel in Globex electronic trading by 0000 GMT, after settling up $3.67 on Wednesday.
The NYMEX trading floor is closed on Thursday for the Thanksgiving Day holiday. Globex electronic trading continues as usual.

FCPO- JAKARTA, Nov 27 - Malaysian palm futures closed higher for the fourth consecutive day on Thursday, boosted by expectations that a Chinese move to slash interest rates will underpin demand, traders said.

The benchmark February palm oil contract on the Bursa Malaysia's Derivatives Exchange closed up 62 ringgit, or 3.88 percent, at 1,660 ringgit ($524) per tonne.

REGIONAL EQUITIES- BANGKOK, Nov 27 - Thai shares were hurt by growing
political unrest on Thursday, with the index losing 1.37 percent, ending two days of rises, as heavyweight energy firm PTT lost 2.1 percent and Bangkok Bank 2.2 percent.

In general, Southeast Asian stock markets were mixed, with the Philippines and Malaysia climbing nearly 2 percent after China slashed interest rates, prompting investors to snap up oversold blue chips.

Philippine stocks rose for a fourth straight session, rising 1.76 percent, while the Malaysian indexended up 1.59 percent at its highest close in more than a week.

Elsewhere, Singapore's benchmark Straits Times Index was off 0.04 percent, ending a two-day rally.

Trader's Comment: Palm oil futures gained broadly higher, after surging for 4 consecutive days.

Palm oil futures gained broadly higher, after surging for 4 consecutive days. Yesterday’s sharp gain in CPO price coupled with lower Asian time NYMEX crude oil had prompted some profit taking activities in the early trading. Benchmark Feb09 slid to intra day low of 1573 after opened RM17 lower at 1581. However, the celebration of overnight “bulls” party was still intact and saw buyer aggressively joining in. Benchmark Feb09 immediately bounce back strongly and climbed its way up through out the day without looking back. It hit the intra day high of 1666 in the later part of second session before it settled RM62 higher at 1660. The rally in regional equity market after China slashed its interest rates had also spilled over and enhanced the bullish sentiment in the market.

Breaking News-RTRS-UPDATE 6-EU executive urges 200 bln euro stimulus

BRUSSELS, Nov 26 (Reuters) - The European Commission called on Wednesday for states to unite in an EU-wide fiscal stimulus package worth 200 billion euros ($260 billion) in an attempt to stave off recession in the 27-nation bloc.

Breaking News-RTRS-China slashed interest rates for the fourth time

BEIJING, Nov 26 (Reuters) - China slashed interest rates on Wednesday for the fourth time since mid-September, dramatically stepping up the pace of monetary easing to cushion the blow of global financial turmoil on the world's fourth-largest economy.
The People's Bank of China (PBOC) cut benchmark rates for one-year loans and deposits by 1.08 percentage points, lowering the cost of one-year borrowing to 5.58 percent and the rate on 12-month certificates of deposit to 2.52 percent.

Breaking News-RTRS-Indonesia keeps Dec palm oil export tax at zero

JAKARTA, Nov 26 (Reuters) - Indonesia is maintaining its zero percent palm oil export tax in December, while it has cut the December palm oil base export price to $415 a tonne from $573, the trade ministry said on Wednesday. The moves are effective from Dec. 1.

Breaking News-RTRS-UPDATE 1-India will only tax crude palm if local prices dive

NEW DELHI, 26 Nov (Reuters) - India will only impose an import tax on crude palm oil if there is a further drop in local oilseed prices, the farm minister said on Wednesday, despite trade calls for a duty to protect farmers and domestic rates.
"The government will act if (oilseed) prices fall below government's minimum support prices," Sharad Pawar said.

Trader's Highlight

DJI-NEW YORK, Nov 26 (Reuters) - U.S. stocks climbed on Wednesday as investors snapped up tech stocks trading near their cheapest levels in five years, and renewed hopes of a General Motors bailout helped investors shrug off data depicting a worsening global economic downturn.

The Dow Jones industrial average <.DJI> shot up 247.14 points, or 2.91 percent, to 8,726.61. The Standard & Poor's 500 Index <.SPX> gained 30.29 points, or 3.53 percent, to 887.68. The Nasdaq Composite Index <.IXIC> jumped 67.37 points, or 4.60 percent, to 1,532.10.

NYMEX-NEW YORK, Nov 26 (Reuters) - U.S. crude oil futures ended higher on Wednesday, lifted by another rousing day on Wall Street and shrugging off data that domestic crude supplies increased much larger than expected last week.

On the New York Mercantile Exchange, January crude settled up $3.67, or 7.23 percent, at $54.44 a barrel, trading from $50.15 to $54.86. It fell nearly 7 percent to $50.77 on Tuesday.

CBOT-SOYBEANS - January up 3 cents at $8.86 per bushel. Support from news that top U.S. soy buyer China cutting interest rates [ID:nPEK95037] and EU launching a big stimulus plan. Dryness in key South American production areas and higher crude oil also supportive.

Census Bureau said U.S. soy crush in October 149.75 million bushels, below estimates for 151.2 million.

CBOT-SOYOIL - December up 0.26 cent at 32.50 cts per lb. Following strength in soy and crude oil.

Census Bureau said U.S. soyoil stocks at the end of October 2.384 billion lbs, below the average estimate for 2.5 billion lbs.

FCPO-KUALA LUMPUR, Nov 26 (Reuters) - Malaysian palm futures surged 5.5 percent to hit a two-week high as market players scrambled to shortcover on expectations that crude oil would claw back some gains, traders said.

The benchmark February palm oil contract on the Bursa Malaysia's Derivatives Exchange rose as much as 84 ringgit to 1,604 ringgit ($443.1) per tonne before closing 78 ringgit up at at 1,598 ringgit.

REGIONAL EQUITIES-KUALA LUMPUR, Nov 26 (Reuters) - Southeast Asian stocks were mostly higher on Wednesday, led by Singapore and Indonesia, as investors cheered the U.S. Federal Reserve's latest rescue package aimed at throwing a lifeline to stressed consumers.

Singapore stocks <.FTSTI> led the region, closing up 3.5 percent at 1,711.13 points.
The Philippines market <.PSI> closed 1.3 percent higher at 1,932.91 points, but Malaysia's main index <.KLSE> closed 0.44 percent down at 856.37 points, led by banks amid concerns over weaker earnings after the central bank cut interest rates
unexpectedly on Monday.

FCPO Daily: 1600 mark tested

Market covered the full gap at 1563-1571 and tested 1600 mark had provided a sign of bottoming out. Market looks may want to challenge the gap left over since 10/11/2008 at 1610-1612 followed by 1696-1705. For downside, immediate support is at 1500-1490 followed by 1470-1450.

FKLI Daily: late sharp rebound

A sharp rebound at late trading session had helped to neutralise a little the immediate daily technical outlook. However, more buying support is needed in the bearish atmosphere. For now, we look for the immediate resistance at 870-875 followed by 880-885.For downside, support is pegged at 851-849 followed by 843-842.

KLSE Daily: remains sideways

Market remains sideways move following prices tested the support at 848 in intra-day basis but manage to defend. As for now, we continue to look for the immediate support at 848 followed by 837. While, upside resistance is at 869-876 (gap left over since 19/11/2008)followed by 880-885

DJI Daily: extended gains

DJI extended its winning streak to end with triple digit higher. We now look at the immediate support at 8260-8240 followed by 8190-8140. Resistance remains at 8852-8876 followed by 8901-8923.

Trader's Comment: CPO futures closed sharply higher on aggressive short covering and speculative buying activities.

CPO futures closed sharply higher on aggressive short covering and speculative buying activities. Benchmark Feb09 initially traded lower and hit intra day low of 1496, following overnight NYMEX crude oil settled nearly 7% lower coupled with easier CBOT soy complex. However, the emerged of bargain hunting buyers near 1500 level had provided some support on the CPO price. Market was trading in a cautious manner, saw CPO prices to hover around 1520-1540 through out most of the sessions. Nevertheless, since Benchmark Feb09 break above yesterday’s high at 1550 level, buyers were seen more and more impatient. In the later second session, Benchmark Feb09 surging further to hit intra day high of 1604, before it finally settled RM78 higher at 1598. Market has been steady for the last couple of days due to Malaysia government implementation of bio-fuel mandates and replanting schemes. The big 6 plantation houses had been very supportive to these measures. This provided some comfort to the buyers and created some uneasiness to the bear.

Trader's Highlight

DJI-NEW YORK, Nov 25 (Reuters) - The Dow and S&P 500 gained on Tuesday on optimism that the Federal Reserve's latest rescue package could revive the sagging housing market and free up consumer lending.

The Dow Jones industrial average <.DJI> gained 36.08 points, or 0.43 percent, to 8,479.47. The Standard & Poor's 500 Index <.SPX> rose 5.58 points, or 0.66 percent, to 857.39. But the Nasdaq Composite Index <.IXIC> shed 7.29 points, or 0.50 percent, to 1,464.73.

Under the Fed's latest plan, the U.S. central bank will buy billions of dollars worth of debt and mortgage-backed securities to increase the flow of credit for mortgages, student loans, car loans and credit cards.

NYMEX-NEW YORK, Nov 25 (Reuters) - U.S. crude oil futures fell almost 7 percent on Tuesday on worries about declining demand after a government report showed the U.S. economy shrank by more than estimated during the third quarter.

On the New York Mercantile Exchange, January crude settled down $3.73, or 6.84 percent, at $50.77 a barrel, after trading from $50.52 to $54.66.

CBOT-SOYBEANS - January down 1 cent at $8.83 per bushel. Choppy day with market underpinned by strength in soymeal. Concerns about dry weather in some soy production areas in South America supportive. Pressured by profit-taking after Monday's rally when soy jumped 5 percent.

U.S. Census Bureau to issue its monthly crush on Wednesday.

CBOT-SOYOIL - December down 0.50 cent at 32.24 cents per lb. Pressured by lower crude oil, as well as meal/oil spreading as the spread corrects some.

FCPO-JAKARTA, Nov 25 (Reuters) - Malaysian palm futures closed up on Tuesday, supported by strong exports data, but were off earlier highs as market players pocketed profits in late trading, traders said.

The benchmark February palm oil contract on the Bursa Malaysia's Derivatives Exchange closed 32 ringgit, or 2.15 percent higher, at 1,520 ringgit ($420) per tonne.

Other traded contracts rose between 28 ringgit and 60 ringgit. The overall volume stood at 9,476 lots of 25 tonnes each.

REGIONAL EQUITIES-KUALA LUMPUR, Nov 25 (Reuters) - South East Asian stock markets rose on Tuesday, led by the Philippines and in line with regional markets, as investors endorsed the U.S. government's rescue of banking giant Citigroup.

But most markets ended off highs, which dealers said indicated that investors were still concerned about more near-term risks, including whether other global lenders are in need of rescue, as well as indicators that continue to signal a rough road ahead for the global economy.

Singapore stocks <.FTSTI> gained 2.03 percent to 1,653.25, while Jakarta <.JKSE> gained 1.12 percent. Kuala Lumpur <.KLSE> underperformed the region, closing 0.56
percent higher at 860.18 points.

Breaking News-RTRS-"Green" palm oil sales expected to pick up in 2009

JAKARTA, Nov 25 (Reuters) - Palm oil producers in Indonesia, Malaysia and Papua New Guinea may sell 1 million tonnes of "sustainable" palm oil next year, up ten-fold on 2008 although still only a tiny fraction of global sales, officials said.
Under fire from green groups and some Western consumers, the palm oil industry established the Round Table on Sustainable Palm Oil (RSPO) in 2004 to develop an ethical certification system, including commitments to preserve rainforests and wildlife.

Breaking News-RTRS-Palm oil to gain world sales from soyoil-Oil World

HAMBURG, Nov 25 (Reuters) - Global soyoil exports are likely to slacken in coming months with palm oil being the main gainer, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Global 2008/2009 (Oct/Sept) soyoil exports are likely to fall to 9.87 million tonnes from 11.12 million in the same year-ago period, it said.
But 2008/2009 (Oct/Sept) palm oil exports are set to rise to 35.13 million tonnes from 33.39 million a year previously.

DJI Daily: slight improvement

DJI had gaining a little ground with another positive close. We now look at the support at 8143-8105 followed by 7987-7882. Resistance is at 8852-8876 followed by 8901-8923.

KLSE Daily: rangy mode

Market remains in range bound mode. Looks 853 level had temporary provide a little support followed by next support is at 850-848. While, upside resistance is at 866-869 followed 869-876 (gap left over since 19/11/2008).

FKLI Daily: stuck at sideways move

Market failed to hold ground after tested the intra-day high at 871. Market may want to move in sideways in near term. We continue to look for the immediate support at 843-842.5 followed by 827.5. For upside, immediate resistance is at 875.5-877 followed by 880-883.

FCPO Daily: slowly inching up

Market slowly inching up with 1400 mark provided a firm support. Looks may want to continue challenge the upside gap left over at 1563-1571 (gap left over since 11/11/2008) followed by 1610-1612 (gap left over since 10/11/2008). For downside, immediate support is at 1511-1503( gap left over yesterday) followed by 1435-1430.

Trader's Comment: Palm oil futures extending its yesterday’s gains to end generally higher but off high

Palm oil futures extending its yesterday’s gains to end generally higher but off high. Strong closed in overnight NYMEX crude oil coupled with 200 points up in rival soy oil in CBOT saw Benchmark Feb09 initially opened with RM42 higher at 1530 and climbed to 1550 before lunch break. Stronger export figures released by private cargo surveyors also provided some support into the market. However, prices meeting some resistance between 1540 to 1550, thus prompting profit-taking activities emerged. It slides to hit the intra day low of 1511 in late session before it rebounded to settled RM32 higher at 1520. Total daily volume stood at 9476 contracts changed hands.