Breaking News-(BN) Indonesian Rupiah Declines 0.4% on Reports of Hotel Bombing

By Lilian Karunungan
July 17 (Bloomberg) -- The Indonesian rupiah declined 0.4 percent to 10,155 per dollar on reports that two hotels were bombed in Jakarta.
The facade of the Ritz-Carlton hotel was blown off in one blast Friday morning, the Associated Press reported, citing police. Another explosion hit the Marriott hotel. An Associated Press reporter saw three injured taken away from the Ritz, the agency said.

Trader's Comment: Palm oil futures lose its grip in late trading and settled at the intra day low of 2020

Palm oil futures lose its grip in late trading and settled at the intra day low of 2020 after the earlier sideways movement and mix trading. Market was quite uncertain initially due to the “battle” between speculative buyers who believe that the uptrend is still intact and the profit takers who had started to book their profit from the 2-day rally. New Benchmark Oct09 had been hovering in a tight range between 2100-2067 through out most of the sessions. However, as external markets turned weaker in late trading, intra day liquidation began to emerge in the BMD and saw prices to slid further until closing. Both Asian time NYMEX crude oil and eCBOT soy oil had edged more than 1% lower.

Breaking News-RTRS-UPDATE 2-China to sell soy reserves, may get few buyers

BEIJING, July 16 (Reuters) - China plans sales of corn and soybeans from state reserves from next week, its first from massive purchases of 2008 crops, but high prices are likely to deter buyers in a market already flooded with imported soybeans.
Traders told Reuters the soybeans are likely to be priced at 3,750 yuan ($549) a tonne, about $40-$50 above import prices, while they said the corn sale comes too close to the start of the new harvest.

Trader's Highlight

DJI-NEW YORK, July 16 (Reuters) - U.S. stocks rallied for a fourth day on Thursday after JPMorgan's strong results fed growing optimism about the quarterly earnings season and technology shares rose in anticipation of more good news.

The Dow Jones industrial average <.DJI> rose 95.61 points, or 1.11 percent, to 8,711.82.

The Standard & Poor's 500 Index <.SPX> gained 8.06 points, or 0.86 percent, to finish at 940.74, and has climbed 7 percent for the week so far. The Nasdaq Composite Index <.IXIC> advanced 22.13 points, or 1.19 percent, to 1,885.03.

NYMEX-NEW YORK, July 16 (Reuters) - U.S. crude oil futures ended a seesaw session higher on Thursday, bouncing late with equities markets after conflicting data about economic recovery kept trading choppy.

On the New York Mercantile Exchange, August crude rose 48 cents, or 0.78 percent, to settle at $62.02 a barrel. Trading ranged from $60.29 to $62.18.

CBOT-SOYBEANS - August down 44-1/2 cents at $9.76 a bushel

Soybean futures fall to 3-1/2 month low on pressure from good crop weather in the United States and news China selling soy from reserves next week.

China confirms sales of 500,000 tonnes of soybean reserves next week, may get few buyers.

CBOT-SOYOIL - August down 0.32 cent at 33.80 cents per lb.

Spillover selling pressure from falling soybeans. Drop in crude oil also weighs on prices Overall volume was 22,903 lots of 25 tonnes each, more than double the usual 10,000 lots.

FCPO-JAKARTA, July 16 (Reuters) - Malaysian palm oil futures tumbled on Thursday as investors locked in profits after the market jumped nearly 6 percent in the previous two sessions, with weak outside markets fueling the selling mood, traders said. The benchmark October contract on Bursa Malaysia's Derivatives Exchange, the new third month contract, dropped 65 ringgit, or 3.1 percent, to 2,020 ringgit ($565.98) a tonne, after going as high as 2,100 ringgit.

REGIONAL EQUITIES-BANGKOK, July 16 (Reuters) - Major Southeast Asian stock
markets rose for the third day on Thursday, with buying of property shares pushing Singapore to its highest level in 10 months and economic optimism lifting the mood elsewhere.

Singapore <.FTSTI> gained 0.5 percent, earlier rising as much as 1.9 percent to its highest since September last year. Analysts said China's higher-than-expected economic growth and a jump in U.S. stocks in reaction to upbeat corporate results buoyed sentiment in the region.

Malaysia's index <.KLSE> added 1.1 percent, rising as much as 2.1 percent to its highest since Aug. 13, with telecommunications firm Axiata Group up 5.6 percent and Malayan Banking , the biggest lender, up 0.9 percent.

DJI Daily: May challenge 8800-9000 level

Market continue to gain ground and may want to challenge 8800-9000 level in near term. Downside support maintain at 8200.

KLSE Daily: Uptrend likely to continue

Market looks may want to challenge 1130-1140 level in near term. To the downside, support is pegged at 1095.

FKLI Daily: Bull run likely to extend

Market looks may likely to extend its bull run in near term with upside resistance at 1130-1150. Downside support is pegged at 1090.

FCPO Daily: in sideways

Market gave up the earlier gains to close at day low of 2020 level. Thus, market may trade in sideways in near term while searching for direction. Therefore, we continue to look for the immediate upside resistance at 2124 followed by 2150. While, immediate downside support is pegged at 2020-2000 followed by 1983-1964.

Trader's Comment: Palm oil futures extended strongly from its overnight rally to break 2100 level

Palm oil futures extended strongly from its overnight rally to break 2100 level on improve export numbers and positive regional equity markets. Both private cargo surveyors had released positive results of 1-15 July export data as ITS and SGS reported an increase of 17.6% and 14.6% respectively. On the other hand, market were now anticipating that production may not keep pace with the increasing demand and this further enhanced more speculative buying activities in BMD. Benchmark Sep09 rallied strongly through out most of the sessions until it hit intra day high at 2124 in the afternoon session. It finally eased off slightly to settle RM67 higher at 2103 due to some late intra day profit taking activities.

Breaking News-RTRS-Record China soy arrivals cause port congestion

BEIJING/SINGAPORE, July 15 (Reuters) - Record soybean import volumes have caused congestion in some northern Chinese ports with unloading delayed by up to a week, but the situation should ease from August as imports slow down, traders and port officials said on Wednesday.

Trader's Highlight

DJI-NEW YORK, July 15 (Reuters) - U.S. stocks jumped on Wednesday with the S&P 500 racking up its three best days since March, sparked by results from bellwether Intel Corp that lifted hopes for a rebound in technology spending and improved corporate profitability.

The Dow Jones industrial average <.DJI> rose 256.72 points, or 3.07 percent, to 8,616.21. The Standard & Poor's 500 Index <.SPX> gained 26.84 points, or 2.96 percent, to 932.68, its best gain in nearly two months and putting it solidly back into the black for the year. The Nasdaq Composite Index <.IXIC> jumped 63.17 points, or 3.51 percent, to 1,862.90.

Minutes from last month's FOMC meeting showed central bank policy-makers thought economic growth would resume in the second half of the year, although the economy remained vulnerable.

NYMEX-NEW YORK, July 15 (Reuters) - U.S. crude oil futures settled more than 3 percent higher on Wednesday as a government inventory report showing crude supplies fell last week, the dollar's weakness and strong equities combined to lift oil.

On the New York Mercantile Exchange, August crude rose $2.02, or 3.39 percent, to settle at $61.54 a barrel, trading from $59.65 to $62. The $62 high was reached in Globex trading after the day's settlement was reached.

CBOT-SOYBEANS - August down 14 cents at $10.20-1/2 a bushel

Market turns lower as traders lock in profits following rallies this week. Good growing weather also weighs but good export demand and supportive outside markets limit downturn.

CBOT-SOYOIL - August up 0.35 cent at 34.12 cents per lb.Gains in crude oil lending spillover support to soyoil futures.

FCPO-JAKARTA, July 15 (Reuters) - Malaysian palm oil futures closed at its highest level in more than a week on Wednesday, boosted by higher exports, after posting the biggest day-gain in nearly three weeks, traders said.

The benchmark September contract on Bursa Malaysia's Derivatives Exchange rose 67 ringgit, or 3.3 percent, to 2,103 ringgit ($590.456) per tonne, a level not seen since July 6. Volume totalled 19,251 lots of 25 tonnes each, almost double the
usual turnover.

REGIONAL EQUITIES-BANGKOK, July 15 (Reuters) - Southeast Asian stock markets
edged higher on Wednesday as solid earnings from U.S. firms and an improving Asian economic outlook boosted confidence in a global recovery, sending Singapore and Malaysian shares to fresh highs.

Singapore's benchmark index <.FTSTI> rose 3.4 percent, with a blue chip shares rally taking it to a near five-week high and on buying in the last minutes of trading after a Reuters poll showed the country will see a sharp turnaround next year as the
continent rebounds

Malaysian stocks <.KLSE> edged 1.63 percent higher, having hit their highest level unseen since Aug. 15, 2008 earlier in the day, Philippine stocks <.PSI> closed up 0.95 percent at its highest since June 15, with Philippine Long Distance Telephone
leading the way with a 0.42 percent rise.

DJI Daily: Found support at 8000 mark

Market recovered and rebounded strongly as 8000 mark provided a good support. Market looks may want to challenge 8800-9000 level in near term.

KLSE Daily: Bullish

Bull extended its wining streak to mark another fresh high for the year. Market looks likely to continue bull run journey in near term. As for now, we are looking for the upside resistance at 1120-1130. To the downside, support is pegged at 1080.

FKLI Daily: Fabulous

Strong rallied to reach another peak of the year had further cheer up the overall technical landscape. Market looks may likely to extend its bull run in near term with upside resistance at 1130-1150. Downside support is pegged at 1080.

FCPO Daily: Gaining ground

Market manage to gain ground to close at 2100 mark had helped to neutralise a little the bearish technical landscape. Therefore, we continue to look for the immediate upside resistance at 2150 followed by 2200. While, immediate downside support is pegged at 2020-2000.

Trader's Comment: Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher

Palm oil futures rebounded strongly from its previous 3 and ½ month low to end generally higher, as market expecting export figures will continue to be supportive. Benchmark Sep09 immediately gap up RM33 to open at 2023 and climbed steadily through out most of the sessions. Market talk that tomorrow’s 1-15 July export data could achieve 660k tonnes compare with 560k tonnes (ITS) seen in last month corresponding period, had helped to fuel the buying sentiment in local BMD. Benchmark Sep09 hit intra day high of 2078 in the second session before some intra day profit taking activities emerged in late trading and led prices easing off to settle RM46 higher at 2036. External markets were also supportive as Asian time NYMEX crude oil and other vege oil markets edging higher today.

Trader's Highlight

DJI-NEW YORK, July 14 (Reuters) - U.S. stocks managed modest gains on Tuesday as better-than-expected corporate profits overshadowed concerns about weak consumer demand.

The Dow Jones industrial average <.DJI> added 27.81 points, or 0.33 percent, to 8,359.49. The Standard & Poor's 500 Index <.SPX> gained 4.79 points, or 0.53 percent, to 905.84. The Nasdaq Composite Index <.IXIC> rose 6.52 points, or 0.36 percent, to 1,799.73.

NYMEX-NEW YORK, July 14 (Reuters) - U.S. crude oil futures edged up in post-settlement trading on Tuesday after inventory from the American Petroleum Institute showed crude oil and gasoline supplies fell last week.

On the New York Mercantile Exchange, August crude ended Globex trading up 6 cents at $59.75 a barrel, after earlier settling 17 cents, or 0.28 percent lower, at $59.52 a barrel, trading from $59.15 to $61.46.

CBOT-SOYBEANS - July expired 17-1/2 cents per bushel lower at $10.74. August up 16 at $10.34-1/2. Spot July pressured by long-liquidation during expiration. Tight stocks of soybeans begin to lift old-crop August and September in addition to fund buying.

NOPA pegged U.S. June soy crush 133.145 million bushels, below an average of analysts' estimates for 135.9 million and about equal to the 133.513 million in June 2008.

CBOT-SOYOIL - July expired up 0.38 cent per lb at 33.65. August up 0.37 at 33.77.

Short-covering during expiration lifted July with other months supported by short-covering, fund and commercial buying in addition to unwinding of meal/oil spreads.

NOPA pegged U.S. soyoil stocks at the end of June 2.907 bln lbs, above the 2.449 bln lbs at the end of June 2008.

FCPO-JAKARTA, July 14 (Reuters) - Malaysian palm oil futures rose 2.3 percent on Tuesday, coming off a 3-½ month low the previous day on speculation that palm exports in the first fifteen days of July, due out Wednesday, were stronger, traders said.

The benchmark September contract on Bursa Malaysia's Derivatives Exchange rose 46 ringgit to 2,036 ringgit ($568.08) per tonne. Volume was 13,534 lots of 25 tonnes each.

REGIONAL EQUITIES-BANGKOK, July 14 (Reuters) - Most Southeast Asian stock markets gained ground on Tuesday, with Singapore bouncing from a one-week low after strong second-quarter economic data and Malaysia near a two-week high, with financials among advancers.

Singapore's index <.FTSTI> rose 1.9 percent, erasing Monday's 1.8 percent fall as banks recouped recent losses after news the city state had recovered from its worst recession and upgraded its economic outlook due to rising drug output and construction.

Financial buying also pushed Malaysia's main index <.KLSE> up 1.5 percent to its highest level since July 2, with Bumiputra-Commerce and Public Bank climbing more than 3 percent each.

KLSE Daily: Bull run to continue

Market is no longer stuck in sideways move after yesterday breakout with a long white candle. Market looks may want to cover the left over upside gap since 16/6/2009 at 1083-1086 followed by 1096. To the downside, support is stood at 1058.

FKLI Daily: Eyeing recent high at 1092

Market rebounded strongly and looks may want to challenge the recent high at 1092 level. Meanwhile, downside support is pegged at 1055-1050.

FCPO Daily: Struggle to survive

Market struggle to survive at 2000 mark after found a temporary support at 1964. Nevertheless, overall technical landscape remains bearish despite prices tested the intra-day high at 2078. We are now looking for the immediate resistance at 2085-2100 followed by 2150. While, immediate downside support is pegged at 1964.