Friday, March 20, 2009
Trader's Comment: CPO futures extended yesterday’s gains to end generally higher on pre-weekend covering.
CPO futures extended yesterday’s gains to end generally higher on pre-weekend covering. Prices rose steadily through out most of the sessions despite weakness in export data. Strong external market had provided tremendous supportive sentiment to the local CPO market, overshadowed the weak export data. Both eCBOT soy oil and Dalian palm had been edging up more than 1% today, while Asian time NYMEX crude oil holding steadily above $51 level after its overnight strong rally that also led Benchmark Jun09 to open RM16 higher at 1927 during its early morning trade. Both private cargo surveyor ITS & SGS had reported a decline of 8.9% and 5.6% respectively on the 1-20 Mar export data. Pre-weekend covering had also enhance the buying activities and sent Benchmark Jun09 to settle at intra day high of 1985.
Breaking News-RTRS-Ship delays in offloading palm cargoes in China -trade
KUALA LUMPUR, March 20 (Reuters) - Tankers carrying palm oil from Malaysia and Indonesia face delays of up to a month in discharging their cargoes at destination ports, especially in Southern China, due to oversupply, Malaysian traders said on Friday.
Top palm producers Indonesia and Malaysia ship about 100,000 tonnes of palm oil products each week to China, the world's largest consumer of vegetable oils, historical data shows. The latest delay is for a 54,000-tonne tanker from Indonesia chartered by a Singaporean based palm producer, which may have to wait for two weeks or more to offload consignments of crude palm oil and refined palm olein, a top Malaysian trader said.
Top palm producers Indonesia and Malaysia ship about 100,000 tonnes of palm oil products each week to China, the world's largest consumer of vegetable oils, historical data shows. The latest delay is for a 54,000-tonne tanker from Indonesia chartered by a Singaporean based palm producer, which may have to wait for two weeks or more to offload consignments of crude palm oil and refined palm olein, a top Malaysian trader said.
Breaking News-RTRS-Malaysia's IOI sees palm oil at 2,000 rgt/t
KUALA LUMPUR, March 20 (Reuters) - Malaysia's IOI Corp , the world's third-largest listed palm oil producer, said the price of crude palm oil could rise 20 percent due to falling domestic stockpiles.
"We see prices trading within a range of 2,000 ringgit to 2,300 ringgit, averaging about 2,000 ringgit a tonne. This should be the fair value of palm oil for the time being," said IOI Group Executive Chairman Lee Shin Cheng, without providing a timeframe for the forecast.
"We see prices trading within a range of 2,000 ringgit to 2,300 ringgit, averaging about 2,000 ringgit a tonne. This should be the fair value of palm oil for the time being," said IOI Group Executive Chairman Lee Shin Cheng, without providing a timeframe for the forecast.
Breaking News-RTRS-China soy imports stay high, corn market strong-survey
BEIJING, March 19 (Reuters) - China's soybean imports will stay high in the coming weeks as imports are still attractive compared with domestic soybeans, according to an official survey.
The outlook for corn has turned bullish, reflecting tighter supplies, the China National Grain and Oils Information Centre (CNGOIC) said in a report on Thursday.
Chinese crushers have increased purchases of near-month soy cargoes on fears of further price rises with South Amerca expecting a lower harvest, the report said.
The soyoil market ticked up but stayed bearish due to ample supplies. China raised soyoil imports in March and crushers were operating at a higher capacity, which has increased supplies to the market, the report said.
The outlook for corn has turned bullish, reflecting tighter supplies, the China National Grain and Oils Information Centre (CNGOIC) said in a report on Thursday.
Chinese crushers have increased purchases of near-month soy cargoes on fears of further price rises with South Amerca expecting a lower harvest, the report said.
The soyoil market ticked up but stayed bearish due to ample supplies. China raised soyoil imports in March and crushers were operating at a higher capacity, which has increased supplies to the market, the report said.
Trader's Highlight
DJI-NEW YORK, March 19 (Reuters) - U.S. stocks fell on Thursday on concerns that the Federal Reserve's latest efforts to stem the U.S. recession are too costly and untested, prompting investors to book profits on bank shares after the recent sharp rally.
Investors were unsettled by the implications of the Fed's action to pump another $1 trillion into the financial system and a plan to expand its consumer and small business lending program, fearing the moves could stir up inflation in the long term.
The Dow Jones industrial average <.DJI> fell 85.78 points, or 1.15 percent, to 7,400.80. The Standard & Poor's 500 Index <.SPX> lost 10.31 points, or 1.30 percent, to 784.04. The Nasdaq Composite Index <.IXIC> shed 7.74 points, or 0.52 percent, to 1,483.48.
NYMEX-NEW YORK, March 19 (Reuters) - U.S. crude oil futures settled above $50 on Thursday for the first time in almost four months after the dollar dropped sharply on the U.S. Federal Reserve plan to pump $1 trillion into the recession-hit economy.
On the New York Mercantile Exchange April crude settled up $3.47, or 7.21 percent, at $51.61 a barrel, trading from $48.78 to $52.25. It was the highest settlement since Nov. 28, 2008's $54.43 close and the intraday high was the highest
price since $54.62 on Dec. 1, 2008.
NYMEX May crude settled up $3.14, or 6.42 percent, at $52.04 a barrel, narrowing the contango with April crude to 43 cents from 76 cents at the close on Wednesday.
CBOT-SOYBEANS - May up 25-1/2 cents at $9.40-1/2 per bushel. Soy rallies as dollar index <.DXY> plunges 3 percent on Wednesday.
CBOT-SOYOIL - May up 0.97 cent per lb at 31.89 cents per lb. Led higher by soybeans and soaring crude as Fed stimulus move pushes the dollar lower and makes U.S. commodities cheaper for foreign buyers.
FCPO-KUALA LUMPUR, March 19 (Reuters) - Malaysian crude palm oil futures inched higher on Thursday as oil markets surged but top vegetable oil buyer India cutting import duties on rival soyoil dented some sentiment.
The benchmark June contract on the Bursa Malaysia Derivatives Exchange settled up 6 ringgit at 1,911 ringgit ($523.3) per tonne after rising as high as 1,945 ringgit.
Other traded months mostly fell except for the July contract, which rose 22 ringgit <0#KPO:>. Overall volumes doubled to 21,334 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, March 19 (Reuters) - Most Southeast Asian stocks
gained on Thursday, cheered by moves to revive the U.S. economy, with bank shares helping extend gains in Singapore for a second day and Malaysia hitting its highest in more than a week.
Singapore's index <.FTSTI> added 0.6 percent, coming off an early 1.4 percent rise to a near three-week high. In Kuala Lumpur, the benchmark index <.KLSE> gained 0.5
percent, with Maybank climbing 4.4 percent.
Investors were unsettled by the implications of the Fed's action to pump another $1 trillion into the financial system and a plan to expand its consumer and small business lending program, fearing the moves could stir up inflation in the long term.
The Dow Jones industrial average <.DJI> fell 85.78 points, or 1.15 percent, to 7,400.80. The Standard & Poor's 500 Index <.SPX> lost 10.31 points, or 1.30 percent, to 784.04. The Nasdaq Composite Index <.IXIC> shed 7.74 points, or 0.52 percent, to 1,483.48.
NYMEX-NEW YORK, March 19 (Reuters) - U.S. crude oil futures settled above $50 on Thursday for the first time in almost four months after the dollar dropped sharply on the U.S. Federal Reserve plan to pump $1 trillion into the recession-hit economy.
On the New York Mercantile Exchange April crude
price since $54.62 on Dec. 1, 2008.
NYMEX May crude
CBOT-SOYBEANS - May
CBOT-SOYOIL - May
FCPO-KUALA LUMPUR, March 19 (Reuters) - Malaysian crude palm oil futures inched higher on Thursday as oil markets surged but top vegetable oil buyer India cutting import duties on rival soyoil dented some sentiment.
The benchmark June contract
Other traded months mostly fell except for the July contract, which rose 22 ringgit <0#KPO:>. Overall volumes doubled to 21,334 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, March 19 (Reuters) - Most Southeast Asian stocks
gained on Thursday, cheered by moves to revive the U.S. economy, with bank shares helping extend gains in Singapore for a second day and Malaysia hitting its highest in more than a week.
Singapore's index <.FTSTI> added 0.6 percent, coming off an early 1.4 percent rise to a near three-week high. In Kuala Lumpur, the benchmark index <.KLSE> gained 0.5
percent, with Maybank climbing 4.4 percent.
DJI Daily: retreated
Market retreated after the recent rebound. We maintain the upside resistance and downside support at 7800-8000 and 7100-7000 level respectively.
KLSE Daily: holding ground
Market may continue to move sideways to higher in near term with immediate resistance remains at 855-858 followed by 863. Downside support is pegged at 840-835.
FKLI Daily: sideways to bias upside potential
Market maintain its sideways to bias little upside potential posture as 850 level stayed firm. We now looking for the resistance at 860-865. Downside support is pegged at 840-830 level.
FCPO Daily: 1900 mark defended well
Market tested 1900-1890 in intra-day basis yet 1900 manage to defend well. Market may extend its sideways move in near term. We now looking for the immediate downside support at 1890 followed by 1840-1830. While, upside resistance remain at 1940-1950 followed by 1970-2000.
Subscribe to:
Posts (Atom)
