-RTRS-MALAYSIAN PM ABDULLAH SAYS TO SPEND 200 MLN RGT AS INCENTIVE FOR REPLANTING OIL PALM
-RTRS-MALAYSIAN PM - TO START USING BIODIESEL FOR GOVT VEHICLES FROM FEB 2009
-RTRS-MALAYSIAN PM SAYS PALM OIL OUTPUT TO FALL BY 700,000 TONNES A YR DURING REPLANTING
-RTRS-MALAYSIAN PM SAYS PLANS TO TURN 500,000 TONNES OF PALM OIL A YEAR INTO BIODIESEL BY EARLY 2010
Thursday, October 30, 2008
FKLI Daily: bear taking a breathe
Bear took a breathe due to technically oversold. A long white candle printed had slow down a little the market downside movement. Nevertheless, overall technical picture remained bearish. As for now, we look for the resistance at 871.5-883 and support is pegged at 816.5-803.5.
KLSE Daily: covered full gap with double digit up
Market fully covered the upside gap left over since 24th Oct, 2008 at 850-853 with double digit good ending. Market may continue its consolidation phase after the strong sell down as overall technical landscape is remained in bearish atmosphere. For now, we look for the resistance and support at 880-890 and 821 level respectively.
FCPO Hourly: A big gap up
A big gap up after the opening bell saw prices steady at 1500 mark. Looks may look for a range to trade in near term. For upside, immediate resistance is at 1556-1591. For downside, support is at 1509-1435 (morning gap left over).
FKLI Hourly: technical rebound
FKLI in rebounding mode after the recent sell down. We now look for the upside resistance at 859.5 followed by 871.5. For downside, support at 830.5-827 followed by 816.5.
KLSE Hourly: covering upside gap
Market intend to cover its upside gap left over since 24th Oct, 2008 at 850-853. While, immediate support is at 821.
Breaking News-RTRS-US Fed launches four new currency swap lines
WASHINGTON, Oct 29 (Reuters) - The Federal Reserve on Wednesday extended U.S. dollar liquidity aid beyond traditional markets, opening four new $30 billion currency swap lines with Brazil, Mexico, South Korea and Singapore.
Breaking News-RTRS-TAKE A LOOK-Fed cuts benchmark rate 1/2 point to 1 pct
The U.S. Federal Reserve on Wednesday cut its benchmark federal funds rate
by 50 basis points to 1 percent to prevent a widening credit crisis from
tipping the United States into a deep and prolonged recession.
by 50 basis points to 1 percent to prevent a widening credit crisis from
tipping the United States into a deep and prolonged recession.
Breaking News-RTRS-EU biofuel data change angers environmentalists
By Pete Harrison
BRUSSELS, Oct 29 (Reuters) - European biofuels could receive a boost from a change in the way the European Union calculates their impact on the environment, a document shows, angering environmentalists who think they do more harm than good.
The European Council document seen by Reuters on Wednesday also annoyed European biodiesel producers who see a bias towards bioethanol.
BRUSSELS, Oct 29 (Reuters) - European biofuels could receive a boost from a change in the way the European Union calculates their impact on the environment, a document shows, angering environmentalists who think they do more harm than good.
The European Council document seen by Reuters on Wednesday also annoyed European biodiesel producers who see a bias towards bioethanol.
Trader's Comment:
DJI-NEW YORK, Oct 29 (Reuters) - U.S. stocks fell on Wednesday as a big rally faltered in the last minutes of trading on worry about the weakening corporate profit picture after a news report raised questions about General Electric's earnings outlook.
In a move that has been the trademark of the market's volatility ever since Lehman Brothers' bankruptcy filing in mid-September, the Dow plunged more than 300 points in the last 12 minutes, dashing prospects for the first back-to-back gains in a month.
Aside from the GE news, reported by Dow Jones with less than 15 minutes left in the session, traders said hedge funds and mutual funds were dumping stocks to raise cash to repay clients and lenders, while other investors were eager to lock in some profit from Tuesday's huge rally.
The Dow Jones industrial average <.DJI> fell 74.16 points, or 0.82 percent, to close at 8,990.96. The Standard & Poor's 500 Index <.SPX> declined 10.42 points, or 1.11 percent, to 930.09. But the Nasdaq Composite Index <.IXIC> rose 7.74 points, or 0.47 percent, to 1,657.21.
NYMEX-NEW YORK, Oct 29 (Reuters) - U.S. crude oil futures rose further in post-settlement trading on Wednesday as the U.S. dollar extended losses against the euro after U.S. stocks rallied after the Federal Reserve cut interest rates.
In late trading on the New York Mercantile Exchange, December crude hit a session high of $69.24. It earlier settled up $4.77, or 7.6 percent. at $67.50 a barrel, after trading from $63.65 to $68.91.
Prices have bounced from Monday's $61.30 intraday low, which was the weakest since $60.68 was struck on May 9, 2007.
CBOT-SOYBEANS - November up 58-1/2 cents at $9.37-1/4 per bushel; January up 59 cents at $9.47.
Led by crude oil and weak dollar with additional support from stabilizing stock markets. Bullish moves in soy options add strength, with firms selling puts and buying calls. Weak dollar also supportive as market awaited expected interest rate cut by the U.S. Fed.
CBOT-SOYOIL - December up 2.45 cents at 34.33 cents per lb. Front months rose the 2.5-cent limit earlier on soaring crude oil and higher soybeans.
FCPO-JAKARTA, Oct 29 (Reuters) - Malaysian palm futures finished lower on Wednesday amid worries that buyers will seek palm oil from rival Indonesia after Jakarta scrapped a tax on palm oil exports, traders said.
The benchmark January contract on the Bursa Malaysia Derivatives Exchange finished 24 ringgit lower, or 1.64 percent, at 1,435 ringgit ($401) a tonne.
The January contract hit a low of 1,331 ringgit per tonne on Tuesday, the weakest since mid-August 2005.
REGIONAL EQUITIES-SINGAPORE, Oct 29 (Reuters) - Singapore stocks rose 0.3 percent on Wednesday, but stayed close to a 4-½ year low as investor fears the worsening financial crisis will cut company profits capped gains in blue chips such as SingTel.
The benchmark Straits Times Index <.FTSTI> closed up 4.71 points at 1,671.20 points, after touching its lowest since July 2003 on Tuesday. Elsewhere, Indonesian stocks <.JKSE> added 0.2 percent, and Philippine shares <.PSI> climbed 4.5 percent. Malaysian shares <.KLSE> fell 0.4 percent, and Thai stocks
<.SETI> dropped 3.5 percent.
In a move that has been the trademark of the market's volatility ever since Lehman Brothers' bankruptcy filing in mid-September, the Dow plunged more than 300 points in the last 12 minutes, dashing prospects for the first back-to-back gains in a month.
Aside from the GE news, reported by Dow Jones with less than 15 minutes left in the session, traders said hedge funds and mutual funds were dumping stocks to raise cash to repay clients and lenders, while other investors were eager to lock in some profit from Tuesday's huge rally.
The Dow Jones industrial average <.DJI> fell 74.16 points, or 0.82 percent, to close at 8,990.96. The Standard & Poor's 500 Index <.SPX> declined 10.42 points, or 1.11 percent, to 930.09. But the Nasdaq Composite Index <.IXIC> rose 7.74 points, or 0.47 percent, to 1,657.21.
NYMEX-NEW YORK, Oct 29 (Reuters) - U.S. crude oil futures rose further in post-settlement trading on Wednesday as the U.S. dollar extended losses against the euro after U.S. stocks rallied after the Federal Reserve cut interest rates.
In late trading on the New York Mercantile Exchange, December crude
Prices have bounced from Monday's $61.30 intraday low, which was the weakest since $60.68 was struck on May 9, 2007.
CBOT-SOYBEANS - November
Led by crude oil and weak dollar with additional support from stabilizing stock markets. Bullish moves in soy options add strength, with firms selling puts and buying calls. Weak dollar also supportive as market awaited expected interest rate cut by the U.S. Fed.
CBOT-SOYOIL - December
FCPO-JAKARTA, Oct 29 (Reuters) - Malaysian palm futures finished lower on Wednesday amid worries that buyers will seek palm oil from rival Indonesia after Jakarta scrapped a tax on palm oil exports, traders said.
The benchmark January contract
The January contract hit a low of 1,331 ringgit per tonne on Tuesday, the weakest since mid-August 2005.
REGIONAL EQUITIES-SINGAPORE, Oct 29 (Reuters) - Singapore stocks rose 0.3 percent on Wednesday, but stayed close to a 4-½ year low as investor fears the worsening financial crisis will cut company profits capped gains in blue chips such as SingTel.
The benchmark Straits Times Index <.FTSTI> closed up 4.71 points at 1,671.20 points, after touching its lowest since July 2003 on Tuesday. Elsewhere, Indonesian stocks <.JKSE> added 0.2 percent, and Philippine shares <.PSI> climbed 4.5 percent. Malaysian shares <.KLSE> fell 0.4 percent, and Thai stocks
<.SETI> dropped 3.5 percent.
DJI Daily: big rally faltered in the last minutes
DJI losing ground as big rally faltered in the last minutes. Market hits the resistance at 9284-9300 but unable to hold. Looks may consolidate and look for a range to trade in near term. We now look for the support at 8143-8187. For upside, resistance is at 9430-9448.
Wednesday, October 29, 2008
FKLI Daily: disappointed 'bull' rebound
Disappointed bull rebound as the rebound was really short lived. We continue to look for the upside resistance at 871.5-883. While, support pegged at 803.5.
KLSE Daily: remains cloudy mood
Market atmosphere remained cloudy following market failed to sustain after covered partial of the upside gap. Looks may entering a consolidation zone in near term. We now continue to look at 800 mark support. For upside, resistance is at 850-853 (gap left over since 24th Oct, 2008).
FCPO Daily: consolidation
Market stuck in range trading looks may extend its consolidation mode in near term. We now look for the support and resistance at 1331 and 1459-1475 level respectively.
Trader's Comment: The “Bull’s party” of CPO was spoiled
The “Bull’s party” of CPO was spoiled by disappointing closed of overnight CBOT and zero export duty by Indonesia government. Benchmark Jan09 open RM31 lower at 1428, tracking lower soybean prices and disappointing closed of soy oil which only up marginal compared to more than 150pts up during Asian time zone yesterday. News that Indonesian government’s decision to scrap the export duty to zero added onto the selling pressure. Benchmark Jan09 prices has slide to hit intra day low and ends at 1399 by midday. Prices were hovering mostly between 1395-1430 before late covering activities emerge and sent prices to settle at RM24 lower at 1435.
Breaking News-RTRS-INDONESIA PALM OIL ZERO EXPORT TAX MAY BE EFFECTIVE UNTIL YEAR END-GOVT OFFICIAL
JAKARTA, Oct 29 (Reuters) - The Indonesian government's decision to remove the tax on palm oil exports may stay in place until the end of this year, a government official said on Wednesday.
Breaking News-RTRS-INDONESIA TO IMPOSE ZERO PCT EXPORT TAX ON CRUDE PALM OIL - FIN MIN
JAKARTA, Oct 28 (Reuters) - Indonesia's finance minister said on Tuesday that the export tax on crude palm oil had been cut to zero percent, as part of a package of measures intended to shore up confidence in the financial markets.
Breaking News-RTRS-UPDATE 3-BOJ considering rate cut - source
TOKYO, Oct 29 (Reuters) - The Bank of Japan will consider cutting interest rates at a policy meeting later this week, but the bank will watch market conditions before making a final decision, a source informed on the matter said on Wednesday.
A reduction in interest rates is seen coming up on the table when the BOJ's policy board meets on Friday.
A reduction in interest rates is seen coming up on the table when the BOJ's policy board meets on Friday.
Trader's Highlight
DJI-NEW YORK, Oct 28 (Reuters) - Wall Street marked its second-best day ever on Tuesday as investors, convinced that central banks worldwide will cut rates even more, scooped up stocks that had been driven down to their lowest prices in more than five years.
A big catalyst for the late-day surge was a huge drop in the Japanese yen after a news report that the Bank of Japan may cut interest rates later this week.
The Federal Reserve is expected to cut its benchmark fed funds rate by at least 50 basis points on Wednesday when it concludes a two-day meeting that began this afternoon.
The Dow Jones industrial average <.DJI> jumped 889.35 points, or 10.88 percent, to 9,065.12. The Standard & Poor's 500 Index <.SPX> surged 91.59 points, or 10.79 percent, to 940.51. The Nasdaq Composite Index <.IXIC> ran up 143.57 points, or 9.53 percent, to 1,649.47.
NYMEX-NEW YORK, Oct 28 (Reuters) - U.S. crude futures ended lower on Tuesday as plunging consumer confidence outweighed a rebounding stock market and OPEC officials talked of more action to stem oil's steep price slide.
On the New York Mercantile Exchange, December crude settled down 49 cents, or 0.78 percent, at $62.73 a barrel, trading from $61.61 to $65.20. Monday's $61.30 intraday low was the weakest since $60.68 was struck on May 9, 2007.
CBOT-SOYBEANS - November down 14-1/4 cents at $8.78-3/4 per bushel; January down 9-1/2 cents at $8.88.
Pressured by profit taking after initial rally on USDA's corrected October crop report that showed lowered acreage and ending stocks. Talk of farmer selling also weighed.
USDA corrected the October crop report. Soy harvested acreage for 2008 lowered to 74.4 million from previous 75.5 million, crop production lowered to 2.938 billion from previous 2.983 billion and ending stocks for 2008/09 lowered to 205
million bushels from 220 million.
SOYOIL - December up 0.16 cent at 31.88 cents per lb. Fund buying provided support.
FCPO-JAKARTA, Oct 28 (Reuters) - Malaysian palm futures recouped losses to finish 5 percent higher on Tuesday, after hitting a fresh three-year low earlier, supported by a rebound in crude oil price, traders said.
The rally in Asian equity markets and soybean oil prices also helped boost sentiment, they said.
Palm prices could extend their rebound on Wednesday if Wall Street finishes higher on Tuesday, a key factor that will set the tone for trading in Asian markets, said a trader at a Kuala Lumpur-based brokerage firm.
The benchmark January contract on the Bursa Malaysia Derivatives Exchange rose 69 ringgit, or 4.96 percent, to 1,459 ringgit ($377) per tonne, coming off a low of 1,331 ringgit, the weakest since mid-August 2005.
Other traded months rose between 4 ringgit and 61 ringgit. The overall volume stood at 17,189 lots of 25 tonnes each.
A big catalyst for the late-day surge was a huge drop in the Japanese yen after a news report that the Bank of Japan may cut interest rates later this week.
The Federal Reserve is expected to cut its benchmark fed funds rate by at least 50 basis points on Wednesday when it concludes a two-day meeting that began this afternoon.
The Dow Jones industrial average <.DJI> jumped 889.35 points, or 10.88 percent, to 9,065.12. The Standard & Poor's 500 Index <.SPX> surged 91.59 points, or 10.79 percent, to 940.51. The Nasdaq Composite Index <.IXIC> ran up 143.57 points, or 9.53 percent, to 1,649.47.
NYMEX-NEW YORK, Oct 28 (Reuters) - U.S. crude futures ended lower on Tuesday as plunging consumer confidence outweighed a rebounding stock market and OPEC officials talked of more action to stem oil's steep price slide.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
Pressured by profit taking after initial rally on USDA's corrected October crop report that showed lowered acreage and ending stocks. Talk of farmer selling also weighed.
USDA corrected the October crop report. Soy harvested acreage for 2008 lowered to 74.4 million from previous 75.5 million, crop production lowered to 2.938 billion from previous 2.983 billion and ending stocks for 2008/09 lowered to 205
million bushels from 220 million.
SOYOIL - December
FCPO-JAKARTA, Oct 28 (Reuters) - Malaysian palm futures recouped losses to finish 5 percent higher on Tuesday, after hitting a fresh three-year low earlier, supported by a rebound in crude oil price, traders said.
The rally in Asian equity markets and soybean oil prices also helped boost sentiment, they said.
Palm prices could extend their rebound on Wednesday if Wall Street finishes higher on Tuesday, a key factor that will set the tone for trading in Asian markets, said a trader at a Kuala Lumpur-based brokerage firm.
The benchmark January contract
Other traded months rose between 4 ringgit and 61 ringgit. The overall volume stood at 17,189 lots of 25 tonnes each.
DJI Daily: best day ever
DJI soar with its best day ever. Support at 7882 remained firm. For upside, resistance is at 9284-9300.
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