Market looks facing tough resistance at 1037-1040. To the downside, support is stood at 1014-1000.
Tuesday, May 12, 2009
FKLI Daily: Upswing mode may slow down
Market ended at day low after failed to sustain at 1030 level has slowing down the market upside momentum. Bull looks may want to take a breathe after the recent sharp rallied. Thus, market may consolidate in near term with upside resistance is stood at 1038-1040. To the downside, support remains at 998-993.5 (gap left over on 4/5/2009).
FCPO Daily: in Consolidation phase
Market was entering to a consolidation phase as prices moving in range trading. We are now looking for the immediate upside resistance at 2730-2745 followed by 2798.To the downside, immediate support is pegged at 2650 followed by 2620-2600.
Monday, May 11, 2009
China soybean imports slow as large arrivals loom
BEIJING/SINGAPORE, May 8 - China's soybeans imports remained slow this week, with only four to five cargoes totalling around 300,000 tonnes contracted, half of the normal volumes as the country gears up for plentiful arrivals this month, traders said on Friday. They added China would likely reduce buying for July and August shipments, after booking a record five million tonnes for May and more than four million tonnes for June.
Trader's Highlight
DJI - NEW YORK, May 10 - U.S. stocks should rally this week, and push the Dow into positive territory for the year, with bank stress tests out of the way and investors hopeful retail sales will reinforce views the economy is on the mend.
NYMEX - NEW YORK, May 8 - U.S. crude futures ended at their highest level in nearly six months on Friday, tracking Wall Street after economic data showed fewer jobs were lost in April than expected and stress test results lifted some uncertainty over the health of major American banks.
On the New York Mercantile Exchange, June crude settled up $1.92, or 3.39 percent, at $58.63 a barrel, the highest close since Nov. 11's $59.33.
CBOT - SOYBEANS - May up 15 cents at $11.34. Support from shrinking soy supply in the United States, low soy yields in South America, firm crude oil and higher stock market.
CBOT - SOYOIL - May up 0.83 cent at 39.30 cents per lb. Following soybeans with higher crude oil also supportive.
FCPO - JAKARTA, May 8 - Malaysian palm futures closed flat on Friday for the second day in a row as traders cautiously awaited the end-April stock data, due out on Monday, for clues on the direction of prices, traders said.
The benchmark July contract edged up 5 ringgit, or 0.2 percent, to 2,685 ringgit per tonne ($765.87). Overall volume was 16,221 lots of 25 tonnes each.
REGIONAL EQUITIES - SINGAPORE, May 8 - Southeast Asian shares gained on Friday, led by energy, plantation and mining shares, as oil prices rose above $57 a barrel on economic hopes ahead of U.S. employment data later on Friday.
The Jakarta Composite Index gained 1.84 percent, led by plantation firm Bakrie Sumatera Plantations, which soared 15.7 percent, and state miners PT Aneka Tambang Tbk and PT Timah, which jumped 10 and 14 percent respectively.
Singapore's Straits Times index lost 0.15 percent as the country's biggest lender DBS Group slipped 0.83 percent despite a lower-than-expected drop in its first quarter profit.
The Kuala Lumpur Composite inched 0.32 percent higher while the Philippine PSEi index finished 0.14 percent higher. The Thai market was closed for a public holiday.
NYMEX - NEW YORK, May 8 - U.S. crude futures ended at their highest level in nearly six months on Friday, tracking Wall Street after economic data showed fewer jobs were lost in April than expected and stress test results lifted some uncertainty over the health of major American banks.
On the New York Mercantile Exchange, June crude settled up $1.92, or 3.39 percent, at $58.63 a barrel, the highest close since Nov. 11's $59.33.
CBOT - SOYBEANS - May up 15 cents at $11.34. Support from shrinking soy supply in the United States, low soy yields in South America, firm crude oil and higher stock market.
CBOT - SOYOIL - May up 0.83 cent at 39.30 cents per lb. Following soybeans with higher crude oil also supportive.
FCPO - JAKARTA, May 8 - Malaysian palm futures closed flat on Friday for the second day in a row as traders cautiously awaited the end-April stock data, due out on Monday, for clues on the direction of prices, traders said.
The benchmark July contract edged up 5 ringgit, or 0.2 percent, to 2,685 ringgit per tonne ($765.87). Overall volume was 16,221 lots of 25 tonnes each.
REGIONAL EQUITIES - SINGAPORE, May 8 - Southeast Asian shares gained on Friday, led by energy, plantation and mining shares, as oil prices rose above $57 a barrel on economic hopes ahead of U.S. employment data later on Friday.
The Jakarta Composite Index gained 1.84 percent, led by plantation firm Bakrie Sumatera Plantations, which soared 15.7 percent, and state miners PT Aneka Tambang Tbk and PT Timah, which jumped 10 and 14 percent respectively.
Singapore's Straits Times index lost 0.15 percent as the country's biggest lender DBS Group slipped 0.83 percent despite a lower-than-expected drop in its first quarter profit.
The Kuala Lumpur Composite inched 0.32 percent higher while the Philippine PSEi index finished 0.14 percent higher. The Thai market was closed for a public holiday.
Friday, May 8, 2009
Trader's Comment: Palm oil futures ended marginally higher after mix trading.
Palm oil futures ended marginally higher after mix trading. Benchmark July09 settled RM5 higher at 2685 after trading within 2715-2656 through out the day. Price movement was becoming narrower since couple of days ago as players cautiously waiting for new leads from the upcoming key data scheduled to release next Monday. Both private cargo surveyors ITS & SGS will release the first 10 days of May export data, while MPOB will released the April supply & demand data. Generally traders had been speculating that stock level to be around 1.25 million tones, which is somewhere between the forecast of Reuters poll and Malaysia Commodity Minister who had stated that stock level at 1.3 million tonnes and 1.2 million tonnes respectively. Daily volume continue to reduce to 16,221 contracts that changed hands.
Breaking News-RTRS-Malaysian palm stocks now at 1.2 mln tonnes - report
KUALA LUMPUR, May 7 (Reuters) - Malaysian palm oil stocks now stand at 1.2 million tonnes and will keep prices of the vegetable oil trading between 2,600 ringgit ($737.6) and 2,800 ringgit, the country's new commodities minister said on Thursday.
The figure given by Bernard Dompok, who took over the commodities portfolio last month, was 100,000 tonnes lower than a Reuters poll which pegged April's end-stocks at 1.3 million tonnes. For the poll, click [ID:nKLR148859] "Crude palm oil futures prices would rise steadily. We would not see any big drop or spectacular rises like last year," Dompok was quoted by state news agency Bernama as saying.
The figure given by Bernard Dompok, who took over the commodities portfolio last month, was 100,000 tonnes lower than a Reuters poll which pegged April's end-stocks at 1.3 million tonnes. For the poll, click [ID:nKLR148859] "Crude palm oil futures prices would rise steadily. We would not see any big drop or spectacular rises like last year," Dompok was quoted by state news agency Bernama as saying.
Trader's Highlight
DJI-NEW YORK, May 7 (Reuters) - Wall Street stocks slid on Thursday as investors took profits from the technology sector's recent surge, while analyst downgrades hurt telecoms and a tepid response to a government bond auction raised fears about
public finances.
Bank stocks also succumbed to profit-taking, with the KBW Bank index <.BKX> dropping 3.5 percent, a day after leaked results from so-called stress tests suggested that most U.S. banks were healthier than previously thought.
The Dow Jones industrial average <.DJI> dropped 102.43 points, or 1.2 percent, to 8,409.85. The Standard & Poor's 500 Index <.SPX> slid 12.14 points, or 1.32 percent, to 907.39. The Nasdaq Composite Index <.IXIC> fell 42.86 points, or 2.44 percent, to 1,716.24.
NYMEX-NEW YORK, May 7 (Reuters) - U.S. crude futures ended at the highest level in almost six months on Thursday, but was well below the day's fresh 2009 peak on a late bout of profit-taking after Wall Street weakened.
On the New York Mercantile Exchange, June crude settled up 37 cents, or 0.66 percent at $56.71 a barrel, the highest settlement since $57.04 on Nov. 14, 2008. It traded from $55.46 to $58.57, the highest intraday since $58.98 was struck on Nov. 17, 2008.
CBOT-SOYBEANS - May down 16 cents at $11.19 a bushel; July down 16 at $11.02.
Pressured by talk China may have cancelled orders for U.S. soy, profit-taking after seven-month highs reached with weight on the market also stemming from a downturn in the stock market.
CBOT-SOYOIL - May down 0.18 cent at 38.47 cents per lb, July down 0.20 at 38.78.
Downturn in soybean market weighs on soyoil. Underpinned by strong weekly export data from USDA. Choppy trade in crude oil led to see-saw trade in soyoil.
FCPO-JAKARTA, May 6 (Reuters) - Malaysian palm futures closed unchanged on Thursday, giving up gains of 2 percent in early trade, after a Reuters poll showed end-April palm stock was higher than many market participants had expected, traders said.
A Reuters poll showed on Thursday that April's inventory is seen at 1.30 million tonnes, the lowest since June 2007, as overseas demand weakened and output edged higher.
The benchmark July contract closed unchanged at 2,680 ringgit per tonne ($760.93). Overall volume was 17,549 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 7 (Reuters) - Singapore's benchmark index rose
2.9 percent on Thursday, leading major Southeast Asian stock markets to seven-month highs, as optimism about the global economic outlook induced more buying of big banks in the region.
Singapore <.FTSTI> gained for a sixth straight session to end at its highest level since Oct. 6, bolstered by Wednesday's better-than-expected quarterly results from United Overseas Bank(UOB) and Oversea-Chinese Banking Corp (OCBC).
Against the trend, Malaysia <.KLSE> inched down 0.05 percent, erasing its early 1.4 percent rise, with losers including Sime Darby, down 1.5 percent, and Genting , down 0.8 percent.
However, Maybank rose 1.6 percent after the country's biggest lender said it would keep a dividend payout ratio of 40-60 percent despite the weak global economy.
public finances.
Bank stocks also succumbed to profit-taking, with the KBW Bank index <.BKX> dropping 3.5 percent, a day after leaked results from so-called stress tests suggested that most U.S. banks were healthier than previously thought.
The Dow Jones industrial average <.DJI> dropped 102.43 points, or 1.2 percent, to 8,409.85. The Standard & Poor's 500 Index <.SPX> slid 12.14 points, or 1.32 percent, to 907.39. The Nasdaq Composite Index <.IXIC> fell 42.86 points, or 2.44 percent, to 1,716.24.
NYMEX-NEW YORK, May 7 (Reuters) - U.S. crude futures ended at the highest level in almost six months on Thursday, but was well below the day's fresh 2009 peak on a late bout of profit-taking after Wall Street weakened.
On the New York Mercantile Exchange, June crude
CBOT-SOYBEANS - May
Pressured by talk China may have cancelled orders for U.S. soy, profit-taking after seven-month highs reached with weight on the market also stemming from a downturn in the stock market.
CBOT-SOYOIL - May
Downturn in soybean market weighs on soyoil. Underpinned by strong weekly export data from USDA. Choppy trade in crude oil led to see-saw trade in soyoil.
FCPO-JAKARTA, May 6 (Reuters) - Malaysian palm futures closed unchanged on Thursday, giving up gains of 2 percent in early trade, after a Reuters poll showed end-April palm stock was higher than many market participants had expected, traders said.
A Reuters poll showed on Thursday that April's inventory is seen at 1.30 million tonnes, the lowest since June 2007, as overseas demand weakened and output edged higher.
The benchmark July contract
REGIONAL EQUITIES-BANGKOK, May 7 (Reuters) - Singapore's benchmark index rose
2.9 percent on Thursday, leading major Southeast Asian stock markets to seven-month highs, as optimism about the global economic outlook induced more buying of big banks in the region.
Singapore <.FTSTI> gained for a sixth straight session to end at its highest level since Oct. 6, bolstered by Wednesday's better-than-expected quarterly results from United Overseas Bank
Against the trend, Malaysia <.KLSE> inched down 0.05 percent, erasing its early 1.4 percent rise, with losers including Sime Darby
However, Maybank
DJI Daily: Holding ground
Market was holding ground despite a triple digit losses. Thus, we maintain our view in sideways to bias upside potential in near tern market. Resistance remains at 8600-8700 followed by 9000. Downside support is pegged at 8000 level.
KLSE Daily: Outlook remains steady
Bull spirit continue to conquer the market following 1030 level tested in intra-day basis. As for now, we are looking for the upside resistance at 1040. To the downside, support is stood at 1000.
FKLI Daily: Remains firmly bullish
Bull violated the resistance at 1030 and stayed firm. Market momentum remains strong and looks likely to challenge the upside resistance at 1040 followed by 1050. To the downside, support remains at 998-993.5 (gap left over on 4/5/2009).
FCPO Daily: Technical landscape remains positive
Immediate daily technical landscape remains positive posture as market was trading in range bound mode. We are now looking for the immediate upside resistance at 2731 followed by 2798-2800.To the downside, support is pegged at 2620-2600 followed by 2540-2530.
Thursday, May 7, 2009
Trader's Comment: CPO futures ended mixed after a rather choppy and cautious trading day.
CPO futures ended mixed after a rather choppy and cautious trading day. Initially it opened RM 35 higher at 2715 and climbed to 2730 tracking overnight CBOT strong closing. However, profit taking activities emerged and sent benchmark July prices eased and slid to 2650 before it ending at 2665 for the morning lunch break. Afternoon session saw prices hovering between 2660 to 2720 before it settling unchanged at 2680. Total daily volume decline to 17,549 contracts changed hands. Reuters poll shows that April production seen up 5% from March 09 and put end April end stock down 4.7% to 22 month low at 1.3 million tonnes.
Breaking News-RTRS-Slow corn seeding in eastern US Midwest may add soy
CHICAGO, May 5 (Reuters) - Grain planting this spring in the United States, the world's largest exporter, is turning into a tale of two Corn Belts -- with one possibly seeing more soybeans than expected in the ground by June, experts say.
As a rule of thumb, corn not in the ground by May 15 in Iowa and Illinois tends to yield a bushel an acre less per day due to the shorter growing season and autumn frosts. So after that date, farmers often switch soy, a faster-growing crop.
As a rule of thumb, corn not in the ground by May 15 in Iowa and Illinois tends to yield a bushel an acre less per day due to the shorter growing season and autumn frosts. So after that date, farmers often switch soy, a faster-growing crop.
Breaking News-RTRS-UPDATE 1-Argentine soy outlook steady at 34 mln T- exchange
BUENOS AIRES, May 6 (Reuters) - Argentina's 2008/09 soy harvest is seen at 34 million tonnes, unchanged from a previous weekly estimate, the Buenos Aires Grains Exchange said on Wednesday.
Trader's Highlight
DJI-NEW YORK, May 6 (Reuters) - U.S. stocks rose on Wednesday after a private-sector reading on the labor market signaled unemployment may be receding and leaked bank stress test results suggested most banks are healthier than previously thought.
The number of U.S. private sector job losses in April touched the lowest level since November, according to a report by ADP Employer Services, the latest data suggesting the worst of the recession may have passed.
The government is due to release stress test results on Thursday. Several reports on the capital needs for 10 of the 19 banks under the government's microscope have revealed how well the industry will cope with perhaps the most severe recession
since World War Two.
The Dow Jones industrial average <.DJI> rose 101.63 points, or 1.21 percent, to 8,512.28. The Standard & Poor's 500 Index <.SPX> climbed 15.73 points, or 1.74 percent, to 919.53. The Nasdaq Composite Index <.IXIC> added 4.98 points, or 0.28
percent, to 1,759.10.
NYMEX-NEW YORK, May 6 (Reuters) - U.S. crude oil futures settled at their highest levels in five months on Wednesday as a drawdown in gasoline supplies and a smaller-than-expected rise in crude stocks combined to lift prices.
On the New York Mercantile Exchange, June crude settled up $2.50, or 4.64 percent, at $56.34 a barrel, the highest level since prices closed at $57.04 on Nov. 14, 2008. The contract traded from $53.57 to $56.47, the highest since $58.98 was struck on Nov. 17, 2008, and eclipsing the previous 2009 peak of $54.83 set Tuesday.
CBOT-SOYBEANS - May up 19 cents at $11.35 a bushel; July up 17 cents at $11.18.
Rallied to fresh seven-month high of $11.35 amid reports of low soybean yields in the Argentine harvest, tight stocks of soy and continued active buying of soy by China.
The Buenos Aires Grains Exchange on Wednesday left unchanged from the previous week its forecast for the country's soybean crop at 34 million tonnes.
CBOT-SOYOIL - May up 0.96 cent at 38.65 cents per lb., July up 0.99 at 38.98 cents. Soaring soybeans and crude oil and strong Asian vegoil markets pushing soyoil higher.
FCPO-JAKARTA, May 6 (Reuters) - Malaysian palm futures rose 2.1 percent on Wednesday, recouping most of the losses from a day earlier on concerns over tight supplies, traders said.
The benchmark July contract rose 55 ringgit to 2,680 ringgit per tonne ($758.99). Overall volume was nearly triple the usual amount, at 28,609 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, May 6 (Reuters) - Singapore stocks jumped 5 percent
on Wednesday as better-than-expected quarterly results pushed shares in big banks to a seven-month high, while news on government stimulus spending boosted Thai building stocks.
Singapore <.FTSTI> ended up 5.1 percent at its highest close since Oct. 14, after a 14 percent rally over the past four sessions as equity fund managers warmed to Southeast Asia's biggest stock market amid hopes for an economic recovery.
Elsewhere, Malaysia <.KLSE> climbed 1.5 percent, Indonesia <.JKSE> was up 1.5 percent and Philippine shares <.VNI> rose for a fourth day, up 0.4 percent.
Gainers in the region included Malaysia's Maybank, which rose 7.4 percent, Indonesia's Perusahaan Gas Negara , which gained 6.7 percent, and Bank of the Philippine Islands , which was up 2.4 percent.
The number of U.S. private sector job losses in April touched the lowest level since November, according to a report by ADP Employer Services, the latest data suggesting the worst of the recession may have passed.
The government is due to release stress test results on Thursday. Several reports on the capital needs for 10 of the 19 banks under the government's microscope have revealed how well the industry will cope with perhaps the most severe recession
since World War Two.
The Dow Jones industrial average <.DJI> rose 101.63 points, or 1.21 percent, to 8,512.28. The Standard & Poor's 500 Index <.SPX> climbed 15.73 points, or 1.74 percent, to 919.53. The Nasdaq Composite Index <.IXIC> added 4.98 points, or 0.28
percent, to 1,759.10.
NYMEX-NEW YORK, May 6 (Reuters) - U.S. crude oil futures settled at their highest levels in five months on Wednesday as a drawdown in gasoline supplies and a smaller-than-expected rise in crude stocks combined to lift prices.
On the New York Mercantile Exchange, June crude
CBOT-SOYBEANS - May
Rallied to fresh seven-month high of $11.35 amid reports of low soybean yields in the Argentine harvest, tight stocks of soy and continued active buying of soy by China.
The Buenos Aires Grains Exchange on Wednesday left unchanged from the previous week its forecast for the country's soybean crop at 34 million tonnes.
CBOT-SOYOIL - May
FCPO-JAKARTA, May 6 (Reuters) - Malaysian palm futures rose 2.1 percent on Wednesday, recouping most of the losses from a day earlier on concerns over tight supplies, traders said.
The benchmark July contract
REGIONAL EQUITIES-BANGKOK, May 6 (Reuters) - Singapore stocks jumped 5 percent
on Wednesday as better-than-expected quarterly results pushed shares in big banks to a seven-month high, while news on government stimulus spending boosted Thai building stocks.
Singapore <.FTSTI> ended up 5.1 percent at its highest close since Oct. 14, after a 14 percent rally over the past four sessions as equity fund managers warmed to Southeast Asia's biggest stock market amid hopes for an economic recovery.
Elsewhere, Malaysia <.KLSE> climbed 1.5 percent, Indonesia <.JKSE> was up 1.5 percent and Philippine shares <.VNI> rose for a fourth day, up 0.4 percent.
Gainers in the region included Malaysia's Maybank
DJI Daily: Gaining ground
Market was gaining ground to continue its sideways to bias upside potential in near tern. Resistance remains at 8600-8700 followed by 9000. Downside support is pegged at 8000 level.
KLSE Daily: Uptrend is extending
Bull was getting stronger after violated the resistance at 1020. Thus, we are now looking for upside resistance at 1030-1040. To the downside, support is stood at 1000.
FKLI Daily: Bull is eyeing 1050
Fantastic bull power led market to test the resistance at 1030 in intra-day basis. Market looks likely to challenge again the upside resistance at 1030-1040 followed by 1050. To the downside, support remains at 998-993.5 (gap left over on 4/5/2009).
FCPO Daily: Holding well at 2600 mark
Market was holding well and building base at 2600 mark after a healthy correction. Bull looks likely to waltz towards the northern direction in near term. We continue to look for the upside resistance at 2798-2800 followed by 2850-2870.To the downside, support is pegged at 2600-2580.
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