Consolidation phase looks is likely to extend with bias to upside move. Hence, market may want to challenge its upside target at 1231.49. While downside support is pegged at 1200 levels.
Thursday, October 8, 2009
KLSE Daily: Upward move likely to extend
Consolidation phase looks is likely to extend with bias to upside move. Hence, market may want to challenge its upside target at 1231.49. While downside support is pegged at 1200 levels.
Wednesday, October 7, 2009
Trader's Comemnt: Palm oil futures recovered from its earlier losses to edge higher on strong external markets.
Palm oil futures recovered from its earlier losses to edge higher on strong external markets. Initially, market sentiment was weak in the morning session as Benchmark Dec09 fell to intra day low of 2013 after opened RM4 higher at 2046. However, as Asian time NYMEX crude oil and eCBOT soy oil began to improve in second session saw CPO prices followed suit. Benchmark Dec09 started to climb steadily on some bargain hunting covering activities. Prices surged further in late trading as no sign of easing off and supported well. This prompted aggressive intra day short covering and push prices to settle RM20 higher at 2062 after hitting intra day high at 2068. The positive external markets had lent strong support to BMD. Both crude oil and soy oil were seen to trade 1% higher during late Asian time trading. Daily volume was more than doubled the usual level with a total of 26,782 contracts traded in the market.
Trader's Highlight
DJI-NEW YORK, Oct 6 (Reuters) - U.S. stocks rose on Tuesday amid signs the global economy was recovering and optimism that corporate earnings reports will beat expectations.
Australia became the first G20 country to raise interest rates since the onset of the financial crisis, saying that the worst danger for the economy had passed, which underscored for many that the global economy was on the mend.
The Dow Jones industrial average <.DJI> was up 131.50 points, or 1.37 percent, at 9,731.25. The Standard & Poor's 500 Index <.SPX> was up 14.26 points, or 1.37 percent, at 1,054.72. The Nasdaq Composite Index <.IXIC> was up 35.42 points, or 1.71 percent, at 2,103.57.
NYMEX-NEW YORK, Oct 6 (Reuters) - U.S. crude oil futures rose slightly in post-settlement trading on Tuesday after industry data showed a surprise, if small, drawdown in crude stocks last week.
The U.S. Energy Information Administration will follow with its own report on Wednesday at 10:30 a.m. EDT.
A British newspaper report that Gulf Arab states were in secret talks to abandon the U.S. currency in oil trade added pressure to the dollar. But top officials of Saudi Arabia and Russia, speaking on the sidelines of International Monetary Fund meetings in Istanbul, denied there were such talks.
On the New York Mercantile Exchange, at 5 p.m. EDT (2100 GMT) November crude was up 79 cents, or 1.12 percent, at $71.20 a barrel. It had settled up 47 cents, or 0.67 percent, at $70.88, trading from $70.06 to $71.97.
CBOT-SOYBEANS - November up 25 cents at $9.10 a bushel. Broke above $9 on concerns of U.S. harvest delays, crop immaturity, following the strength in corn. Rally in crude and falling dollar also support.
CBOT-SOYOIL - October up 0.41 cent at 33.94 cents; December up 0.41 cent at 34.26. Spillover support from gains in soy and crude oil.
FCPO-JAKARTA, Oct 6 (Reuters) - Malaysia's crude palm oil futures rose 1 percent on Tuesday, climbing from a 12-week low hit in early trade, supported by stronger crude oil and soybean prices, traders said.
The benchmark December contract on the Bursa Malaysia Derivative Exchange settled up 20 ringgit, or 1.0 percent, to 2,062 ringgit ($600.55) a tonne, after going as low as 2,013 ringgit, a level not seen since July 13. Trade volumes were at 26,787 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Oct 6 (Reuters) - Singapore shares rose 1 percent on
Tuesday as CapitaLand hit a three-week high following its shopping mall arm listing plan while Indonesia surged to near 19 month highs, with Astra International jumping after an upgrade.
Thailand <.SETI> ended up 1.8 percent, the Philippines <.PSI> gained 2.3 percent and Vietnam <.VNI> rose 0.6 percent. But Malaysia <.KLSE>, which traded in negative territory throughout the session, ended off 0.3 percent.
Australia became the first G20 country to raise interest rates since the onset of the financial crisis, saying that the worst danger for the economy had passed, which underscored for many that the global economy was on the mend.
The Dow Jones industrial average <.DJI> was up 131.50 points, or 1.37 percent, at 9,731.25. The Standard & Poor's 500 Index <.SPX> was up 14.26 points, or 1.37 percent, at 1,054.72. The Nasdaq Composite Index <.IXIC> was up 35.42 points, or 1.71 percent, at 2,103.57.
NYMEX-NEW YORK, Oct 6 (Reuters) - U.S. crude oil futures rose slightly in post-settlement trading on Tuesday after industry data showed a surprise, if small, drawdown in crude stocks last week.
The U.S. Energy Information Administration will follow with its own report on Wednesday at 10:30 a.m. EDT.
A British newspaper report that Gulf Arab states were in secret talks to abandon the U.S. currency in oil trade added pressure to the dollar. But top officials of Saudi Arabia and Russia, speaking on the sidelines of International Monetary Fund meetings in Istanbul, denied there were such talks.
On the New York Mercantile Exchange, at 5 p.m. EDT (2100 GMT) November crude
CBOT-SOYBEANS - November
CBOT-SOYOIL - October
FCPO-JAKARTA, Oct 6 (Reuters) - Malaysia's crude palm oil futures rose 1 percent on Tuesday, climbing from a 12-week low hit in early trade, supported by stronger crude oil and soybean prices, traders said.
The benchmark December contract
REGIONAL EQUITIES-BANGKOK, Oct 6 (Reuters) - Singapore shares rose 1 percent on
Tuesday as CapitaLand hit a three-week high following its shopping mall arm listing plan while Indonesia surged to near 19 month highs, with Astra International jumping after an upgrade.
Thailand <.SETI> ended up 1.8 percent, the Philippines <.PSI> gained 2.3 percent and Vietnam <.VNI> rose 0.6 percent. But Malaysia <.KLSE>, which traded in negative territory throughout the session, ended off 0.3 percent.
FCPO Daily: still weak
Prices rebounded to end off the high after hit the fresh low at 2013. Market momentum remains weak despite prices trying hard to defend at 2000 levels. Thus, we continue to look for the immediate downside support at 2000 followed by 1980-1960. To the upside, resistance is pegged at 2100-2130.
DJI Daily: Correction phase is likely to extend
Correction phase is likely to extend in near term. Thus, we maintain the immediate support at 9430-9400 levels followed by 9300 levels. To the upside, resistance is pegged at 9820-9850 levels.
FKLI Daily: 1200 supported well
Market momentum strengthen further following prices rebounded for consecutive three trading days after found some support at 1200 levels. Hence, market may continue to consolidate in the range of 1200 to 1232 in near term.
Tuesday, October 6, 2009
Breaking News-RTRS-Killing freeze seen for U.S. Corn Belt next weekend
CHICAGO, Oct 5 (Reuters) - Cool and wet weather was expected to slow down the harvest of corn and soybeans in the U.S. Midwest this week, and a killing freeze was forecast for next weekend, a forecaster said on Monday.
Trader's Highlight
DJI-NEW YORK, Oct 5 (Reuters) - U.S stocks bounced back from a four-day losing streak on Monday, as optimism about upcoming earnings gathered steam and data showed the economy's critical services sector expanded for the first time since August 2008.
The Dow Jones industrial average <.DJI> was up 112.08 points, or 1.18 percent, at 9,599.75. The Standard & Poor's 500 Index <.SPX> was up 15.25 points, or 1.49 percent, at 1,040.46. The Nasdaq Composite Index <.IXIC> was up 20.04 points, or 0.98 percent, at 2,068.15.
NYMEX-NEW YORK, Oct 5 (Reuters) - U.S. crude oil futures rebounded late to end above $70 a barrel on Monday as Wall Street rose after data showed that the U.S. service sector
expanded for the first time in a year and the dollar fell as a result.
On the New York Mercantile Exchange, November crude settled up 46 cents, or 0.66 percent, at $70.41 a barrel, trading from $68.05 to $71.
CBOT-SOYBEANS - November unchanged at $8.85 a bushel. Spillover support from corn rally but gains limited by outlooks for record large U.S. soybean crop.
CBOT-SOYOIL - October down 0.20 cent per lb at 33.53; December down 0.22 at 33.85 cents.
FCPO-JAKARTA, Oct 5 (Reuters) - Malaysia's crude palm oil futures edged up on Monday, bouncing back from 11-week lows on short covering, but gave up most gains in late trade because of poor fundamentals, traders said.
The benchmark December contract on the Bursa Malaysia Derivative Exchange settled up 5 ringgit, or 0.25 percent, to 2,042 ringgit ($590.51) a tonne. Trade volumes were at 12,331 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Oct 5 (Reuters) - Singapore shares fell to a
one-month low on Monday, led by blue-chips and financials such as Genting Singapore and DBS Group Holdings, while markets in Malaysia and Indonesia rebounded off early lows.
A disappointing U.S. September employment report on Friday pushed Singapore's benchmark index <.FTSTI> down 0.8 percent to its lowest since Sept. 4, while Thailand <.SETI> also lost 0.8 percent. Both countries are big exporters to the United States.
Malaysia <.KLSE> and Indonesia <.JKSE> bounced back late in the session, while the Philippines <.PSI> and Vietnam <.VNI> ended slightly off.
The Dow Jones industrial average <.DJI> was up 112.08 points, or 1.18 percent, at 9,599.75. The Standard & Poor's 500 Index <.SPX> was up 15.25 points, or 1.49 percent, at 1,040.46. The Nasdaq Composite Index <.IXIC> was up 20.04 points, or 0.98 percent, at 2,068.15.
NYMEX-NEW YORK, Oct 5 (Reuters) - U.S. crude oil futures rebounded late to end above $70 a barrel on Monday as Wall Street rose after data showed that the U.S. service sector
expanded for the first time in a year and the dollar fell as a result.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
CBOT-SOYOIL - October
FCPO-JAKARTA, Oct 5 (Reuters) - Malaysia's crude palm oil futures edged up on Monday, bouncing back from 11-week lows on short covering, but gave up most gains in late trade because of poor fundamentals, traders said.
The benchmark December contract
REGIONAL EQUITIES-BANGKOK, Oct 5 (Reuters) - Singapore shares fell to a
one-month low on Monday, led by blue-chips and financials such as Genting Singapore and DBS Group Holdings, while markets in Malaysia and Indonesia rebounded off early lows.
A disappointing U.S. September employment report on Friday pushed Singapore's benchmark index <.FTSTI> down 0.8 percent to its lowest since Sept. 4, while Thailand <.SETI> also lost 0.8 percent. Both countries are big exporters to the United States.
Malaysia <.KLSE> and Indonesia <.JKSE> bounced back late in the session, while the Philippines <.PSI> and Vietnam <.VNI> ended slightly off.
FCPO Daily: Struggling at around 2000 levels
Market was struggling at above 2000 levels after the sharp fall. Overall technical landscape remains bearish. As for now, we are looking for the immediate downside support at 2028-2000 followed by 1980-1960. To the upside, resistance is pegged at 2100-2130.
NYMEX Crude Daily: still in consolidation
Market remains in consolidation zone with cap in the range of USD73 and USD65. Thus, violation of either way may give a more clearer direction to market.
DJI Daily: in Correction mode
Market may due for a correction phase despite prices rebounded after recent sharp drop. Thus, we maintain the immediate support at 9430-9400 levels followed by 9300 levels. To the upside, resistance is pegged at 9820-9850 levels.
FKLI Daily: Holding ground steady
Market is holding ground steady after found some cushion at around 1200 levels. Hence, market may continue to sideways in consolidation mode in near term. We maintain the immediate downside support at 1200 followed by 1190-1185. To the upside, resistance is maintain at 1220-1225 followed by 1232.
Monday, October 5, 2009
Breaking News-RTRS-UPDATE 1-Informa sees record U.S. corn, soy crops
CHICAGO, Oct 2 (Reuters) - Analytical firm Informa Economics raised its forecasts for 2009 U.S. soybean and corn output, expecting record harvests of both, trade sources said on Friday.
Memphis, Tennessee-based Informa estimated this season's U.S. soy crop at 3.383 billion bushels with an average yield of 44 bushels per acre (bpa). Corn output was seen at 13.127 billion bushels, reflecting an average yield of 164.7 bpa.
Both estimates surpass previous records. U.S. farmers harvested their largest corn crop of 13.074 billion bushels in 2007 and soybeans at 3.197 billion in 2006.
Memphis, Tennessee-based Informa estimated this season's U.S. soy crop at 3.383 billion bushels with an average yield of 44 bushels per acre (bpa). Corn output was seen at 13.127 billion bushels, reflecting an average yield of 164.7 bpa.
Both estimates surpass previous records. U.S. farmers harvested their largest corn crop of 13.074 billion bushels in 2007 and soybeans at 3.197 billion in 2006.
Breaking News-RTRS-UPDATE 1-Brazil 09/10 soy crop seen record 63.4 mln T-Abiove
SAO PAULO, Oct 2 (Reuters) - Brazil's 2009/2010 soybean crop that is now being planted is forecast at a record 63.4 million tonnes, up from 57.3 million tonnes last season, the country's grain crushing industry association Abiove said on Friday.
This is Abiove's first forecast of the new crop.
Brazil's soybean exports for 2009/10 are expected to fall to 25.8 million tonnes from a record 27.4 million tonnes in this February-January commercial year. It also expects crushing to rise to 32.2 million tonnes from 29.8 million this season.
This is Abiove's first forecast of the new crop.
Brazil's soybean exports for 2009/10 are expected to fall to 25.8 million tonnes from a record 27.4 million tonnes in this February-January commercial year. It also expects crushing to rise to 32.2 million tonnes from 29.8 million this season.
Trader's Highlight
DJI-NEW YORK, Oct 2 (Reuters) - U.S. stocks fell for the fourth straight day on Friday as weak jobs data gave more evidence the economic recovery would be less robust than expected. The much bigger-than-forecast drop in September non-farm payrolls and a decline in factory orders pulled down economically sensitive sectors like industrials and energy.
The Dow Jones industrial average <.DJI> fell 21.61 points, or 0.23 percent, to close at 9,487.67. The Standard & Poor's 500 Index <.SPX> dropped 4.64 points, or 0.45 percent, to 1,025.21. The Nasdaq Composite Index <.IXIC> lost 9.37 points, or 0.46 percent, to 2,048.11.
NYMEX-NEW YORK, Oct 2 (Reuters) - U.S. crude oil futures settled more than 1 percent lower on Friday, as doubts over an economic recovery resurfaced after data showed that the U.S. unemployment rate had soared to a 26-year high.
On the New York Mercantile Exchange, November crude settled down 87 cents, or 1.23 percent, at $69.95 a barrel, trading from $68.32 to $70.69. From a week ago, NYMEX October crude rose $3.93, or 5.95
CBOT-SOYBEANS - November down 33 cents at $8.85 a bushel.
Early harvest of likely record U.S. soybean crop, diminished concerns about frost damage and weak crude oil pressuring soybean futures.
CBOT-SOYOIL - October down 0.52 cent at 33.73 cents per lb; December down 0.52 cent at 34.07. Pressure from falling soybeans and weak crude oil.
FCPO-KUALA LUMPUR, Oct 2 (Reuters) - Malaysia's crude palm oil futures tumbled as much as 4.1 percent on Friday when traders triggered selling orders after the market breached a key support level.
There was no fresh news but weaker U.S. crude oil helped spur the selling. Traders say palm oil's fundamentals are not reflected in the benchmark December contract, which is the lowest since July 16.
The contract fell as much as 87 ringgit to 2,028 ringgit ($583.3) before settling at 2,036 ringgit. Trade volumes were at 9,451 lots of 25 tonnes each, just a touch below the usual 10,000 lots traded.
REGIONAL EQUITIES-BANGKOK, Oct 2 (Reuters) - Singapore stocks slid nearly two
percent on Friday, leading losses across Southeast Asia following disappointing U.S. economic data.
Sentiment turned cautious after Wall Street suffered its worst one-day fall in three months on renewed fears about the durability of the economic recovery.
Singapore's Straits Times Index <.FTSTI> dropped nearly two percent to its lowest since Sept. 4. DBS Group Holdings, Southeast Asia's biggest lender, slid 1.8 percent and Singapore Telecommunications lost 2 percent.
Malaysia's index <.KLSE> inched down 0.2 percent, Thailand <.SETI> slid 0.3 percent and Indonesia's index <.JKSE> ended flat, reversing a 1.8 percent fall earlier.
The Dow Jones industrial average <.DJI> fell 21.61 points, or 0.23 percent, to close at 9,487.67. The Standard & Poor's 500 Index <.SPX> dropped 4.64 points, or 0.45 percent, to 1,025.21. The Nasdaq Composite Index <.IXIC> lost 9.37 points, or 0.46 percent, to 2,048.11.
NYMEX-NEW YORK, Oct 2 (Reuters) - U.S. crude oil futures settled more than 1 percent lower on Friday, as doubts over an economic recovery resurfaced after data showed that the U.S. unemployment rate had soared to a 26-year high.
On the New York Mercantile Exchange, November crude
CBOT-SOYBEANS - November
Early harvest of likely record U.S. soybean crop, diminished concerns about frost damage and weak crude oil pressuring soybean futures.
CBOT-SOYOIL - October
FCPO-KUALA LUMPUR, Oct 2 (Reuters) - Malaysia's crude palm oil futures tumbled as much as 4.1 percent on Friday when traders triggered selling orders after the market breached a key support level.
There was no fresh news but weaker U.S. crude oil helped spur the selling. Traders say palm oil's fundamentals are not reflected in the benchmark December contract
The contract fell as much as 87 ringgit to 2,028 ringgit ($583.3) before settling at 2,036 ringgit. Trade volumes were at 9,451 lots of 25 tonnes each, just a touch below the usual 10,000 lots traded.
REGIONAL EQUITIES-BANGKOK, Oct 2 (Reuters) - Singapore stocks slid nearly two
percent on Friday, leading losses across Southeast Asia following disappointing U.S. economic data.
Sentiment turned cautious after Wall Street suffered its worst one-day fall in three months on renewed fears about the durability of the economic recovery.
Singapore's Straits Times Index <.FTSTI> dropped nearly two percent to its lowest since Sept. 4. DBS Group Holdings
Malaysia's index <.KLSE> inched down 0.2 percent, Thailand <.SETI> slid 0.3 percent and Indonesia's index <.JKSE> ended flat, reversing a 1.8 percent fall earlier.
FCPO Weekly: Bears won the battle
Bears won the battle following prices violated the recent low at 2070 (low since 20 Sept, 2009) had dampened the overall technical outlook. As for now, immediate downside support is looking at 2000 followed by 1980-1960. To the upside, resistance is pegged at 2200-2240.
NYMEX Crude Weekly: Stuggle to survive
Market is struggling to survive at above USD65, violation of it may weaken further the overall immediate technical landscape. Thus, we maintain our view in sideways to bias downside potential in near term. As for now, we are looking for the upside resistance at USD73-75. While, downside support is looking at USD62.70-58.30.
CBOT Soyoil Weekly: No clear direction
Market stuck in correction zone without any clear direction. Violation of the downside support at US32.00 may provide more room to bias downside potential. While, to the upside, resistance is pegged at USD36.00.
DJI Weekly: May due for consolidation
Weekly technical landscape remains positive despite prices violated the immediate support at 9600 levels. Thus, market may due for consolidation phase in near term with upside resistance is pegged at 9900-10,000 levels. To the downside, support is maintain at 9400-9200 levels.
FKLI Weekly: Holding ground
Market continue to hold ground maintain its upward posture. Thus, we maintain the upside resistance at 1230-1240. Downside support is pegged at 1190-1180.
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