KUALA LUMPUR, Nov 2 (Reuters) - Planned palm oil carbon emission targets will be delayed by at least a year as planters clash with NGOs on calculating the vegetable oil's environmental impact, officials said on Monday.
The measure was aimed at combating the negative image of palm oil output, which green groups say has been partly fuelled by producers in Southeast Asia cutting down swathes of rainforests and draining carbon-rich peatlands.
But Malaysian and Indonesian producers say imposing limits on land expansion based on greenhouse gas emissions was an unfair barrier to trade as oil palm estates could act as net carbon sink.
The CO2 targets were delayed by a year pending further study and watered down to a voluntary undertaking during the Roundtable of Sustainable Palm Oil (RSPO) that brings together producers, buyers and NGOS this week in the Malaysian capital.
Tuesday, November 3, 2009
Breaking News-RTRS-UPDATE 1-Malaysia replanting scheme to cut palm output
KUALA LUMPUR, Nov 2 (Reuters) - A replanting scheme should cut Malaysian palm oil output by half a million tonnes in 2009 and 2010 as stocks start to build up, a government minister said on Monday.
Under a state-funded programme, smallholders are expected to replant some 200,000 hectares of plantation land with new trees, said the country's Commodities Minister Bernard Dompok.
Under a state-funded programme, smallholders are expected to replant some 200,000 hectares of plantation land with new trees, said the country's Commodities Minister Bernard Dompok.
Trader's Highlight
DJI-NEW YORK, Nov 2 (Reuters) - U.S. stocks rose on Monday after another round of solid economic reports but pulled off session highs after a Federal Reserve official's warning about banks' loan losses.
The Dow Jones industrial average <.DJI> gained 76.71 points, or 0.79 percent, to end at 9,789.44. The Standard & Poor's 500 Index <.SPX> climbed 6.69 points, or 0.65 percent, to 1,042.88. The Nasdaq Composite Index <.IXIC> added 4.09 points, or 0.20 percent, to 2,049.20.
NYMEX-NEW YORK, Nov 2 (Reuters) - U.S. crude oil futures rebounded on Monday as a trio of economic reports on domestic manufacturing, construction and pending home sales showed that the economy continues to recover from recession.
Late-session trading was choppy, and at one point crude futures gave up earlier gains as Wall Street sold off after rallying in the morning on the upbeat economic data.
On the New York Mercantile Exchange, December crude settled up $1.13, or 1.47 percent, at $78.13 a barrel, trading from $76.56 to $78.66.
CBOT-SOYBEANS - November up 19-1/2 cents at $9.97-1/2 a bushel; January up 21-1/2 at $9.98.
Weak dollar and strong export inspections support but expectations for more soybeans to move into marketing channels this week as U.S. harvest weather improves overhangs prices.
CBOT-SOYOIL - December up 0.39 cent at 36.79 cents a lb. Firm crude oil supports.
FCPO-JAKARTA, Nov 2 (Reuters) - Malaysian crude palm oil futures finished flat on Monday, recouping losses of up to 2.4 percent earlier in the day, as a rebound in crude oil and soy prices sparked some short-covering in late trade, traders said.
The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange closed flat at 2,208 ringgit ($647.5), after dropping as low as 2,154 ringgit early in the day. Overall volume was 18,601 lots of 25 tonnes each.
REGIONAL EQUITIES-BANGKOK, Nov 2 (Reuters) - Stocks in Thailand fell more than
1.0 percent on Monday, leading major Southeast Asian markets lower, with sagging energy shares such as PTT Exploration and Production and oil and gas giant PTT weighing on Bangkok.
Singapore's index <.FTSTI> dipped 0.22 percent after Friday's 0.7 percent gain, Malaysia's index <.KLSE> eased 0.12 percent, but Indonesian shares <.JKSE> snapped earlier falls to close up 0.17 percent.
The Dow Jones industrial average <.DJI> gained 76.71 points, or 0.79 percent, to end at 9,789.44. The Standard & Poor's 500 Index <.SPX> climbed 6.69 points, or 0.65 percent, to 1,042.88. The Nasdaq Composite Index <.IXIC> added 4.09 points, or 0.20 percent, to 2,049.20.
NYMEX-NEW YORK, Nov 2 (Reuters) - U.S. crude oil futures rebounded on Monday as a trio of economic reports on domestic manufacturing, construction and pending home sales showed that the economy continues to recover from recession.
Late-session trading was choppy, and at one point crude futures gave up earlier gains as Wall Street sold off after rallying in the morning on the upbeat economic data.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
Weak dollar and strong export inspections support but expectations for more soybeans to move into marketing channels this week as U.S. harvest weather improves overhangs prices.
CBOT-SOYOIL - December
FCPO-JAKARTA, Nov 2 (Reuters) - Malaysian crude palm oil futures finished flat on Monday, recouping losses of up to 2.4 percent earlier in the day, as a rebound in crude oil and soy prices sparked some short-covering in late trade, traders said.
The benchmark January palm oil contract
REGIONAL EQUITIES-BANGKOK, Nov 2 (Reuters) - Stocks in Thailand fell more than
1.0 percent on Monday, leading major Southeast Asian markets lower, with sagging energy shares such as PTT Exploration and Production and oil and gas giant PTT weighing on Bangkok.
Singapore's index <.FTSTI> dipped 0.22 percent after Friday's 0.7 percent gain, Malaysia's index <.KLSE> eased 0.12 percent, but Indonesian shares <.JKSE> snapped earlier falls to close up 0.17 percent.
FCPO Daily: Range trading likely to continue
Market recouped and rebounded from its early losses to end off the day high had printed a long white candle. However, the overall immediate technical landscape remains mix view as market is still consolidate in between 2250 to 2130 levels. A breakout from the either way may provide us more clearer direction in near term market.
FKLI Daily: Surviving at 1230 levels
Market defended well at the underline support at 1230 levels and fully covered the upside gap left over at 1241.5-1243. This had provided some cushion to the downside move. Hence, market looks may continue to consolidate in near term. Immediate upside resistance is pegged at 1260 followed by 1273.5. While, to the downside, support is lies at 1230 followed by 1200.
Monday, November 2, 2009
Breaking News-RTRS-RPT-Indonesia palm oil stocks to swell, exports limit rise
-RTRS-RPT-KUALA LUMPUR-INDONESIA PALM OIL STOCKS TO HIT 1.6 MLN T IN OCT, 1.7 MLN T IN NOV ON STRONG OUTPUT -INDUSTRY OFFICIAL
-RTRS-RPT-KUALA LUMPUR-INDONESIA UNLIKELY TO SEE PALM STOCKS GO OVER 2 MLN TONNES THIS YEAR AS EXPORT UPTAKE GOOD -INDUSTRY OFFICIAL
-RTRS-RPT-KUALA LUMPUR-INDONESIA UNLIKELY TO SEE PALM STOCKS GO OVER 2 MLN TONNES THIS YEAR AS EXPORT UPTAKE GOOD -INDUSTRY OFFICIAL
Trader's Highlight
DJI-NEW YORK, Oct 30 (Reuters) - The Dow industrials suffered its worst slide since July on Friday on concerns that the economic recovery won't be robust enough to sustain the seven-month stock rally, while financials sank on renewed worries about Citigroup's balance sheet.
The Dow Jones industrial average <.DJI> slid 249.85 points, or 2.51 percent, to end at 9,712.73. The Standard & Poor's 500 Index <.SPX> tumbled 29.92 points, or 2.81 percent, to 1,036.19. The Nasdaq Composite Index <.IXIC> dropped 52.44 points, or 2.50 percent, to close at 2,045.11.
NYMEX-NEW YORK, Oct 30 (Reuters) - U.S. crude oil futures ended down on Friday, as lower consumer spending and faltering confidence over the economic recovery raised fresh worries about demand for oil.
On the New York Mercantile Exchange, December crude settled down $2.87, or 3.59 percent, at $77.00 a barrel, trading trading from $76.85 to $80.21. For the week, prices are down $3.50, or 4.34 percent. For the month, they are up $6.39,
or 9.05 percent.
CBOT-SOYBEANS - November down 7-1/2 cents at $9.78 per bushel; January down 10-1/2 cents at $9.76-1/2. Sagging along with drop in crude oil prices after strong move higher on Thursday. Also pressured by forecasts for better weather next week that should speed the US soybean harvest.
CBOT-SOYOIL - December down 1.02 cents at 36.50 cents per lb. Lower in sympathy with soybeans and weaker crude oil.
FCPO-KUALA LUMPUR, Oct 30 (Reuters) - Malaysian crude palm oil futures inched up 0.9 percent on Friday, recovering some earlier losses, although slightly weaker markets and prospects of high stocks curbed gains.
The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange ended up 19 ringgit to 2,208 ringgit ($647.5).
REGIONAL EQUITIES-BANGKOK, Oct 30 (Reuters) - Most Southeast Asian stock markets gained ground on Friday, with banks reversing recent losses in Singapore and Malaysia while Indocement and Indofood led gainers in a rebound in Jakarta.
Sentiment in the region turned cautious in the afternoon session and late selling pulled markets down from the day's
highs.
Dealers said investors were waiting for interest rate decisions next week by the U.S. Federal Reserve, Bank of England and European Central Bank, but the mood remains positive overall.
Singapore's index <.FTSTI> ended up 0.7 percent after an early gain of almost 2 percent and Malaysia's index <.KLSE> inched up 0.12 percent,
Malaysia's index was 3.4 percent higher in October, Southeast Asia's second best performer after the Philippines' 3.8 percent rise.
The Dow Jones industrial average <.DJI> slid 249.85 points, or 2.51 percent, to end at 9,712.73. The Standard & Poor's 500 Index <.SPX> tumbled 29.92 points, or 2.81 percent, to 1,036.19. The Nasdaq Composite Index <.IXIC> dropped 52.44 points, or 2.50 percent, to close at 2,045.11.
NYMEX-NEW YORK, Oct 30 (Reuters) - U.S. crude oil futures ended down on Friday, as lower consumer spending and faltering confidence over the economic recovery raised fresh worries about demand for oil.
On the New York Mercantile Exchange, December crude
or 9.05 percent.
CBOT-SOYBEANS - November
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Oct 30 (Reuters) - Malaysian crude palm oil futures inched up 0.9 percent on Friday, recovering some earlier losses, although slightly weaker markets and prospects of high stocks curbed gains.
The benchmark January palm oil contract
REGIONAL EQUITIES-BANGKOK, Oct 30 (Reuters) - Most Southeast Asian stock markets gained ground on Friday, with banks reversing recent losses in Singapore and Malaysia while Indocement and Indofood led gainers in a rebound in Jakarta.
Sentiment in the region turned cautious in the afternoon session and late selling pulled markets down from the day's
highs.
Dealers said investors were waiting for interest rate decisions next week by the U.S. Federal Reserve, Bank of England and European Central Bank, but the mood remains positive overall.
Singapore's index <.FTSTI> ended up 0.7 percent after an early gain of almost 2 percent and Malaysia's index <.KLSE> inched up 0.12 percent,
Malaysia's index was 3.4 percent higher in October, Southeast Asia's second best performer after the Philippines' 3.8 percent rise.
FCPO Weekly: in Consolidation phase
Market close firm at 2200 levels yet it is still not convincing enough. Thus, market may continue to consolidate in near term. As for now, we are looking for the immediate upside resistance at 2250 followed by 2350. While, downside support is maintain at 2108-2100 (unfilled gap left over since 18/10/2009).
CBOT Soyoil Weekly: Upward move halted
Market violated the downside support at USD37.00 had weaken the immediate weekly outlook. Upward move has been slowing down following a black candle printed. Thus, market may consolidate in near term with upside resistance is pegged at USD39.18. Downside support is lies at USD35.00 to 34.80 followed by USD33.00 to 32.00.
DJI Weekly: Losing ground
Market looks has losing ground after failed to challenge 10,000 resistance mark. Hence, correction phase may take place in near term with upside resistance and downside support is pegged at 10,000 and 9,400 levels respectively.
FKLI Weekly: Shows a little tiredness
Market is still maintaining its upward posture but shows a little tiredness mode following prices close weak. Thus, market may enter into consolidation phase in near term with upside resistance remains at 1273.5. While, to the downside, immediate support is stood to 1230 followed by 1200.
Friday, October 30, 2009
Breaking News-RTRS-Asia Oils-High port stocks damp Chinese palm oil demand
By Niluksi Koswanage
KUALA LUMPUR, Oct 29 (Reuters) - China, the world's second largest vegetable oil buyer, has slowed palm oil purchases by 20 to 25 percent this month amid swelling stocks at its ports, which may weaken exports and put pressure on prices.
Traders say China's palm oil stocks are up 25 percent to half a million tonnes, a marked contrast to its port soybean stocks, which have fallen by as much as half in the past three months to 2-3 million tonnes.
Soy imports are expected to surge as China's food processors try to keep up with soyoil demand but on the palm oil front, China just bought 340,000 tonnes of mostly refined palm olein from Malaysia compared to the monthly 400,000-450,000 tonnes.
KUALA LUMPUR, Oct 29 (Reuters) - China, the world's second largest vegetable oil buyer, has slowed palm oil purchases by 20 to 25 percent this month amid swelling stocks at its ports, which may weaken exports and put pressure on prices.
Traders say China's palm oil stocks are up 25 percent to half a million tonnes, a marked contrast to its port soybean stocks, which have fallen by as much as half in the past three months to 2-3 million tonnes.
Soy imports are expected to surge as China's food processors try to keep up with soyoil demand but on the palm oil front, China just bought 340,000 tonnes of mostly refined palm olein from Malaysia compared to the monthly 400,000-450,000 tonnes.
Breaking News-RTRS-China soy buyers move to post-Feb cargoes-survey
BEIJING, Oct 29 (Reuters) - Chinese soybean buyers are shifting to mostly purchase cargoes for shipment after February with volumes seen staying high, according to an official survey.
Loadings of U.S. soy cargoes to China have sped up after wet weather delayed harvest, which should ease tight supply of imported soybeans in the domestic market, said the China National Grain and Oils Information Centre (CNGOIC).
Loadings of U.S. soy cargoes to China have sped up after wet weather delayed harvest, which should ease tight supply of imported soybeans in the domestic market, said the China National Grain and Oils Information Centre (CNGOIC).
Breaking News-RTRS-US soy oil stocks 2.739 bln lbs in September - Census
WASHINGTON, Oct 29 (Reuters) - U.S. soybean oil stocks
totaled 2.739 billion lbs in September, compared to 3.010
billion lbs in August, the U.S. Census Bureau said on
Thursday.
The data were released as part of the Census Bureau's
monthly Fats & Oils Production and Stocks report.
totaled 2.739 billion lbs in September, compared to 3.010
billion lbs in August, the U.S. Census Bureau said on
Thursday.
The data were released as part of the Census Bureau's
monthly Fats & Oils Production and Stocks report.
Trader's Highlight
DJI-NEW YORK, Oct 29 (Reuters) - U.S. stocks logged their best one-day percentage gain in three months on Thursday as investors saw data showing the U.S. economy returned to growth in the third quarter as brightening the outlook for profits.
The government's first estimate of U.S. gross domestic product showed the economy expanded at an annual rate of 3.5 percent in the third quarter, suggesting it was emerging from the worst recession in 70 years. The quarter of growth was the first after more than a year of contraction in GDP.
The Dow Jones industrial average <.DJI> gained 199.89 points, or 2.05 percent, to end at 9,962.58. The Standard & Poor's 500 Index <.SPX> jumped 23.48 points, or 2.25 percent, to 1,066.11 -- marking its biggest one-day percentage gain in three months. The Nasdaq Composite Index <.IXIC> shot up 37.94 points, or 1.84 percent, to close at 2,097.55.
NYMEX-NEW YORK, Oct 29 (Reuters) - U.S. crude oil futures ended more than 3 percent higher on Thursday as data showing the U.S. economy grew in the third quarter for the first time in a year spurred fresh hopes for higher oil demand.
On the New York Mercantile Exchange, December crude settled up $2.41, or 3.11 percent, at $79.87 a barrel, trading from $77.03 to $80.46.
CBOT-SOYBEANS - November up 17 cents at $9.85-1/2 a bushel. Firm crude oil lends support following soybeans dropping to their lowest level since Oct. 9.
CBOT-SOYOIL - December up 0.66 cent at 37.52 cents per lb.Strength in crude oil futures lends support to soyoil.
FCPO-KUALA LUMPUR, Oct 29 (Reuters) - Malaysian crude palm oil futures rose 1.7 percent on Thursday, bouncing from 2-week lows hit earlier in the session although higher stocks kept traders cautious.
The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange ended up 37 ringgit at 2,189 ringgit ($639.5) a tonne. The contract earlier dropped as much as 22 ringgit to 2,130 ringgit, a level unseen since Oct. 15.
REGIONAL EQUITIES-BANGKOK, Oct 29 (Reuters) - Southeast Asian stock markets endend lower on Thursday as investors worried over the economic outlook and selling continued to hit big caps such as Singapore Telecoms, CIMB Group and Indonesia's Bank Rakyat.
Malaysia's index <.KLSE> fell 0.6 percent to the lowest since Oct. 14, weighed down by a 1 percent fall in financial CIMB Group. AMMB Holdings was down 1 percent and Genting 1.5 percent lower.
Singapore's index <.FTSI> ended down 0.6 percent, recovering some of its early fall to its lowest since Oct. 6, with Singapore Telecommunications, Southeast Asia's biggest telecom firm, dropping 2 percent to a near-four-month low.
The government's first estimate of U.S. gross domestic product showed the economy expanded at an annual rate of 3.5 percent in the third quarter, suggesting it was emerging from the worst recession in 70 years. The quarter of growth was the first after more than a year of contraction in GDP.
The Dow Jones industrial average <.DJI> gained 199.89 points, or 2.05 percent, to end at 9,962.58. The Standard & Poor's 500 Index <.SPX> jumped 23.48 points, or 2.25 percent, to 1,066.11 -- marking its biggest one-day percentage gain in three months. The Nasdaq Composite Index <.IXIC> shot up 37.94 points, or 1.84 percent, to close at 2,097.55.
NYMEX-NEW YORK, Oct 29 (Reuters) - U.S. crude oil futures ended more than 3 percent higher on Thursday as data showing the U.S. economy grew in the third quarter for the first time in a year spurred fresh hopes for higher oil demand.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Oct 29 (Reuters) - Malaysian crude palm oil futures rose 1.7 percent on Thursday, bouncing from 2-week lows hit earlier in the session although higher stocks kept traders cautious.
The benchmark January palm oil contract
REGIONAL EQUITIES-BANGKOK, Oct 29 (Reuters) - Southeast Asian stock markets endend lower on Thursday as investors worried over the economic outlook and selling continued to hit big caps such as Singapore Telecoms, CIMB Group and Indonesia's Bank Rakyat.
Malaysia's index <.KLSE> fell 0.6 percent to the lowest since Oct. 14, weighed down by a 1 percent fall in financial CIMB Group
Singapore's index <.FTSI> ended down 0.6 percent, recovering some of its early fall to its lowest since Oct. 6, with Singapore Telecommunications
FCPO Daily: Holding ground
A long white candle appears following prices turning upward after found some cushion at 2130 levels. Thus, consolidation phase is likely to continue in near term. Currently, we are looking for the immediate upside resistance at 2200-2205 (gap left over on 27/10/2009) followed by 2250. While, downside support is lies at 2130 followed by 2108-2085 (unfilled gap left over since 12/10/2009).
FKLI Daily: Defended at 1230 levels.
Market was trying to defend at the underline support at 1230 levels. However, immediate technical landscape remains in tiredness mode. Thus, market may consolidate in near term. Violation of the underline support at 1230 levels may see further correction in near term. While, upside resistance is looking at 1241.5-1244.5 (gap left over on 29/10/2009) followed by 1256.5-1259 (gap left over on 27/10/2009).
Thursday, October 29, 2009
Trader's Highlight
DJI-NEW YORK, Oct 28 (Reuters) - U.S. stocks tumbled in a broad sell-off on Wednesday, sending the benchmark S&P 500 lower for a fourth straight day, after weak data on new home sales heightened concerns about the pace of the economic recovery.
The Dow Jones industrial average <.DJI> dropped 119.48 points, or 1.21 percent, to 9,762.69 -- its third triple-digit drop in four days. The Standard & Poor's 500 Index <.SPX> fell 20.78 points, or 1.95 percent, to 1,042.63. The Nasdaq Composite Index <.IXIC> slid 56.48 points, or 2.67 percent, to 2,059.61.
The government will release its first estimate of third-quarter GDP on Thursday. GDP is expected to have grown at an annual rate of 3.3 percent in the third quarter, according to 77 analysts polled by Reuters.
NYMEX-NEW YORK, Oct 28 (Reuters) - U.S. crude oil futures ended more than 2 percent lower on Wednesday, hit by government data showing a surprise increase in gasoline inventories last week.
The U.S. Energy Information Administration reported that crude stocks rose less than expected, pressuring prices that had risen late on Tuesday after a report from the American Petroleum Institute showed a large drawdown.
On the New York Mercantile Exchange, December crude settled down $2.09, or 2.63 percent, at $77.46 a barrel, trading from $77.23 to $79.83.
CBOT-SOYBEANS - November down 5 cents at $9.68-1/2 a bushel; January down 6 at $9.70-1/2. Rebounding dollar and an improvement seen coming to U.S. Midwest harvest weather weigh.
CBOT-SOYOIL - December down 0.62 cent at 36.86 cents a lb; deferreds down 0.62 to 0.65. Weakness in crude oil market pressures.
FCPO-KUALA LUMPUR, Oct 28 (Reuters) - Malaysian crude palm oil futures fell as much as 1.4 percent on Wednesday to hit a near two-week low on higher stocks and crude oil easing from its earlier rally.
The benchmark January palm oil contract on the Bursa Malaysia Derivatives Exchange fell as much as 30 ringgit to 2,140 ringgit ($627) per tonne, a level unseen since Oct. 16. The market then settled 18 ringgit lower at 2,152 ringgit.
REGIONAL EQUITIES-BANGKOK, Oct 28 (Reuters) - Southeast Asian stock markets
fell on Wednesday, with selling of big caps such as Bumi Resources pushing Indonesia to its lowest in seven weeks.
Singapore's index <.FTSTI> fell 1.7 percent to its lowest since Oct. 9, with gaming group Genting Singapore down 2.7 percent and Singapore Telecoms 1.9 percent lower.
Malaysia's index <.KLSE> ended down 0.9 percent, with CIMB Group off 2.7 percent and Axiata Group 1 percent lower.
The Dow Jones industrial average <.DJI> dropped 119.48 points, or 1.21 percent, to 9,762.69 -- its third triple-digit drop in four days. The Standard & Poor's 500 Index <.SPX> fell 20.78 points, or 1.95 percent, to 1,042.63. The Nasdaq Composite Index <.IXIC> slid 56.48 points, or 2.67 percent, to 2,059.61.
The government will release its first estimate of third-quarter GDP on Thursday. GDP is expected to have grown at an annual rate of 3.3 percent in the third quarter, according to 77 analysts polled by Reuters.
NYMEX-NEW YORK, Oct 28 (Reuters) - U.S. crude oil futures ended more than 2 percent lower on Wednesday, hit by government data showing a surprise increase in gasoline inventories last week.
The U.S. Energy Information Administration reported that crude stocks rose less than expected, pressuring prices that had risen late on Tuesday after a report from the American Petroleum Institute showed a large drawdown.
On the New York Mercantile Exchange, December crude
CBOT-SOYBEANS - November
CBOT-SOYOIL - December
FCPO-KUALA LUMPUR, Oct 28 (Reuters) - Malaysian crude palm oil futures fell as much as 1.4 percent on Wednesday to hit a near two-week low on higher stocks and crude oil easing from its earlier rally.
The benchmark January palm oil contract
REGIONAL EQUITIES-BANGKOK, Oct 28 (Reuters) - Southeast Asian stock markets
fell on Wednesday, with selling of big caps such as Bumi Resources pushing Indonesia to its lowest in seven weeks.
Singapore's index <.FTSTI> fell 1.7 percent to its lowest since Oct. 9, with gaming group Genting Singapore
Malaysia's index <.KLSE> ended down 0.9 percent, with CIMB Group
FCPO Daily: Sideways to downside potential
Market looks is turning the other way round following prices failed to stay firm at 2200 levels. Thus, consolidation phase is likely to continue and may move bias sideways to downside potential in near term. Currently, we are looking for the immediate upside resistance at 2200-2205 (gap left over on 27/10/2009. While, downside support is remains at 2108-2085 (unfilled gap left over since 12/10/2009).
NYMEX Crude Daily: Heavy top
Prices continue to ease off with a heavy top. A long black candle printed had weighed on the market upside momentum. Thus, we maintain our underline support at USD75.00-USD73.00. To the upside, immediate resistance is stood at USD80.00-USD82.00.
Subscribe to:
Posts (Atom)
