Monday, September 15, 2008
Trader's Comment: CPO futures ended sharply lower as crude oil crack below USD100 a barrel
CPO futures ended sharply lower as crude oil crack below USD100 a barrel. It hit as low at USD88.00 during Asian time zone. This had set the negative sentiment for the palm market. Heavy losses in rival soyoil trading in e-CBOT also added onto the selling pressure. Market sentiment is just weak especially NYMEX crude oil price trading below USD100 a barrel. Lower 1-15 export number released by rrivate cargo surveyors had weaken further the momentum. Benchmark Nov08 settle at fresh year low at 2240, down RM140 from last Friday's closing.
FCPO: looking for new low
Fresh year low with market tested support at 2240 and is non-stop looking for new low!! We now looking for the immediate support at 2235 followed by 2150-2140. for upside, resistance is at 2390-2400.
FKLI: weak close near physiological support 1000 mark
Another long black candle drove market ended weak near to the physiological support at 1000. Next support target will be 970-960 level. While, immediate resistance is at 1036-1038.
KLSE: heading to test 1000 physiological support
Market momentum dampened further with another day of weak closing. Looks is heading to the physiological support at 1000. Next support will be at 970 mark. For upside, look for the immediate resistance at 1037-1040 (gap left over today).
Breaking News-RTRS-Malaysia wants the European Union (EU) to review directives on biofuel, says Chin
BRUSSELS, Sept 15 (Bernama) -- Malaysia wants the European Union (EU) to
review its decision on renewable energy and fuel quality, especially on the use
of palm oil for the production of biofuel, Plantation Industries and
Commodities Minister Datuk Peter Chin Fah Kui said.
Describing it as discriminatory, he said: "I don't really understand the
decision. How to support it," he told Bernama.
Last Thursday, the European Parliament's influential Industry Committee
endorsed a 10 percent target on the usage of biofuels in transport by 2020.
It also covers the shift from traditional biofuels made from grains or other
crops towards other renewable energy sources.
review its decision on renewable energy and fuel quality, especially on the use
of palm oil for the production of biofuel, Plantation Industries and
Commodities Minister Datuk Peter Chin Fah Kui said.
Describing it as discriminatory, he said: "I don't really understand the
decision. How to support it," he told Bernama.
Last Thursday, the European Parliament's influential Industry Committee
endorsed a 10 percent target on the usage of biofuels in transport by 2020.
It also covers the shift from traditional biofuels made from grains or other
crops towards other renewable energy sources.
Breaking News-RTRS-Merrill bull run ends with of Bank of America sale
NEW YORK, Sept 14 (Reuters) - Merrill Lynch & Co Inc is one of the largest investment banks on Wall Street, but the venerable company and its world-famous bull emblem are about to be relegated to the annals of Wall Street.
Merrill, which has posted more than $40 billion in write-downs and credit losses over the last year, has agreed to sell itself to Bank of America Corp for $44 billion, or $29 a share, a source briefed on the matter said on Sunday.
Merrill, which has posted more than $40 billion in write-downs and credit losses over the last year, has agreed to sell itself to Bank of America Corp
Breaking News - Ber-MPOC works to expand existing palm oil markets
BRUSSELS, Sept 13 - The Malaysian Palm Oil Council (MPOC), is in the midst of expanding the existing markets, said its chief executive officer Tan Sri Datuk Dr Yusof Basiron.
According to Yusof, the MPOC's promotional efforts were ongoing.
"We also develop new markets by educating countries who may have just come into the edible oil picture. The MPOC does this through awareness programmes on palm oil," he said.
According to Yusof, the MPOC's promotional efforts were ongoing.
"We also develop new markets by educating countries who may have just come into the edible oil picture. The MPOC does this through awareness programmes on palm oil," he said.
Trader's Highlight
DJI-NEW YORK, Sept 12 - U.S. stocks ended little changed on Friday as uncertainty about what shape or form an intervention to resolve the Lehman Brothers debacle fueled caution among investors. Investors braced for possible weekend developments in the saga of the troubled U.S. investment bank. Shares of natural resource companies and utilities gained as commodity prices rose, offsetting losses among financial and bank shares.
Based on the latest available data, the Dow Jones industrial average lost 11.72 points, or 0.10 percent, to end unofficially at 11,421.99. The Standard & Poor's 500 Index climbed 2.65 points, or 0.21 percent, to close unofficially at 1,251.70.
NYMEX-NEW YORK, Sept 14 - U.S. crude oil futures fell below $100 a barrel to their lowest in more than six months on Sunday as traders bet Hurricane Ike did less damage to the nation's energy infrastructure than initially feared.
On the New York Mercantile Exchange at 2:40 p.m. EDT (1840 GMT), October crude was down $2.12, or 2.1 percent, at $99.06 per barrel, trading from $98.55 to $101.19.
CBOT-SOYBEANS - September expired $2.74 higher at $14.90 a bushel; November up 26 cents at $12.02.
Support from USDA's smaller U.S. soy crop estimate. Front-month September spiked ahead of its expiration on strong cash markets and short-covering in thin volume.
SOYOIL - September expired 0.15 cent higher at 47.15 cents per lb; October up 0.39 at 47.51 cents.
Support from soybeans and USDA's lower soyoil ending stocks estimate. Crude oil lends early support, then retreats.
FCPO-JAKARTA, Sept 12 - Malaysian crude palm oil futures rose more than 3 percent on Friday lifted by firmer crude oil and soybean oil prices, and as traders tried to cover their short positions following recent sell-offs, dealers said.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose 71 ringgit or 3.07 percent to 2,380 ringgit a tonne. Overall volume reached 15,421 lots of 25 tonnes.
Regional Equities-SINGAPORE, Sept 12 - Singapore shares rose 1.16 percent, off near two-year lows on Friday, as investors bought battered property stocks like CapitaLand, but a weak rupiah pushed Indonesian stocks to a near 18-month low.
Singapore's Straits Times Index ended at 2,570.67 points, and Indonesian stocks dropped 3.5 percent to a level last seen in March 2007.
Based on the latest available data, the Dow Jones industrial average lost 11.72 points, or 0.10 percent, to end unofficially at 11,421.99. The Standard & Poor's 500 Index climbed 2.65 points, or 0.21 percent, to close unofficially at 1,251.70.
NYMEX-NEW YORK, Sept 14 - U.S. crude oil futures fell below $100 a barrel to their lowest in more than six months on Sunday as traders bet Hurricane Ike did less damage to the nation's energy infrastructure than initially feared.
On the New York Mercantile Exchange at 2:40 p.m. EDT (1840 GMT), October crude was down $2.12, or 2.1 percent, at $99.06 per barrel, trading from $98.55 to $101.19.
CBOT-SOYBEANS - September expired $2.74 higher at $14.90 a bushel; November up 26 cents at $12.02.
Support from USDA's smaller U.S. soy crop estimate. Front-month September spiked ahead of its expiration on strong cash markets and short-covering in thin volume.
SOYOIL - September expired 0.15 cent higher at 47.15 cents per lb; October up 0.39 at 47.51 cents.
Support from soybeans and USDA's lower soyoil ending stocks estimate. Crude oil lends early support, then retreats.
FCPO-JAKARTA, Sept 12 - Malaysian crude palm oil futures rose more than 3 percent on Friday lifted by firmer crude oil and soybean oil prices, and as traders tried to cover their short positions following recent sell-offs, dealers said.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange rose 71 ringgit or 3.07 percent to 2,380 ringgit a tonne. Overall volume reached 15,421 lots of 25 tonnes.
Regional Equities-SINGAPORE, Sept 12 - Singapore shares rose 1.16 percent, off near two-year lows on Friday, as investors bought battered property stocks like CapitaLand, but a weak rupiah pushed Indonesian stocks to a near 18-month low.
Singapore's Straits Times Index ended at 2,570.67 points, and Indonesian stocks dropped 3.5 percent to a level last seen in March 2007.
FKLI Weekly: eyeing physiological support at 1000
Market looks more room to bias downside potential and eyed for the physiological support at 1000 mark followed by 970-960. For upside, resistance is pegged at 1090-1095.
KLSE Weekly: 1000 physiological support managed to defend?
Market continue to trend lower following 1050 level violated. looks may want to test the physiological support at 1000 followed by 970 mark. For upside, look for the resistance at 1090-1100.
DJI Weekly: in Bearish atmosphere
DJI weekly remained in bearish atmosphere. Market likely to continue its downside move in near term. We continue to look for the underline support at 10700-10650. While, upside resistance is at 11867-11924.
Friday, September 12, 2008
Trader's Comment: Pre-weekend covering led CPO futures to end broadly higher.
Pre-weekend covering led CPO futures to end broadly higher. Rival soy oil prices rebounds in e-CBOT coupled with NYMEX crude oil trading in Asian time zone in steady tone also helped to lift the market sentiment. Benchmark Nov08 prices was held well in the morning session after it dived to hit fresh year low at 2275 yesterday. This also had prompted some technical covering interest on technically oversold market. Some weather play as well, report said that hurricane Ike moving to Texas had force refineries to shut down also provided some speculation element. Benchmark Nov08 settled RM41 higher at 2380 after trading between 2296 to 2392. Daily volume was good with 15,421 contracts changed hands.
Trader's Highlight
DJI-NEW YORK, Sept 11 - U.S. stocks rose on Thursday as a report that major U.S. investment bank Lehman Brothers is shopping itself to possible suitors, including Bank of America, drove a last-minute rebound in financial shares.
A nearly $2 retreat in the price of oil also boosted the market, easing concern about consumer and business spending and sending airline and retail shares higher.
The Dow Jones industrial average ended up 164.79 points, or 1.46 percent, at 11,433.71. The Standard & Poor's 500 Index closed up 17.01 points, or 1.38 percent, at 1,249.05. The Nasdaq Composite Index finished up 29.52 points, or 1.32 percent, at 2,258.22.
NYMEX-NEW YORK, Sept 11 - U.S. crude oil futures fell near $100 a barrel on Thursday as a stronger dollar and weak global demand for oil outweighed concerns that Hurricane Ike will disrupt U.S. oil refining and production.
NYMEX October WTI futures settled at $100.87 a barrel, down $1.71, after trading between $100.10 and $103.95 a barrel.
CBOT-SOYBEANS--September up 34-1/2 cents at $12.16 per bushel, November down 2 at $11.76.
Nearby September supported by strong nearby cash prices as southern harvest stalled, keeping beans out of processors'hands. CIF values at the U.S. Gulf are escalating ahead of Hurricane Ike hitting Texas coast. Some positioning before
September expiration on Friday.
SOYOIL-September down 0.69 cent at 47 cents per lb,October down 0.72 at 47.12 cents.
Following declines in soybeans and crude oil.
FCPO-JAKARTA, Sept 11 - Malaysian crude palm oil futures ended down nearly 1 percent on Thursday, recouping some losses after falling as much as 2.3 percent on worries over slowing overseas demand.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 20 ringgit, or 0.86 percent, to 2,309 ringgit ($665) tonne, after falling as low as 2,275 ringgit a tonne earlier.
REGIONAL EQUITIES-SINGAPORE, Sept 11 - Southeast Asian markets sunk to new lows on Thursday as massive financial sector writedowns in the U.S. fuelled bearish sentiment, while foreign investors sold Malaysian planters such as IOI Corp amid political uncertainty in Kuala Lumpur.
Singapore fell 3.1 percent to its lowest in almost two years after its banks were downgraded by Merrill Lynch, while Malaysia dropped 2 percent to its lowest in 22 months.
Malaysian stocks are down 28 percent so far in 2008. Analysts said foreign investors are selling Malaysian shares ahead of a September 16 deadline by opposition leader Anwar Ibrahim to topple the ruling government.
A nearly $2 retreat in the price of oil
The Dow Jones industrial average ended up 164.79 points, or 1.46 percent, at 11,433.71. The Standard & Poor's 500 Index closed up 17.01 points, or 1.38 percent, at 1,249.05. The Nasdaq Composite Index finished up 29.52 points, or 1.32 percent, at 2,258.22.
NYMEX-NEW YORK, Sept 11 - U.S. crude oil futures fell near $100 a barrel on Thursday as a stronger dollar and weak global demand for oil outweighed concerns that Hurricane Ike will disrupt U.S. oil refining and production.
NYMEX October WTI futures settled at $100.87 a barrel, down $1.71, after trading between $100.10 and $103.95 a barrel.
CBOT-SOYBEANS--September up 34-1/2 cents at $12.16 per bushel, November down 2 at $11.76.
Nearby September supported by strong nearby cash prices as southern harvest stalled, keeping beans out of processors'hands. CIF values at the U.S. Gulf are escalating ahead of Hurricane Ike hitting Texas coast. Some positioning before
September expiration on Friday.
SOYOIL-September down 0.69 cent at 47 cents per lb,October down 0.72 at 47.12 cents.
Following declines in soybeans and crude oil.
FCPO-JAKARTA, Sept 11 - Malaysian crude palm oil futures ended down nearly 1 percent on Thursday, recouping some losses after falling as much as 2.3 percent on worries over slowing overseas demand.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange dropped 20 ringgit, or 0.86 percent, to 2,309 ringgit ($665) tonne, after falling as low as 2,275 ringgit a tonne earlier.
REGIONAL EQUITIES-SINGAPORE, Sept 11 - Southeast Asian markets sunk to new lows on Thursday as massive financial sector writedowns in the U.S. fuelled bearish sentiment, while foreign investors sold Malaysian planters such as IOI Corp amid political uncertainty in Kuala Lumpur.
Singapore fell 3.1 percent to its lowest in almost two years after its banks were downgraded by Merrill Lynch, while Malaysia dropped 2 percent to its lowest in 22 months.
Malaysian stocks are down 28 percent so far in 2008. Analysts said foreign investors are selling Malaysian shares ahead of a September 16 deadline by opposition leader Anwar Ibrahim to topple the ruling government.
Thursday, September 11, 2008
Trader's Comment: CPO futures dived
CPO futures dived to end weak as tracking losses in NYMEX crude oil in Asian time zone. Sluggish trading in the morning session saw benchmark Nov 08 stuck in tight range between 2334-2359 with traded in thin volume. However, market momentum turning weak in the afternoon session following NYMEX crude oil in Asian time zone traded around USD 101/ barrel near to the physiological support level. Speculative selling interest kept market under pressure and saw Nov 08 cracked below 2300 mark and dived to the fresh year low at 2275. Late intra-day short covering activities helped to provide a little cushion. Nov 08 then recovered a little to settle RM 20 lower at 2309 with total daily volume stood at 8,027 contracts changed hands.
FCPO: Extremely weak
Market cracked below 2300 level and dived to the low at 2275 in intra-day basis before it manage to end above 2300 mark. The overall technical landscape was extremely weak. We now look for the support at 2240-2235 followed by 2150-2140. For upside, resistance is at 2400-2410
FKLI: more room to downside potential
More room to downside potential following market failed to defend at 1036. We now look for the support at 970-960. Resistance is at 1050.
KLSE: violated 1050 underline support !
1050 underline support was violated and market is likely to trend lower. We now look for the next support at 970 mark. For upside, resistance at 1064
Trader's Highlight
DJI-NEW YORK, Sept 10 (Reuters) - A broad relief rally swept Wall Street on Wednesday as the U.S. dollar scaled a new one-year peak and oil prices fell despite a surprise decision by OPEC to cut production.
Weak demand and the strong dollar helped oil slide to fresh five-month lows just above $100 a barrel. The Organization of Petroleum Exporting Countries said after a meeting in Vienna it would cut daily output by about 520,000 barrels.
The Dow Jones industrial average <.DJI> closed up 38.19 points, or 0.34 percent, at 11,268.92. The Standard & Poor's 500 Index <.SPX> rose 7.53 points, or 0.61 percent, at 1,232.04. The Nasdaq Composite Index <.IXIC> gained 18.89 points, or 0.85 percent, at 2,228.70.
NYMEX-NEW YORK, Sept 10 (Reuters) - U.S. crude oil futures settled lower on Wednesday after a volatile trading session, hit by a stronger dollar and government data showing crude oil stocks building up in the U.S. Gulf Coast refining region after Hurricane Gustav crippled several plants last week.
The increase in crude inventories in the Gulf Coast region offset concerns over a larger-than-expected nationwide drawdown, dealers said.
NYMEX October WTI futures settled at $102.58 a barrel, down 68 cents, after trading between $101.36 and $104.97 a barrel.
CBOT-SOYBEANS - September down 27-1/2 cents at $11.81-1/2 per bushel, November down 23 at $11.78.Pressured by benign U.S. crop weather and strength in the
dollar. Lack of frost threat weighed on soy as did downturn in crude oil.
SOYOIL - September down 0.49 at 47.69 cents per lb.Following declines in soybeans and crude oil.
USDA will release new crop production estimates on Friday. Despite a slow start to the growing season, USDA forecast in August a corn crop of 12.288 billion bushels, the second-largest on record.
FCPO-JAKARTA, Sept 10 (Reuters) - Malaysian crude palm oil futures dropped more than 1 percent on Wednesday following news of a fall in exports during the first 10 days of this month, dealers said.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange ended down 25 ringgit, or 1.06 percent, at 2,329 ringgit ($673) a tonne.
REGIONAL EQUITIES-SINGAPORE, Sept 10 (Reuters) - Southeast Asian stock markets fell on Wednesday on fresh worries about slowing global demand,the health of U.S. banks and sliding commodity prices.
World stocks resumed their downtrend as worries over the fate of U.S. investment bank Lehman Brothers grew ahead of its quarterly results announcement on Wednesday.
Malaysia shed 0.6 percent to hit a 20-month low six days ahead of a deadline set by opposition leader Anwar Ibrahim to topple the ruling coalition.
Singapore's benchmark index fell 1.9 percent, while Thailand slid 1.2 percent on weak bank shares. Vietnam slid a fourth straight session, by 2.1 percent, to a
3-week low, while the Philippine index shed 0.4 percent.
Weak demand and the strong dollar helped oil slide to fresh five-month lows just above $100 a barrel. The Organization of Petroleum Exporting Countries said after a meeting in Vienna it would cut daily output by about 520,000 barrels.
The Dow Jones industrial average <.DJI> closed up 38.19 points, or 0.34 percent, at 11,268.92. The Standard & Poor's 500 Index <.SPX> rose 7.53 points, or 0.61 percent, at 1,232.04. The Nasdaq Composite Index <.IXIC> gained 18.89 points, or 0.85 percent, at 2,228.70.
NYMEX-NEW YORK, Sept 10 (Reuters) - U.S. crude oil futures settled lower on Wednesday after a volatile trading session, hit by a stronger dollar and government data showing crude oil stocks building up in the U.S. Gulf Coast refining region after Hurricane Gustav crippled several plants last week.
The increase in crude inventories in the Gulf Coast region offset concerns over a larger-than-expected nationwide drawdown, dealers said.
NYMEX October WTI futures
CBOT-SOYBEANS - September
dollar. Lack of frost threat weighed on soy as did downturn in crude oil.
SOYOIL - September
USDA will release new crop production estimates on Friday. Despite a slow start to the growing season, USDA forecast in August a corn crop of 12.288 billion bushels, the second-largest on record.
FCPO-JAKARTA, Sept 10 (Reuters) - Malaysian crude palm oil futures dropped more than 1 percent on Wednesday following news of a fall in exports during the first 10 days of this month, dealers said.
The benchmark November crude palm oil contract on the Bursa Malaysia Derivatives Exchange
REGIONAL EQUITIES-SINGAPORE, Sept 10 (Reuters) - Southeast Asian stock markets fell on Wednesday on fresh worries about slowing global demand,the health of U.S. banks and sliding commodity prices.
World stocks resumed their downtrend as worries over the fate of U.S. investment bank Lehman Brothers grew ahead of its quarterly results announcement on Wednesday.
Malaysia shed 0.6 percent to hit a 20-month low six days ahead of a deadline set by opposition leader Anwar Ibrahim to topple the ruling coalition.
Singapore's benchmark index fell 1.9 percent, while Thailand slid 1.2 percent on weak bank shares. Vietnam slid a fourth straight session, by 2.1 percent, to a
3-week low, while the Philippine index shed 0.4 percent.
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