Monday, November 15, 2010

20101115 1835 FCPO EOD Daily Chart Study.

FCPO closed : 3370, changed : +17 points, volume : lower.
Bollinger band reading : correction range bound upside biased.
MACD Histrogram : getting weaker, buyer taking profit.
Support : 3350, 3300, 3270 level.
Resistant : 3420, 3450, 3470 level.
Comment :
Wild swing 104 points range market FCPO opened and tested lower but managed to recover upward to closed recorded minor gain with lower volume traded despite a weakening soy oil prices as export data release showing improved demand plus fear of flood factor. Daily chart formed the 4th doji up bar candle with wider body still traded between the upper and middle Bollinger bands with the reading suggesting a correction range bound upside biased market reading.
When to buy : buy at support and weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20101115 1745 FKLI EOD Daily Chart Study.

FKLI closed : 1498, changed : +7.5 points,  volume : lower.
Bollinger band reading : correction range bound.
MACD Histrogram : getting lower, buyer reducing position.
Support : 1485, 1470, 1458 level.
Resistant : 1500, 1530, 1550 level.
Comment :
After last Friday severe sell down, FKLI managed to recover back partial of the losses recorded gain with lower volume transacted but still doing 3 points discount compare to cash market. Daily chart formed a doji bar candle rebounding from the lower Bollinger band support level with the reading still call for a correction range bound side way market testing support and resistant level.
When to buy : buy at support or weakness with quick cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20101115 1010 Local & Global Market News.

Malaysia: Seeks World Bank help to cut spending, trim deficit Malaysia will ask the World Bank to help in the country’s efforts to cut Government spending as Prime Minister Najib Razak seeks to reduce the budget deficit from a 22-year high. The nation is asking the Washington-based lender to review all areas of government expenditure, including how state contracts are awarded, to prevent waste from inefficiency, Second Finance Minister Ahmad Husni Hanadzlah said in an interview in Kuala Lumpur. Malaysia hopes the study will bolster the Government’s credibility, he said. (Bloomberg)

China: Inflation surge prompts expectations of rate hike China said that consumer prices rose at their fastest pace in more than two years in October, raising expectations of another rate hike as Beijing admits it may miss its 2010 inflation target. The CPI, a key measure of inflation rose 4.4% y-o-y last month, compared with 3.6% in September, the National Bureau of Statistics said. (BT)

China: Reluctance to take yuan ‘medicine’ hampers G-20 progress Group of 20 nations’ efforts to tackle currency and trade imbalances floundered as China rejected policy prescriptions that fault its exchange rate regime and directed criticism at additional monetary easing in the US. “Don’t make other people take the medicine for your disease,” Yu Jianhua, a director general at China’s Ministry of Commerce, told reporters in Seoul. “Quantitative easing will have a very big impact on developing countries including China.” (Bloomberg)

Japan: Growth probably peaked as yen gains weighed on expansion Japan’s expansion may slow toward the end of this year after getting a temporary boost in the third quarter as a surging yen crimps exports and fading stimulus measures force consumers to pare outlays. GDP grew at an annualized 2.5% in the three months ended 30 Sept, following a 1.5% expansion in the previous quarter, according to the median forecast of 21 economists surveyed by Bloomberg News. (Bloomberg)

Australia: October jobless rate unexpectedly jumps Australia’s unemployment rate unexpectedly jumped in October to a six-month high as the pool of workers and job seekers swelled to a record, easing concern that a labor shortage will drive up wages. The jobless rate rose to 5.4% last month from 5.1% in September, the statistics bureau said. That exceeded the median forecast of 5% in a Bloomberg News survey of 24 economists. (Bloomberg)

US: Geithner says dollar drop due to haven-flow reversal Treasury Secretary Timothy F. Geithner said the dollar’s drop in recent months is due to a reversal in safehaven capital flows, rebutting former Federal Reserve Chairman Alan Greenspan’s assessment of US policy. Investors are no longer seeking as much of a refuge in dollars, and that’s “a sign of greater confidence that although we face challenges in the US and globally the risks we face are more manageable,” Geithner said in a transcript of an interview with CNBC television distributed by e-mail. This shift is “the dominant trend that we see,” he said. (Bloomberg)

Malaysia: Holds rate as inflation, global growth ease Malaysia’s central bank left borrowing costs unchanged for a second consecutive meeting as inflation and global growth eased, avoiding an increase that may attract capital inflows and strengthen the nation’s currency. Bank Negara Malaysia kept its benchmark overnight policy rate at 2.75%, it said in a statement in Kuala Lumpur, a decision predicted by all 16 economists surveyed by Bloomberg News. This was the central bank’s final ratesetting meeting for 2010. (Bloomberg)

Malaysia: World Bank- Slower growth ahead for Malaysia on external uncertainty The World Bank has forecast a moderation in Malaysia’s economy growth for 2011 and 2012 on the back of near-term uncertainty from the weakness of the global economy, while the country’s medium-term growth rests on implementation and progress on fiscal consolidation. The World Bank projects Malaysia’s GDP to be at 4.8% in 2011 and 5.7% in 2012 due to base effects and prospects of weaker global economic conditions dampening domestic confidence. (Financial Daily)

EU: Ireland says it’s in talks on markets as Germany pushes aid Ireland said it’s in talks with European officials about “market conditions” as Germany pushes it to accept a
bailout before a meeting of finance ministers on 16 Nov that aims to reverse a bond sell-off across the euroregion’s periphery. “Ongoing contacts continue at official level with international colleagues in light of current market conditions,” a Finance Ministry spokesman said in an email. “Ireland has made no application for external support” and the government is “fully funded till well into 2011,” the spokesman said. (Bloomberg)

US: Pushes China to show yuan progress before Hu’s January trip The US called on China to let the yuan rise before President Hu Jintao’s planned January trip to Washington, setting a deadline for results after Group of 20 leaders failed to reach a broad agreement on currencies. Hu’s US visit “will be an important time to look at exactly what the quantum of progress has been” on China’s currency reforms, National Security Adviser Thomas Donilon told reporters in Yokohama, Japan. The pace of the moves is a “sovereign decision” and the US “will certainly be looking.” (Bloomberg)

US: Consumers gain confidence as jobs, shares rise Consumers in the US gained confidence in November for the first time in three months, raising the odds that an improving job market and increasing wages and stock prices will lift spending. The Thomson Reuters/University of Michigan preliminary sentiment index rose to 69.3, in line with the median forecast of economists surveyed by Bloomberg News and the highest level since June, from 67.7 in October. The measure averaged 88.9 in the five years to December 2007, when the last recession began. (Bloomberg)

U.S: Fed resumes easing with USD 7.229b of Treasuries in attempt to drive down borrowing rates to help reduce unemployment and avert deflation. Policy makers acquired 16 of the 24 securities maturing from November 2014 through April 2016 that were listed on the Federal Reserve Bank of New York's website. The acquisitions are part of the Fed?s plan to acquire USD 600b of Treasuries through June and reinvest maturing mortgage holdings. (Source: Bloomberg)

E.U: Growth slows in 3Q10 as deficit cuts dent recovery . Gross domestic product in the 16-nation euro area rose 0.4% QoQ from the second quarter, when it increased 1% QoQ. Industrial output fell 0.9% MoM in September from the previous month, the largest drop in 18 months, separate data showed. (Source: Bloomberg)

Germany: Economic growth slowed in 3Q10 , after record expansion in the second. GDP, adjusted for seasonal effects, rose 0.7% QoQ from the second quarter, when it surged an upwardly revised 2.3% QoQ, the Federal Statistics Office in Wiesbaden said. (Source: Bloomberg)

France: 3Q10 GDP growth slips as a surge in imports and a decline in manufacturing overshadowed increasing household spending. GDP rose 0.4% QoQ in the three months through September, down from the 0.7% QoQ gain in the previous quarter, Paris-based statistics office Insee said. (Source: Bloomberg)

Italy: Economy expanded less than expected in 3Q10 . GDP rose 0.2% QoQ from the second quarter when it climbed 0.4% QoQ. The economy expanded 1.0% YoY. (Source: Bloomberg)

H.K: Economy expands more-than-forecast 6.8% YoY in 3Q10 . The gain in GDP compared with a 6.5% YoY increase in the three months ended June 30. (Source: Bloomberg)

India: Industrial production growth unexpectedly slowed to a 16-month low in September . Output at factories, utilities and mines rose 4.4% YoY after a revised 6.9% YoY increase in August. (Source: Bloomberg)

Philippines: Debt rating was raised to the highest level in more than seven years by Standard & Poor's , which cited the country?s strong external liquidity, foreign reserves, and progress in debt reduction. The rating on the nation's government debt was raised one level to BB from BB-, the rating company said in a statement. (Source: Bloomberg)

20101115 1005 Malaysia Corporate News.

OSK: Hires Goldman to scout for buyers. OSK Holdings Bhd is believed to have appointed Goldman Sachs to explore the possibility of finding a suitor or strategic partner for its investment banking arm, OSK Investment Bank Bhd (OSKIB). Goldman Sachs, which was appointed several weeks ago, has approached a few local and foreign banking groups. Among those said to have expressed interest are Malayan Banking Bhd (Maybank) and Industrial and Commercial Bank of China. (Source: The Edge Financial Weekly)

Banking: Angkasa awaits nod for take-off. The Islamic Cooperative Bank of Malaysia (ICBM), owned by Angkatan Koperasi Kebangsaan Malaysia Bhd (Ang-kasa), is currently awaiting the green light from the Cooperative Commission of Malaysia (CCM) to begin operations. The bank has already accumulated 560 credit cooperatives, with almost 4m members, as associate members. (Source: Business Times) 

Proton offers Mitsubishi platform to widen tie-up
Proton Holdings has offered Mitsubishi Motor Corp (MMC) its vehicle platform that has churned out the Exora multi-purpose vehicle and Persona sedan to expand their non-equity strategic alliance. It is understood that the Japanese carmaker will then use the platform to build and sell cars for its export markets. While the Persona and Exora were among several models built from ground up by Proton, the national carmaker is developing a brand new car to replace the current Persona. Mitsubishi was the strategic foreign partner for Proton when the national car project was set up in the mid-1980s. (BT)

Musa Hitam: Sime to table forensic report, strategy
Conglomerate Sime Darby is expected to table the forensic report and strategy at its AGM on 16 Nov 2010, said its chairman, Tun Musa Hitam. Chief executive officer, Datuk Mohd Bakke Salleh said “works are in progress” pertaining to the  issues. Sime aims to put the group on track after incurring nearly RM1bn in losses from cost overruns in the group’s energy and utilities ducusuib. Bakke had said Sime planned to revamp its sprawling business into six flagship subsidiaries, each with its own board of directors and committees. (MalaysianReserve)

Boustead sells assets to REIT unit, then leases them back
Boustead Holdings plans to sell for RM189.23m its Sabah’s Sutera estate, Taiping rubber plantation and Trong oil mill to Al-Hadharah Boustead REIT, and then lease back these assets. The move will result in a cash inflow for the group and its subsidiaries, which will be used to reduce bank borrowings by the group and potentially save RM9.5m interest expense per annum for the group. This exercise will expand the fund’s plantation assets by 3,580ha to 19,984ha with a gross asset value of more than RM1bn. (Starbiz)

BRDB inks pact for RM652m project
Bandar Raya Developments Bhd, a commercial and residential developer, is planning a RM652m joint development in Seri Kembangan, Selangor, with Country Heights Land SB. The project, with an estimated  gross development profit of RM170m, would comprise 310 units of semi-detached houses and 13 units of  bungalows sprawled over 192,561 sq m within the so-called Bluwater Estate. The construction for the  proposed development is expected to commence in the last quarter of 2011 and completed within five years.  Under the JV Bandar Raya and Country Heights Land will take up 75% and 25% stake respectively in an  SPV purpose vehicle to undertake the development. (Malaysian Reserve)

Tan Chong to invest RM285m in Sabah plant
Tan Chong Motor Holdings Bhd last Friday announced it will invest RM285m to build cars in Sabah after it received an approval letter from the International Trade and Industry Ministry for its application of a licence to
manufacture and assemble luxury passenger vehicles and commercial vehicles. Tan Chong said the approval letter was on condition that the manufacturing and assembly activities would be for luxury passenger cars with 1,800cc and above and costing no less than RM150,000. The licence is for Tan Chong to conduct manufacture of vehicles at the Kota Kinabalu Industrial Park (KKIP), Sabah, which was built to establish Sabah as the gateway to the Brunei-Indonesia-Malaysia-Philippines-East ASEAN Growth Area (BIMP-EAGA). (StarBiz)

Kencana- Petrofac JV front runners for USD250m Sepat job
Kencana Petroleum Bhd and its technical partner London-based Petrofac Ltd have emerged as front runners to bag a USD250m (RM780m) engineering, procurement, construction and commissioning (EPC)job at Block PM313, the Sepat oil field. The Sepat oil field is a marginal field in offshore of Terengganu under the purview of the National oil company Petroliam Nasional Bhd (Petrogas). According to industry players, Sepat has large oil reserves that have yet to be fully recovered. With the high crude oil prices and increasing difficulties in exploring new oilfields, Petronas intends to improve oil recovery in the brown fields. Apart from Kencana and Petrofac, there were two other JV companies vying for the job, namely Malaysia Marine and Heavy engineering Holdings Bhd (MMHE) together with its partner, France-based Technip SA, as well as Australian company Roc Oil forming a partnership with local player Griffin Energy Ltd. (Financial Daily)

Petronas Chemicals sets IPO price at RM5.04
Petronas Chemicals Group Bhd has fixed the price of its initial public offering (IPO) at RM5.04 a share for the portion reserved for retail investors and at RM5.20 apiece for shares to be sold to institutional investors. The IPO would raise RM12.8bn, of which RM9.2bn was to be accrued to parent company Petroliam Nasional Bhd (Petronas), the company said in a statement yesterday. Based on the institutional price, Petronas Chemicals’ market value will be RM41.6bn, making it one of the largest petrochemical producers in South-East Asia. Petronas Chemicals will be a component stock of the FTSE Bursa Malaysia KL Composite Index. (StarBiz)

20101115 0933 Global Market News.

Corn up 2 pct on talk of Chinese buying, soy steady
SINGAPORE, Nov 15 (Reuters) - U.S. corn futures rose more than 2 percent as bargain hunters stepped into the market following Friday's slump amid talk that China bought cargoes of Argentine corn.
"The rebound is partly due to talk that China is buying corn and some South American trade going on in that market," said Garry Booth, a traderwith MF Global Australia. "We also had the Iraqi wheat tender on Friday where Australia and U.S. secured more business."

Stocks steadier after fall; sentiment fragile
SYDNEY, Nov 15 (Reuters) - Investor demand for riskier assets made a tentative comeback, with commodity prices steadier and Asian stock markets scoring modest gains, a session after their biggest one-day fall in over four months.
Commodity currencies such as the Australian dollar clawed off the lows plumbed on Friday, when fears that fast-growing China will have to lift interest rates to curb inflation gripped markets.

OIL: Crude inches higher on dip-buying
TOKYO, Nov 15 (Reuters) - U.S. crude futures edged up on Monday on dip-buying after dropping more than 3 percent late last week due to caution over the pace of the recent rally.
The contract on Friday fell as low as $84.52, the lowest intraday level since Nov. 3, as investor attention shifted to fears that China may raise interest rates to brake its economy and concerns about euro zone debt.

COMMODITY MARKETS: China rate worry spurs biggest rout in months
NEW YORK, Nov 12 (Reuters) - Major commodities fell by the most in months on Friday on concern China will raise interest rates to slow growth, halting a rally that has seen raw goods prices surge to multi-year highs on improving demand and last week's U.S. economic stimulus package.
"We are seeing the unwinding of the QE2 (quantitative easing) trade across markets, and it's hitting commodities hard since they were bid high," said Mihir Warah, manager of the $16 billion Pimco Commodity RealReturn Strategy Fund.

GLOBAL MARKETS: Stocks steadier after fall; sentiment fragile
SYDNEY, Nov 15 (Reuters) - Investor demand for riskier assets made a tentative comeback on Monday, with commodity prices steadier and Asian stock markets scoring modest gains, a session after their biggest one-day fall in over four months.
"Overall, sentiment remains fragile as European bond concerns taken together with worries about monetary tightening in China have resulted in risk appetite declining," said Mitul Kotecha, head of global fx strategy at Credit Agricole in Hong Kong.

G20 closes ranks but skims over toughest tasks
SEOUL, Nov 12 (Reuters) - G20 leaders closed ranks on Friday and agreed to a watered-down commitment to watch out for dangerous imbalances, yet offered investors little proof that the world was any safer from economic catastrophe.
After an acrimonious start, the developing and emerging nations agreed at a summit in Seoul to set vague "indicative guidelines" for measuring imbalances between their multi-speed economies but, calling a timeout to let tempers cool, left the details to be discussed in the first half of next year.

China markets fall, rate rise talk spooks investors
SHANGHAI, Nov 12 (Reuters) - China's stock market fell nearly 4 percent and Shanghai copper futures tumbled to their 5 percent downside limit on Friday, as speculation of an imminent interest rate rise by Beijing spooked investors.
The Shanghai Composite Index slid 3.97 percent in mid-morning trade to its lowest since the start of November, before recovering slightly to be down 3 percent by 0531 GMT.

After years of US housing mess, no end in sight
CHICAGO, Nov 11 (Reuters) - America's housing mess came to the western part of Humboldt Park long before it hit wealthier neighborhoods, but like much of the country the crisis is apparently going nowhere.
"Everything is on hold here," said John Groene, director of the neighborhood's branch of nonprofit lender Neighborhood Housing Services of Chicago (NHS), on a tour of this predominantly black and Hispanic area. "And there's no end in sight."

PRECIOUS-Gold slips 2 pct as euro zone debt fears knock euro
LONDON, Nov 12 (Reuters) - Gold prices slipped more than 2 percent in Europe on Friday as concerns over the ability of some smaller euro zone countries to service their debt battered the financial markets, sparking broad-based selling of commodities.
Worries that Ireland would, like Greece, need a bailout knocked the euro sharply lower against the dollar, while talk of a possible Chinese rate hike depressed commodities, pushing this week's Group of 20 meeting in Seoul into the background.

FOREX-Euro, high-yielders slide as risk off the table
LONDON, Nov 12 (Reuters) - The euro hit six-week lows against the dollar on Friday and fell to a two-month troughs versus the yen while high-yielding currencies took a knock as a wave of risk reduction swept financial markets.
With the G-20 meeting in Seoul and the Federal Reserve's quantitative easing measures moving into the background, worries about Ireland's ability to pay its debt took the limelight and prompted investors to turn cautious about riskier assets.

Euro falls on Ireland; risky assets sold off
HONG KONG, Nov 12 (Reuters) - The euro fell  on fears Ireland may need a bailout just like Greece, while a sharp decline in commodities and stock prices hastened a broad retreat from risky assets.
"The effects of euro zone peripheral bond concerns are spreading through euro zone markets and hitting risk appetite in the process. The euro is a clear casualty, having dropped further against the U.S. dollar and versus other currencies," said Mitul Kotecha, global head of currency strategy with Credit Agricole CIB in Hong Kong.

20101115 0930 Soy Oil & Palm Oil Related News.

ITS CPO export up 26.6% to 747,431 tonnes for the period of 1~15 Nov 2010.
SGS CPO export up 28.3% to 777,761 tonnes for the period of 1~15 Nov 2010. 

Soyoil futures fell the daily trading limit Friday, succumbing to the broader based liquidation phase in the commodity sector. Fears of China raising interest rates, a feature seen as a negative for Chinese imports, sent buyers running for cover, with sharp declines in Asian vegoil markets setting the stage for the selloff, analysts said. Soymeal followed the lead of beans and soyoil, falling sharply on speculative selling pressure. CBOT Dec soyoil ended 2.5 cents or 4.5% lower at 52.53 cents a pound, while December soymeal traded $18.40 or 5.1% lower at $339.70 a short ton. (Source: CME)

Commodities Retreat On Worries Of China Rate Hike (Source: CME)
Commodities tumbled across the board, part of a wider market selloff as worries grow that China will take additional actions to slow its surging economy. Data from China released Thursday showed inflation rising faster than anticipated, which could force China's central bank to raise interest rates or take other steps to slow growth. Grains and metals had risen on the report Thursday but they backtracked Friday along with crude oil and equities markets. Cotton and sugar, which fell from multi-year highs earlier this week, saw additional declines. Official data from the Chinese government Thursday showed consumer prices rose by 4.4% in October. Average inflation this year has now reached 3% and will likely rise unless readings slow sharply in the next two months. The reports left traders fearful that China's central bank could soon raise interest rates further, curbing commodity demand in one of the world's fastest-growing regions.
A rate hike in China could also reduce the amount of money available to invest in commodities, even as the U.S. Federal Reserve's decision last week to purchase $600 billion in Treasurys will increase the money supply. The Fed's action, which stoked the possibility of inflation, sparked the rally. Commodities have been focused intently on policy decisions related to managing inflation. The Fed's action sent investors looking for hard assets as a hedge against inflation, pushing gold futures to record highs. But a rate hike in China is designed to limit rising prices. "It counteracts the impact of quantitative easing in the U.S.," said Jim Steel, senior vice president and metals analyst with HSBC in New York. "It's anti-inflationary in China." Commodity markets have been on a tear in recent months, helped by the weakening dollar, while supplies of agricultural products and metals tightened.
The U.S. central bank's stimulus measures led to additional declines in the greenback, which often forces commodity prices higher. Meanwhile, emerging markets are rebounding quickly from the economic downturn and soaking up raw materials, with China leading the way. China is the biggest single source of demand growth in many commodities markets, including oil, copper and soybeans. But commodity prices have factored in much of those gains, and fears that this growth could slow has pushed traders to try and lock in profits. "Some of these markets have gotten ahead of themselves," amid the recent rally, said Zachary Oxman, a managing director at TrendMax Futures. "We've got a weak dollar and we've still got commodities failing. It's got to be a lot of profit-taking." Cotton and sugar, which had seen some of the strongest gains in recent months, posted large declines Friday. Other U.S. agriculture commodities sold off as well.
Soybean and corn futures fell at the Chicago Board of Trade on concerns the tightening of Chinese monetary policy would dilute the strength of export demand for U.S. crops. China is the leading importer of U.S. soybeans and off to a record pace for the current crop. Analysts also expect China to reemerge as a big buyer of U.S. corn this year. The declines also spilled over into wheat and live cattle futures. Yet even amid concerns over Chinese monetary policy, analysts expect the strong global demand that has driven agriculture commodity prices higher this year to continue.

Soy falls 3 pct, corn at 3-week low on China rate talk
SINGAPORE, Nov 12 (Reuters) - U.S. soy slid more than 3 percent , dropping from a 26-month top, while corn fell to a three-week low as talk of a possible Chinese interest rate hike this weekend sparked a broad-based selloff in commodities.
"There is bearish tone through all the agricultural markets, it is general risk aversion flowing through commodities at this present stage," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.

Down on China inflation, broader commods selloff
KUALA LUMPUR, Nov 12 (Reuters) - Malaysian crude palm oil futures  eased from more than two year-highs hit the previous day, on concerns of higher China inflation and a broader selloff in commodities linked in part to Irish debt woes.
"China and Europe are giving very good excuses for players to take profit after the strong rally," said a Malaysian trader with a foreign brokerage.

Argentine soy, corn crops need more rain - exchange
BUENOS AIRES, Nov 11 (Reuters) - Light rains in Argentine farming regions allowed limited progress with soy sowing over the last week, and plantings are on hold in many areas, Buenos Aires Grains Exchange said on Thursday.
Argentina is the world's third-largest exporter and farmers are planting 2010/11 soybeans at a time of strong demand from China, the top importer of the oilseed.

RSPO asks palm oil buyers to plan green palm demand
JAKARTA, Nov 12 (Reuters) - An industry body that set up standards for green palm oil output said that in order to boost sales, buyers should specify end uses for the product.
The Roundtable on Sustainable Palm Oil (RSPO), an industry body of consumers, green groups and plantation companies that aims to promote use of sustainable oil palm products, is trying to balanced increased pressure on growers by giving them clearer forecasts from potential buyers.

Malaysia's IOI says palm prices to stay strong
PUTRAJAYA, Malaysia, Nov 12 (Reuters) - Palm oil prices will extend their rally into mid-2011 after touching their highest level in over two years, the world's third largest listed producer of the vegetable oil said.
"We are optimistic that the strong price trend (of 3,000 ringgit per tonne) will continue up to the middle of 2011," Lee Yeow Chor, executive director of Malaysia's IOI Corp said in an interview.

India's Oct vegoil imports boosted by stock build-up
NEW DELHI, Nov 11 (Reuters) - India's vegetable oil imports in October fell from September as local output started, but were still up 22 percent on a year ago as buyers built stocks to avoid possible price hikes on global output problems, a Reuters survey showed.
In addition, the festival of Diwali -- a period of family gatherings and feasting -- fell in November this year compared with last year's October date, affecting year ago comparisons.