Thursday, November 25, 2010

20101125 1821 FCPO EOD Daily Chart Study.

FCPO closed : 3276, changed : +108 points, volume : lower.
Bollinger band reading : side way range bound upside biased.
MACD Histrogram : turned upward, seller realise profit and reducing position.
Support : 3270, 3200, 3150, 3100 level.
Resistant : 3300, 3350, 3420 level.
Comment :
FCPO rallied recorded gain with reducing volume changed hand after export data released continue to show demand for crude palm oil still holding strong. Daily chart formed a long lower shadow up doji bar candle resuming the uptrend movement closed above resistant turned support middle Bollinger ban level with the reading suggesting side way range bound upside biased market development.
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.

20101125 1754 FKLI EOD Daily Chart Study.

FKLI closed : 1499.5, changed : +14.5 point,  volume : lower.
Bollinger band reading : correction range bound dowside biased.
MACD Histrogram : turned upward, seller reducing position.
Support : 1485, 1470, 1458 level.
Resistant : 1500, 1530, 1550 level.
Comment :
FKLI rallied traded firmed recorded gained with lower volume transacted as market sentiment turned positive ahead of giant size IPO listing of Petronas Chemicals tomorrow. Daily chart formed a wide range up bar candle having pullback correction take place testing middle Bollinger band resistant level with the reading suggesting a correction range bound downside biased market development.
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.

20101125 0944 Global Economics News.

China: May raise 2011 inflation target
China is considering raising its inflation target for 2011 even as it is campaigning to reassure people that price pressures will remain in check. A meeting of the country’s top officials next month to plot economic strategy for 2011 might pencil in inflation of 4%, up from a goal of 3% for this year, the China Business News reported. (Financial Daily) China: People’s

Bank of China plans to strengthen liquidity management
China’s central bank said it will strengthen liquidity management and “normalize” monetary conditions after having twice this month ordered banks to hold more in reserves to curb inflation that’s at a two-year high. The nation will use quantitative and price tools to manage liquidity, Hu Xiaolian, a deputy governor of the People’s Bank of China, said. China will also control the pace of bank lending for the remainder of this year as it will be difficult to stay within the government’s RMB 7.5tn (USD 1.13bn) target for new loans in 2010, she said. (Bloomberg)

Korea: Consumer confidence rebounds from 16-month low
South Korean consumer confidence rebounded from a 16-month low on expectations that the sustained economic recovery will boost household income and job prospects. The sentiment index rose to 110 from 108 in October, the Bank of Korea said in an e-mailed statement in Seoul. The poll was conducted before North Korea lobbed shells at a South Korean island on 23 Nov, which sent the won to a two-month low. A number exceeding 100 indicates optimists outnumber pessimists. (Bloomberg)

EU: Europe industrial orders drop the most in two years
European industrial orders slumped the most in almost two years in September, suggesting weaker global growth and a stronger euro are starting to hurt exports. Orders in the 16-nation euro area dropped 3.8% from August, when they rose 5.1%, the European Union’s statistics office in Luxembourg said. That’s the biggest plunge since Dec 2008 and sharper than the 2.5% drop forecast by economists in a Bloomberg News survey. Orders rose 14% from September 2009. (Bloomberg)

EU: ECB may be forced to delay exit again as debt crisis escalates
The European Central Bank may be forced to delay its exit from emergency measures again as the region’s sovereign debt crisis escalates. Investors are dumping Spanish and Portuguese bonds on concern they will have to follow Ireland and Greece in asking for European Union bailouts, making it more difficult for the ECB to proceed with its withdrawal of liquidity support for banks. Some economists now doubt the ECB will be able to signal a move back to limited auctions of three-month loans, which they regard as the next likely step in the bank’s exit, when policy makers meet next week in Frankfurt. (Bloomberg)

UK:Export growth helps economy expand at 0.8% pace
U.K. export growth helped the economy extend its recovery in the third quarter as growth in consumer, government and investment spending slowed by more than half. Gross domestic product rose 0.8% from the previous three months, when it increased 1.2%, the Office for National Statistics said. That matched an initial estimate on 26 Aug and the median forecast of 30 economists in a Bloomberg News survey. Exports rose 2.2% after a 2.3% increase in the previous three months. (Bloomberg)

US: Spending rises, jobless claims decline
Americans increased spending for a fifth month in October and filed the fewest unemployment claims in more than two years last week, pointing to strength in the largest part of the economy as the fourth quarter began. Household purchases advanced 0.4% after a 0.3% gain in September that was larger than previously estimated, the Commerce Department reported. Incomes climbed 0.5%. Jobless claims fell by 34,000 to 407,000 in the week ended 20 Nov, Labor Department figures showed. (Bloomberg)

20101125 0942 Malaysia Corporate News.

Dow up 1.4% to 11,187.28 points
U.S. stocks rallied in thin pre-holiday trade Wednesday, reclaiming ground lost in the previous session after data cast an optimistic light on jobs and consumers as holiday-shopping season begins. Economic reports showed jobless claims last week sliding to 2008 lows and consumer confidence and spending rising. The Dow finished up 150.91 points, or 1.4%, at 11,187.28, with all but three of its 30 components trading higher. The gain more than made up for a 142-point slide in the previous session. (

Taib has polls date inspiration, but stays tight-lipped
Chief Minister Tan Sri Abdul Taib Mahmud has given the clearest hint yet that state elections would be called soon, saying he had an inspiration on the date. He said it was crucial for the state to prepare for the polls but declined to elaborate. (The Star)

Sunway, SunCity in RM4.5bn merger
 Tycoon Tan Sri Jeffrey Cheah plans to merge the construction and property firms he controls, Sunway Holdings and Sunway City (SunCity), in a deal worth RM4.5bn to compete more effectively at home and in the region. The two firms' assets and liabilities will be acquired by a new company, Sunway SB, which will be listed in their place on Bursa Malaysia. The deal, including the listing, is expected to be completed by the middle of next year. (BT)

Pahang-Selangor raw water project on track
Pahang Menteri Besar Datuk Seri Adnan Yaakob said the project to channel raw water from the state to Selangor has been going on smoothly and was expected to be completed in May 2014. He added that until the end of last month, 17% of the project had been carried out. 2 tenders are expected to be awarded by the end of the year. (Financial Daily)

Petra Perdana RM800m debt facility rating downgraded
Petra Perdana’s RM800m Dual Currency Revolving Facility rated by MARC saw its credit rating downgraded to A- from A+. The downgrade affects RM175m of outstanding secured serial bonds and RM25m of medium-term notes issued under the facility. (Malaysian Reserve)

Bina Puri in RM16m Jalan Pasar office block development
Bina Puri yesterday signed an agreement with the Selangor and Federal Territory Chha Yong Fay Choon Kuan Association to invest in the construction of 2 shop office blocks in Jalan Pasar, Kuala Lumpur. The development of 24 units of 4-storey shop offices and 1 unit of 3-storey office on a 2-acre site would cost RM16m. (Malaysian Reserve) 

20101125 0938 Renewables Energy Related News.

WASHINGTON, Nov 23 (Reuters) - The White House cleared the way for the Environmental Protection Agency to issue a final rule on how much ethanol and other renewable automobile fuels will be sold next year.
The EPA proposed in July that biofuels fuels would account for 7.95 percent of total gasoline sales next year to meet a congressional mandate that at least 13.95 billion gallons of renewable fuels be produced in 2011.

LOS ANGELES, Nov 23 (Reuters) - First Solar Inc  won the green light for a 230-megawatt solar plant slated for California's Antelope Valley after the Los Angeles County Board of Supervisors denied Northrop Grumman Corp's  appeal seeking to block the plant.
The plant, known as AV Solar Ranch One, would be a key part of First Solar's plan to build up its plant development business, which provides a built-in market for the thin-film photovoltaic panels the company manufactures. But aerospace and defense company Northrop Grumman says the plant will get in the way of a sensitive radar-testing facility in nearby Kern County.

VANCOUVER, British Columbia, Nov 23 (Reuters) - The largest wind farm in British Columbia, the 144-megawatt Dokie Project, has started generating electricity, joint owners Plutonic Power Corp  and General Electric  Energy Financial Services said on Tuesday.
Power was being generated from nine of the project's 48 installed turbines, Plutonic, a small independent power producer, said.

FRANKFURT, Nov 23 (Reuters) - Germany needs to expand its power transmission grid by some 3,600 km in the coming years to be able to transport growing amounts of renewable energy, Dena, an advisory agency for the government, said on Tuesday.
Berlin-based Dena issued a rewrite of a 2005 study into requirements for the 36,000 km (22,369 mile) high-voltage electricity network in the centre of Europe, which has to accommodate increasing contributions from volatile energies such as wind and solar.

SAN FRANCISCO, Nov 22 (Reuters) - The California Energy Commission has temporarily withdrawn approval of a controversial solar power plant by NTR's  Tessera Solar after opponents protested that the 663.5-megawatt Calico project had been improperly licensed. California aims to get a third of its electricity from renewable energy by 2020 and the $2 billion plant is an important step toward that goal.

BEIJING, Nov 22 (Reuters) - China invested 200 billion  yuan ($30.12 billion) to boost energy conservation and curb  greenhouse gas emissions in the past five years, the Xinhua  news agency reported on Monday.
He Bingguang -- a senior official of the department of  resource conservation and environmental protection at the  National Development and Reform Commission, the country's  central planning agency -- made the statement to reporters in  Beijing at a clean-technology conference.   

OTTAWA, Nov 18 (Reuters) - Energy services company Emera Inc  said on Thursday it will fund nearly C$1.8 billion million ($1.76 billion) in a C$6.2 billion hydroelectric power project planned for the Canadian province of Newfoundland and Labrador.
Under the arrangement, electricity from a power generation site at Muskrat Falls on the Lower Churchill River would be transmitted to Newfoundland, Nova Scotia and New England, Emera said in a statement on its website.

SARAJEVO, Nov 18 (Reuters) - Rainfall in Bosnia has boosted hydro output by 16 percent above the target for 2010, Bosnia's top power utility EPBiH said on Thursday.
The utility, which operates three large hydropower plants on the Neretva river with a combined average annual output of around 1,500 GWh, said the heavy rain would likely mean hydro output finishes the year 30 percent above original 2010 forecasts.

SHANGHAI, Nov 18 (Reuters) - China's largest electricity provider, Huaneng Power International , said on Thursday it had won approval for the first phase of a wind power plant in the north of the country.
The company will invest 495 million yuan ($74.53 million) in the plant, Huaneng said in a statement filed with the Shanghai stock exchange.

20101125 0937 Biofuels Related News.

SAO PAULO, Nov 22 (Reuters) - Brazilian state-run oil company Petrobras  will kick off Tuesday the building of the first part of a 850-km (528-mile) ethanol pipeline that should help the company meets its ambitious targets with the fuel.
The first part of the pipeline will connect Ribeirao Preto, Brazil's main cane producing area, to Paulinia, an important fuel distribution and refining hub in Brazil.

ATHENS, Nov 22 (Reuters) - Former U.S. vice-president Al Gore said support for corn-based ethanol in the United States was "not a good policy", weeks before tax credits are up for renewal.
U.S. blending tax breaks for ethanol make it profitable for refiners to use the fuel even when it is more expensive than gasoline. The credits are up for renewal on Dec. 31.

MILAN, Nov 18 (Reuters) - Italian chemical group Mossi & Ghisolfi (M&G) aims to start up a 40,000-tonne second-generation bioethanol plant in Italy in the first quarter of 2012 and then license its technology in the United States, Brazil and China.
"We are aiming to start works by January 2011 and complete them by the end of 2011 or in early 2012. The plant should be operating by March 2012," M&G Deputy Chairman Guido Ghisolfi told Reuters on the sidelines of a conference.

PARIS, Nov 17 (Reuters) - French biodiesel makers say time is running short for official approval of a scheme it put forward over the summer to meet new European Union rules on sustainability, if disruption to trade is to be avoided.
The EU's sustainability criteria, due to take effect from Jan. 1, require that biofuels offer at least a 35 percent cut in greenhouse gases compared to fossil fuels and do not use crops grown on recently cleared land.

NEW YORK, Nov 16 (Reuters Breakingviews) - Ethanol will put Republican fiscal fortitude to the test. Bumper U.S. exports of the corn-based fuel raise fresh questions for an industry that boasts of reducing dependence on foreign oil. It's another reason to let the nearly $5 billion annual subsidy die as scheduled at the end of this year.

20101125 0935 Global Market News.

Oil edges lower as European debt concerns linger
SINGAPORE, Nov 25 (Reuters) - Oil edged lower,  after rising more than 3 percent a day earlier on strong U.S.  macro-economic data, as concerns about European debt lingered  across financial markets.
"At moment the tempo is more upbeat than when we started  the week, but nothing has gone away," said Geoff Howie, sales  and markets strategist at MF Global in Singapore. 

Indonesia Oct palm oil exports up 7.4 pct y/y
JAKARTA, Nov 25 (Reuters) - Indonesia's palm oil exports  in October rose 7.4 percent to 1.45 million tonnes from a year  earlier on strong demand from Asia and the United States, the  latest data from the Indonesian Palm Oil Producers Association  showed.
October exports also rose 12.9 percent from 1.284 million tonnes shipped in September, the data showed.

Gold inches down, US data calms economic concerns
SINGAPORE, Nov 25 (Reuters) - Gold edged down in thin  trade after encouraging U.S. jobless claims data  calmed some worries about economic growth, but concerns over  tensions on the Korean peninsula could offer some support.
"I would say sentiment is still bullish. The conflict  between North and South Korea is not going be solved within a  short period of time," said Ronald Leung, director of Lee  Cheong Gold Dealers in Hong Kong.

Asia stocks edge up but remain on shaky ground
HONG KONG, Nov 24 (Reuters) - Asian stocks barely rose, kept on a short leash by profit taking in consumer  shares and investors cutting risk from their portfolios, a  shift that has lifted the U.S. dollar broadly to a two-month  high.
"With growth above potential in many emerging markets,  particularly in Asia, the risk of broad-based inflation is  real and growing," Goldman Sachs analysts said in a note.  

OIL: Crude firms on U.S. econ recovery optimism
TOKYO, Nov 25 (Reuters) - U.S. crude futures firmed on Thursday, extending a rally from the day before on optimism about the U.S. economic recovery, but the Thanksgiving holiday in the United States and concerns over tensions on the Korean peninsula may limit further gains.
Increasing investor risk-aversion had seen oil prices fall about 8 percent since reaching a 2010 high of $88.63 on Nov. 11.

COMMODITY MARKETS: Short-covering lifts markets ahead of holiday
NEW YORK, Nov 24 (Reuters) - Oil rose 3 percent and metals and crops were mostly up on Wednesday as positive U.S. economic data comforted investors and diverted attention from the euro zone debt crisis that had hammered prices earlier in the week.
"I think it's going to give cotton a good bullish underpinning," Sterling Smith, an analyst at Country Hedging Inc in St. Paul, Minnesota, said as better investor sentiment and prospects of Chinese demand helped cotton prices close up nearly 5 percent at around $1.16 per lb.

GLOBAL MARKETS: Stocks rebound on US data; euro falls on Ireland
NEW YORK, Nov 24 (Reuters) - Stocks rebounded on Wednesday on stronger-than-expected U.S. jobs and consumer sentiment data but lingering concerns about the European debt crisis weighed on the euro.
"Now you are getting good economic data, and you have a tug of war going on here between an improving economy and geopolitical events," said Paul Mendelsohn, chief investment strategist at Windham Financial Services in Charlotte, Vermont.

ANALYSIS-Global oil glut burns off as demand recovers
NEW YORK/SINGAPORE, Nov 24 (Reuters) - An oil glut that has weighed on prices for two years is dissipating, with U.S. stockpiles falling their fastest in over a decade this autumn, crude being whisked ashore from storage at sea, and China running refineries near full bore to replenish diesel supplies.
Oil stocks are still well above levels that preceded a 2008 price surge to $147 a barrel, but a massive oil surplus accrued during the global economic downturn is being burned off.

US growth faster but not enough to dent joblessness
WASHINGTON, Nov 23 (Reuters) - The U.S. economy grew faster than previously estimated in the third quarter, but a slump in sales of previously owned homes in October indicated the recovery remains too anemic to reduce high unemployment.
The Commerce Department on Tuesday revised its estimate of third-quarter growth in gross domestic product to a 2.5 percent annual rate from 2 percent to reflect stronger spending and exports than initially thought.

China may raise 2011 inflation target
SHANGHAI/BEIJING, Nov 24 (Reuters) - China is considering raising its inflation target for 2011 even as it is campaigning to reassure people that price pressures will remain in check.
A meeting of the country's top officials next month to plot economic strategy for 2011 might pencil in inflation of 4 percent, up from a goal of 3 percent for this year, the China Business News reported on Wednesday.

German business morale jumps to record high
BERLIN, Nov 24 (Reuters) - German business sentiment rose in November to its strongest level since 1991, a survey showed on Wednesday, highlighting a rift in the euro zone as the bloc's largest economy leaves smaller states behind.
The Munich-based Ifo think tank said its business climate index, based on a monthly survey of some 7,000 firms, rose to 109.3 from an upwardly revised reading of 107.7 in October, confounding expectations for a slight fall.

The world is not running out of metals-RMG
LONDON, Nov 23 (Reuters) - The theory that the world is running out of some minerals and metals is gaining credence in some political circles, but it is not the case and higher prices will encourage more production, an industry expert said.
Worries about shortages of critical materials like rare earths outside China have lent weight to warnings of looming peaks in output of some metals -- where more is produced than is found through exploration.  

PRECIOUS-Gold steady, but up in euros on Irish debt crisis
LONDON, Nov 24 (Reuters) - Gold steadied on Wednesday as mounting concern about the risk that Ireland's debt crisis could spread to other euro zone economies pushed the euro price of bullion to its highest level since June.
A deadly exchange of military fire between North and South Korea on Tuesday has further unsettled investors, putting Asian stocks under pressure and encouraging a sweep into perceived safe havens such as gold, government bonds and the Swiss franc.

FOREX-Euro extends fall on euro zone contagion fears
LONDON, Nov 24 (Reuters) - The euro fell to a two-month low against the dollar on Wednesday, extending losses on uncertainty over Ireland's plans to tackle its debts and fears the crisis could spread to other peripheral euro zone countries.
Peripheral government bond yield spreads over Germany widened and a North Korean statement in the wake of Tuesday's artillery clash that the South's action was driving the peninsula to the brink of war prompted investors to seek safe-haven currencies.

Shares stabilise after Korea attack; euro off 2-mth low
SINGAPORE, Nov 24 (Reuters) - Shares in Asia and Europe  steadied from a sell-off following North Korea's  deadly shelling of a South Korean island, but tension on the  divided peninsula supported safe-haven assets such as gold and  Japanese government bonds.
"Korea trades at a discount to the region on a valuation  basis ... If you look back at the last five years when we've  had scares they were all seen as buying opportunities," said  Todd Martin, Asia equity strategist with Societe Generale.

20101125 0934 Soy Oil & Palm Oil Related News.

ITS CPO export up 18.9% to 1,318,605 tonnes for the period of 1~25 Nov 2010.
SGS CPO export up 24.9% to 1,363,256 tonnes for the period of 1~25 Nov 2010.  

JAKARTA, Nov 25 (Reuters) - Indonesia's palm oil exports  in October rose 7.4 percent to 1.45 million tonnes from a year  earlier on strong demand from Asia and the United States, the  latest data from the Indonesian Palm Oil Producers Association  showed. October exports also rose 12.9 percent from 1.284 million  tonnes shipped in September, the data showed. India, which celebrated two national festivals in October,  bought 596,586 tonnes of palm oil products that month, said  the association commonly known as Gapki. Indonesia has lifted its export tax for palm oil in  December to 15 percent, up from 10 percent for this month, the  trade ministry said, a move which could dampen exports next  month. Crude palm and other edible oils accounted for about 9.2  percent of Indonesia's total exports in the first nine months  this year, according to the country's statistics bureau.

CBOT soy products were mixed, as soybean oil climbed on strong Chinese demand for soybeans while soymeal stocks slipped slightly. A huge purchase of U.S. soybeans by China, along with worries about the South America crop, pushed soybeans higher. But huge U.S. soybean meal stocks in the monthly Census crush report prevented meal from joining the rally. Dec soyoil ended up 1.02 cents to 50.24 cents a pound, while Dec soymeal closed down $0.50 to $340.20 per short ton. (Source: CME)

China NDRC Blames Speculation, Hoarding For High Food Prices (Source: CME)
Surging agricultural product prices are a direct result of speculators, producers and traders hoarding goods and manipulating prices, China's top economic planner said, as officials become increasingly concerned about inflation pressures. The National Development and Reform Commission's statement was the third in three days about the need to stabilize prices. The statement did not say if the government planed to take immediate steps to prevent hoarding, but underlines rising concerns about the impact of higher prices on the overall economy. Policy makers are worried high food prices will flow through to broader inflation, with the country's consumer price index hitting a 25-month high last month. The index rose 4.4% in October, driven by a 10.1% rise in food prices, which account for one third of the CPI basket. The NDRC's statement has taken a tougher tone than previously, listing many market activities that will be considered illegal.
Beijing is taking more aggressive action to try and manage prices, Xu Wenjie, an agricultural analyst at Zhejiang-based Zheshang Futures Co, said Wednesday. "Government's policies to curb inflation are very tough now," Xu said. "Some are administrative measures instead of market regulation," he added. Agricultural traders and producers who spread fictitious price information, hoard products that are in short supply or manipulate futures markets will be severely punished, the NDRC said in the latest statement on its Web site. "The government will never allow people to make a profit from illegal business operations" the statement said. Soaring labor costs in rural areas are a major reason for the rise in food prices, Tian Zhihong, a professor at the China Agricultural University's College of Economics and Management, said in a recent interview. He said higher disposable incomes and low elasticity of demand for agricultural products have made it easy for speculators to push up food prices.
China's cotton market has witnessed considerable speculation in recent weeks, with some enterprises without cotton purchasing licenses entering the market to buy and hold cotton, the NDRC statement said. The domestic weighted average spot cotton price was CNY27,781/ton Tuesday, according to the China Cotton Index, off a record CNY31,302/ton hit Nov. 11, but still around 50% higher than early-September levels. In July, NDRC imposed a fine of CNY1 million on a Jilin-based corn trader for price manipulation and spreading misleading price information. The tougher official stand suggests the government may move beyond agricultural products and also target other sectors to ensure inflation doesn't get out of control.

U.S. soy,corn futures rise on healthy demand
BEIJING, Nov 24 (Reuters) - U.S. corn and soy futures extended their rise slightly during Asian trading, after strong commercial buying pushed up prices on Tuesday despite a strong dollar.
"China's demand for soy remains robust. South Amercian soy stocks will be under pressure as concerns rise over the lack of rain in Argentina," said Meng Lingyu, an analyst with Dalu Futures.

Palm rebounds on soy complex; data eyed
KUALA LUMPUR, Nov 24 (Reuters) - Malaysian palm oil futures rebounded from three-week lows on the back of a firmer overseas soy complex and expectations of strong overseas demand.
"Malaysian palm oil was mainly affected by overseas soy and soyoil markets. Investors are also expecting higher exports for Nov. 1-25," said a trader with foreign brokerage in Kuala Lumpur, referring to Malaysia palm oil exports data due to release on Thursday.

Argentine rains should let soy sowings resume
BUENOS AIRES, Nov 23  (Reuters) - Rains in Argentina's crop belt in the last few days will let many farmers resume soy sowing, but dryness caused by La Nina will drag on and yields could eventually be hit, weather specialists said on Tuesday.
Lack of rain in Argentina, the third-biggest soybean supplier, has brought 2010/11 soy planting to a virtual standstill in many areas this month, driving U.S. soybean futures higher this week.

Argentina sees record-high 2010/11 soy plantings
BUENOS AIRES, Nov 23 (Reuters) - Argentina's soy area is seen increasing 1.7 percent to a new record this season despite dry weather that has halted plantings in some areas of the world's No. 3 exporter, the government said on Tuesday.
The Agriculture Ministry put its first formal estimate for 2010/11 soy area at 18.65 million hectares (46.08 million acres).

Canada canola crop bigger than thought-group
WINNIPEG, Manitoba, Nov 23 (Reuters) - Canada's canola crop took advantage of warm dry weather in October to grow to between 11.3 million to 11.6 million tonnes, a Canola Council of Canada official said on Tuesday, pegging the crop much larger than the last government estimate.
The industry estimate is as much as 11 percent bigger than Statistics Canada's estimate of 10.4 million tonnes in early October.

Brazil soy growers slow new crop sales - Celeres
SAO PAULO, Nov 23 (Reuters) - Brazilian soybean sales remained unchanged over the past week at 31 percent of the 2010/11 soybean crop that farmers started planting in late September, analysts Celeres said on Tuesday.
As of Nov. 19, sales of the new crop, which is seen at a record 69.1 million tonnes, are ahead of the 19 percent sold this time last year.

20101125 0927 FCPO EOD Daily Chart Study. (24 Nov 2010)

FCPO closed : 3168, changed : +53 points, volume : lower.
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : falling lower, seller having small exposure.
Support : 3150, 3100, 3070 level.
Resistant : 3200, 3270, 3300 level.
Comment :
FCPO recovered recorded gain with slower volume traded ahead of ITS and SGS export data release as soy oil futures price rebounding plus Indonesia official announced Dec 2010 palm oil export tax will be increase to 15%. Daily chart formed a doji bar candle recovering upward heading to test middle Bollinger band resistant level with the reading remained side way range bound little upside biased market development testing support and resistant level.
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.

20101125 0915 FKLI EOD Daily Chart Study. (24 Nov 2010)

FKLI closed : 1485, changed : -0.5 point,  volume : higher.
Bollinger band reading : correction range bound dowside biased.
MACD Histrogram : fall lower, seller buidling position.
Support : 1485, 1470, 1458 level.
Resistant : 1500, 1530, 1550 level.
Comment :
Korea tension lead FKLI to opened with panic selling gap down 18 points lower and recovered upward to closed recorded 1 tick lower with increasing volume traded as regional market traded in recovery mode as well. Daily chart formed an up bar candle after opened far away from the lower Bollinger band and pullback as the band width started to expand outward with the reading suggesting a correction range bound downside biased market development.
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.