Wednesday, June 29, 2011

20110629 1812 FCPO EOD Daily Chart Study.



FCPO closed : 3109, changed : +46 points, volume : lower.
Bollinger band reading : pullback correction downside biased.
MACD Histrogram : recovering, seller taking profit.
Support : 3100, 3070, 3050, 3020 level.
Resistance : 3150, 3200, 3250, 3270 level.
Comment :
Technical rebound FCPO closed recorded gain with decreasing volume traded while overnight soy oil closed higher and currently continue to rebound higher.
Possible improve demand ahead of tomorrow export data release triggered seller to lock profit and avoiding over exposure. Another factor to watch will be tonight Thusrday USDA report.
Daily chart formed an up doji bar candle closed above and away from lower Bollinger band level after market opened gap up, traded range bound tested higher resistance within 28 points range market and closed near the high of the day above resistance turned support level.
Market are currently having pullback correction within a downside biased market development testing support and resistance 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 larger cut loss and profit target.

20110629 1737 FKLI EOD Daily Chart Study.

FKLI closed : 1576 changed : +7 points, volume : lower.
Bollinger band reading : upside biased with possible pullback correction.
MACD Histrogram : rising, buyer patrolling.
Support : 1565, 1550, 1540, 1530 level.
Resistance : 1580, 1590, 1600, 1610 level.
Comment :
FKLI closed recorded gain with lower volume participation doing about 1 point premium compare to cash market that closed firmer while Asia and European market traded mostly higher with overnight U.S. market closed higher.
Markets awaits vote in the Greek parliament that investors hope will approve an austerity programme(tax increases and spending cuts) demanded by international lenders result and feel optimistic that the unpopular package will be approved.
Daily chart formed a small body up doji bar candle closed above upper Bollinger band after market opened higher, moved side ways within a narrow 4 points range bound market toward the end to closed near the high of the day as Jun 2001 contract near expiry.
Chart wise, market is likely to trade upside biased with possible pullback correction testing support and resistance level.
When to buy : buy at support or weakness with moderate cut loss and profit target.
When to sell : sell at resistant or strength with quick cut loss and profit target.

20110629 1455 Global Market & Commodities Related News.

Optimism before Greek vote lifts Asian stocks
SINGAPORE, June 29 (Reuters) - Asian shares rose, with Tokyo stocks hitting a seven-week high, and the euro clung to gains on Wednesday ahead of a vote in the Greek parliament that investors hope will approve an austerity programme demanded by international lenders.
"There's some cautious optimism ahead of the Greek votes this week," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management in Tokyo.

Corn at one-week top, wheat rallies on crop conditions
SINGAPORE, June 29 (Reuters) - Chicago corn futures rose 2.4 percent on Wednesday, while wheat added almost 2 percent as renewed concerns over U.S. crops and investor positioning ahead of a key government report buoyed the markets.
"I think that Minneapolis wheat led grain markets higher as there is talk about lost acres due to wet weather in the U.S.," said Brett Cooper, a senior manager of markets at FCStone Australia.

Indonesia in talks over rice imports from Vietnam -traders
HANOI, June 29 (Reuters) - Indonesia has been in talks to import between 400,000 and 600,000 tonnes of rice from Vietnam, with shipment possible in the third quarter of this year, traders and a state-run newspaper said on Wednesday.
The official Vietnam Economic Times newspaper said if the government-to-government contract is reached, 600,000 tonnes of rice would be shipped in August. It gave no details on pricing or the rice grades.

ANRPC revises up global rubber output to 9.96 mln T
SINGAPORE, June 29 (Reuters) - Key global natural rubber production was forecast at 9.96 million tonnes in 2011, slightly higher than a previous estimate of 9.94 million tonnes on an upward output revision by the second-largest producer Indonesia, industry group ANRPC said on Wednesday.
But a downward revision was still possible because yielding areas in Indonesia were expected to drop by 37,000 hectares this year, while falling rubber prices could also curb supply, the Association of Natural Rubber Producing Countries (ANPRC) said.

Vietnam 2011 paddy output to rise to 41 mln T-report
HANOI, June 29 (Reuters) - Vietnam, the world's second-largest rice exporter after Thailand, plans to raise output this year to 41 million tonnes of paddy, up 2.5 percent from 2010 when it already shipped a record volume, a state-run newspaper reported on Wednesday.
Higher production of the staple in Vietnam would not only help secure more food security for a population of 87 million, but also raise the country's export capacity, thus helping to ease pressure on regional and global food supply.

Australia's 2011/12 sugar exports start despite weather woes
SYDNEY, June 28 (Reuters) - Australia's major exporter of raw sugar, Queensland Sugar Ltd (QSL), has kicked off its export programme for the current marketing year on a solid note despite weather induced setbacks last year, the firm said on Tuesday.
This season's first sugar exports left Townsville in Queensland, Australia's major sugar cane growing state, last week. The load of about 27,000 tonnes of raw sugar was destined for New Zealand, QSL said in a report.

Oil steady on Greece bailout hopes, tighter supply
SINGAPORE, June 29 (Reuters) - Brent crude steadied on Wednesday, near $109 a barrel, on growing optimism that the debt crisis in Greece will be resolved, avoiding a contagion in Europe.
"Any positive compromise within Europe, with Greece willing to make some sacrifices, will cause the euro and oil to rally," said Jeremy Friesen, a commodity strategist at Societe Generale. 

LME Copper steady on hopes Greek austerity bill will pass
SHANGHAI, June 29 (Reuters) - LME Copper steadied on Wednesday as investors continued to bet that the Greek parliament will pass an unpopular austerity plan later in the day and bring respite from worries that a sovereign default by the country would affect other debt-laden euro zone nations and roil global markets.                       
"LME copper prices continue to be directed mainly by global macroeconomic events such as developments in the euro debt crisis and U.S. economic data," said Minmetals Futures Co analyst Yu Ye.  

Japan May copper exports plunge 52 pct yr/yr
TOKYO, June 29 (Reuters) - Japan's refined copper exports plunged 52 percent in May from a year earlier to 23,764 tonnes for an eighth straight month of year-on-year declines, Ministry of Finance data showed on Wednesday, reflecting slowing demand from China, the world's top copper consumer.
But exports inched up 0.8 percent from April, with China's share also improving to 36 percent in May from 29 percent in April. China accounted for 48.5 percent of Japanese refined copper exports in March.

Gold edges up on Greece vote hopes, Asian buying
SINGAPORE, June 29 (Reuters) - Gold edged higher on Wednesday, as investors are optimistic that Greece's parliament will approve an austerity plan later in the day, likely to help underpin sentiment in bullion and other commodities.
"There are still reasons to buy gold, but just not any new reason for now," said Yingxi Yu, an analyst at Barclays Capital. 

20110629 1119 Global Market & Commodities Related News.

GLOBAL MARKETS: Optimism before Greek vote lifts Asian stocks
SINGAPORE, June 29 (Reuters) - Asian shares rose, with Tokyo stocks hitting a seven-week high,and the euro clung to gains on Wednesday ahead of a vote in the Greek parliament that investors hope will approve an austerity programme demanded by international lenders.
Optimism that the unpopular package of tax increases and spending cuts will be approved by legislators boosted demand for riskier assets on Tuesday, pushing world stocks up 1 percent and oil prices up more than 2 percent.

OIL: Oil rises on optimism about Greece, weak dollar
NEW YORK, June 28 (Reuters) - Oil prices rose more than 2 percent on Tuesday on optimism that Greece can pass an unpopular austerity program as Europe fashions a solution to Athens' debt woes and also on lift from a weak dollar.
"Despite the violence in Greece, there is the hope that the austerity plan will be passed. So, that puts Greece on the back burner for now," said Phil Flynn, analyst at PFGBest Research in Chicago.

NATURAL GAS: Natural gas ends higher, July expires on firm note
NEW YORK, June 28 (Reuters) - U.S. natural gas futures ended higher on Tuesday for a third day, with technical buying and warm U.S. weather this week driving the July contract to a strong expiration despite comfortable supplies.
"Hotter forecasts during early July were the driver this morning, getting some help from the tropical formation in the Gulf," Gelber & Associates analyst Pax Saunders said in a report,noting the Gulf of Mexico system was a reminder that tropical activity was just starting to pick up.

US gasoline demand down on seasonal fluctuations
NEW YORK, June 28 (Reuters) - U.S. retail gasoline demand declined last week, reversing three weeks of gains despite falling prices, because of seasonal fluctuations ahead of the U.S. Independence Day holiday, MasterCard said on Tuesday.
Average gasoline demand in the week to June 24 fell 1.8 percent from a year ago and was down 0.2 percent from last week's levels, MasterCard said, in its weekly SpendingPulse report.

COMMODITIES: Rally on eurozone optimism; CRB up most in 6 weeks
NEW YORK, June 28 (Reuters) - Commodities posted their biggest gain in 1-1/2 months on Tuesday,
as hopes of a resolution to debt woes in European nations like Greece and Portugal lifted investors' risk appetite.
"We continue to believe that the short-term bias in most commodity complexes will be lower still, although the rate of decline may start to flatten out," said Edward Meir, energy and metals analyst at MF Global in New York.

20110629 1048 Global Economic Related News.

U.S: Consumer spending stagnated in May as prices rose. Purchases were little changed, the weakest outcome since June 2010, after a revised 0.3% MoM gain the prior month that was smaller than previously estimated. Prices excluding food and energy rose more than forecast. (Source: Bloomberg)

U.S: Fed seen purchasing USD 300b in treasuries after QE2 as the central bank uses its USD 2.86tr balance sheet to keep interest rates low. While the USD 600b purchase program, known as QE2, winds down, the Fed said June 22 that it will continue to buy Treasuries with proceeds from the maturing debt it currently owns. That could mean purchases of as much as USD 300b of government debt over the next 12 months without adding money to the financial system. (Source: Bloomberg)

U.S: Consumer confidence in June falls to seven-month low as Americans grew concerned about the outlook for jobs and wages. The Conference Board's sentiment index decreased to 58.5 from a revised 61.7 in May that was higher than previously estimated. (Source: Bloomberg)

U.S: Home prices in 20 cities fell 4% YoY in April, showing the housing market remains an obstacle for the U.S. recovery. The S&P/Case-Shiller index of property values in 20 cities fell 4% YoY in April, the biggest drop since November 2009. From March to April, prices fell 0.1% MoM on a seasonally adjusted basis, the smallest decline since July 2010. (Source: Bloomberg)

US stocks rise amid Greek bailout expectations as Nike jumps
US stocks rose, sending the Standard & Poor‟s 500 Index to its highest level in three weeks, amid optimism European nations will take action to prevent a Greek default and after Nike Inc‟s earnings beat estimates. Nike rallied 10% as higher North American sales helped the world‟s largest sporting-goods company top profit projections. Caterpillar Inc, Exxon Mobil Corp and Alcoa Inc added at least 2.1%, pacing gains in companies most-tied to economic growth. Home Depot Inc climbed 2.4% after the largest US home-improvement retailer said that it is targeting about USD3.5bn in share repurchases for 2011. The S&P 500 advanced 1.3% to 1,296.67 at 4 pm in New York, rising to the highest closing level since 3 June 2011. The Dow Jones Industrial Average increased 145.13 points, or 1.2%, to 12,188.69 yesterday. More than 6.1bn shares changed hands on US exchanges at 5.12pm, 14% less than the three-month average through yesterday. (Bloomberg)

US: Consumer confidence falls to seven-month low
Consumer confidence dropped to a seven-month low in June as Americans grew concerned about the outlook for jobs and wages. The Conference Board‟s sentiment index decreased to 58.5 from a revised 61.7 in May that was higher than previously estimated, figures from the New York-based private research group showed today. Home prices fell in the year ended in April by the most in 17 months, another report showed. Unemployment hovering around 9%, deterioration in the housing market and a drop in share prices may restrain Americans‟ sentiment, raising the risk that the biggest part of the economy will stagnate. The Federal Reserve last week kept in place record monetary stimulus to help nurture the expansion through what it views is a “temporary” slowdown. (Bloomberg)

Germany: Harmonized inflation unexpectedly held steady in June as the European Central Bank prepares to raise interest rates for a second time this year. The inflation rate, calculated using a harmonized European Union method, held at 2.4% MoM from May. Prices remained unchanged from the previous month. (Source: Bloomberg)

E.U: Creditors move closer to Greek debt rollover plan. Greek creditors may be headed toward a rollover agreement involving 70% of their bonds to prevent a default and meet politicians' calls that they contribute to Greece's second rescue in as many years. Under the French proposal, half the Greek debt held by banks and insurers maturing in the next three years would be swapped for new 30-year Greek bonds. The redemptions from another 20% would be invested in a special purpose vehicle that would serve as collateral for the banks, two people familiar with the plan said. (Source: Bloomberg)

UK: Economy expanded 0.5% in first quarter, led by exports
Exports returned the British economy to growth in the first quarter as soaring food and energy costs eroded household incomes and curbed consumer spending. Gross domestic product rose 0.5% from the fourth quarter, the same as previously estimated, the Office for National Statistics said. The pace of growth from a year earlier was revised to 1.6% from 1.8%. Concern about economic growth is taking precedence over inflation as rising prices and government budget cuts put Britain on course for the biggest squeeze on living standards since the 1970s. The Bank of England kept its key interest rate at a record low this month and some officials said more bond purchases may be needed if weakness persists. (Bloomberg)

Greece: Police fire tear gas as strike overshadows budget vote
Greek police fired tear gas to disperse protesters in the center of Athens as labor unions shut down government services before a vote on austerity measures that may determine if the nation can avoid a default. Lawmakers debated Prime Minister George Papandreou‟s five-year plan of budget cuts and asset sales for a second day before a vote today at 2 pm Athens time. A crowd estimated by police to number 20,000 thronged outside Parliament in protests that descended into violence as riot police fired tear gas in battles with hooded youths who smashed windows at a McDonald‟s Corp restaurant and set two vans on fire. The vote today will be Papandreou‟s second survival test in a week and has to succeed for the cash-strapped nation to tap a fifth loan payment from last year‟s EUR 110bn (USD157bn) rescue. Failure to pass the government‟s EUR 78bn plan may lead to the euro area‟s first sovereign default.

IMF: Emerging markets will press Lagarde for IMF governance changes
Christine Lagarde won the support of emerging-market nations for her successful bid to become managing director of the International Monetary Fund by promising them greater influence at the global lender. Now she‟ll be under pressure to deliver. Lagarde, the French finance minister, yesterday was selected by the Washington-based IMF‟s board over her sole rival, Mexico‟s Agustin Carstens. She garnered endorsements from emerging economies such as India and Brazil as well as European Union countries and the US. “Lagarde had to send some signals, if not make some actual deals, with emerging market countries to be able to get in,” Kevin Gallagher, associate professor of international relations at Boston University, said in a telephone interview. “They‟re going to hold her accountable or she‟s going to have a rough time there.” In the course of an election-style campaign that took her to Brazil, China and the Middle East, Lagarde promised to boost the clout of developing nations at the IMF and to give more
management jobs to people from those countries. (Bloomberg)

China: Industrial companies' YTD profit growth slowed as the government tightened credit to curb inflation and prevent asset bubbles. Net income rose 27.9% YoY in the first five months to CNY 1.92tr (USD 297b), the National Bureau of Statistics said on its website. That compares with a 29.7% YoY gain for January-through-April. (Source: Bloomberg)

China: World’s worst property bonds plunge on Wen curbs
China‟s homebuilders, the world‟s most-indebted, are handing bond investors the worst returns among developers as curbs on speculation and efforts to control inflation drive yield premiums to record levels. Premier Wen Jiabao boosted minimum down payments for second-home purchases and introduced taxes on residential investment in Shanghai and the southwestern city of Chongqing as rising house prices helped push inflation to the highest level in almost three years in May. Nine of the world‟s 10 most debt- laden companies in the industry are Chinese, led by Poly Real Estate Group Ltd.,

South Korea: Current-account surplus widens to 7-month high
South Korea‟s current-account surplus widened to seven-month high in May as car and steelmakers boosted overseas shipments and dividend payments to foreign shareholders shrank. The surplus was USD2.26bn, compared with a revised USD1.28bn in April, the Bank of Korea said. The current account is the broadest measure of trade, tracking goods, services and investment income. South Korea‟s exports have climbed at a double-digit pace since November 2009 and hit a record in April even as the won appreciated. A slowdown in US growth and the fallout from Europe‟s sovereign debt crisis risk weighing on shipments. (Bloomberg)

Japan: Retail sales fell at a slower pace than economists estimated in May. Sales slid 1.3% YoY, the Trade Ministry said in Tokyo, the smallest drop since the March 11 earthquake. (Source: Bloomberg)

Japan: Considers JPY 230b (USD 2.8b) plan for nuclear assistance for aid to Tokyo Electric Power Co. and radiation monitoring in its planned extra budget, according to a draft outline prepared by the Finance Ministry. Prime Minister Naoto Kan's government has yet to release details of the JPY 2tr supplementary budget, which will need parliamentary approval. (Source: Bloomberg)

Hong Kong: May export growth rebounds from 17-month low on demand from Asian nations including China. Overseas shipments gained 10% YoY to HKD 280b (USD 36b. In April, shipments rose 4.1% MoM. (Source: Bloomberg)

Thailand: Manufacturing output declined for the fourth consecutive month in May as supply disruptions after the earthquake in Japan, the nation's largest trading partner, hurt vehicle production. The industrial production index fell 3.88% YoY compared with a revised 8.14% YoY decline in April. (Source: Bloomberg)

Vietnam: Trade deficit narrowed in June, boosting the government's efforts to contain the shortfall amid declining investment commitments and one of the smallest foreign reserves in Asia. The shortfall was USD 400m, compared with a revised USD1.42b in May. The deficit in the first half of the year reached USD 6.65b, the agency said. (Source: Bloomberg)

20110629 1047 Malaysia Corporate Related News.

SP Setia: Foray into Australia shows positive results. SP Setia Bhd has sold 70% of its first project in Australia after a three day preview. It sold 203 out of the 291 units offered to public in the first phase of its Fulton Lane project, amounting to RM358.5m. (Source: The Edge Financial Daily)

MAS: Chairman says privatisation of MAS possible, Mulls capacity cut. Malaysia Airlines (MAS) does not rule out the possibility of taking the company private or spin off its other divisions. Separately, MAS may cut passenger carrying capacity in the coming quarters as it seeks to blunt the impact of fuel prices. (Source: The Star, The Sun)

UEM Land: To oversee S'pore jobs. Khazanah Nasional Bhd has teamed up with Singapore's Temasek Holdings Pte Ltd to develop RM30b worth of real-estate projects in Singapore and Iskandar Malaysia. UEM Land and two units of Temasek Holdings have been appointed to oversee the development and marketing of the Singapore projects. (Source: The Edge Financial Daily)

EP Manu: Sees 2011 revenue driven by Saga FL, Myvi. EP Manufacturing Bhd expects FY11 revenue growth to be driven by sales of new Proton Saga FL and the Perodua Myvi replacement model. EP Manufacturing Bhd is the Tier-1 auto parts vendor to Proton and Perodua. (Source: The Sun)

O&G: Petronas finds oil in Vietnam. Petroleum Nasional Bhd and its partner PetroVietnam have been successful in their drilling campaign via the Diamond-4X exploration well in offshore Vietnam. The well tested the flow rate of 5,200 barrels per day of oil. (Source: The Star)

Muhibbah: No write down on APH payment. Muhibbah Engineering Bhd's MD Mac Ngan Boon has assured investors that the contruction outfit need not write down some RM371m due from its client, Asia Petroleum Hub (APH), which is reportedly facing funding woes. Muhibbah had obtained a corporate guarantee from APH assuring Muhibbah of the payment which could be slightly delayed as APH attempts to find an investor to inject additional funds for the development of its oil terminal in Johor. (Source: The Edge Financial Daily)

Voir: Aims for 10% revenue growth. Voir Holdings Bhd aims to achieve 10% revenue growth in the current financial year ending Dec 31, 2011. The company would be expanding its export markets of Ghana and Pakistan in the second half of the year while Africa, the Middle East and Asian countries has been identified as potential export markets for next year. (Source: The Star)

Hap Seng: Tower sale not ruled out. Hap Seng Consolidated Bhd is open to selling its half of Menara Citibank located on Jalan Ampang in Kuala Lumpur, but is not aggressively scouting for a buyer. (Source: Business Times)

Tradewinds: To add mills, warehouses. Tradewinds (Malaysia) Bhd will spend some RM160m to add three new palm oil mills and two sugar warehouses to expand. (Source: Business Times)

Green Packet unit in 4G tie-up with China Mobile
Packet One Networks (M) SB (P1), a subsidiary of Green Packet has sealed a technology cooperation agreement with China Mobile Ltd to spearhead the time division-long term evolution (TD-LTE) technology in Malaysia and South-East Asia. P1 CEO Michael Lai said both parties would be sharing expertise, with P1 in 4G WiMAX and China Mobile in TD-LTE technology deployment. (StarBiz)

No extra capex for SEB monorail project in Brazil
Scomi Engineering (SEB) will not require additional capital expenditure or investments for its portion of the RM2.6bn contract for the Line 17 monorail project in Sao Paulo, Brazil. In an e-mail yesterday, SEB chairman Datuk Zainun Aishah Ahmad said: “No further capital expenditure investment is required by SEB for this project; only funding for project financing and operational expenditure. (StarBiz)

E&O to develop iconic wellness township in Iskandar Malaysia
Eastern & Oriental (E&O) is embarking on developing an iconic wellness township in the flagship zone of Iskandar Malaysia in the southern part of the peninsula. In an exchange filing yesterday, E&O said its subsidiary Galaxy Prestige SB has signed a shareholders‟ agreement with Pulau Indah Ventures SB to form a 50:50 joint-venture (JV) company called Nuri Merdu SB to develop the township in the Heritage Cluster in Medini Central in Nusajaya. (Malaysian Reserve)

Muhibbah sees full APH payment
Muhibbah Engineering managing director Mac Ngan Boon has assured investors that the construction outfit need not write down some RM371m due from its client, Asia Petroleum Hub (APH), which is reportedly facing funding woes. Mac said Muhibbah had obtained a corporate guarantee from APH assuring Muhibbah of the payment which could be slightly delayed, as APH attempts to find an investor to inject additional funds for the development of its oild terminal in Johor. (Financial Daily)

Genting gets Birmingham casino licence
Genting UK plc, a unit of Genting Malaysia, has been granted a large casino premises licence in Birmingham, according to online media reports. According to BBC News online report, Solihull Council said it had granted a large casino premises licence to Genting UK. (Financial Daily)

Formis buys 20.59% of Ho Hup from Extreme System
Information technology services outfit Formis Resources‟s unit yesterday unveiled its plans to diversify into construction and property development by taking up a substantial 20.59% stake in construction firm Ho Hup Construction Co. In a filing with Bursa Malaysia, Formis said its wholly-owned unit Formis Holdings yesterday acquired the stake from Extreme System SB. Formis purchased the 21m shares for a total consideration of RM16.8m in cash or 80 sen per share. The purchase price is to be funded entirely by bank borrowings to be fully paid up by 1 July 2011, Formis added. (Financial Daily)

20110629 1015 Global Market Related News.

DJIA chart reading : side way range bound.


Hang Seng chart reading : correction range bound downside biased.

Investors lift stocks, remain cautious about Greece
LONDON, June 28 (Reuters) - Equities rose on Tuesday and the euro firmed with caution about Greece's vote on austerity measures later in the week vying with optimism about France's agreement to roll over holdings of mature Greek debt.
"There is a certain amount of optimism that somehow European policymakers will muddle through," said Michael Hewson, market analyst at CMC Markets, referring to Greece's debt problems.

Greek debt plan lifts stocks, euro
SINGAPORE, June 28 (Reuters) - Asian stocks rose and the euro edged up on Tuesday as investors cheered an agreement by French banks to roll over Greek debt, a move that could lessen the chance of a destabilising default by the nation at the heart of Europe's debt crisis.
"There will probably be some easing in the risk-off mode that the market is in, and such an outcome is likely to be positive for risky assets such as equities," said Koji Fukaya, director of global foreign exchange research at Credit Suisse Securities.

Asian Stocks Rise for Second Day (Source: Bloomberg)
Asian stocks rose, with the key regional index headed for its highest close in two weeks, amid signs Greece may avoid a default on its debts, lessening the risk to bank earnings, and after commodity prices advanced.

Obama, Republicans Focus on Narrower Deal on U.S. Debt as Deadline Nears (Source: Bloomberg)
President Barack Obama and Republicans are narrowing the debate on a deficit-cutting plan to a reduction of $1 trillion to $2 trillion, though whether that would settle the issue through the 2012 presidential election remains in doubt, according to budget and debt experts. White House press secretary Jay Carney said today that Obama will continue the deficit talks with Senate Democratic leaders tomorrow at the White House. Carney declined to say whether the president has scheduled any more meetings with Republicans following his discussion yesterday with Senate minority leader Mitch McConnell of Kentucky.

US consumer spending breaks 10-month rising streak
WASHINGTON, June 27 (Reuters) - U.S. consumer spending failed to rise in May, breaking 10 straight months of gains, as households struggled with rising prices and automakers could not deliver some popular models due to fallout from Japan's earthquake.
When adjusted for inflation, spending slipped 0.1 percent, the Commerce Department said on Monday. It was the second consecutive monthly drop on that basis.

Bank of America Said to Near $8.5 Billion Settlement With Bondholder Group (Source: Bloomberg)
Bank of America Corp. (BAC) is nearing an $8.5 billion settlement with a bondholder group including the BlackRock Inc. (BLK) to resolve claims over soured mortgage securities, three people briefed on the talks said. The bank’s board of directors is meeting today to discuss an accord, which would resolve demands from institutional investors that it buy back billions of dollars in home loans, said the people, speaking on the condition of anonymity because the talks aren’t public.

Japan Factory Output Rises for Second Month as Economy Rebounds From Quake (Source: Bloomberg)
Japan’s industrial production rose for a second month, as manufacturers restored operations at plants and supply-chain disruptions eased after the March 11 earthquake and tsunami. Factory output increased 5.7 percent in May from April, when it rose 1.6 percent, the Trade Ministry said in Tokyo today. The median estimate of 30 economists surveyed by Bloomberg News was for a 5.5 percent gain. The report adds to evidence that the world’s third-largest economy is pulling out of its slump as companies including Toyota Motor Corp. and Nissan Motor Co. hire workers and restore facilities damaged by the March 11 temblor. In another sign that the economy is recovering, retail sales fell at a slower pace than economists expected, the government said yesterday.

Japanese Stocks Advance as Greek Debt Crisis Concern Ebbs; Kyocera Gains (Source: Bloomberg)
Japanese stocks advanced to the highest in seven weeks amid rising confidence Greece will avoid a default, reducing a risk to bank earnings, and after commodity prices increased.

India’s Economy to Expand 8.5% Even After Rate Increases, Mukherjee Says (Source: Bloomberg)
India may achieve its growth target for this year even after the longest string of monetary tightening in a decade, Finance Minister Pranab Mukherjee said. Mukherjee said he is “still holding” the projection he made in the budget that India will achieve growth of about 8.5 percent in the current year. If the situation deteriorates, there “may be a downside slide, but I’m not expecting that,” he said in a Bloomberg News interview today in Washington.

King Defends Record-Low Rate as He Notes Threats From Greek Fiscal Crisis (Source: Bloomberg)
Bank of England Governor Mervyn King defended policy makers’ decision to hold interest rates at a record low as he noted risks to the U.K. economic recovery from the sovereign-debt crisis in the euro area. The bank’s “remit does allow for us to not to try to bring inflation back to the target immediately if that were to lead to undesirable volatility in output,” King said at the U.K. Parliament’s Treasury Committee in London today. “Most of us on the Monetary Policy Committee have taken the view that to tighten policy now would be to risk that.”

French banks agree to Greek debt rollover
ATHENS/PARIS, June 27 (Reuters) - France offered a radical solution Monday for banks to roll over some Greek debt for 30 years as the Greek government fought for political support of its five-year austerity plan to avert bankruptcy.
With depositors fleeing Greek banks in growing numbers and financial markets watching anxiously, President Nicolas Sarkozy told a news conference in Paris that French banks had reached a draft agreement with the authorities on a voluntary rollover of maturing bonds.

FOREX-Euro slips, investors edgy before Greek vote
LONDON, June 28 (Reuters) - The euro slipped on Tuesday, relinquishing early gains as investors worried about how Greece will repay its debts even if it passes austerity measures this week.
The common currency slipped 0.2 percent to $1.4260 , unable to maintain an early rally to $1.4330 as traders cited selling by model funds, along with European and U.S. corporates in choppy trade.

20110629 1011 Global Commodities Related News.

Corn (Source: CME)
US corn futures spring to life, ending higher in a rebound fueled by crop worries and broad-based commodity strength. An ebb in worries about Europe's debt helped the market rebound from steep recent losses, as did Monday's crop-progress report, which showed corn in worse condition than expected and called into question analyst talk of "benign" US weather. Traders are awaiting Thursday's USDA acreage and quarterly stocks reports, which could be pivotal for market direction. July corn ends up 3.4% at $6.83/bushel.

Wheat (Source: CME)
U.S. wheat futures rally amid broad-based strength in corn and other commodities. Optimisim about the economy helped lift equities and commodities, and weighed on the dollar. Worries about the hard red spring crop, particularly in North Dakota, led the way, as MGEX July wheat surged 33 1/4 cents, or 4.1%, to $8.39. Traders are awaiting Thursday's acreage and quarterly stocks report from the USDA. CBOT July wheat climbed 17 1/4 cents to $6.40 1/4 per bushel and July KCBT wheat gained 15 1/4 cents, or 2.1%, to $7.43 3/4.

Rice (Source: CME)
US rice futures rallied, managing to stabilize after slumping to over 3-month lows. The market bounced in unison with grain futures, as traders evened positions ahead of Thursday's USDA reports, analysts say. Futures had experienced sharp declines on fund long liquidation, but the exhaustion of the selling and concerns about 2011 production provided support to underpin prices, analysts say. CBOT Sep rice rose 0.5% to $14.39 1/2/hundredweight.

Cargill says U.S. corn production may fall on flooding-FT
SINGAPORE, June 28 (Reuters) - Heavy rains that have caused flooding along the Mississippi and Missouri rivers have damaged about 2.5 million acres of U.S. farmland and may lead to a drop in corn production this year, the chief executive of the world's top commodities trader told the Financial Times.
"Clearly, we have lost acres with the flooding," Greg Page, chief executive of U.S.-based Cargill Inc., told the newspaper during a visit to the Ukraine capital of Kiev. "Certainly our company is fighting the floods on the Missouri River.

U.S. futures post modest recovery ahead of USDA report
SYDNEY, June 28 (Reuters) - U.S. wheat, corn and soybeans staged gains of up to 1.2 percent in a nervous market on Tuesday, rebounding after large falls at the start of the week and ahead of a key U.S. crop report.
"We've seen a little bit of a rebound in equity markets but movements in agricultural commodities are a bit inconsequential ahead of Thursday's (U.S. Department of Agriculture) report," said Adam Davis, senior commodities trader at Merricks Capital in Melbourne.

Focus shifts to U.S. harvested grain acres
CHICAGO, June 27 (Reuters) - The U.S. government is expected to keep its estimate of the area to be planted with corn this year unchanged in its report on Thursday, after its surprise reduction last month.
But, analysts added that, they were expecting the number of harvested acres to decline in coming months.

High prices fail to dent US corn demand
CHICAGO, June 27 (Reuters) - U.S. corn supplies shrank 23 percent to their smallest level in seven years as high prices failed to quench the thirst for the grain from the burgeoning livestock, ethanol and export markets.
The U.S. Agriculture Department will issue its quarterly grain stocks data on Thursday. Analysts are expecting U.S. corn stocks as of June 1 to be 3.302 billion bushels, a Reuters poll showed. Estimates given by 19 analysts in a survey ranged from 2.998 billion to 3.515 billion bushels.

US corn, soy ratings seen unchanged
CHICAGO, June 27 (Reuters) - U.S. corn and soybean ratings were expected to remain unchanged from a week ago as good weather for crop development in some areas was offset by harsh conditions in other places.
Flooding around the U.S. Midwest and in the northern U.S. Plains as well as hotter-than-usual conditions in the South weighed on the recently seeded corn and soybean crops. Other areas experienced ideal weather for growth.

Rains hinder Argentina corn harvest, wheat sowing
BUENOS AIRES, June 27 (Reuters) - Rains in Argentina last week hampered 2010/11 corn harvesting in top producing regions and slowed wheat seeding in some areas, the Agriculture Ministry said in its weekly crop report.
Argentina is the second-largest corn exporter in the world after the United States, and farmers are seen harvesting high yields despite severe dryness in December and January.

China Corn Output Constraints To Support Prices -StanChart (Source: CME)
Global corn prices are likely to be supported by constraints on Chinese corn output due to insufficient water resources, Standard Chartered said in a research note. While China has downplayed the likelihood of a surge in its corn imports, the bank said that the lack of water could affect the country's output potential. "We are cautiously optimistic on its ability to improve its corn yield in the medium to long term," analysts Abah Ofon and Koun-Ken Lee wrote. "However, this will be constrained by insufficient water availability." In the first five months of this year, China imported about 1.24 million metric tons of corn, compared to 1.6 million tons in the full year of 2010. China had highlighted at a recent International Grains Council conference that while its corn acreage is on par with that of the U.S., yields in China are much lower, implying more potential for China to raise yields, Standard Chartered noted.
However, the bank's concerns were raised earlier this month by an environmental expert with the European Union-China River Basin Management Program, who said that current levels of water use aren't sustainable, indicating that a search for higher yields would have to rely on other inputs. Lars Skov Andersen, a deputy team leader for the program and a director for global environmental consultancy COWI, told reporters at a conference in Beijing that China could lose about 30% of its agricultural output in five years if current rates of groundwater drawdown continue unabated. In the bank's note, Ofon and Lee said global crude palm oil and oilseed demand has slowed this year due largely to a deceleration in Chinese demand caused by policies designed to restrain inflation. However, "the consequent drawdown of China's domestic stocks will result in additional import demand in the third and fourth quarters," especially if China's price caps on edible oils are removed, the bank said.
Meanwhile, speculation arose last week in U.S. markets that China was pursuing a further purchase of 1 million tons of corn, following a dip in Chicago corn prices earlier in June.

Thai Rice Exports May Fall Sharply If A New Government Shifts Policy (Source: CME)
Thailand's rice exporters are making fewer export offers due to uncertainty over government policy, as prices may rise sharply and shipments could fall by as much as 50% if a new government starts buying the grain at above-market rates, a senior industry executive said. Ahead of general elections to be held July 3, the Pheu Thai Party, a strong contender to form the next government, has promised to buy unmilled rice, or paddy, from growers at THB15,000 ($485) a metric ton, compared with current prices below THB10,000/ton. If the government starts buying rice from growers at such high prices, export offers for milled rice will skyrocket to $840/ton, free-on-board, Chookiat Ophaswongse, managing director of major Thai exporter Huay Chuan Rice Co., said. Thailand, the world's largest rice exporter, is now offering 5% broken white rice around $520/ton, free on board.
Chookiat, a former president of the Thai Rice Exporters' Association said traders are refraining for making offers for shipment dates in two-three months, as they would normally, and have pending commitments for shipments in July of only around 500,000 tons. Thailand has been consistently exporting around 1.0 million tons of rice a month for several months now, and Chookiat said exports in the first half of the year are likely to reach around 6.2 million tons. "We were heading for a record level of exports this year due to bumper production, competitive rates and strong demand, but aren't sure now due to the prevailing uncertainty." He said the Democrat Party--head of the current coalition government--has also promised to raise the price for paddy guaranteed to the farmers by THB1,000/ton to THB12,000/ton, but the program subsidizes market rates by payment of the differential in cash, rather than requiring high government outlays for direct procurement.
The government is currently holding around 2.0 million tons of rice, and if it offers to buy grain from growers at prices well above market levels, its inventories will soar to more than 8.0 million tons, Chookiat said. One reason for Thailand's strong export performance in rice this year has been the narrowing gap with prices of rice from Vietnam, world's second largest exporter, he said. In the first half of last year, Vietnamese rice was priced around $100/ton lower than Thai grain, but in recent months they have been sold almost at par with each other. The gap between the two has started to widen again, however, with Thai 5%-broken white rice now costing $50/ton more than the same grade of Vietnamese rice, Chookiat said. If a local rice procurement policy is announced after the elections, the gap could widen further, causing buyers to turn to Vietnamese rice instead, he said.

Uganda To Build 70 Warehouses To Improve Commodity Storage (Source: CME)
The Ugandan government will build at least 70 warehouses nationwide this year as it seeks to improve post-harvest handling facilities that have been largely blamed for compromising the quality of its agriculture commodities, the minister of trade and industry said. The government will build at least 10 warehouses in various regions each with the capacity to hold at least 5,000 metric tons of crops, according to Amelia Kyambadde. A further 60 each with capacity of 1,000 to 2,000 tons will be built in rural districts, she said. They will each be able to store a range of crops. "These facilities are also aimed at improving the Warehouse Receipt System which enables farmers to sell directly to final buyers instead of middlemen," she said. Under the United Nations-sponsored Warehouse Receipt System, a farmer deposits his produce in a warehouse and is issued with a receipt. The receipt can act as collateral to enable the farmer to access a bank loan as he waits to sell his commodities at competitive market prices.
Uganda, Africa's largest robusta coffee grower is also a major producer of tea, cotton, grains and cereals. Low farmgate prices have in the past been blamed for discouraging farmers from cultivating certain crops in Uganda, according to industry officials. According to the U.N. World Food Program, the bulk of Uganda's food products like corn and grains do not meet the standards demanded by international buyers, mainly due to poor post-harvest and storage facilities. Last year, the country lost at least 20% of corn due to poor storage facilities following a bumper harvest. The country has since been hit by food shortages, which have accelerated inflation sharply over the past seven months, hitting 16% last month, the highest levels since 1994. The food crop inflation rate rose to 44% in May from 29% in April, triggering nationwide anti-government protests.

China among headaches for G20 grain database
PARIS, June 28 (Reuters) - A global grain database unveiled last week will struggle to raise transparency in food commodity markets as China and other emerging countries prove reluctant to reveal their actual supply needs in key staples.
The Group of 20 leading economies launched a scheme to gather figures on supply and demand of staple grains as part of measures to tackle food price volatility agreed at a first-ever meeting of G20 farm ministers.

Sugar rebounds to 3 month high, coffee steady
LONDON, June 28 (Reuters) - ICE raw sugar and Liffe white  sugar prices rebounded to hit a three-month high on Tuesday, as  dealers awaited an update on Brazil's harvest from the country's cane industry association, due later in the session.
* Raw sugar futures on ICE bounced higher, with July   retaining a premium over October , ahead of the spot  contract's expiry on Thursday.

Australia's 2011/12 sugar exports start despite weather woes
SYDNEY, June 28 (Reuters) - Australia's major exporter of raw sugar, Queensland Sugar Ltd (QSL), has kicked off its export programme for the current marketing year on a solid note despite weather induced setbacks last year, the firm said on Tuesday.
This season's first sugar exports left Townsville in Queensland, Australia's major sugar cane growing state, last week. The load of about 27,000 tonnes of raw sugar was destined for New Zealand, QSL said in a report.

Brazil coffee areas turn cold but no frost -Somar
BRASILIA, June 27 (Reuters) - Minimum nighttime temperatures will tumble in the next few days in Brazil's coffee areas but a mass of polar air will not cause a crop-damaging frost, forecaster Somar said on Monday.
A combination of a cold front and mass of polar air are making nights chillier in main growing zones in the world's top coffee grower but a southwesterly wind will act as a barrier to shield farms from the brunt of the chill.

Burundi 2011/12 coffee crop to fall 13 pct -regulator
BUJUMBURA, June 27 (Reuters) - Burundi's 2011/12 coffee output is expected to drop 13 percent from the previous season, partly due to the cyclical nature of the crop and ageing trees, the industry regulator said on Monday.
Regulator ARFIC said production is seen reaching 21,000 tonnes, down from 24,000 tonnes obtained in the 2010/11 crop.

Brent above $106 as Greek debt plan eases risk of contagion
SINGAPORE, June 28 (Reuters) - Brent traded above $106 a barrel on Tuesday, rising for a second straight session, after a radical French proposal to roll over Greek debt strengthened the euro and eased concerns of the debt crisis spreading across Europe.
"The market is slightly optimistic thanks to comments from the French President last night," said Ken Hasegawa, a commodity sales manager at Newedge Japan.

Crude Oil Rises for Second Day on Greek Vote Optimism, U.S. Stockpile Drop (Source: Bloomberg)
Oil traded near the highest in four days in New York on speculation U.S. crude supplies dropped for a fourth week and steps by the Greek government to prevent a debt default will bolster Europe’s economy.

Japan May aluminium shipments rise 0.8 pct yr/yr
TOKYO, June 28 (Reuters) - Japanese shipments of aluminium products rose 0.8 percent in May from a year earlier to 166,885 tonnes, industry data showed on Tuesday, helped by a recovery in some production after the destructive March earthquake.
May shipments climbed from a year earlier for the first time in three months and also gained 1.9 percent from 163,805 tonnes in April, data provided by the Japan Aluminium Association showed.

Global iron ore swaps volume seen swelling to 80 mln T in 2015
SINGAPORE, June 28 (Reuters) - Global volume of iron ore swaps may jump to 80 million tonnes by 2015, around four times last year's level, as interest in the hedging tool rises, an industry official said on Tuesday.
The projected volume represents nearly 13 percent of China's iron ore imports of more than 618 million tonnes last year.

Iron ore contracts may be priced daily in 3-5 yrs-TSI
SINGAPORE, June 28 (Reuters) - Majority of iron ore supply contracts may shift to monthly pricing from a quarterly system within the next 18 months and deals could eventually be priced on a daily basis in three to five years, an industry official said on Tuesday.
Vale , Rio Tinto   and BHP Billiton   -- which together control more than two-thirds of the global seaborne iron ore market -- last year orchestrated a shift from a 40-year-old system of fixing prices once a year to a more flexible quarterly scheme.

China daily crude steel output down 0.67 pct in mid-June - Custeel
SHANGHAI, June 28 (Reuters) - Daily output of crude steel in China between June 11 and 20 fell 0.67 percent from the previous 10 days, industry website Custeel.com said on Tuesday, citing data from the China Iron & Steel Association (CISA).
According to CISA estimates, average daily steel output during the 10 days in mid-June was 1.955 million tonnes, down 120,000 tonnes from the preceding period.

Japan May aluminium shipments rise 0.8 pct yr/yr
TOKYO, June 28 (Reuters) - Japanese shipments of aluminium products rose 0.8 percent in May from a year earlier to 166,885 tonnes, industry data showed on Tuesday, helped by a recovery in some production after the destructive March earthquake.
May shipments climbed from a year earlier for the first time in three months and also gained 1.9 percent from 163,805 tonnes in April, data provided by the Japan Aluminium Association showed.

Copper up on hopes for Greece austerity plan approval
SHANGHAI, June 28 (Reuters) - Copper edged up on Tuesday on increasing confidence that the Greek parliament will pass an unpopular austerity plan, which lifted the euro against the dollar.             
"Copper prices continue to move in a directionless and volatile way today. Investors are mainly trading based on developments in the euro debt crisis," said Shanghai Dongzheng futures trader Du Xiao Hua. 

China end-users seek more bonded copper on yuan cash squeeze-trade
HONG KONG, June 28 (Reuters) - Chinese producers of semi-finished copper products are keen to use letters of credit to buy bonded copper in Shanghai because they do not have cash to buy metal in the yuan-denominated spot market, traders said on Tuesday.
Chinese firms typically are required to make loan payments before the end of June, cutting into their cash resources. But Beijing's tight credit policy has made this year's seasonal cash squeeze more serious than previous years.

METALS-Copper gains, eyes on Greece
LONDON, June 28 (Reuters) - Copper edged up on Tuesday as an agreement by French banks to rollover Greek debt boosted the euro but caution remained ahead of Greece's vote on austerity measures later in the week.
Three-month copper on the London Metal Exchange (LME)  traded at $9,005 a tonne by 0930 GMT from $8,970 at Monday's close.

Gold inches up on weak dollar, Greece bailout hopes
SINGAPORE, June 28 (Reuters) - Spot gold edged higher on Tuesday, snapping a three-day losing streak, as the dollar weakened on hopes that Greece's parliament will pass an austerity plan to avoid a sovereign debt default later this week.
"Gold is facing more downside pressure in the short run, as the dollar is still looking strong in the face of the euro zone debt crisis," said Hou Xinqiang, an analyst at Jinrui Futures in China.

PRECIOUS-Gold edges above $1,500/oz as euro, oil recover
LONDON, June 28 (Reuters) - Gold rose back above $1,500 an ounce in Europe on Tuesday, recovering in line with oil prices as hopes that Greece's debt crisis may be contained tempered risk aversion, and after the euro regained some ground.
Prices remain rangebound, however, as traders seek clarity on the euro zone debt crisis and the subsequent direction of the euro. Gold is closely linked to foreign exchange moves, as it is often traded as a currency.

Gold Advances for First Time in Four Sessions as Weak Dollar Spurs Demand (Source: Bloomberg)
Gold gained for the first time in four sessions in New York as a weaker dollar spurred demand for the metal as an alternative investment. The dollar declined versus the euro after ECB President Jean-Claude Trichet said policy makers are in “strong vigilance mode,” signaling they intend to raise interest rates next week. “Today, it’s definitely the U.S. dollar that helps the gold price,” said Daniel Briesemann, an analyst at Commerzbank AG in Frankfurt.

20110629 1009 Soy Oil & Palm Oil Related News.


Soybeans (Source: CME)
US soybean futures ended higher, as market finds value near recent lows. Futures benefit from sentiment that prices have fallen enough for this time of year, with the uncertainties of a long growing season still ahead, said analyst John Kleist with ebottrading.com. A recent purchase of old crop US soy is an indication that the market has reached a fair value as traders await Thursday's government update on inventories and acreage, Kleist adds. CBOT Nov soy up 4c at $13.19/bushel.

Soybean Meal/Oil (Source: CME)
Soy product futures finished mixed, with soyoil rebounding on spillover support from higher crude oil futures. Soymeal stumbled as traders exited long soymeal/short soyoil spreads, analysts say. Traders closed up loose ends ahead of Thursday's USDA reports and cautiousness ahead of a Greek vote on austerity measures that could shift external financial markets, analysts add. CBOT Dec soymeal settled down 0.2% at $338.70/short ton, Dec soyoil finished up 0.7% at 56.59 cents/pound.

Palm oil bounces from 8-mth lows on demand, technicals
KUALA LUMPUR, Jun 28 (Reuters) - Malaysian palm oil futures bounced on Tuesday from eight-month lows hit the previous day as traders came back into the market on hopes of higher demand and a technical correction.
"The market is bound for a correction and retracement on the back of strong local exports figures after it fell nearly 300 ringgit the previous day," said a trader in Kuala Lumpur, who pegged an immediate support level at 3,070 ringgit.

Fresh showers to boost India soybean sowing
MUMBAI, June 28 (Reuters) - Soybean sowing in India's central Madhya Pradesh state, the biggest producer in the country, is likely to accelerate in a week, although it has picked up in second biggest producer Maharashtra after both states received good rainfall in the past two days.
There were concerns about soybean sowing in the two states that account for over 85 percent of total output due to poor rainfall in the first half of June.

Soybean sowing to accelerate in India's Madhya Pradesh on rains
MUMBAI, June 28 (Reuters) - Soybean sowing in India's central Madhya Pradesh state, the biggest producer in India, is likely to accelerate in a week after the state received good rainfall in the past two days, a senior government official said.
"The state is getting good rainfall. Farmers have started soybean sowing. It should accelerate in a week as soil moisture level has improved," said a senior official at the state's agriculture department, who declined to be identified.

U.S. corn, soy ratings fall below expectations
CHICAGO, June 27 (Reuters) - U.S. corn and soybean ratings fell in the latest week as the combination of rain and floods around parts of the U.S. Midwest and northern U.S. Plains and hot temperatures in the South weighed on developing crops.
The U.S. Agriculture Department's weekly crop progress report, released late Monday, showed that the corn crop was rated 68 percent good to excellent as of June 26, below analysts' expectations for 70 percent.

China June,July soy imports seen lower on year -MOFCOM
BEIJING, June 28 (Reuters) - China, the world's largest soy importer, is expected to import 4.78 million tonnes of soybean in July, down from an estimated 5.38 million tonnes in June, China's commerce ministry said in a statement seen on Tuesday.
The estimate for July was 3.4 percent lower than the 4.95 million tonnes imported in July 2010 and the ministry's June figure was down 13 percent from 6.2 million tonnes a year ago, according to Reuters calculations.

China's July soy imports seen at 4.78 mln T -commerce ministry
BEIJING, June 28 (Reuters) - China, the world's largest soy importer, is expected to import 4.78 million tonnes of soybean in July, down from an estimated 5.38 million tonnes in June, China's commerce ministry said in a statement seen on Tuesday.
The estimate for July was lower than the 4.9 million tonnes imported in July 2010 and the ministry's June figure was also lower than the year-ago period's 6.2 million tonnes. China's soy imports have slowed after large releases of state reserves, aimed at cooling inflation, hurt crushing margins.

20110629 0933 FCPO EO Daily Chart Study. (28 Jun 2011)

FCPO closed : 3063, changed : +21 points, volume : lower.
Bollinger band reading : possible pullback correction downside biased.
MACD Histrogram : turned upward, seller taking profit.
Support : 3050, 3020, 2970, 2930 level.
Resistance : 3070, 3100, 3150, 3200 level.
Comment :
FCPO closed recorded small gain with declining volume exchanged.
Technical reading shows that market is having pullback correction within a downside biased market development testing support and resistance 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 larger cut loss and profit target.

20110629 0924 FKLI EOD Daily Chart Study. (28 Jun 2011)

FKLI closed : 1569 changed : +4.5 points, volume : higher.
Bollinger band reading : upside biased.
MACD Histrogram : resume rising, buyer still in charge.
Support : 1565, 1550, 1540, 1530 level.
Resistance : 1580, 1590, 1600, 1610 level.
Comment :
FKLI closed recorded gain with higher volume transacted doing 1 point discount compare to cash market that closed higher.
The day's champion will be positive Malaysia Sugar listing debut lead market to positive sentiment development.
Technical chart reading suggesting an upside biased market development testing support and resistance 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.