FCPO closed : 2300, changed : -35 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histrogram : continue lower, seller in charge.
Support : 2300, 2240, 2200 level.
Resistant : 2350, 2400, 2450 level.
Comment :
Friday, July 9, 2010
20100709 1907 FCPO Weekly Chart Study.
FCPO closed : 2300, changed : -35 points, volume : higher.
Bollinger band reading : downside biased.
MACD Histrogram : continue lower, seller in charge.
Support : 2300, 2240, 2200 level.
Resistant : 2350, 2400, 2450 level.
Comment :
20100709 1839 FCPO EOD Daily Chart Study.
Bollinger band reading : correction downside biased.
MACD Histrogram : reversed upward, seller profit taking.
Support : 2300, 2270, 2250 level.
Resistant : 2330, 2350, 2370 level.
Comment :
Continue correction FCPO traded firmer in increasing volume changed hand as soy oil and crude oil futures price rebounded. Daily chart wise, price once tested higher but lack upward momentum cause price closed near lower part resulting a long upper shadows doji bar candle hints that seller continue to book in partial profit. Reading still the same with and correction downside biased market outlook.
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.
20100709 1828 FKLI Weekly Chart Study.
FKLI closed : 1328.5 changed : +23 points, volume : lower.
Bollinger band reading : side way range bound.
MACD Histrogram : reverse upward, buyer temporary in advantage.
Support : 1310, 1300, 1270 level.
Resistant : 1335, 1350, 1360 level.
Comment :
FKLI continue to trade range bound reversed higher compare to last week closing with improved volume transacted. Weekly chart shows that market still hovering up and down along the middle Bollinger band struggling to determine which direction to head toward. Outlook wise, reading still remained unchanged with side way range bound market.
20100709 1802 FKLI EOD Daily Chart Study.
Bollinger band reading : side way range bound.
MACD Histrogram : recovering, seller closing position.
Support : 1325, 1318, 1310 level.
Resistant : 1330, 1337, 1345 level.
Comment :
Positive European zone sentiment, improved US data and positive reaction on Bank Negara rate hike lead buyer to come in pushing market to surge higher with improve volume traded. Daily chart wise, market is well supported at middle Bollinger band and could continue testing the upper Bollinger band resistant level with the outlook having side way range bound reading.
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.
20100709 1441 Global Market News.
Asian stocks lifted by US data; euro holds gains
HONG KONG, July 9 (Reuters) - Asian stocks rallied for a second day and the euro held near two-month highs, supported on positive U.S. data and after the European Central Bank's offered upbeat view of the euro zone's recovery.
"The market has factored in worries about Europe and the possibility of a double dip in the U.S. economy, and it's now most likely found a floor," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets.
July 8 (Bloomberg) -
HONG KONG, July 9 (Reuters) - Asian stocks rallied for a second day and the euro held near two-month highs, supported on positive U.S. data and after the European Central Bank's offered upbeat view of the euro zone's recovery.
"The market has factored in worries about Europe and the possibility of a double dip in the U.S. economy, and it's now most likely found a floor," said Kazuhiro Takahashi, general manager at Daiwa Securities Capital Markets.
July 8 (Bloomberg) -
Earnings optimism boosts stocks, euro
LONDON, July 8 (Reuters) - World stocks rose while the euro hit a two-month peak against the low-yielding dollar on rising expectations the forthcoming earnings season would show strong corporate performance.
"Positive comments from State Street ... cheered investors up on the basis that we've got the second-quarter reporting season coming up and perhaps the bank situation in terms of reporting might not be as bad as feared," said Richard Hunter, head of UK equities at Hargreaves Lans.
July 8 (Bloomberg) -- Berkshire Hathaway Inc., run by billionaire investor Warren Buffett, became a victim of its own success when a brokerage analyst reduced the company’s shares to “sell” for the first time in six years. The CHART OF THE DAY compares the year-to-date performance of Berkshire’s Class A stock and the Standard & Poor’s 500 Index in the top panel. Both were set to 100 at the start of the year. The percentage-point gap between the shares and the index is displayed in the bottom panel.
July 8 (Bloomberg) -- Patek Philippe SA Chairman Thierry Stern said the Swiss watchmaker has bought gold futures as a defense against high gold prices that are threatening the luxury goods industry. “My major problem is, where is gold going?” Stern, who turns 40 tomorrow, said in an interview recorded by Bloomberg Television in London. “I have no idea. I see it every time going up, up, up. It’s a big threat.” Gold futures have gained almost 30 percent in New York the past year and set a record $1,266.50 an ounce on June 21. About 80 percent of Patek Philippe watches are made of precious metals such as gold and platinum, Rene Weber, an analyst at Bank Vontobel, has estimated. Stern, who succeeded his father last year, didn’t give further details of the hedging strategy.
20100709 1435 FCPO Mid Day Hourly Chart Study.
Bollinger band reading : upside biased.
MACD Histrogram : rising higher, seller reducing exposure as buyer returned.
Support : 2300, 2270, 2250 level.
Resistant : 2330, 2350, 2370 level.
Comment :
Rebounding higher soy oil and crude oil futures price development lead FCPO to trade higher today in better volume transaction. Hourly chart reading shows that market opened and continue to climb upward testing higher resistant level with a upside biased market reading.
20100709 1433 FKLI Mid Day Hourly Chart Study.
Bollinger band reading : upside biased.
MACD Histrogram : rising higher, buyer seized control.
Support : 1325, 1318 ,1310 level.
Resistant : 1330, 1337, 1345 level.
Comment :
Market reacted positively to Bank Negara overnight policy rate hike announcement closing near the high of first session in supportive volume transacted. Hourly chart shows that market opened higher and surged upward with the reading suggesting a upside biased market.
20100709 1218 Local & Global Economic News.
Malaysia: Overnight policy rate up 25 basis points to 2.75%
Bank Negara Malaysia has decided to raise the overnight policy rate (OPR) by 25 basis points to 2.75%. The floor and ceiling rates of the OPR corridor are correspondingly raised to 2.50% and 3% respectively, the central bank said. "The Monetary Policy Committee considers the new level of the OPR to be appropriate and consistent with the current assessment of the growth and inflation prospects," Bank Negara mentioned. (BT)
Malaysia: May IPI up 12.5% y-o-y
Malaysia's industrial production index (IPI) rose 12.5% in May from a year ago, helped by the strong growth in the manufacturing sector. The Statistics Department said that May IPI was up 3.3% from April. The April IPI was revised to 10.7% growth on-year. "The increase in May 2010 was due to the increases in the two indices -- manufacturing (18.7%) and electricity (11.5%). However, the index for mining posted a decrease of 0.2%," it said. (Starbiz)
China: ‘Moderately loose’ policy will stay, central bank says
China’s central bank said it will stick to a moderately loose monetary policy as economic growth becomes better balanced between consumption, investment and exports. Money and loan growth was “reasonable” in the first six months and liquidity in the banking system “basically appropriate,” the central bank said in a statement after its second-quarter monetary policy meeting. (Bloomberg)
Australia: Biggest jobs surge since 2006 stokes rate rise-bet
Australia’s biggest quarterly employment gain in four years added to pressure on the central bank to resume the most aggressive round of interest-rate increases among Group of 20 members in coming months. Payrolls jumped by 104,500 in the three months through June, driving the jobless rate to a 17-month low of 5.1%, the statistics bureau said. The report came two days after central bank Governor Glenn Stevens signaled he’s prepared to hold off for now on another rate move. (Bloomberg)
UK: BOE keeps stimulus as budget cuts threaten recovery
The Bank of England kept its bond stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II. The Monetary Policy Committee, led by Governor Mervyn King, held the target for its asset-buying plan unchanged at GBP200bn (USD303bn) today, as predicted by all 35 economists in a Bloomberg News survey. The bank also kept its key interest rate at 0.5%. (Bloomberg)
US: Jobless claims declined last week to 454,000
The number of Americans applying for jobless benefits fell more than forecast last week while staying at a level that indicates unemployment will be slow to decline. Initial claims for benefits decreased by 21,000 in the week ended 3 July to 454,000, Labor Department figures showed in Washington. Economists had forecast claims would fall to 460,000 from an initially reported 472,000 for the prior week.(Bloomberg)
US: Consumer credit declined more than forecast Consumer borrowing in the US dropped in May more than forecast, a sign Americans are less willing to take on debt without an improvement in the labor market. The USD9.1bn decrease followed a revised USD14.9bn slump in April that was initially estimated as a USD1bn increase, the Federal Reserve reported in Washington. Economists projected a USD2.3bn drop in the May measure of credit card debt and non-revolving loans. (Bloomberg)
Global : IMF raised its forecast for global growth this year, reflecting a stronger-than-expected first half, while warning that financial- market turmoil has increased the risks to the recovery. The world economy will expand 4.6% in 2010, the biggest gain since 2007, compared with an April projection of 4.2%, the Washington-based fund said in revisions to its World Economic Outlook. Growth next year is projected to be 4.3%, unchanged from the April forecast. (Source: Bloomberg)
E.U : IMF says sovereign, banking risks threaten stability. The International Monetary Fund urged European Union policy makers to take further "decisive" steps to combat a sovereign-debt crisis that it said poses a threat to the world financial system. "Recent global stability gains are threatened by a confluence of sovereign and banking risks in the euro area that, without continued and concert attention, could spill over to other regions," the IMF said in an update released of its Global Financial Stability Report. (Source: Bloomberg)
U.K : BOE keeps stimulus as budget cuts threaten recovery. The Bank of England kept its bond-stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II. The Monetary Policy Committee, led by Governor Mervyn King, held the target for its asset-buying plan unchanged at GBP 200b (USD 303b). The bank also kept its key interest rate at 0.5%. (Source: Bloomberg)
Japan : Machine orders in May slump most since 2008, a sign that any rebound in business investment may be too weak to drive an economic recovery that is showing signs of losing momentum. Orders, an indicator of future capital spending, slid 9.1% MoM in May from April. (Source: Bloomberg)
Australia : June jobs growth capped the best quarter in almost four years. The 45,900 increase last month exceeded all 22 forecasts in a Bloomberg News survey. (Source: Bloomberg)
Bank Negara Malaysia has decided to raise the overnight policy rate (OPR) by 25 basis points to 2.75%. The floor and ceiling rates of the OPR corridor are correspondingly raised to 2.50% and 3% respectively, the central bank said. "The Monetary Policy Committee considers the new level of the OPR to be appropriate and consistent with the current assessment of the growth and inflation prospects," Bank Negara mentioned. (BT)
Malaysia: May IPI up 12.5% y-o-y
Malaysia's industrial production index (IPI) rose 12.5% in May from a year ago, helped by the strong growth in the manufacturing sector. The Statistics Department said that May IPI was up 3.3% from April. The April IPI was revised to 10.7% growth on-year. "The increase in May 2010 was due to the increases in the two indices -- manufacturing (18.7%) and electricity (11.5%). However, the index for mining posted a decrease of 0.2%," it said. (Starbiz)
China: ‘Moderately loose’ policy will stay, central bank says
China’s central bank said it will stick to a moderately loose monetary policy as economic growth becomes better balanced between consumption, investment and exports. Money and loan growth was “reasonable” in the first six months and liquidity in the banking system “basically appropriate,” the central bank said in a statement after its second-quarter monetary policy meeting. (Bloomberg)
Australia: Biggest jobs surge since 2006 stokes rate rise-bet
Australia’s biggest quarterly employment gain in four years added to pressure on the central bank to resume the most aggressive round of interest-rate increases among Group of 20 members in coming months. Payrolls jumped by 104,500 in the three months through June, driving the jobless rate to a 17-month low of 5.1%, the statistics bureau said. The report came two days after central bank Governor Glenn Stevens signaled he’s prepared to hold off for now on another rate move. (Bloomberg)
UK: BOE keeps stimulus as budget cuts threaten recovery
The Bank of England kept its bond stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II. The Monetary Policy Committee, led by Governor Mervyn King, held the target for its asset-buying plan unchanged at GBP200bn (USD303bn) today, as predicted by all 35 economists in a Bloomberg News survey. The bank also kept its key interest rate at 0.5%. (Bloomberg)
US: Jobless claims declined last week to 454,000
The number of Americans applying for jobless benefits fell more than forecast last week while staying at a level that indicates unemployment will be slow to decline. Initial claims for benefits decreased by 21,000 in the week ended 3 July to 454,000, Labor Department figures showed in Washington. Economists had forecast claims would fall to 460,000 from an initially reported 472,000 for the prior week.(Bloomberg)
US: Consumer credit declined more than forecast Consumer borrowing in the US dropped in May more than forecast, a sign Americans are less willing to take on debt without an improvement in the labor market. The USD9.1bn decrease followed a revised USD14.9bn slump in April that was initially estimated as a USD1bn increase, the Federal Reserve reported in Washington. Economists projected a USD2.3bn drop in the May measure of credit card debt and non-revolving loans. (Bloomberg)
Global : IMF raised its forecast for global growth this year, reflecting a stronger-than-expected first half, while warning that financial- market turmoil has increased the risks to the recovery. The world economy will expand 4.6% in 2010, the biggest gain since 2007, compared with an April projection of 4.2%, the Washington-based fund said in revisions to its World Economic Outlook. Growth next year is projected to be 4.3%, unchanged from the April forecast. (Source: Bloomberg)
E.U : IMF says sovereign, banking risks threaten stability. The International Monetary Fund urged European Union policy makers to take further "decisive" steps to combat a sovereign-debt crisis that it said poses a threat to the world financial system. "Recent global stability gains are threatened by a confluence of sovereign and banking risks in the euro area that, without continued and concert attention, could spill over to other regions," the IMF said in an update released of its Global Financial Stability Report. (Source: Bloomberg)
U.K : BOE keeps stimulus as budget cuts threaten recovery. The Bank of England kept its bond-stimulus plan in place and left its benchmark interest rate at a record low to help prevent the economic recovery from stalling during the biggest budget squeeze since World War II. The Monetary Policy Committee, led by Governor Mervyn King, held the target for its asset-buying plan unchanged at GBP 200b (USD 303b). The bank also kept its key interest rate at 0.5%. (Source: Bloomberg)
Japan : Machine orders in May slump most since 2008, a sign that any rebound in business investment may be too weak to drive an economic recovery that is showing signs of losing momentum. Orders, an indicator of future capital spending, slid 9.1% MoM in May from April. (Source: Bloomberg)
Australia : June jobs growth capped the best quarter in almost four years. The 45,900 increase last month exceeded all 22 forecasts in a Bloomberg News survey. (Source: Bloomberg)
20100709 1216 Malaysia Corporate News.
Gaming: NFOs to lobby for lower prize payouts.
While 4D lottery prize payouts remain unchanged for now, number forecast operators (NFOs) are said to be lobbying for it to be reduced. Industry sources said three NFO operators are in the midst of lobbying the Finance Ministry to reduce the 4D first prize payouts by RM200. This would bring the current payout ratio for every RM1 bet to RM2,300 for the first prize of "4D Big" and RM3,300 for "4D Small". NFOs presently pay out RM2,500 and RM3,500 for those bets, respectively. (Source: The Star)
Gamuda, MMC: 12 weeks to conduct RM36b MRT feasibility study.
The feasibility study on the proposed RM36b mass rapid transit (MRT) system by Gamuda Bhd and MMC Corp Bhd is expected to be presented to the Government in about 3 months time, said a source familiar with the matter. It was earlier reported that the Government had appointed 2 independent consultants - Minconsult Sdn Bhd and Andercon Technologies Ltd - to carry out the study. (Source: The Star)
Port: Potential RM1.5b investment from Mideast.
Middle Eastern investors may invest some RM1.5b in a petroleum tank farm and halal industrial park in Penang Port. Penang Port Sdn Bhd (PPSB) chairman Datuk Seri Dr Hilmi Yahaya yesterday said potential investors have approached PPSB to set up shop in the port area to tap the export potential of the Indonesia-Malaysia-Thailand Growth Triangle. (Source: Business Times)
Tanjong: Bidding for new power projects.
Tanjong plc is hoping that some of its bids for new power projects will come to fruition over the next few quarters. In the meantime, earnings from its existing power assets are expected to remain relatively resilient although overseas earnings, denominated mostly in US dollars, are hurt by the stronger ringgit. (Source: The Edge Financial Daily)
Khazanah extends deadline for Parkway shareholders
Khazanah Nasional has extended the closing date of its partial offer for Singapore’s Parkway Holdings Ltd after rival Fortis Healthcare Ltd made a better bid a week ago on 1 July. In a press statement yesterday, the financial advisers of the state-controlled investment arm, CIMB Bank and Deutsche Bank, said the partial offer would now close at 5.30pm on 26 July. The original deadline was yesterday. It is believe Khazanah is mulling its options to come up with a better offer, and the extension of its partial offer will buy time it to do this. (Financial Daily)
BRDB takes over RM2.3bn Iskandar project from Dubai World
Bandar Raya Development (BDRB) is taking over from Dubai World, a joint venture agreement with UEM Land to undertake the RM2.3bn Residential North high-end mixed development in Puteri Harbour in the Iskandar Development Region (IDR), Johor. In a statement to Bursa Malaysia yesterday, BDRB said its wholly owned subsidiary, Ardent Heights SB, had on Wednesday entered into a conditional sale of shares agreement with Limitless Holdings Ltd to acquire the latter entire stake in Haute Property SB, which has been granted by UEM Land to undertake the development on an 111-acre parcel of land in Puteri Harbour. (Financial Daily)
KNM secures RM288.8m orders
KNM Group companies have secured new orders totaling about RM288.8m. In a filing with Bursa Malaysia yesterday, KNM said its wholly owned subsidiaries, KNM Process Systems SB (KNMPS), FBM Hudson Italiana SpA (FBM) and Borsig Process Heat Exchanger, have collectively secured substantial new orders from international clients for overseas projects. The new orders from five clients were secured over a period of two weeks from 24 June to yesterday. (Financial Daily)
New motor cover plan closer to being finalized
Bank Negara Malaysia will submit the final proposal for a new basic third party motor cover scheme framework to the Government in December. In a statement released in Kuala Lumpur yesterday, the central bank said it had, together with the Ministry of Finance, completed initial consultation sessions on the proposed framework with key stakeholders in April. A consultation paper explaining the rationale for proposing a basic scheme, guiding principles, objectives and broad features under consideration was posted on Bank Negara's website for members of the public to provide their feedback on the scheme. (BT)
Iris signs 3 pacts with Senegal
Iris Corp has signed three initial pacts to supply electronic cards, build a renewable power plant and develop a housing project in Senegal. It signed a memorandum of understanding (MOU) with the Ministry of Interior to integrate e-passports and identification card systems, and supply driving licence and work permit cards. The second MOU by Iris Eco Power Sdn Bhd is to build a power plant fuelled by solid waste from the city of Dakar and all the major cities of Senegal. Iris Eco has also signed an MOU to partner Caisse des Depots et Consignations to build 1,000 houses in Bambilor, Senegal. Meanwhile, Iris entered into a RM50m deal with Koperasi Atlet Malaysia for the AutoPot System Farming Project in Perak. (BT)
While 4D lottery prize payouts remain unchanged for now, number forecast operators (NFOs) are said to be lobbying for it to be reduced. Industry sources said three NFO operators are in the midst of lobbying the Finance Ministry to reduce the 4D first prize payouts by RM200. This would bring the current payout ratio for every RM1 bet to RM2,300 for the first prize of "4D Big" and RM3,300 for "4D Small". NFOs presently pay out RM2,500 and RM3,500 for those bets, respectively. (Source: The Star)
Gamuda, MMC: 12 weeks to conduct RM36b MRT feasibility study.
The feasibility study on the proposed RM36b mass rapid transit (MRT) system by Gamuda Bhd and MMC Corp Bhd is expected to be presented to the Government in about 3 months time, said a source familiar with the matter. It was earlier reported that the Government had appointed 2 independent consultants - Minconsult Sdn Bhd and Andercon Technologies Ltd - to carry out the study. (Source: The Star)
Port: Potential RM1.5b investment from Mideast.
Middle Eastern investors may invest some RM1.5b in a petroleum tank farm and halal industrial park in Penang Port. Penang Port Sdn Bhd (PPSB) chairman Datuk Seri Dr Hilmi Yahaya yesterday said potential investors have approached PPSB to set up shop in the port area to tap the export potential of the Indonesia-Malaysia-Thailand Growth Triangle. (Source: Business Times)
Tanjong: Bidding for new power projects.
Tanjong plc is hoping that some of its bids for new power projects will come to fruition over the next few quarters. In the meantime, earnings from its existing power assets are expected to remain relatively resilient although overseas earnings, denominated mostly in US dollars, are hurt by the stronger ringgit. (Source: The Edge Financial Daily)
Khazanah extends deadline for Parkway shareholders
Khazanah Nasional has extended the closing date of its partial offer for Singapore’s Parkway Holdings Ltd after rival Fortis Healthcare Ltd made a better bid a week ago on 1 July. In a press statement yesterday, the financial advisers of the state-controlled investment arm, CIMB Bank and Deutsche Bank, said the partial offer would now close at 5.30pm on 26 July. The original deadline was yesterday. It is believe Khazanah is mulling its options to come up with a better offer, and the extension of its partial offer will buy time it to do this. (Financial Daily)
BRDB takes over RM2.3bn Iskandar project from Dubai World
Bandar Raya Development (BDRB) is taking over from Dubai World, a joint venture agreement with UEM Land to undertake the RM2.3bn Residential North high-end mixed development in Puteri Harbour in the Iskandar Development Region (IDR), Johor. In a statement to Bursa Malaysia yesterday, BDRB said its wholly owned subsidiary, Ardent Heights SB, had on Wednesday entered into a conditional sale of shares agreement with Limitless Holdings Ltd to acquire the latter entire stake in Haute Property SB, which has been granted by UEM Land to undertake the development on an 111-acre parcel of land in Puteri Harbour. (Financial Daily)
KNM secures RM288.8m orders
KNM Group companies have secured new orders totaling about RM288.8m. In a filing with Bursa Malaysia yesterday, KNM said its wholly owned subsidiaries, KNM Process Systems SB (KNMPS), FBM Hudson Italiana SpA (FBM) and Borsig Process Heat Exchanger, have collectively secured substantial new orders from international clients for overseas projects. The new orders from five clients were secured over a period of two weeks from 24 June to yesterday. (Financial Daily)
New motor cover plan closer to being finalized
Bank Negara Malaysia will submit the final proposal for a new basic third party motor cover scheme framework to the Government in December. In a statement released in Kuala Lumpur yesterday, the central bank said it had, together with the Ministry of Finance, completed initial consultation sessions on the proposed framework with key stakeholders in April. A consultation paper explaining the rationale for proposing a basic scheme, guiding principles, objectives and broad features under consideration was posted on Bank Negara's website for members of the public to provide their feedback on the scheme. (BT)
Iris signs 3 pacts with Senegal
Iris Corp has signed three initial pacts to supply electronic cards, build a renewable power plant and develop a housing project in Senegal. It signed a memorandum of understanding (MOU) with the Ministry of Interior to integrate e-passports and identification card systems, and supply driving licence and work permit cards. The second MOU by Iris Eco Power Sdn Bhd is to build a power plant fuelled by solid waste from the city of Dakar and all the major cities of Senegal. Iris Eco has also signed an MOU to partner Caisse des Depots et Consignations to build 1,000 houses in Bambilor, Senegal. Meanwhile, Iris entered into a RM50m deal with Koperasi Atlet Malaysia for the AutoPot System Farming Project in Perak. (BT)
20100709 1037 Soy Oil Palm Oil Related News.
Soyoil futures ended mixed, with pressure from meal/oil spreading limiting the market's upside potential. December soyoil settled unchanged at 37.69 cents per pound.(Source: CME)
Brazil 2010-11 Soy Output Seen At 71 Million Tons -Abiove(Source: CME)
The Brazilian Vegetable Oils Industry Association, or Abiove, Thursday said that Brazil could produce up to 71 million metric tons of soybeans in the next 2010-11 crop season.
The soy output figure compares to around 68 million tons produced from the 2009-10 crop year.
"We expect an increase of around 3% to 5% in the area of soy planted," said Carlos Lovatelli, president of Abiove. He said states such as Mato Grosso and Bahia should plant "good amounts of soybeans" this year.
Palm rebounds on strong crude, stock worry limits gain
JAKARTA, July 8 (Reuters) - Malaysian crude palm oil rose 1.32 percent by midsession , recovering from losses the previous day on gains in crude oil, but worries over inventories kept a lid on gains.
"The market is higher in unison with firmer crude oil," said a trader with a local brokerage firm in Kuala Lumpur. "But ther is still a lack of bullish fundmantals."
Brazil 2010-11 Soy Output Seen At 71 Million Tons -Abiove(Source: CME)
The Brazilian Vegetable Oils Industry Association, or Abiove, Thursday said that Brazil could produce up to 71 million metric tons of soybeans in the next 2010-11 crop season.
The soy output figure compares to around 68 million tons produced from the 2009-10 crop year.
"We expect an increase of around 3% to 5% in the area of soy planted," said Carlos Lovatelli, president of Abiove. He said states such as Mato Grosso and Bahia should plant "good amounts of soybeans" this year.
Palm rebounds on strong crude, stock worry limits gain
JAKARTA, July 8 (Reuters) - Malaysian crude palm oil rose 1.32 percent by midsession , recovering from losses the previous day on gains in crude oil, but worries over inventories kept a lid on gains.
"The market is higher in unison with firmer crude oil," said a trader with a local brokerage firm in Kuala Lumpur. "But ther is still a lack of bullish fundmantals."
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