South Korea: Prepares market-stability measures after shelling
South Korea began a 24-hour market watch as officials prepared measures to address any financial turmoil in the aftermath of what the government said was North Korean shelling of a border island. The Bank of Korea held an unscheduled meeting in Seoul, and deputies from the BOK and government will gather to discuss the market impact and potential countermeasures, the finance ministry said in a statement. Regulators will take preemptive steps if needed, the Financial Services Commission and Financial Supervisory Service said. (Bloomberg)
Ireland: Said to need EUR85bn for rescue
EU officials estimate that a rescue package for Ireland may amount to about EUR85bn (USD114bn), according to two officials familiar with the talks. The European Commission cited the figure as a preliminary estimate on a conference call of euro-region finance ministers on 21 November, said the people, who spoke on condition of anonymity because the talks were private. Of the total, EUR35bn would be earmarked for banks and EUR50bn to help finance the Irish government. (Bloomberg)
EU: Services, manufacturing growth accelerates
Growth in Europe’s services and manufacturing industries unexpectedly accelerated for the first time in four months in November as companies weathered the debt crisis and cooling global growth. A composite index based on a survey of Euro-area purchasing managers in both industries advanced to 55.4 from 53.8 in the previous month, according to an initial estimate. A reading above 50 indicates expansion. (Bloomberg)
US: Third-quarter growth revised up on spending gains
The US economy grew more than previously calculated in the third quarter, led by stronger consumer spending and fueled by labor income gains that may stoke demand into 2011. The revised 2.5% increase in GDP compares with a 2% estimate issued last month and a 1.7% rise in the second quarter, figures from the Commerce Department showed. Consumer purchases rose at the fastest pace since the last three months of 2006. (Bloomberg)
US: Existing home sales decrease more than forecast
Sales of existing homes fell more than forecast in October as foreclosure moratoriums and a lack of credit disrupted the US housing market. Purchases decreased 2.2% to a 4.4m annual rate from 4.5m in September, the National Association of Realtors said. Economists projected sales would decline to a 4.5m pace, according to the median forecast. The median price fell 0.9% from a year earlier. (Bloomberg)
Wednesday, November 24, 2010
20101124 1001 Malaysia Corporate News.
Korean artillery exchange sinks Asian, Euro markets
Key Asian and European markets tanked yesterday after the long-simmering Korean Peninsula tensions escalated as South Korea returned fire on North Korea after the latter launched artillery shells on to one of the South’s border islands. Asian markets, already grappling with worries over the contagion effects of the eurozone debt crisis, as well as measures taken to cool the property market in Hong Kong and China’s move to raise banks’ reserve ratios to curb inflationary pressures, tumbled further on news of the Korean conflict. The attack, the biggest by the North in years, sent investors fleeing to the safety of the USD, further weighing on commodity prices and shares of resource companies. Meanwhile, European markets opened sharply lower as news of the artillery exchange started filtering out. With the exception of the Japan’s stock exchange which was closed for a national holiday, the rest of the key Asian and European stock markets were mired in red. (FinancialDaily) The MSCI gauge of stocks in developing nations lost 2.6% and the Standard & Poor’s 500 Index slid 1.4% at 4 p.m. in New York. (Bloomberg)
IJM Land-MRCB deal to create RM7bn merger
IJM Land and Malaysian Resources Corp (MRCB) will merge to create a RM7bn property company that will be the country's second largest after the recently-proposed UEM Land -Sunrise union. IJM Land and MRCB sealed an initial deal on the proposed merger yesterday. It is still unclear who will take the lead in the merger. IJM Land shareholders' funds stood at RM1.65bn as at 31 March 2010, while MRCB's was about RM697.1m as at 31 Dec 2009. According to latest filings on Bursa Malaysia, the Employees Provident Fund (EPF) owns an indirect stake of 62.47% in IJM Land and about 42% in MRCB. (BT)
Sunway and SunCity shares suspended on merger talks
Shares of Sunway Holdings and Sunway City (SunCity) have been suspended from trading amid speculation that they may be merged. The construction and property firms, controlled by Tan Sri Jeffrey Cheah, asked for their shares to be suspended from yesterday until 5pm today, pending a material announcement. They will be merged into a new company via an exchange of shares and cash, Dow Jones newswires reported yesterday, citing an unnamed source. The new company will continue to be controlled by Cheah, it added. If a merger were to happen, it would be the third property merger to be announced this month. (BT)
YTL Corp to rationalize property assets
YTL Corp has proposed a rationalization that involves the sales of a few companies to its suit YTL Land & Development for a total of RM476m. Under the proposal, YTL Land would settle the purchase through the issue of RM253.03m of 10-year 3% stepping up to 6% irredeemable convertible unsecured loan stock (ICULS) at 100% of nominal value of 50 sen per ICULS and the remaining RM223.02m in cash. The rationalization is expected to result in a net gain of RM51.96m, or 2.9 sen per share in YTL Corp. (FinancialDaily)
Mah Sing acquires Penang land for RM80m
Mah Sing Group continues its shopping spree for land. The property developer yesterday announced it had acquired 61.03 acres of freehold land in Batu Ferringhi Penang for RM157.3m cash at RM59.17 per square foot (psf). The land was for a resort-style development (GDV) of RM800m. The development would be named Ferringhi Residence@Penang and would comprise semi-detached homes with built-up of about 3,000sf indicatively priced from Rm1.4m and bungalows with built-up of about 4,200 sq ft indicatively priced from RM2.2m. (FinancialDaily)
Key Asian and European markets tanked yesterday after the long-simmering Korean Peninsula tensions escalated as South Korea returned fire on North Korea after the latter launched artillery shells on to one of the South’s border islands. Asian markets, already grappling with worries over the contagion effects of the eurozone debt crisis, as well as measures taken to cool the property market in Hong Kong and China’s move to raise banks’ reserve ratios to curb inflationary pressures, tumbled further on news of the Korean conflict. The attack, the biggest by the North in years, sent investors fleeing to the safety of the USD, further weighing on commodity prices and shares of resource companies. Meanwhile, European markets opened sharply lower as news of the artillery exchange started filtering out. With the exception of the Japan’s stock exchange which was closed for a national holiday, the rest of the key Asian and European stock markets were mired in red. (FinancialDaily) The MSCI gauge of stocks in developing nations lost 2.6% and the Standard & Poor’s 500 Index slid 1.4% at 4 p.m. in New York. (Bloomberg)
IJM Land-MRCB deal to create RM7bn merger
IJM Land and Malaysian Resources Corp (MRCB) will merge to create a RM7bn property company that will be the country's second largest after the recently-proposed UEM Land -Sunrise union. IJM Land and MRCB sealed an initial deal on the proposed merger yesterday. It is still unclear who will take the lead in the merger. IJM Land shareholders' funds stood at RM1.65bn as at 31 March 2010, while MRCB's was about RM697.1m as at 31 Dec 2009. According to latest filings on Bursa Malaysia, the Employees Provident Fund (EPF) owns an indirect stake of 62.47% in IJM Land and about 42% in MRCB. (BT)
Sunway and SunCity shares suspended on merger talks
Shares of Sunway Holdings and Sunway City (SunCity) have been suspended from trading amid speculation that they may be merged. The construction and property firms, controlled by Tan Sri Jeffrey Cheah, asked for their shares to be suspended from yesterday until 5pm today, pending a material announcement. They will be merged into a new company via an exchange of shares and cash, Dow Jones newswires reported yesterday, citing an unnamed source. The new company will continue to be controlled by Cheah, it added. If a merger were to happen, it would be the third property merger to be announced this month. (BT)
YTL Corp to rationalize property assets
YTL Corp has proposed a rationalization that involves the sales of a few companies to its suit YTL Land & Development for a total of RM476m. Under the proposal, YTL Land would settle the purchase through the issue of RM253.03m of 10-year 3% stepping up to 6% irredeemable convertible unsecured loan stock (ICULS) at 100% of nominal value of 50 sen per ICULS and the remaining RM223.02m in cash. The rationalization is expected to result in a net gain of RM51.96m, or 2.9 sen per share in YTL Corp. (FinancialDaily)
Mah Sing acquires Penang land for RM80m
Mah Sing Group continues its shopping spree for land. The property developer yesterday announced it had acquired 61.03 acres of freehold land in Batu Ferringhi Penang for RM157.3m cash at RM59.17 per square foot (psf). The land was for a resort-style development (GDV) of RM800m. The development would be named Ferringhi Residence@Penang and would comprise semi-detached homes with built-up of about 3,000sf indicatively priced from Rm1.4m and bungalows with built-up of about 4,200 sq ft indicatively priced from RM2.2m. (FinancialDaily)
20101124 0957 Global Market News.
OIL: Crude edge up, above $81/bbl after 0.6 pct fall
TOKYO, Nov 24 (Reuters) - U.S. crude futures edged higher above $81 a barrel on Wednesday after declining 0.6 percent a day earlier, with larger-than-expected falls in U.S. oil product stockpiles providing support to the market.
The American Petroleum Institute said gasoline stocks fell 499,000 barrels and distillate stocks fell 311,000 barrels, the API said. That compared with a Reuters poll for a 1.2 million barrel decline in distillate stockpiles and a 600,000 barrel drawdown in gasoline supplies.
COMMODITY MARKETS: Gold up; others mostly down on euro, Korea tension
NEW YORK, Nov 23 (Reuters) - Gold rose on Tuesday while a number of commodities extended losses after the euro zone debt crisis deepened and fighting broke out on the Korean peninsula.
The mix of fiscal and geopolitical worries unnerved investors already averse to taking big positions in commodities during a trading week shortened by Thursday's Thanksgiving holiday in the United States.
GLOBAL MARKETS: Asian shares fall, dollar firm on Korean tensions
SINGAPORE, Nov 24 (Reuters) - Asian shares fell on Wednesday and the euro hovered near a two-month low to the dollar as regional stocks caught up with a sharp sell-off after North Korea's deadly shelling of a South Korean island and investors sought safety in the U.S. currency.
"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.
POLL-US crude inventories seen down as imports dip
NEW YORK, Nov 23 (Reuters) - U.S. crude oil inventories likely fell last week as imports declined, an expanded Reuters poll showed on Tuesday before the release of weekly industry and government data.
Crude stocks fell 2.1 million barrels on average in the week to Nov. 19, according to the poll of 13 analysts.
Newedge to offer clients China futures mkts access
LONDON, Nov 22 (Reuters) - Global brokerage Newedge Group SA said on Monday it planned to offer clients access to four Chinese futures markets so they can tap into growth potential in one of the world's largest economies.
"This is the first platform to offer access in English to Chinese exchange contracts. Further, the platform offers monthly spreading functionality within Chinese exchange-traded contracts," Mike Frawley, global head of metals at Newedge, said in a release.
Euro zone recovery accelerates, still 2-speed -PMI
LONDON, Nov 23 (Reuters) - Economic recovery in a divergent euro zone accelerated this month as a strong resurgence in private sector growth in Germany and France offset persistent stagnation in periphery members, surveys showed on Tuesday.
Markit's Eurozone Flash Services Purchasing Managers' Index, made up of surveys of around 2,000 businesses ranging from banks to hotels, bounced to 55.2 in November from a final reading of 53.3 in October.
Ireland on knife-edge amid bailout fury
STRASBOURG/DUBLIN, Nov 23 (Reuters) - The European Union urged Ireland on Tuesday to adopt an austerity budget on time in order to receive an EU/IMF bailout despite calls for an immediate general election that could disrupt the rescue.
The Dublin government is on a knife-edge with damaged Prime Minister Brian Cowen challenging the opposition to let the 2011 budget pass on Dec. 7 before he calls an early election.
China c.bank soothes mkts with flat bill yield
SHANGHAI, Nov 23 (Reuters) - China's central bank kept the yield on its one-year bills flat at auction on Tuesday, in an apparent attempt not to alarm markets that it might have further monetary tightening in store.
An increase in the yield on the 2 billion yuan ($301 million) of sterilisation paper on offer could have triggered speculation that the People's Bank of China (PBOC) could follow up soon on its recent bank reserve requirement increases with further measures.
PRECIOUS-Gold eases as weak euro snuffs out safe-haven bid
LONDON, Nov 23 (Reuters) - Gold eased on Tuesday as weakness in the euro stemming from the European debt crisis offset any potential price gains from a major exchange of artillery fire on the Korean peninsula.
Conviction is growing in the financial markets that the European Union's joint bailout of Ireland with the IMF will not be enough to quash fears that Portugal and possibly Spain could become the next target of fixed-income investors' anxiety.
FOREX-Dlr gains on Korea tension, euro zone debt worries
LONDON, Nov 23 (Reuters) - The dollar rose on Tuesday after North Korea shelled a South Korean island, adding geopolitical tension to Europe's debt crisis and driving investors to the relative safety of the U.S. currency.
The euro fell towards session lows after German finance minister Wolfgang Schaeuble said the single currency is at stake due to the Irish debt crisis, although it then stabilised.
Korean artillery exchange, Irish debt hit markets
SINGAPORE, Nov 23 (Reuters) - The dollar rose broadly, U.S. Treasuries gained and European and Asian shares and U.S. stock futures fell after a major exchange of artillery fire on the Korean peninsula.
"The market was already quite nervous given the failure of the Irish bailout package to calm sentiment towards other peripheral countries," said Mirza Baig, senior currency strategist with Deutsche Bank in Singapore.
TOKYO, Nov 24 (Reuters) - U.S. crude futures edged higher above $81 a barrel on Wednesday after declining 0.6 percent a day earlier, with larger-than-expected falls in U.S. oil product stockpiles providing support to the market.
The American Petroleum Institute said gasoline stocks fell 499,000 barrels and distillate stocks fell 311,000 barrels, the API said. That compared with a Reuters poll for a 1.2 million barrel decline in distillate stockpiles and a 600,000 barrel drawdown in gasoline supplies.
COMMODITY MARKETS: Gold up; others mostly down on euro, Korea tension
NEW YORK, Nov 23 (Reuters) - Gold rose on Tuesday while a number of commodities extended losses after the euro zone debt crisis deepened and fighting broke out on the Korean peninsula.
The mix of fiscal and geopolitical worries unnerved investors already averse to taking big positions in commodities during a trading week shortened by Thursday's Thanksgiving holiday in the United States.
GLOBAL MARKETS: Asian shares fall, dollar firm on Korean tensions
SINGAPORE, Nov 24 (Reuters) - Asian shares fell on Wednesday and the euro hovered near a two-month low to the dollar as regional stocks caught up with a sharp sell-off after North Korea's deadly shelling of a South Korean island and investors sought safety in the U.S. currency.
"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.
POLL-US crude inventories seen down as imports dip
NEW YORK, Nov 23 (Reuters) - U.S. crude oil inventories likely fell last week as imports declined, an expanded Reuters poll showed on Tuesday before the release of weekly industry and government data.
Crude stocks fell 2.1 million barrels on average in the week to Nov. 19, according to the poll of 13 analysts.
Newedge to offer clients China futures mkts access
LONDON, Nov 22 (Reuters) - Global brokerage Newedge Group SA said on Monday it planned to offer clients access to four Chinese futures markets so they can tap into growth potential in one of the world's largest economies.
"This is the first platform to offer access in English to Chinese exchange contracts. Further, the platform offers monthly spreading functionality within Chinese exchange-traded contracts," Mike Frawley, global head of metals at Newedge, said in a release.
Euro zone recovery accelerates, still 2-speed -PMI
LONDON, Nov 23 (Reuters) - Economic recovery in a divergent euro zone accelerated this month as a strong resurgence in private sector growth in Germany and France offset persistent stagnation in periphery members, surveys showed on Tuesday.
Markit's Eurozone Flash Services Purchasing Managers' Index, made up of surveys of around 2,000 businesses ranging from banks to hotels, bounced to 55.2 in November from a final reading of 53.3 in October.
Ireland on knife-edge amid bailout fury
STRASBOURG/DUBLIN, Nov 23 (Reuters) - The European Union urged Ireland on Tuesday to adopt an austerity budget on time in order to receive an EU/IMF bailout despite calls for an immediate general election that could disrupt the rescue.
The Dublin government is on a knife-edge with damaged Prime Minister Brian Cowen challenging the opposition to let the 2011 budget pass on Dec. 7 before he calls an early election.
China c.bank soothes mkts with flat bill yield
SHANGHAI, Nov 23 (Reuters) - China's central bank kept the yield on its one-year bills flat at auction on Tuesday, in an apparent attempt not to alarm markets that it might have further monetary tightening in store.
An increase in the yield on the 2 billion yuan ($301 million) of sterilisation paper on offer could have triggered speculation that the People's Bank of China (PBOC) could follow up soon on its recent bank reserve requirement increases with further measures.
PRECIOUS-Gold eases as weak euro snuffs out safe-haven bid
LONDON, Nov 23 (Reuters) - Gold eased on Tuesday as weakness in the euro stemming from the European debt crisis offset any potential price gains from a major exchange of artillery fire on the Korean peninsula.
Conviction is growing in the financial markets that the European Union's joint bailout of Ireland with the IMF will not be enough to quash fears that Portugal and possibly Spain could become the next target of fixed-income investors' anxiety.
FOREX-Dlr gains on Korea tension, euro zone debt worries
LONDON, Nov 23 (Reuters) - The dollar rose on Tuesday after North Korea shelled a South Korean island, adding geopolitical tension to Europe's debt crisis and driving investors to the relative safety of the U.S. currency.
The euro fell towards session lows after German finance minister Wolfgang Schaeuble said the single currency is at stake due to the Irish debt crisis, although it then stabilised.
Korean artillery exchange, Irish debt hit markets
SINGAPORE, Nov 23 (Reuters) - The dollar rose broadly, U.S. Treasuries gained and European and Asian shares and U.S. stock futures fell after a major exchange of artillery fire on the Korean peninsula.
"The market was already quite nervous given the failure of the Irish bailout package to calm sentiment towards other peripheral countries," said Mirza Baig, senior currency strategist with Deutsche Bank in Singapore.
20101124 0956 Soy Oil & Palm Oil Related News.
US soy product futures settle higher, extending gains into a second day. Soymeal leads the upside, following soybeans. Worries about dry weather in Argentina and Brazil help support the complex, traders say. Still, soyoil, used to make biodiesel, feels some pressure from weak crude oil, they add. Trading is expected to be choppy Wed ahead of Thanksgiving holiday. CBOT Dec soymeal closes up $7.10 at $340.70 per short ton. CBOT Jan soyoil ends up 0.06c at 49.57 cents per pound. (Source: CME)
Brazil's Farmers Seed 75% Of Soy Area As Of Nov 19 - Celeres(Source: CME)
Brazil's farmers planted 75% of the expected total soy area as of Nov. 19, agricultural consultancy Celeres said. The area seeded with soybeans in Brazil--the world's second largest producer of the oilseed after the U.S.--compares with 74% of the expected area a year ago and 61% the week before, according to Uberlandia, Brazil-based consultancy Celeres. Soybean planting had been delayed in Brazil in October due to a lack of rain in many regions. Growers in Mato Grosso, Brazil's largest soy-producer state, had been forced to postpone seeding in some parts of the state last month due to the La Nina weather phenomena which caused drier than usual weather. The most recent analysis, though, of Celeres issued on Tuesday estimates that 91% of the projected area to be planted to soy in Mato Grosso State had been seeded as of Friday. This compares with a figure of 80% a week ago and 98% one year ago, according to the consultancy. Farmers in Mato Grosso typically are the first to begin planting in Brazil.
Growers in Parana, the country's second-largest soy-producing state, had seeded 93% of their crop as of this last Friday, according to Celeres. This compares with a figure of 83% a year ago and 80% one week ago. Parana state had more favorable rain in early October. Celeres said advance soy sales of the 2010-11 soy crop slowed in the recent week in the aftermath of a drop in prices. Brazil's upcoming 2010-11 soy crop was 31% sold as of Friday, unchanged from the previous week. Sales though of the upcoming crop are ahead of the figure of 19% one year ago, according to Celeres. Many growers have to sell their crop in advance to raise cash. Soy producers, though, who were able to hold their beans and sell them throughout 2010 benefited from higher prices, Celeres said in the report. Brazilian growers start harvesting their soy crop in February and finish in May.
Growers able to warehouse their beans and sell them during 2010 also benefited from lower shipping costs during the off season for harvesting, according to Celeres. Celeres estimated that 97% of the 2009-10 crop had been sold as of last Friday, little changed from 98% a year ago.
U.S. soy up 0.6 pct on LatAm weather concerns, demand
SINGAPORE, Nov 23 (Reuters) - U.S. soybean futures gained more ground, rising 0.6 percent as dry weather threatened crops in parts of South America amid strong purchases by China, the world's top importer.
"The fact that has pushed the market higher apart from the Chinese demand is remarkably dry conditions in Argentina and Brazil," said Garry Booth, a trader with MF Global Australia.
Palm at three-wk lows on Korea tensions, China
KUALA LUMPUR, Nov 23 (Reuters) - Malaysian palm oil futures hit three-week lows, tailing losses in global commodity markets, as dollar surged after two Koreas exchange fire in a disputed maritime border.
"What happened in Korea has dragged many Asian equity markets down, eventually pulling Malaysia's palm oil prices lower," said a trader with foreign brokerage in Kuala Lumpur.
China sees lower 2010 soyoil, palmoil imports -CNGOIC
BEIJING, Nov 23 (Reuters) - China, the largest consumer of edible oils, is likely to import 1.4 million tonnes of soyoil this year, down 40 percent from last year, the China National Grain and Oils Information Centre (CNGOIC), an official think-tank, said on Tuesday.
The decrease in soyoil imports resulted from Beijing's earlier ban of imports from Argentina, the world's largest exporter, because of a broad trade dispute between the two countries.
Brazil's Farmers Seed 75% Of Soy Area As Of Nov 19 - Celeres(Source: CME)
Brazil's farmers planted 75% of the expected total soy area as of Nov. 19, agricultural consultancy Celeres said. The area seeded with soybeans in Brazil--the world's second largest producer of the oilseed after the U.S.--compares with 74% of the expected area a year ago and 61% the week before, according to Uberlandia, Brazil-based consultancy Celeres. Soybean planting had been delayed in Brazil in October due to a lack of rain in many regions. Growers in Mato Grosso, Brazil's largest soy-producer state, had been forced to postpone seeding in some parts of the state last month due to the La Nina weather phenomena which caused drier than usual weather. The most recent analysis, though, of Celeres issued on Tuesday estimates that 91% of the projected area to be planted to soy in Mato Grosso State had been seeded as of Friday. This compares with a figure of 80% a week ago and 98% one year ago, according to the consultancy. Farmers in Mato Grosso typically are the first to begin planting in Brazil.
Growers in Parana, the country's second-largest soy-producing state, had seeded 93% of their crop as of this last Friday, according to Celeres. This compares with a figure of 83% a year ago and 80% one week ago. Parana state had more favorable rain in early October. Celeres said advance soy sales of the 2010-11 soy crop slowed in the recent week in the aftermath of a drop in prices. Brazil's upcoming 2010-11 soy crop was 31% sold as of Friday, unchanged from the previous week. Sales though of the upcoming crop are ahead of the figure of 19% one year ago, according to Celeres. Many growers have to sell their crop in advance to raise cash. Soy producers, though, who were able to hold their beans and sell them throughout 2010 benefited from higher prices, Celeres said in the report. Brazilian growers start harvesting their soy crop in February and finish in May.
Growers able to warehouse their beans and sell them during 2010 also benefited from lower shipping costs during the off season for harvesting, according to Celeres. Celeres estimated that 97% of the 2009-10 crop had been sold as of last Friday, little changed from 98% a year ago.
U.S. soy up 0.6 pct on LatAm weather concerns, demand
SINGAPORE, Nov 23 (Reuters) - U.S. soybean futures gained more ground, rising 0.6 percent as dry weather threatened crops in parts of South America amid strong purchases by China, the world's top importer.
"The fact that has pushed the market higher apart from the Chinese demand is remarkably dry conditions in Argentina and Brazil," said Garry Booth, a trader with MF Global Australia.
Palm at three-wk lows on Korea tensions, China
KUALA LUMPUR, Nov 23 (Reuters) - Malaysian palm oil futures hit three-week lows, tailing losses in global commodity markets, as dollar surged after two Koreas exchange fire in a disputed maritime border.
"What happened in Korea has dragged many Asian equity markets down, eventually pulling Malaysia's palm oil prices lower," said a trader with foreign brokerage in Kuala Lumpur.
China sees lower 2010 soyoil, palmoil imports -CNGOIC
BEIJING, Nov 23 (Reuters) - China, the largest consumer of edible oils, is likely to import 1.4 million tonnes of soyoil this year, down 40 percent from last year, the China National Grain and Oils Information Centre (CNGOIC), an official think-tank, said on Tuesday.
The decrease in soyoil imports resulted from Beijing's earlier ban of imports from Argentina, the world's largest exporter, because of a broad trade dispute between the two countries.
20101124 0944 FCPO EOD Daily Chart Study.(23 Nov 2010)
Bollinger band reading : side way range bound little upside biased.
MACD Histrogram : falling lower, seller taking exposure while buyer leaving.
Support : 3100, 3070, 3050 level.
Resistant : 3150, 3200, 3270 level.
Comment :
FCPO continue to trade weaker closed recorded decline with surging higher volume transacted as soy oil still traded weaker plus China official announced a likely drop in palm oil import. Daily chart formed a doji down bar candle continue to correct downwards from the middle Bollinger band level with the reading suggesting a 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.
20101124 0923 FKLI EOD Daily Chart Study. (23 Nov 2010)
Bollinger band reading : side way range bound dowside biased.
MACD Histrogram : resumed lower, seller buidling position.
Support : 1485, 1470, 1458 level.
Resistant : 1500, 1530, 1550 level.
Comment :
Sentiment turned negative FKLI recorded massive losses with surged higher volume changed hand after regional market continue to trade negatively especially Hang Seng and Shang Hai stock exchange. Daily chart formed a wide range down bar candle closed lower Bollinger band support level as the reading starting to turned into suggesting a side way 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.
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