FKLI related news

NEW YORK (Reuters) - Stocks ended little changed in another day of scarce activity on Tuesday after mixed economic data gave investors little reason to shift their focus from Federal Reserve Chairman Ben Bernanke's speech on Friday.

The Fed chief is scheduled to address a conference of central bankers in Jackson Hole, Wyoming, and could announce new measures to boost growth. While Bernanke is expected to keep alive expectations for a third round of major bond buying by the Fed, or quantitative easing, he could keep markets guessing about the actual timing.

Oil prices rose on Tuesday as Hurricane Isaac approached the U.S. Gulf Coast, forcing companies in the region to close down oil production platforms and refineries.

There is not much information shown on daily chart except that market is now congesting at around 1,650 level, which also serve as immediate resistance level. Today’s Support and Resistance for spot month index futures is located around 1,645 and 1,650 respectively.

FCPO related news

Crude palm oil futures on Malaysia’s derivatives exchange ended lower Tuesday as investors booked profits after the market rose to the highest level in six weeks.

The benchmark November contract on Bursa Malaysia Derivatives ended 2% lower at 3,029 ringgits a metric ton after moving in a MYR3,024-MYR3,078 range. The contract rose Monday to MYR3,122/ton, the highest since July 17.

"Palm oil prices have eased, but declines are in line with the broader markets," an analyst at a Kuala Lumpur-based bank said, adding that the market will likely remain range-bound as investors may refrain from making aggressive bets ahead of U.S. Fed Chairman Ben Bernanke’s remarks at Jackson Hole symposium on Friday.

Forecast for rain in parts of U.S. Midwest and declines in Chicago soyoil futures also added to the selling pressure, market participants said.

Still, palm oil’s losses were limited due to steady export demand and forecasts for lower August production as harvesting slowed during the Muslim fasting month and Eid celebrations. Planters said production in the first 20 days of August fell 4% from a month earlier.  (Dow Jones Newswires)

Technically, there is sufficient indication for further market weakness as there was at least two lower lows and lower highs formation on the 15 minute chart. Yesterday’s closing price also created a new lower low. Today’s Support and Resistance level is located around 2,980 and 3,020 respectively.