MARKET DEVELOPMENT
BUZZ-Weak Crude, Earnings Raise Risk on Asia's Palm Oil Shares
BUZZ-Weak Crude, Earnings Raise Risk on Asia's Palm Oil Shares
17/08/2015 (Reuters) - BUZZ-Weak crude, earnings raise risk on Asia's palm oil shares
** Traders worry that palm oil prices have stayed too high vs crude oil at a time when the latter's outlook remains weak
** 1 year: Brent down 53.1 pct; palm oil falls 25.6 pct in USD terms
** Palm oil has a correlation of 0.9 with crude - Eikon data
** Also, April-June earnings did not impress analysts; Singapore's First Resources missed estimates
** Analysts cut Wilmar's palm oil volumes estimates citing weak tropical oils division
** Golden Agri may write down the value of palm trees soon - traders
** Malaysia's Felda Global Ventures Holdings shares down 4.6 pct
** Indonesia's Astra Agro Lestari, PT London Sumatra, Sinar Mas Agro also on watch
** Traders worry that palm oil prices have stayed too high vs crude oil at a time when the latter's outlook remains weak
** 1 year: Brent down 53.1 pct; palm oil falls 25.6 pct in USD terms
** Palm oil has a correlation of 0.9 with crude - Eikon data
** Also, April-June earnings did not impress analysts; Singapore's First Resources missed estimates
** Analysts cut Wilmar's palm oil volumes estimates citing weak tropical oils division
** Golden Agri may write down the value of palm trees soon - traders
** Malaysia's Felda Global Ventures Holdings shares down 4.6 pct
** Indonesia's Astra Agro Lestari, PT London Sumatra, Sinar Mas Agro also on watch