KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower yesterday on expectations of a rise in palm oil output this month.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the decline of crude oil futures in overseas markets and a firmer ringgit weighed on the CPO market.
On the charts, the benchmark month for CPO witnessed a rebound, Ng said.
"However, the trend is seen weak, below the RM2,397 level and a move above RM2,397 would resume the rally towards the 2,450-2,485 levels.
"Support would be seen at the 2,310 level," he added.
Spot month September 2013 fell RM2 to RM2,351 a tonne, October 2012 declined RM13 to RM2,341 a tonne, November 2013 erased RM18 to RM2,333 a tonne and December 2013 decreased RM21 to RM2,330 a tonne.OILLONDON:
Brent crude oil rose towards US$112 (US$1.00 = RM3.28) a barrel yesterday, after falling more than four per cent in the past two days as concerns eased regarding a possible military strike against Syria.
Prices could spike if any move against Syria spills over into violence in the Middle East's main oil-producing countries.
Brent was trading 39 cents higher at US$111.64 a barrel by 1120 GMT, after dropping to a two-week low of US$110.59 and closing down US$2.47 on Tuesday.
US crude was off 16 cents at US$107.23 a barrel.RUBBERKUALA LUMPUR:
Malaysian rubber prices closed mixed yesterday on mild demand for the commodity, dealers said.
They said strengthening of the ringgit against the US dollar also affected prices at the local rubber market.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 fell two sen to close at 805.5 sen a kg while latex-in-bulk gained one sen to 569.5 sen a kg.
The unofficial closing price for tyre-grade SMR 20 fell four sen to 802 sen a kg while latex-in-bulk added one sen to 570 sen a kg.GOLDLONDON:
Gold hit a three-week low yesterday, under pressure as hopes that a US military strike against Syria could be averted dented the metal's safe-haven appeal.
Spot gold fell earlier to its lowest since August 22 at US$1,356.85 an ounce. It traded down 0.1 per cent at US$1,361.86 by by 1323 GMT.
US gold futures for December delivery edged down US$1.80 an ounce to $1,362.40.
Spot silver, which fell to a three-week low of US$22.75 an ounce earlier, was trading up 0.7 per cent at US$23.09.
Spot platinum rose 0.5 percent to US$1,474.50 an ounce.TINKUALA LUMPUR:
Tin price on the Kuala Lumpur Tin Market (KLTM) closed US$150 lower yesterday at US$22,850 a tonne on lack of buying interest, dealers said.
They said the price drop was also in tandem with the decrease in the metal's price on the London Metal Exchange (LME) which closed US$125 lower at US$22,825 a tonne.
"At the opening, buyers were cautious and sellers increased their offering.
"However, some sellers withdrew when the price went down and that lower price later attracted some scattered buying," a dealer said.
On the KLTM, turnover was unchanged at 43 tonnes with the participation of European, Japanese and local traders. At the opening bell, buyers bid for 23 tonnes, while sellers offered 84 tonnes.
The price differential between the KLTM and LME widened to US$415 a tonne from Tuesday's US$405 a tonne. - Agencies