KUALA LUMPUR: Crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower against the backdrop of rising production and the stronger ringgit.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said yesterday that the debt deal reached by the US Congress pressured the greenback downwards.
Spot month November 2013 shed RM10 to RM2,390 a tonne, December 2013 decreased RM12 to RM2,392, January 2014 eased RM11 to RM2,398 and February 2014 dipped RM12 to RM2,402.
Volume decreased to 39,043 lots from 39,694 lots on Wednesday while open interest rose to 193,275 contracts against 190,519 contracts recorded previously.
On the physical market, October South was unchanged at RM2,400 a tonne.OILLONDON:
Oil fell below US$110 (US$1.00 = RM3.23) a barrel yesterday as industry data showed crude stocks rose in the US and investors digested a deal to avoid a debt default.
Positive rhetoric around talks over Iran's nuclear programme also helped pressure crude, since progress could eventually soften or remove sanctions against its oil exports.
Brent crude was down 90 cents to US$109.69 a barrel by 1320 GMT. The November contract that expired overnight ended 90 cents higher, while the December contract settled up US$1.17.
US oil fell US$1.28 cents to US$101.01.RUBBERKUALA LUMPUR:
The Malaysian rubber market extended its gains to close higher yesterday as the ringgit continued to strengthen against the US dollar.
The local market was in tandem with the Tokyo Commodity Exchange as the US agreed on a deal to end the budget impasse.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 gained 6.5 sen to 757.0 sen a kg and latex-in-bulk increased 0.5 sen to 537.0 sen a kg.
The unofficial seller's closing price for tyre-grade SMR 20 dipped 4.5 sen to 748.50 sen a kg and latex-in-bulk shed one sen to 535.50 sen a kg.GOLDLONDON:
Gold prices surged more than three per cent yesterday as the dollar stumbled, with bullion boosted by belief that a deal to avoid a historic US debt default might prompt the Federal Reserve to delay reducing its monetary stimulus.
Spot gold rallied to a high of US$1,322.56 per ounce early in the US session, up more than three per cent on the day. By 1317 GMT, it stood at US$1,315.91, up 2.7 per cent.
December Comex gold futures hit a high of US$1,322.90.
Silver gained 1.8 per cent to US$21.72 per ounce, while platinum was up 2.2 per cent at US$1,418.49 and palladium rose 1.1 per cent.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) extended on Wednesday's losses to close US$100 easier at US$23,100 a tonne yesterday, a dealer said.
The downtrend was also in tandem with the fall in the metal price on the London Metal Exchange (LME) by US$95 to US$23,005 per tonne.
Speaking to Bernama, the dealer said concerns over Washington's budget deal had curbed buying interest, although the global market also currently lacked supply, mainly from major producer Indonesia.
Yesterday's price on the local market was supported by a scattered buying majority from Japan, the dealer added.
At the opening bell, bids stood at 25 tonnes, while sellers offered 55 tonnes. Turnover rose to 40 tonnes from 21 tonnes on Wednesday with the participation of Japanese, European and local buyers.
The premium between the KLTM and the LME slipped to US$495 a tonne from Wednesday's US$500 a tonne. - Agencies