KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed marginally higher yesterday owing to short-covering and bargain-hunting activities.
"Restoking activities ahead of the Deepavali season is keeping India's demand for palm oil elevated and is seen supporting the market," said Philip Futures Sdn Bhd's David Ng.
Spot month October 2013 rose RM13 to RM2,368 a tonne, November 2013 gained RM13 to RM2,330, December 2013 gained RM9 to RM2,329 and January 2014 advanced RM5 to RM2,330.
Volume increased to 29,916 lots from 29,246 lots while open interest expanded to 183,987 contracts versus 182,723 contracts.
On the physical market, October South rose RM20 to RM2,380 a tonne.OILLONDON:
Brent oil slid below US$108 (US$1.00 = RM3.26) a barrel yesterday on worries that a shutdown of the United States government will crimp demand, while easing tensions in US-Iran nuclear talks boosted prospects for an increase in supply.
Analysts expect a swift resolution will limit the downside in oil prices.
"The shutdown has affected all markets, including crude, but it's a slow burner in terms of overall impact," said Simon Wardell of IHS.
Brent crude fell 64 cents to US$107.73 a barrel by 1352GMT. US crude slid 63 cents to US$101.70.RUBBERKUALA LUMPUR:
Rubber prices closed lower yesterday due to lack of demand for the commodity, dealers said.
A dealer said the bearish sentiments were influenced by the weaker rubber prices on the Tokyo Commodity Exchange.
The Malaysian Rubber Board's official physical price for tyre-grade SMR20 rose one sen to 757.50 sen a kg, while latex-in-bulk increased 0.5 sen to 545 sen a kg.
The unofficial closing price for tyre-grade SMR20 shed two sen to 753 sen a kg while latex-in-bulk was down two sen to 543 sen a kg.GOLDLONDON:
Gold slid quickly below US$1,300 per ounce to its lowest since early August yesterday, unwinding much of the steam built up as investors had anticipated a partial United States government shutdown, with most betting it would be resolved shortly.
Spot gold shed 2.4 per cent to US$1,294.30 by 1323GMT, having hit a low of US$1,288.16. US Comex gold futures for December delivery lost 2.3 per cent to US$1,295.70.
Silver dropped 3.7 per cent to US$20.83 an ounce, platinum was down 1.7 per cent to US$1,374.74 and palladium was at US$715.72, down 0.9 per cent.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$100 lower yesterday at US$23,300 on sellers' reserve despite the higher finish on the London Metal Exchange (LME), a dealer said.
He said the metal's price on the LME closed US$50 higher at US$23,400 a tonne.
"KLTM closed lower despite the increase in the LME due to lack of buyers as they wanted to see how LME fares today. The local buyers were cautious as the prices on LME have shown uncertainties for almost two weeks," he added.
He also said that the price yesterday was supported by scattered buying and low offerings. At the opening bell, bids stood at 10 tonnes while sellers offered 26 tonnes.
Turnover rose to 26 tonnes from 21 tonnes on Monday with the participation of European, Japanese and local buyers. The premium between the KLTM and the LME narrowed to US$290 a tonne from Monday's US$440 a tonne. - Agencies