KUALA LUMPUR: Crude palm oil (CPO) futures on Bursa Malaysia Derivatives closed lower yesterday, owing to rising output in Southeast Asia, weighing on prices.
However, gains in regional equity markets and crude oil prices were seen capping the fall, said Phillip Futures Sdn Bhd derivative product specialist David Ng.
Spot month October 2013 and November 2013 lost RM7 each to RM2,322 and RM2,318 per tonne, respectively, December 2013 eased RM6 to RM2,317 per tonne and January 2014 fell RM9 to RM2,318 a tonne.
Volume rose to 47,814 lots from 35,314 lots while open interest expanded to 202,822 contracts versus 198,558 contracts.
On the physical market, October South remained unchanged at RM2,350 a tonne.OILLONDON:
Oil dipped yesterday after Iran's president said his country was not seeking war, helping unwind a risk premium and foster speculation of a recovery in oil exports to the West.
Brent crude for November delivery fell 70 cents to US$109.90 (US$1.00 = RM3.28) by 1331GMT, while US crude was down 36 cents at US$107.71.
Brent and US oil rose the most in three weeks in the previous session as the United States Federal Reserve's decision to delay the wind-down of its monetary stimulus weakened the dollar and stoked demand for risky assets.RUBBERKUALA LUMPUR:
Malaysian rubber prices rebounded to close mixed yesterday, aided by the United States Federal Reserve's decision to postpone a scaleback of its monetary stimulus and speculation that China may buy from local suppliers, dealers said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR20 rose 12 sen to 781 sen a kg, while latex-in-bulk slipped half-a-sen to 566 sen a kg.
The unofficial closing price for tyre-grade SMR20 was up 7.5 sen to 780.5 sen a kg, while latex-in-bulk shed half-a-sen to 565.5 sen a kg.GOLDLONDON:
Gold prices hit one-week highs after the Federal Reserve shocked markets by choosing not to cut back on its asset-buying programme for now.
Spot gold hit its highest since September 10 at US$1,373.20, before steadying to US$1,363.80 an ounce by 1436GMT.
US gold futures for December delivery jumped 4.3 per cent, or US$56.10, to US$1,363.70.
Silver rose 1.2 per cent to US$23.15 an ounce. Spot platinum rose to a one-week high of US$1,478, and was later up 0.2 per cent at US$1,462.70. Spot palladium was up one per cent at US$724.TINKUALA LUMPUR:
The current tight supply of tin particularly from Indonesia, following the country's new trading rule which halts export of tin ingots, prompted the Kuala Lumpur Tin Market (KLTM) to close US$300 higher at US$23,200 a tonne today, a dealer said.
The dealer said new Indonesian regulations requires the ingot be traded on a local exchange before shipping, part of a broad range of reforms in commodities ranging from palm oil to minerals.
"Indonesia is one of the world's largest supplier of tin and the cutback in shipment has affected trading of the metal. For the time being, they are likely to stop shipments temporarily," he said.
Meanwhile, the tin price on the London Metal Exchange (LME) was up US$50 at US$23,000 a tonne, weighed by inconsistencies of other metal prices.
At the opening bell, bids outpaced offers by 55 tonnes to 16 tonnes. Turnover decreased to 25 tonnes, from 35 tonnes on Wednesday, with buying interest noted from Japanese, European and local traders.
The premium between the KLTM and the LME widened to US$590 a tonne from Wednesday's US$340 a tonne. - Agencies