KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed lower yesterday despite better export data, dealers said.
According to several research houses, Malaysia's palm oil inventory stood at 1.67 million tonnes for August 2013, four per cent lower than market expectation of 1.74 million tonnes.
October 2013 dropped RM14 to RM2,310 a tonne while November 2013, December 2013 and January 2014 lost RM27 each to RM2,272, RM2,267 and RM2,269 per tonne, respectively.
Volume declined to 24,809 lots from 25,376 lots while open interest improved to 175,788 contracts from 175,248 contracts previously.
On the physical market, October South eased RM20 to RM2,320 per tonne. OILLONDON:
Oil prices rose yesterday, despite easing political worries and an improving supply picture, as traders sought bargains after sharp losses earlier this month.
Brent oil gained 67 cents (US$1.00 = RM3.26) to US$108.99 a barrel by 1204GMT, after slipping to US$108 earlier in the session. US crude futures added four cents at US$102.70.
"Everything else points to lower prices, but sometimes the opposite happens, and people close short positions and look for bargains after a big downward move," said Carsten Fritsch, an analyst at Commerzbank in Frankfurt.RUBBERKUALA LUMPUR:
Malaysian rubber prices closed lower for the second consecutive day following weaker performance of the commodity on the Tokyo Commodity Exchange (Tocom), dealers said.
A dealer said the decline of rubber prices on Tocom, which influenced the direction of global rubber prices, was weighed down by negative sentiment resulting from weaker United States equities and lower crude oil prices.
According to news reports, market participants stayed on the sidelines, waiting for the final reading of the US second-quarter gross domestic product data to be released later in the day.
The stronger ringgit also affected the direction of local rubber prices.
In noon trading, the Malaysian Rubber Board's official physical price for tyre-grade SMR20 eased one sen to 759.5 sen a kg while latex-in-bulk slipped 1.5 sen to 552.5 sen a kg.
The unofficial closing price saw tyre-grade SMR20 dropping two sen to 760 sen a kg while latex-in-bulk declined 2.5 sen to 551.5 sen a kg.GOLDLONDON:
Gold inched up yesterday as concerns about a possible United States federal debt default and government shutdown next week boosted demand for the metal as a safe haven.
Spot gold rose 0.3 per cent to US$1,336.14 an ounce by 1211GMT after gaining nearly one per cent in the previous session. US gold rose by US$0.80 an ounce to US$1,337.10. Bullion gained more than four per cent last week.
Silver rose 1.2 per cent to US$21.97 Spot platinum fell 0.2 per cent to US$1,423 and spot palladium edged up 0.2 per cent to US$721.75.TINKUALA LUMPUR:
The Kuala Lumpur Tin Market (KLTM) rose by US$300 to close at US$23,180 per tonne yesterday in tandem with the firmer London Metal Exchange (LME), dealers said.
The LME tin price improved US$300 to close at US$23,200 per tonne. "The rise on the KLTM was sharply higher following the LME and sellers were reserved at the opening. However some selling emerged when the price increased," said a dealer.
At the opening bell on the KLTM, bids stood at 45 tonnes against offers of 14 tonnes. Turnover increased to 30 tonnes from the 20 tonnes on Wednesday.
Yesterday prices were supported by scattered buying mainly by European followed by Japanese and local traders. The premium between the KLTM and the LME was unchanged at US$370 per tonne. - Agencies