KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed higher yesterday on the backdrop of better crude oil prices and expectations of better demand as China restocks palm oil supplies ahead of the winter season.
However, derivative product specialist at Philip Futures Sdn Bhd David Ng said a likely rise in September inventories is capping prices.
Spot month October 2013 shed RM1 to RM2,339, November 2013 gained RM9 to RM2,315 and December 2013 rose RM3 to RM2,305. January 2014 advanced RM7 to RM2,309 a tonne.
Volume decreased to 21,303 lots while open interest dropped to 176,538 contracts. On the physical market, October South remained unchanged at RM2,340 a tonne.OILLONDON:
Brent crude oil edged above US$109 (US$1.00 = RM3.26) a barrel yesterday as concerns over a prolonged US government shutdown were offset by a tropical storm constraining supply in the Gulf of Mexico.
The shutdown is expected to hurt demand in the world's largest oil consumer.
Brent crude rose 45 cents to US$109.45 by 1125 GMT, after settling 19 cents lower in the previous session.
US oil rose 44 cents to US$103.75, after falling 79 cents on Thursday. Both benchmarks were set to end the week slightly higher, following declines in the previous three weeks.RUBBERKUALA LUMPUR:
The rubber market ended lower yesterday in thin trading affected by the strengthening ringgit.
A dealer said the week-long holidays in China and the traditional festival in south Thailand had dampened the demand for the commodity.
At noon, the Malaysian Rubber Board's physical price for tyre-grade SMR20 dropped 5.5 sen to 738.50 sen a kg while latex-in-bulk fell three sen to 537 sen a kg.
The unofficial closing price for tyre-grade SMR20 fell five sen to 736.50 sen a kg, while latex-in-bulk declined 3.5 sen to 536 sen a kg.GOLDLONDON:
Gold held steady for a second day yesterday as traders awaited news on a budget deadlock that has triggered a partial shutdown of the United States government.
Spot gold was at US$1,316.26 an ounce at 1123 GMT, little changed from Thursday, while US gold futures for December delivery were down US$1 an ounce at US$1,316.60.
Platinum outperformed, rising one per cent to US$1,375.49 an ounce due to a strike. Spot palladium rose 0.6 per cent to US$700.97 an ounce, while spot silver added 0.4 per cent at US$21.66 an ounce.TINKUALA LUMPUR:
Tin price on the Kuala Lumpur Tin Market (KLTM) closed lower by US$210 at US$22,780 a tonne yesterday due to lack of demand, a dealer said.
He said the slide was also in tandem with the fall in the metal's price on the London Metal Exchange (LME) which closed US$65 lower at US$22,760 a tonne.
"The fall in the KLTM was more than the LME due to a technical correction and lack of buyers. However, some buying emerged at a lower price but sellers were seen withdrawing when the price fell," a dealer said.
At the opening bell, bids stood at 10 tonnes, while sellers offered 45 tonnes. Turnover fell to 20 tonnes from 28 tonnes on Thursday, with the participation of European and local buyers, while the Japanese buyers remained on the sidelines.
The premium between the KLTM and the LME narrowed to US$420 a tonne from Thursday's US$555 a tonne. - Agencies