KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed lower yesterday on concerns over rising output in palm-oil producing countries.
Interband Group senior Palm Oil trader Jim Teh said that higher output in Malaysia and Indonesia, due to its seasonal peak production, pressured prices downwards.
Spot month October 2013, December 2013 and January 2014 fell RM17 each to RM2,305, RM2,300 and RM2,301 per tonne, respectively, while November 2013 decreased RM18 to RM2,300 per tonne.
Volume shrank to 21,822 lots from 47,814 lots on Thursday while open interest reduced to 173,081 contracts versus 202,822 contracts previously.OILLONDON:
Oil rose above US$109 (US$1.00 = RM3.28) a barrel supported by persistent concern about supplies, falling United States crude inventories and the Federal Reserve's decision this week to leave its stimulus programme unchanged.
Global benchmark Brent crude was still heading for a weekly drop on the return of some Libyan output and a reduced prospect of military action against Syria.
Brent crude for November was up 73 cents at US$109.49 by 1358 GMT. The benchmark has fallen about three per cent this week. US crude for October dropped 31 cents to US$106.08.RUBBERKUALA LUMPUR:
Malaysian rubber prices ended lower yesterday dragged by weak buying interest for the commodity, dealers said.
A dealer said the local market was quiet on the back of less participation, especially from China.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR20 fell 12.5 sen to 768.5 sen a kg while latex-in-bulk slipped 3.5 sen to 562.5 sen a kg.
The unofficial closing price for tyre-grade SMR20 lost 16.5 sen to 764 sen a kg while latex-in-bulk eased five sen to 560.5 sen a kg.GOLDLONDON:
Gold fell more than one per cent yesterday, paring the rally it made after the United States Federal Reserve's surprise decision this week to maintain monetary stimulus, after a Fed official hinted tapering may yet be unveiled at the bank's October meeting.
Spot gold was down 0.8 per cent at US$1,353.21 an ounce at 1323 GMT, having earlier hit a session low at US$1,346.09. US
gold futures for December delivery were down US$15.70 an ounce at US$1,353.60.
Spot platinum was down 1.2 per cent at US$1,442 an ounce, while spot palladium lost 1.4 per cent at US$721.97 an ounce.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) retreated to close US$150 lower at US$23,050 a tonne today due to cautious trading, a dealer said.
He said the local market was wary of Indonesia's new trading rule which halts the export of tin ingots, thus fanning concerns on supply among investors and pushing them to adopt a wait-and-see attitude.
The local market's performance was also in contrast to the increase in the price of the metal on the London Metal Exchange (LME).
"The LME tin price rose US$295 to US$23,295 a tonne on positive sentiment prompted by the US Federal Reserve's decision to maintain its bond buying programme," he said.
At the opening bell, bids stood at 27 tonnes, while sellers offered 75 tonnes. Turnover rose to 42 tonnes from 25 tonnes on Thursday with the participation of Japanese, European and local buyers.
The premium between the KLTM and the LME narrowed to US$145 a tonne from Thursday's US$590 a tonne. - Agencies