KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower yesterday on expectation of higher inventories and production in August ahead of Malaysia Palm Oil Board's report due to be released today.
"Prices seem well-supported at RM2,400 level but any breach below this level could trigger further selling pressure and extend further weakness towards RM2,370 level.
Spot month September 2013 fell RM31 to RM2,401 and December 2013 decreased RM42 to RM2,402 per tonne.
October 2013 and November 2013 declined RM45 each to RM2,402 and RM2,399 per tonne, respectively.
Volume eased to 29,350 lots from 30,152 lots while open interest fell to 180,260 contracts versus last Friday's 187,951 contracts.OILLONDON:
Oil futures dropped below US$115 (US$1.00 = RM3.20) a barrel yesterday as concerns of an imminent strike on Syria eased, with Russia and China urging Washington to avoid military action ahead of a key Senate vote.
The global Brent crude benchmark dipped more US$1.52 to US$114.60 a barrel by 1345 GMT after the United States Secretary of State John Kerry said Syria could avoid a strike by turning over chemical weapons within a week, a timeframe later clarified by a spokeswoman as rhetorical.
Meanwhile, US oil lost 67 cents to US$109.86.RUBBERKUALA LUMPUR:
Malaysian rubber prices closed higher yesterday on positive market developments following a report that China trade data showed signs of stability in the world's second-biggest economy, dealers said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 jumped 6.5 sen to close at 817.5 sen per kg while latex-in-bulk gained four sen to 566 sen per kg.
The unofficial closing price for tyre-grade SMR 20 increased six sen to 819 sen per kg while latex-in-bulk rose 5.5 sen to 569 sen per kg.GOLDLONDON:
Prices eased, surrendering some of the gains made in the previous session after disappointing United States jobs data, on expectations the Federal Reserve is still likely to press on with some tapering of monetary stimulus.
Spot gold was down 0.2 per cent at US$1,388.53 an ounce at 1355 GMT, while US gold futures for December delivery were up US$1.30 an ounce at US$1,387.80.
Silver was down 0.8 per cent at US$23.64 an ounce, while spot platinum was down 0.3 per cent at US$1,484.20 an ounce and spot palladium was down 1.1 per cent at US$689.81 an ounce.TINKUALA LUMPUR:
Tin price on the Kuala Lumpur Tin Market (KLTM) closed at a five-month high of US$22,900 a tonne yesterday, up by US$700, on strong buying interest, dealers said.
They said the price surge was also in tandem with the sharp increase in the metal's price on the London Metal Exchange (LME) which closed US$885 higher at RM22,940 a tonne.
"Today's tin price was supported by scattered buying from Europe and some buyers withdrew when the price went up," a dealer said.
On the KLTM, turnover rose to 57 tonnes from 36 tonnes last Friday, with the participation of European, Japanese and local traders.
At the opening bell, buyers bid for 103 tonnes, while sellers offered 25 tonnes. The price differential between the KLTM and LME narrowed to US$350 a tonne from last Friday's US$535 a tonne. - Agencies