KUALA LUMPUR: Prices of crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed lower yesterday on the back of higher stock levels, dealers said.
The Malaysian Palm Oil Board, last Thursday reported that Malaysia's palm oil inventories at end-September rose seven per cent to 1.78 million tonnes.
Interband Group Senior Palm Oil Trader, Jim Teh, said the weak demand also weighed on the market as buyers were cautious over the uncertainties of US economic blackout situation.
Meanwhile, spot month October 2013 decreased RM5 to RM2,375, November 2013 depreciated RM17 to RM2,362, December 2013 dropped RM18 to RM2,362 and January 2014 eased RM16 to RM2,368 a tonne.
Volume declined to 27,922 lots from 32,330 lots last Friday, while open interest fell to 179,493 contracts against the 184,286 contracts previously.
On the physical market, October South shed RM20 to RM2,370 a tonne.OILLONDON:
Global oil prices fell towards US$110 (US$1.00 = RM3.23) per barrel yesterday on expectations that Iranian nuclear talks will ease tensions, while a looming deadline to head off a United States default stoked worries about the outlook for demand.
Brent crude futures fell by 93 cents to US$110.35 at 1348 GMT. US oil pared early gains and was down 45 cents at US$101.61 a barrel.
"Oil is falling on the possi-bility of talks with Iran bea-ring fruit. The US budget deadlock is also weighing," said Christopher Bellew, an oil trader at Jefferies Bache. RUBBERKUALA LUMPUR:
Malaysian rubber prices closed mixed yesterday on mild demand for the commodity, dealers said. They said the weakening of the ringgit against the US dollar also affected prices in the local market.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 fell two-and-a-half sen to close at 745 sen per kg while latex-in-bulk remained unchanged at 536.5 sen per kg.
The unofficial closing price for tyre-grade SMR 20 fell one sen to 748.50 sen per kg while latex-in-bulk added five sen to 537 sen per kg.GOLDLONDON:
Gold firmed yesterday as the United States fiscal impasse remained unresolved, but was still close to three-month lows on speculation an eleventh hour solution to the debt crisis will be found.
Spot gold rose 0.7 per cent to US$1,281.96 an ounce by 1135 GMT. US gold futures for December were up US$13.50 an ounce at US$1,281.70.
Silver rose 1.4 per cent to US$21.48 an ounce. The metal posted a 2.4 per cent weekly loss, its worst in four weeks.
Spot platinum was up 0.9 per cent at US$1,375.24 an ounce. Spot palladium rose 0.1 per cent to US$712.75 an ounce.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$100 lower at US$23,400 a tonne yesterday due to lack of demand ahead of the Hari Raya Aidil Adha holiday, a dealer said.
The movement, however, was in contradiction to the metal's price on the London Metal Exchange (LME), where it closed US$90 higher at US$23,450 a tonne.
"KLTM is in a phase of normal demand and larger offerings as it is due to close tomorrow with no trading for the Hari Raya Aidil Adha celebrations," a dealer said.
At the opening bell, bids stood at 28 tonnes, while sellers offered 42 tonnes. Turnover increased to 32 tonnes from 22 tonnes last Friday with majority participation from Japanese, followed by European and local buyers.
The premium between the KLTM and the LME narrowed to US$350 a tonne from last Friday's US$540 a tonne. - Agencies