KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed higher on the back of a weaker ringgit against the US dollar.
However, rising palm oil inventories in Malaysia this month and weaker-than-expected Chinese HSBC Purchasing Managers index reading were seen limiting the rise in prices.
Spot month October 2013 rose RM5 to RM2,355 a tonne, November 2013 gained RM1 to RM2,317 a tonne, December 2013 increased RM10 to RM2,320 a tonne and January 2014 advanced RM13 to RM2,325 a tonne.
Volume declined to 29,246 lots from 35,273 lots on Friday while open interest expanded to 182,723 contracts versus 168,501 contracts previously.
On the physical market, October South increased RM10 to RM2,360 a tonne.OILLONDON:
Brent crude oil fell more than US$1 (US$1.00 = RM3.26) to below US$108 a barrel yesterday, heading for its first monthly decline since May, as tensions over Iran eased and a potential United States government shutdown clouded the outlook for demand.
Brent was down 94 cents to US$107.69 a barrel by 1354GMT, set for a 5.6 per cent monthly drop. US crude was down US$1.58 at US$101.29 a barrel.
"There is a threat of oil retreating further over the next few days towards US$105 a barrel (Brent) and US$100 a barrel (WTI)," analysts at Commerzbank said. RUBBERKUALA LUMPUR:
Malaysian rubber prices closed slightly lower yesterday as the ringgit weakened against the US dollar, besides market uncertainty on the demand outlook with a shutdown of the United States government looking more likely.
The Malaysian Rubber Board's official physical price for tyre-grade SMR20 eased eight sen to 756.5 sen a kg, while latex-in-bulk slipped 3.5 sen to 546.50 sen a kg.
The unofficial closing price for tyre-grade SMR20 shed 4.5 sen to 755.50 sen a kg, while latex-in-bulk went down 6.5 sen to 545 sen a kg.GOLDLONDON:
Gold prices were headed yesterday for their best quarterly performance in a year but the outlook remained weak.
Bullion has gained around eight per cent since July, but analysts noted that this performance came from a low base following a spectacular crash in the previous quarter.
Spot gold was down 0.2 per cent at US$1,331.74 an ounce by 1234GMT after a one per cent gain on Friday.
Silver was down 0.6 per cent at US$21.60 per ounce, while platinum fell 0.4 per cent to US$1,406.99 and palladium dropped 0.5 per cent to US$723.75.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$150 higher at US$23,400 per tonne yesterday in tandem with the increase in the price of the metal on the London Metal Exchange (LME).
The increase on the KLTM was also a new 6.5-month high for the metal price.
The metal price on the LME increased US$125 to US$23,350 per tonne. "The rise on the KLTM was more than the LME due to sellers being reserved, while supported by scattered buying and low offerings," a dealer said.
At the opening bell, sellers offered 10 tonnes, while buyers bid for 36 tonnes. European, local and Japanese traders accounted for yesterday's turnover of 21 tonnes from Friday’s close of 27 tonnes.
The premium between the KLTM and LME widened to US$440 a tonne from US$415 a tonne last Friday. - Agencies