KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed higher yesterday, spurred by buying interest in the commodity.
Philip Futures Sdn Bhd Derivative Product Specialist David Ng said the local market was also lifted by the fall in the ringgit to the dollar, attracting international buyers.
"The overnight gains in soyaoil prices on the Chicago Board of Trade lent support to the market movement as well," he said.
The Malaysian Palm Oil Board is expected to release the country's stock, output and exports data today.
Spot month October 2013 rose RM19 to RM2,369, November 2013 appreciated RM19 to RM2,368, December 2013 firmed RM20 to RM2,369, and January 2014 increased RM19 to RM2,370 a tonne.
Volume eased to 25,983 lots from 31,954 lots on Tuesday, while open interest fell to 178,518 contracts against the 185,583 contracts previously.
On the physical market, October South was up RM10 to RM2,370 a tonne.OILLONDON:
Oil prices fell yesterday on stubborn fears about the Washington shutdown, while traders digested data showing that China has surpassed the US to become the world's top crude importer.
The market was, meanwhile, cautious before the latest weekly snapshot of American oil inventories.
New York's main contract, West Texas Intermediate for delivery in November dipped 13 cents to US$103.36 (US$1.00 = RM3.23) a barrel.
Brent North Sea crude for November dropped 42 cents to stand at US$109.74 per barrel in afternoon London deals.RUBBERKUALA LUMPUR:
Malaysian rubber prices continued to close higher yesterday on speculation that major consumer China plans to stockpile the commodity.
A dealer said the market speculated that China will probably buy some 50,000 tonnes of rubber from overseas market.
"China's stockpiling plan will stir up the market and it mainly buys natural rubber from Thailand, Indonesia, Malaysia and Vietnam," he added.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 was 7.5 sen higher at 753.5 sen a kg and latex-in-bulk added one sen to 537 sen a kg.
The unofficial closing price for tyre-grade SMR 20 gained 2.5 sen to 752.5 sen a kg.GOLDLONDON:
Gold prices fell one per cent yesterday as news that Janet Yellen will head the Federal Reserve boosted the dollar, and as concerns over the US budget deadlock failed to spur buying interest.
Gold has held in a narrow US$20 range this week as buyers stayed on the sidelines.
Spot gold was down 0.7 per cent at US$1,308.69 an ounce at 1313 GMT, having earlier touched a low of US$1,302.39. US gold futures for December were down US$15.60 an ounce at US$1,309.00.
Silver was down 1.4 per cent at US$21.92 an ounce. Spot platinum was down one per cent at US$1,381.74 an ounce.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$100 lower yesterday at US$23,700 on lack of demand, said dealers.
They said the decline was also in line with the commodity's performance on the London Metal Exchange (LME), which dropped by US$100 to US$23,600 a tonne.
A dealer said the tin price on the KLTM was influenced by the weak demand from buyers and huge offers by sellers. On the local front, bids stood at 10 tonnes while offers amounted to 50 tonnes.
Turnover was lower at 27 tonnes from 32 tonnes on Tuesday, with Japanese, European and local traders accounting for the bulk of yesterday's trading.
The premium between the KLTM and LME remained at US$500 a tonne. - Agencies