KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives rebounded from Monday to close higher yesterday, taking the cue from the firmer soyaoil prices on the Chicago Board of Trade, a dealer said.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said positive sentiment following better export performance also contributed to the rise.
Meanwhile, spot month November 2013 rose RM38 to RM2,400 a tonne, December 2013 gained RM42 to RM2,404, and January 2014 increased RM41 to RM2,409.
A new contract month February 2014 was introduced at RM2,414 per tonne.
Volume improved to 39,694 lots from 27,922 lots on Monday, while open interest edged up to 190,519 contracts against 179,493 previously.OILLONDON:
Global oil prices held steady as the United States Senate inched towards a last-minute deal to raise the government's borrowing authority and provide it with temporary funding.
Senate aides said on Tuesday a deal to extend the government's borrowing authority and reopen shuttered federal agencies was close but that details remained to be worked out.
Brent crude slipped eight cents to US$109.88 (US$1.00 = RM3.23) a barrel by 1045 GMT.
The US benchmark crude gained one cent to US$101.22, after settling down US$1.20 on Tuesday.RUBBERKUALA LUMPUR:
Malaysian rubber prices continued their upward momentum from Monday to close mostly higher yesterday on buying support amid positive external sentiment, a dealer said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 increased 5.5 sen to close at 750.50 sen per kg while latex-in-bulk remained unchanged at 536.50 sen per kg.
The unofficial closing price for tyre-grade SMR 20 increased four-and-a-half sen to 753 sen per kg while latex-in-bulk decreased 0.5 sen to 536.50 sen per kg.GOLDLONDON:
Gold dropped yesterday on expectations United States lawmakers would strike a last-minute deal to prevent the country defaulting on its debt.
Spot gold fell 0.6 per cent to US$1,272.40 an ounce by 1408 GMT. It plunged to its lowest since July 10 at US$1,251.66 on Tuesday before rebounding. Analysts see technical support around July lows, between US$1,235 and US$1,240.
In other precious metals, silver fell 0.1 per cent to US$21.22 an ounce.
Spot platinum rose 0.5 per cent to US$1,384.24 an ounce, and spot palladium fell 0.1 per cent to US$704.72 an ounce.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US200 lower at US23,200 a tonne yesterday, dealers said.
The decline was also in line with the sharp fall in the metal price on theLondon Metal Exchange (LME) by US350 to US23,100 per tonne.
A dealer said the fall on the KLTM was less than the LME due to some sellerswithdrawing when the price declined. "Today's market was quiet with both buyers and sellers cautious overthe lower price," he added.
At the opening bell, bids stood at 10 tonnes, while sellers offered 50 tonnes.
Turnover decreased to 21 tonnes from 32 tonnes on Monday with majority participation from the Japanese, followed by European and local buyers.
The premium between the KLTM and the LME widened to US500 a tonne from Monday's US350 a tonne. The local market was closed yesterday in conjunction with the Hari Raya Aidil Adha holiday. - Agencies