KUALA LUMPUR: Crude palm oil futures prices closed higher yesterday on renewed buying interest, dealers said.
Phillip Futures derivative product specialist David Ng said the weaker ringgit against the US dollar and good exports for the month supported prices.
However, rising output in producing countries capped gains, he added.
October 2013, November 2013 and January 2014 gained RM11 each to RM2,316, RM2,311 and RM2,312 a tonne, respectively, while December 2013 rose RM9 to RM2,309 a tonne.
Volume appreciated to 29,253 lots from 21,822 lots on Friday while open interest rose to 180,821 contracts from 173,081 previously.
On the physical market, October South added RM5 to RM2,330 a tonne.OILLONDON:
Crude oil fell below US$109 (US$1.00 = RM3.28) a barrel yesterday as higher output from Iraq and a possible thaw in US-Iran relations weighed on prices, offsetting upbeat economic data from China and Europe.
Brent crude for November delivery was down 60 cents to US$108.62 by 1250GMT while US crude for November slipped 57 cents to US$104.18 a barrel.
"The return to the market of Libyan and South Sudanese supply is weighing on prices. South Sudan is currently producing 240,000 barrels of crude oil a day," said Commerzbank analyst Carsten Fritsch.RUBBERKUALA LUMPUR:
Local rubber prices ended lower yesterday as some market players waited on the sidelines following a lack of fresh leads, dealers said.
They said the downtrend is in line with the falls on the Singapore Exchange market and Shanghai Futures Exchange market.
At noon, the Malaysian Rubber Board's official physical price for SMR20 fell seven sen to 761.5 sen a kg while latex-in-bulk lost three sen to 559.5 sen.
The unofficial closing price for SMR20 was flat at 764 sen while latex-in-bulk eased two sen to 558.5 sen.GOLDLONDON:
Gold edged down yesterday, adding to the previous session's sharp sell-off as confusion over the outlook for the United States monetary policy dragged on, with weak buying from China overnight adding to the softer tone.
Spot gold was down 0.1 per cent to US$1,323.64 an ounce at 1239GMT, while US gold futures for December delivery were down US$8.50 to US$1,324 an ounce.
For other precious metals, spot silver shed 0.5 per cent to US$21.72 and spot platinum was down 0.2 per cent at US$1,425.24, while spot palladium lost 0.3 per cent to end trade at US$711.97.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$120 lower yesterday at US$22,930 a tonne due to the lack of demand, a dealer said.
He said the slide was also in tandem with the decrease in the metal's price on the London Metal Exchange (LME) which closed US$250 lower at US$23,045 a tonne.
"However, some sellers withdrew when the price fell. The lower price later attracted some scattered buying," a dealer said. At the opening bell, bids stood at 21 tonnes, while sellers offered 71 tonnes.
Turnover fell to 34 tonnes from 42 tonnes last Friday with the participation of European, Japanese and local buyers. The premium between the KLTM and the LME narrowed to US$275 a tonne from last Friday's US$145 a tonne. - Agencies