CPO futures up on speculative buying

CPO FUTURES

KUALA LUMPUR: Crude palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday on speculative buying after three straight sessions of losses, a dealer said.

He also said traders were expecting the seasonally lower production and firm exports to help ease stocks further.

Cargo surveyor Intertek Testing Services reported Malaysia's palm oil exports from March 1 to March 15 declined by 0.2 per cent to 675,210 tonnes, from 673,555 tonnes in the same period last month.

April 2013 improved RM54 to RM2,406 a tonne, May 2013 added RM50 to RM2,414 a tonne, June 2013 was RM47 higher at RM2,417 a tonne and July 2013 increased RM44 to RM2,416 a tonne.

Turnover soared to 40,301 lots from 29,364 lots previously, while open interest rose to 199,811 contracts from 189,608 contracts previously.

On the physical market, March South added RM50 to RM2,400 a tonne.

OIL

LONDON: Crude oil rose yesterday, as strong US economic data fuelled prospects of increased demand in the world’s top oil consumer, while concerns over supply from the Middle East added support.

Brent crude was up 86 cents at US$109.82 per barrel by 1401GMT, gaining for a second day after snapping four straight days of losses.

US oil gained 14 cents to US$93.17 per barrel and was set to post its second straight week of gains.

Oil was supported by weakness in the dollar, which made it affordable to holders of other currencies.

RUBBER

KUALA LUMPUR: Malaysian rubber prices closed higher yesterday on technical rebound, a dealer said. He said the commodity’s prices recovered slightly as buyers emerged after the benchmark contract fell almost eight per cent in the past three days on worries over demand in China.

At noon, the Malaysian Rubber Board’s official physical price for the SMR 20 increased 10 sen to 842 sen per kg, while latex-in-bulk added 0.5 sen to 618 sen per kg.

The unofficial closing price for the tyre-grade SMR 20 gained 10.5 sen to 848.5 sen per kg, while latex-in-bulk improved 1.5 sen to 618.5 sen per kg.

GOLD

LONDON: Gold edged above US$1,590 (US$1.00 = RM3.09) an ounce yesterday, helped by a rebound in the euro and waning appetite for assets seen as higher risk such as stocks, ahead of key US inflation data later in the day.

Prices were headed for a second straight week of gains as investors still count continued quantitative easing measures in key economies and lurking risks in the euro zone among reasons to own bullion.

Spot gold inched up 0.2 per cent to US$1,592.60 an ounce by 1035GMT Spot silver rose 0.5 per cent to US$28.93 an ounce.

TIN

KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) rose by US$150 to end at US$23,900 a tonne yesterday, a dealer said.

The metal price on the London Metal Exchange (LME), however, fell by US$25 to US$23,925, he said.

"The KLTM price was up on correction despite the low LME price. Sellers emerged when the price increases," he said. The market was dominated by European, Japanese and local traders.

At the opening bell, buyers bidded for 73 tonnes, while offers were at 23 tonnes.

Turnover increased to 50 tonnes from 41 tonnes on Thursday. The price differential between the KLTM and the LME widened to US$405 a tonne from US$230 a tonne previously. - Agencies