KUALA LUMPUR: Crude palm oil futures contracts rebounded to close higher, after three consecutive days of losses, on renewed buying interest from refiners, dealers said.
Phillip Futures derivative product specialist Lim Eng Wee said the market recovered despite expectation of higher supplies in the coming months.
October 2013 rose RM40 to RM2,350 a tonne, November gained RM44 to RM2,316 while December 2013 and January 2014 increased RM43 each to RM2,310 and RM2,312 a tonne, respectively.
Volume appreciated to 35,273 lots from 24,809 previously, while open interest declined to 168,501 contracts from 175,788 contracts recorded on Thursday.
On the physical market, October South added RM30 to RM2,350 a tonne.OILLONDON:
Brent crude oil fell towards US$108 (US$1.00 = RM3.26) a barrel yesterday, heading for its third straight weekly decline, with diplomatic efforts over Syria and Iran helping ease worries about risks to supply from the Middle East.
Brent crude oil for November fell 90 cents to US$108.31 by 1337GMT. US crude for delivery in November dropped 20 cents to US$102.83, falling for a sixth out of seven sessions and down nearly two per cent on the week.
A Reuters poll of 32 analysts showed Brent crude is expected to average US$107.70.RUBBERKUALA LUMPUR:
Local rubber prices closed mixed yesterday, affected by the lack of the demand for the commodity ahead of the weekend, dealers said.
A dealer said the drop was also in tandem with the weaker performance of the Tokyo rubber futures on the Tokyo Commodity Exchange (Tocom).
At noon, the Malaysian Rubber Board's official physical price for SMR20 rose five sen to 764.5 sen a kg while latex-in-bulk fell 2.5 sen to 550 sen a kg.
Meanwhile, the unofficial closing price saw SMR20 gain half-a-sen to 760.5 sen while latex-in-bulk lost 3.5 sen to 548 sen a kg.GOLDLONDON:
Gold jumped more than one per cent yesterday as wrangling over the US budget and jitters over the outlook for the US Federal Reserve policy stoked buying interest, with buying accelerating sharply on a break of a key chart level.
Spot gold was at US$1,341.16 at 1216GMT, up 1.3 per cent, while US gold futures for December delivery were up US$17.00 at US$1,341.10.
In other metals, silver was up 1.5 per cent at US$21.49 an ounce, tracking gold. Spot platinum added 0.8 per cent to US$1,415.49.
In the meantime, spot palladium appreciated 0.7 per cent to US$723.50.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$70 higher yesterday at US$23,250 a tonne on strong buying interest, a dealer said.
He said the increase on the KLTM was in tandem with an improvement in the metal price on the London Metal Exchange (LME), where it rose US$25 to close at US$23,225 a tonne.
"Today’s market was quiet and supported by scattered buying from Japanese, European and local buyers," he added. At the opening bell, bids stood at 31 tonnes, while sellers offered 10 tonnes.
Turnover fell to 27 tonnes from 30 tonnes on Thursday. The premium between the KLTM and the LME widened to US$415 a tonne from US$370 a tonne on Thursday. - Agencies