KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended firmer on speculative buying yesterday, dealers said.
Phillip Futures Sdn Bhd derivative product specialist David Ng said the overnight fall in Chicago Board of Trade soyaoil may also weigh on CPO futures.
Spot month November 2013 edged up RM2 to RM2,392 a tonne, December 2013 rose RM7 to RM2,399, January 2014 increased RM3 to RM2,401 and February 2014 appreciated RM1 to RM2,403.
Volume decreased to 28,174 lots from 39,043 lots on Thursday while open interest eased to 184,141 contracts against 193,275 contracts recorded yesterday.
On the physical market, October South was unchanged at RM2,400 a tonne.OILLONDON:
Brent crude futures rose above US$110 (US$1.00 = RM3.23) a barrel yesterday, supported by a weak US dollar and third quarter GDP growth data from China which matched consensus expectations.
Brent crude rose 20 cents to US$109.31 by 1400GMT while US crude oil rose 29 cents to US$100.96.
"The weaker dollar is having an impact on all commodities, and positive Chinese GDP data are boosting oil," said Fawad Razaqzada, an analyst at GFT Global Markets.
"In the short to mid term I expect prices to fall due to rising supply and progress in talks with Iran."RUBBERKUALA LUMPUR:
Local rubber prices closed lower yesterday due to lack of demand for the commodity, dealers said.
The bearish sentiment was also influenced by lower rubber futures prices on the Tokyo Commodity Exchange.
"The market fundamental is weak and prices are heading downwards," said dealer.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 was 14.5 sen lower at 742.50 sen a kg and latex-in-bulk shed two-and-a-half sen to 534.50.
The unofficial closing price for tyre-grade SMR 20 dropped 8.50 sen to 740 sen a kg and latex-in-bulk shed one sen to 534.50 a kg.GOLDLONDON:
Gold held near US$1,320 an ounce yesterday, heading for its biggest weekly gain in two months, on expectations that the partial United States government shutdown will lead the US Federal Reserve to postpone tapering of its stimulus programme.
Spot gold was little changed at US$1,317.46 an ounce at 1336GMT, while US gold futures for December delivery were down US$6 an ounce at US$1,317.
Silver was up 0.3 per cent at US$21.89 an ounce, while spot platinum was up 0.3 per cent at US$1,433.99 and spot palladium was down 0.4 per cent at US$735.47.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) fell US$250 to close lower at US$22,850 a tonne yesterday, tracking the downtrend seen in the metal price on the London Metal Exchange (LME), a dealer said.
On the LME, the metal price declined by US$260 to US$22,745 per tonne, amid the tight global supply condition.
Speaking to Bernama, the dealer also said the fall on the KLTM was due to an increase in the selling volume against bids at the opening.
"However, some sellers withdrew when the price fell," he said, adding, some good buying support emerged from Japan at the lower price.
At the opening bell, bids stood at 10 tonnes, while sellers offered 97 tonnes. Turnover increased to 60 tonnes from 40 tonnes on Thursday with majority participation from the Japanese, followed by European and local buyers.
The premium between the KLTM and the LME widened to US$505 a tonne from Thursday's US$495 a tonne. - Agencies