KUALA LUMPUR: Crude palm oil (CPO) futures closed higher yesterday as the ringgit remained easier against the US dollar, coupled with good export demand, dealers said.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng, however, said that CPO futures are expected to trade sideways after the recent fluctuation in soyaoil futures at the Chicago Board of Trade.
"On the charts, for the January 2014 contract, the near-term momentum would remain positive above the 2,401 level. On the upside, 2,460 and 2,490 remain the resistance level, whereas 2,365 remains the next support level," he said.
Spot month November 2013 gained RM26 to RM2,457, December 2013 firmed RM20 to RM2,457, January 2014 rose RM18 to RM2,455 and February 2014 increased RM15 to RM2,453 a tonne.
Volume advanced to 37,964 lots from 25,240 lots on Monday while open interest jumped to 193,287 contracts from 179,845 contracts previously.
On the physical market, November South was up RM20 to RM2,450 a tonne.OILLONDON:
Brent crude oil rose above US$110 (US$1.00 = RM3.23) per barrel yesterday, pulling its premium above US light crude oil to its widest in six months, after reports of a deterioration in relations between the United States and Saudi Arabia.
Analysts say any impact on Saudi oil sales policy could have a dramatic impact on prices.
Brent for December rose US$1.30 per barrel to a high of US$110.94 before slipping back to around US$110.25 by 1415GMT.
US crude futures for November fell below US$99, their lowest since early July. RUBBERKUALA LUMPUR:
Rubber prices closed slightly higher yesterday on further weakened ringgit against the US dollar, dealers said.
A dealer said there were rising concerns on the supply of raw material following persistent heavy rain in Thailand.
"Market players are also eyeing a deluge of data this week as the United States government agencies catch up after a 16-day shutdown," he said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 rose 7.5 sen to close at 748 sen a kg, while latex-in-bulk was flat at 534 sen a kg.
The unofficial closing price for tyre-grade SMR 20 gained four sen to 747.5 sen a kg while latex-in-bulk shed half-a-sen to 533.5 sen a kg.GOLDLONDON:
Gold inched lower yesterday as the dollar steadied ahead of delayed United States jobs data, while investor sentiment was undermined by a big drop in holdings in the largest gold-backed exchange-traded fund.
Spot gold was down 0.1 per cent at US$1,313.81 an ounce by 1141GMT.
US gold futures for December were down US$2.10 an ounce at US$1,313.70.
Silver fell 0.7 per cent to US$22.04 an ounce. Spot platinum was down 0.5 per cent at US$1,425.99 an ounce and spot palladium fell 0.6 per cent to US$742.42 an ounce.TINKUALA LUMPUR:
Tin price on the Kuala Lumpur Tin Market (KLTM) remained unchanged at US$22,850 a tonne despite the technical correction here and on the London Metal Exchange (LME), dealers said.
On the LME, the metal rose US$100 to US$22,850 a tonne.
"Today's KLTM price was also supported by scattered buying, mainly from European traders," he added.
At the opening bell, bids stood at 42 tonnes while sellers offered 37 tonnes. Turnover advanced to 37 tonnes from 30 tonnes on Monday, with the bulk of transaction coming from European buyers followed by Japanese and locals.
The premium between the KLTM and the LME narrowed to US$445 a tonne from US$545 a tonne on Monday. - Agencies