KUALA LUMPUR: Prices of crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives closed lower yesterday on the back of a stronger ringgit coupled with profit-taking activities, dealers said.
"The ringgit has strengthened a bit compared to Wednesday. Palm's resistance is at RM2,500, and the immediate support is at RM2,450," a trader said.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said a stronger ringgit would curb buying interest from oversea buyers.
"CPO prices are down after four days of gains," he added.
Spot month November 2013 eased RM16 to RM2,472, December 2013 fell RM19 to RM2,462, January 2014 dropped RM18 to RM2,464 and February 2014 declined RM15 to RM2,467 a tonne.
Volume rose to 44,093 lots from 32,615 lots on Wednesday, while open interest rose to 198,848 contracts from 184,980 contracts previously.
On the physical market, November South eased RM20 to RM2,460 a tonne.OILLONDON:
Brent crude futures slipped to near US$107 (US$1.00 = RM3.16) a barrel yesterday as rising supplies of crude oil in the United States drove prices toward a two-month low, while US crude fell for a fourth straight session to its lowest since June.
Brent crude oil was down 51 cents to US$107.29 a barrel by 1330 GMT after falling by more than US$2 in the previous session as figures from the US Energy Information Administration pointed to ample supply.
US crude oil shed 70 cents to US$96.16 and touched a four-month low of US$95.95.RUBBERKUALA LUMPUR:
Malaysian 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 is quiet, the fundamentals are weak and there is not much change in the prices despite the Kuala Lumpur rubber market opening slightly higher, compared with Wednesday's closing prices," said a dealer.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 was 4.5 sen lower at 736 sen a kg and latex-in-bulk shed three sen to 528.50 a kg.
The unofficial closing price for tyre-grade SMR 20 increased 6.5 sen to 739 sen a kg and latex-in-bulk fell half-a-sen to 528.50 a kg.GOLDLONDON:
Gold hit a one-month high yesterday after data showed US unemployment benefits' claims fell less than expected, bolstering expectations the Fed will delay scaling back monetary stimulus.
Spot gold rose as much as 1.2 per cent to its highest since September 20 at US$1,348.24 just before the US data was released.
By 1346GMT, it was up 0.9 per cent at US$1,343.41, while US gold futures for December delivery were up US$9.30 at US$1,343.30.
Silver rose one per cent at US$22.71, spot platinum rose one per cent to US$1,444.99 and spot palladium rose 0.1 per cent to US$743.22.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) fell US$350 per tonne yesterday to close at US$22,850 per tonne on a technical correction, dealers said.
The dip on the KLTM was also in tandem with the decline in the commodity price on the London Metal Exchange (LME), which slid US$425 per tonne to US$22,825 per tonne.
"The market saw some sellers withdrawing when the price fell off. The lower price today attracted some scattered buying, mainly from Europe," a dealer said.
At the opening bell, bids amounted to 10 tonnes against offers of 78 tonnes. Turnover increased to 37 tonnes against the 32 tonnes recorded on Wednesday, with European, Japanese and local traders accounting for yesterday's transaction.
The premium between the KLTM and the LME widened to US$424 per tonne from US$350 per tonne on Wednesday. - Agencies