KUALA LUMPUR: Crude palm oil (CPO) futures continued its rally to close at the highest level so far this year, lifted by persistent buying interest on output concerns.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the expectation of lower production in October, coupled with stronger demand stemming from China, sparked interests among buyers.
Spot month November 2013 rose RM35 to RM2,620 a tonne, December 2013 was RM48 higher at RM2,605, January 2014 climbed RM51 to RM2,598 and February 2014 improved RM49 to RM2,591.
Volume fell to 33,954 lots from 49,517 lots on Wednesday, while open interest narrowed to 180,673 contracts against 195,693 contracts.
On the physical market, November South added RM40 to RM2,580 a tonne.OILLONDON:
Brent oil slipped towards US$109 (US$1.00 = RM3.16) yesterday as the US Federal Reserve's latest policy statement prompted fears an easy money regime that had supported commodities may soon end.
Brent was still set to end October, however, with its fourth monthly gain in five months as disruptions to shipments from major producer Libya kept supply tight.
Brent crude for December delivery fell 18 cents to US$109.68 a barrel by 1227GMT. US crude lost 62 cents at US$96.15. It was on course for a fall of over 6 per cent for October.RUBBERKUALA LUMPUR:
Local rubber prices retreated from Wednesday's gains to close marginally lower yesterday, dampened by weak risk appetite regionally, a dealer said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 slipped two sen to 726 sen a kg and latex-in-bulk shed half-a-sen to 525.5 sen a kg.
The unofficial closing price for tyre-grade SMR 20 declined nine sen to 721 sen a kg and latex-in-bulk eased 1.5 sen to 524.5 sen a kg. GOLDLONDON:
Prices of precious metals tumbled yesterday after the Federal Reserve's latest policy outlook was deemed less dovish than some had expected, lifting the dollar index to two-week highs.
Spot gold fell 1.3 per cent to US$1,324.61 an ounce by 1309GMT, after falling to its lowest since October 24 at US$1,322.56. US gold futures for December delivery were down US$24.10 an ounce at US$1,325.20.
Silver underperformed to fall three per cent at US$21.96. Spot platinum dropped 1.1 per cent to US$1,453.74, while spot palladium lost 0.7 per cent at US$737.74.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) fell US$170 to close lower at US$23,130 a tonne yesterday, tracking the downtrend seen in the metal price on the London Metal Exchange (LME), a dealer said.
On the LME, the tin price declined by US$50 to finish at US$23,125 per tonne. The dealer told Bernama, the fall on the KLTM was due to a lack of buying at the opening.
"However, some sellers withdrew when the price fell," he said, adding, yesterday's price was supported by scattered buying from Europe.
At the opening bell, bids stood at five tonnes, while sellers offered 45 tonnes. Turnover slid to 23 tonnes from 28 tonnes on Wednesday with majority participation by the Europeans, followed by Japanese and local buyers.
The premium between the KLTM and the LME narrowed to US$405 a tonne from Wednesday's US$525 a tonne. - Agencies