KUALA LUMPUR: Crude palm oil (CPO) futures contracts on Bursa Malaysia Derivatives closed higher yesterday on the back of the weakening ringgit against the US dollar, dealers said.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said the CPO futures were also traded higher as exporters needed to fulfil their export obligations.
"The market was keenly awaiting the release of end-September's palm oil stocks and production data by the Malaysian Palm Oil Board on Thursday," he said.
Spot month October 2013 was unchanged at RM2,350 per tonne, November 2013 added RM27 to RM2,349 per tonne, December 2013 was RM21 higher at RM2,349 per tonne and January 2014 gained RM33 to RM2,351 per tonne.
Volume increased to 31,954 lots from 26,984 lots on Monday while open interest gained to 185,583 contracts from 181,330 contracts previously.
On the physical market, October South gained RM10 to RM2,360 a tonne.OILLONDON:
Brent crude oil rose above US$110 (US$1.00 = RM3.23) a barrel yesterday, although gains were likely to be short-lived given an improved supply outlook and cloudy prospects for demand due to the US budget crisis.
Analysts said oil could be gaining from the withdrawal of most financial investors who wanted to sell.
Brent was up 78 cents at US$110.46 a barrel at 1327GMT. US oil was up 77 cents at US$103.80.
US commercial crude oil inventories are forecast to have risen 1.4 million barrels in the week ended October 4, a Reuters survey of six analysts showed.RUBBERKUALA LUMPUR:
The Malaysian rubber market closed higher due to the weakening of the ringgit against the US dollar, dealers said.
The higher prices werealso in tandem with the better opening of the Tokyo rubber futures due to positive sentiment brought about by the re-opening of Chinese rubber market after a week-long holiday.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 was 8.5 sen higher at 746 sen a kg and latex-in-bulk added 1.5 sen to 536 sen a kg.
The unofficial closing price for tyre-grade SMR 20 gained 13 sen to 750 sen a kg and latex-in-bulk rose 3.5 sen to 537.5 sen a kg.GOLDLONDON:
Gold inched lower yesterday as the dollar rose on signs of progress in the US fiscal standoff, while investors' hopes increased that a US debt default will be avoided.
Spot gold, steadier initially, fell 0.2 per cent to US$1,318.40 an ounce by 1232GMT.
US gold futures for December fell US$6.30 an ounce at US$1,319.
Silver fell 0.4 per cent to US$22.22 an ounce. Spot platinum gained 0.8 per cent to US$1,402.50 an ounce, on fears mine strikes in South Africa could hurt supply.
Spot palladium rose 1.1 per cent to US$708.50 an ounce.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$15 higher at US$23,800 yesterday on scattered buying from Japanese, European and local traders.
The market was also affected by lower offerings from sellers, said dealers.
However, the metal finished US$325 per tonne lower to US$23,700 per tonne on the London Metal Exchange (LME).
At the opening bell, bids stood at 32 tonnes while sellers offered 25 tonnes. Turnover rose to 32 tonnes, from 21 tonnes on Monday, while the premium between the KLTM and the LME widened to US$500 a tonne from US$160 a tonne on Monday. - Agencies