KUALA LUMPUR: Crude palm oil futures prices on Bursa Malaysia Derivatives closed lower yesterday due to rising inventories as well as concerns over global expansion in competing oilseed that may shift demand away from palm oil.
The spread between soya oil and palm oil narrowed to US$150 from US$200, which may weigh on CPO prices.
Spot month October 2013 decreased RM15 to RM2,340, November 2013 fell RM10 to RM2,306, December 2013 eased RM9 to RM2,302 and January 2014 dropped RM10 each to RM2,302 a tonne.
Volume decreased to 21,326 lots from 35,439 lots while open interest dropped to 176,929 contracts versus 192,196 contracts.
On the physical market, October South eased RM10 to RM2,340 a tonne.OILLONDON:
Crude oil gained yesterday, heading towards US$110 a barrel as strong data from China and dollar weakness offset fears about the economic impact of a United States government shutdown.
Brent crude was up 42 cents to US$109.61 (US$1.00 = RM3.26) by 1340GMT, after settling US$1.25 higher in the previous session.
US oil fell eight cents to US$104.02 a barrel, after ending US$2.06 higher on Wednesday.
However, uncertainty on the US budget and the possibility that it could dent demand kept prices in check.RUBBERKUALA LUMPUR:
Malaysian rubber prices ended lower yesterday on lack of buying demand, capped by Chinese buyers who are on a week-long break due to China's national day holiday, dealers said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR20 eased 1.5 sen to 744 sen a kg, while latex-in-bulk declined 1.5 sen to 540 sen a kg.
The unofficial closing price for tyre-grade SMR20 gained 1.5 sen to 741.50 sen a kg, while latex-in-bulk shed one sen to 539.50 sen a kg.GOLDLONDON:
Gold fell yesterday as investors booked profits after the previous session's gains due to uncertainty about a partial United States government shutdown and slow demand in key physical markets.
Spot gold was down 0.7 per cent to US$1,305.45 an ounce by 1204GMT. Gold had fallen three per cent to a two-month low earlier this week.
US gold futures for December were down US$14.80 an ounce at US$1,306.20.
Silver fell one per cent to US$21.51 an ounce. Spot platinum fell 1.2 per cent to US$1,372.24 and spot palladium edged down 0.7 per cent to US$711.47 an ounce.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$110 lower at US$22,900 a tonne yesterday, tracking the decline in the commodity's price on the London Metal Exchange (LME), a dealer said.
The tin price on the LME dipped by US$250 to US$22,825 a tonne. The dealer said the fall on the local market was less than the price drop on the LME due to scattered buying support from Japan.
"The price is still at a higher rate due to supply restrictions by Indonesia," said the dealer.
At the opening, bids stood at 10 tonnes, while sellers offered 25 tonnes. Turnover increased to 28 tonnes from 20 tonnes on Wednesday, with buying interest coming mostly from Japanese traders, while the Europeans and locals showed similar interest.
The premium between the KLTM and the LME widened to US$555 a tonne from US$385 a tonne on Wednesday. - Agencies