KUALA LUMPUR: Crude palm oil (CPO) futures contracts closed lower yesterday due to the stronger ringgit against the US dollar and lower crude oil prices.
Phillip Futures Sdn Bhd Derivative Product Specialist David Ng said Malaysia's palm oil inventories, which grew to 1.67 million tonnes in August and higher Malaysian palm oil exports on September 1-10, were likely to cap the downtrend.
September 2013 fell RM48 to RM2,353 and December 2013 lost RM51 to RM2,351. October 2013 and November 2013 declined RM48 each to RM2,354 and RM2,351 a tonne, respectively.
Volume increased to 34,291 lots from 29,350 lots while open interest rose to 190,290 contracts versus Monday's 180,260 contracts.
On the physical market, September South fell RM65 to RM2,385 a tonne. OILLONDON:
Global oil prices fell below US$111 (US$1.00 = RM3.28) a barrel yesterday, touching their lowest level in over two weeks as a Russian proposal to avert a US strike on Syria gathered steam, easing concerns that a new Middle East conflict would further disrupt supplies.
Brent for October delivery was down US$2.86 at US$110.86 per barrel as of 1325GMT after sliding more than US$3 to a session low of US$110.59, its weakest level since August 26.
US crude was down US$2.64 at US$106.88 a barrel.RUBBERKUALA LUMPUR:
Malaysian rubber prices closed mixed yesterday due to the strengthening of the ringgit against the US dollar, dealers said.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 fell 10 sen to close at 807.50 sen per kg while latex-in-bulk gained 2.5 sen to 568.50 sen per kg.
The unofficial closing price for tyre-grade SMR 20 decreased 13 sen to 806 sen per kg while latex-in-bulk was unchanged at 569 sen per kg.GOLDLONDON:
Gold fell further yesterday after Syria accepted a Russian proposal to give up chemical weapons and win a reprieve from US strikes, while uncertainty over the timing and pace of US monetary stimulus also weighed.
Spot gold dropped as much as 1.6 per cent to a session low of US$1,364.34 an ounce, not far from a two-week low of US$1,362.55 hit on Friday.
US gold futures for December delivery fell US$20.20 to US$1,366.00 an ounce.
Spot silver tracked gold lower, falling 1.9 per cent to US$23.22 an ounce. Spot platinum was down 0.4 per cent to US$1,474.49 an ounce. TINKUALA LUMPUR:
Tin price on the Kuala Lumpur Tin Market (KLTM) closed US$100 higher yesterday at US$23,000 a tonne, dealers said.
They said the price surge was also in sync with the increase in the metal's price on the London Metal Exchange (LME) which closed US$100 higher at US$22,950 a tonne.
"Today's tin price was supported by scattered buying mainly from Japan," a dealer said. On the KLTM, the day's turnover fell to 43 tonnes from 57 tonnes on Monday, with the participation of European, Japanese and local traders.
At the opening bell, buyers bid for 48 tonnes, while sellers offered 25 tonnes. The price differential between the KLTM and LME widened to US$405 a tonne from Monday's US$350 a tonne. - Agencies