KUALA LUMPUR: Crude palm oil futures prices closed lower despite the weakness on the Chicago soyabean market due to rising concern over inventory levels.
"The weakening ringgit may bolster CPO prices but rising production and sluggish demand from major consumer markets are weighing on demand," said David Ng, derivative product specialist at Philip Futures Sdn Bhd.
October 2013 eased RM13 to RM2,355 a tonne, November shed RM14 to RM2,316 while December and January 2014 lost RM18 each to RM2,311 and RM2,312, respectively.
Volume rose to 35,439 lots from 29,916 lots on Tuesday while open interest expanded to 192,196 contracts versus 183,987 previously.
On the physical market, October South added RM30 to RM2,350 a tonne.OILLONDON:
Brent crude oil slipped below US$108 (US$1.00 = RM3.26) a barrel yesterday, extending five weeks of falls on signs of improving global supply.
"Supply is no longer a worry," said Carsten Fritsch, senior oil and commodities analyst at Commerzbank in Frankfurt.
London Brent crude for November fell 10 cents to US$107.84 by 1100GMT. The benchmark fell by more than eight per cent from a six-month high hit in August.
Meanwhile US West Texas Intermediate traded around US$101.80, down 24 cents, extending losses for a fourth straight session.RUBBERKUALA LUMPUR:
Local rubber prices ended lower for the third consecutive day yesterday on lack of buying interest for the commodity, dealers said.
A dealer said that the partial shutdown of the United States federal government had dented appetite for riskier assets.
At noon, the Malaysian Rubber Board's official physical price for SMR20 lost 12 sen to 745.5 sen a kg, while latex-in-bulk shed 3.5 sen to 541.5 sen.
The unofficial closing price for SMR20 shed 13 sen to 740 sen a kg while latex-in-bulk was down 2.5 sen to 540.5 sen.GOLDLONDON:
Gold rose yesterday after a three per cent fall in the previous session to a two-month low, with the dollar declining as investors focused on the first US government shutdown in 17 years.
Spot gold prices were up one per cent at US$1,298.71 by 1231GMT, after reaching their weakest since August 7 at US$1,278.24 on Tuesday.
In the meantime, US gold futures for December were up US$11.80 at US$1,298.30.
In other metals, silver rose 0.9 per cent to US$21.29. Spot platinum was up 0.7 per cent at US$1,383.74 while spot palladium fell 0.2 per cent to US$714.50.TINKUALA LUMPUR:
Tin price on the Kuala Lumpur Tin Market (KLTM) closed US$200 lower at US$23,100 a tonne yesterday, tracking the decline of the commodity's price on the London Metal Exchange (LME), a dealer said.
The tin price on the LME was also down by US$325 to US$23,075 a tonne. The dealer said the fall on the local market was less then the price drop on the LME due to technical correction of the KLTM price with the LME's. Some traders were seen withdrawing from the market when the price fell.
At the opening, bids stood at 10 tonnes while sellers offered 45 tonnes. The day's turnover declined to 20 tonnes from 26 tonnes on Tuesday, with buying interest coming mostly from European traders while Japanese and local traders showed similar interest.
The premium between the KLTM and the LME widened to US$385 a tonne from US295 a tonne on Tuesday. - Agencies