KUALA LUMPUR: Crude palm oil futures contract closed lower yesterday on the back of a stronger ringgit coupled with profit-taking activities, dealers said.
Phillip Futures derivative product specialist David Ng said a stronger ringgit would curb buying interest from overseas buyers.
However, the undertone of the market remained bullish and stood to gain further following the government's announcement to allocate RM243 million for the replanting of palm oil, rubber and cocoa, as well as, forest plantation in the 2014 Budget.
Meanwhile, spot month November 2013 eased RM14 to RM2,458, December 2013 slipped by RM17 to RM2,445, January 2014 shed RM20 to RM2,444 and February 2014 declined RM21 to close at RM2,446 a tonne.
Volume decreased to 30,546 lots from 44,093 on Thursday while open interest dipped to 178,072 from 198,848 contracts yesterday.
On the physical market, November South eased RM10 to RM2,450 a tonne.OILLONDON:
Brent crude slipped below US$107 (US$1.00 = RM3.16)a barrel yesterday on concern about higher supply and faltering demand, despite signs of faster economic growth in China.
Brent crude for December lost 30 cents to US$106.69 by 1255GMT, or nearly three per cent lower on the week, falling for a third day.
US crude oil was up 42 cents at US$97.53, although still down around 3.5 per cent on the week, its biggest weekly loss since June.
"We are seeing some consolidation after several days of falls," said Commerzbank senior oil analyst Carsten Fritsch in Frankfurt.RUBBERKUALA LUMPUR:
Local rubber prices were lower yesterday as the stronger ringgit dampened demand for the commodity.
"The market is quiet due to the ringgit's fluctuation," said a dealer.
However, the undertone of the market remained bullish and stood to gain further following the government's announcement to allocate RM243 million for the replanting of rubber, palm oil and cocoa, as well as, forest plantation in the 2014 Budget.
At noon, the Malaysian Rubber Board's official physical price for tyre-grade SMR 20 was 1.5 sen higher at 737.50 sen a kg but latex-in-bulk shed one sen to 527.50 sen a kg.
The unofficial closing price for tyre-grade SMR 20 dropped 10.5 sen to 728.50 sen a kg and latex-in-bulk depreciated by two sen to close at 526.50 sen a kg.GOLDLONDON:
Gold eased yesterday as the dollar edged off its lows, but was still set for a second week of gains on the view that sluggish US data would persuade the United States Federal Reserve to keep its stimulus intact until well into 2014.
Spot gold fell 0.6 per cent to US$1,338.05 by 1201GMT, not too far from US$1,351.61 hit on Thursday. The precious metal was headed for a 1.7 per cent gain on the week.
In other precious metals, spot silver fell 1.7 per cent to US$22.30, spot platinum lost 0.5 per cent to US$1,437.74.
Meanwhile, spot palladium depreciated by 1.3 per cent to US$735.47.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) rose US$80 per tonne yesterday to close at US$22,930 per tonne, helped by scattered buying, a dealer said.
He said the metal price was further supported by buying interest from foreign traders.
"Overall, the majority of buyers were from Europe," he added.
He said the rise in the KLTM price was also in tandem with the uptrend on the London Metal Exchange (LME), which improved US$50 per tonne to US$22,875 per tonne.
On the local front, bids amounted to 43 tonnes against offers of 30 tonnes at the opening bell.
Turnover decreased to 30 tonnes against the 37 tonnes recorded on Thursday, with European, Japanese and local traders accounting for yesterday's transaction.
The premium between the KLTM and the LME widened to US$455 per tonne from US$424 per tonne on Thursday. - Agencies