KUALA LUMPUR: Crude palm oil futures prices closed lower yesterday due to mounting concerns over rising supplies in the coming months.
"However, a weaker ringgit to the dollar and a rebound in the Chicago Board of Trade (CBOT) soya futures helped limit losses," said Phillip Futures derivative product specialist, David Ng.
Meanwhile, October 2013 and November 2013 lost RM5 each to RM2,311 and RM2,306 a tonne, respectively.
December 2013 fell RM8 to RM2,301 and January 2014 dipped RM7 to RM2,305.
Volume declined to 24,678 lots from 29,253 lots on Monday, while open interest slipped to 174,771 contracts from 180,821 contracts recorded previously.
On the physical market, October South was unchanged at RM2,330 a tonne.OILLONDON:
Brent crude oil eased to under US$108 (US$1.00 = RM3.26) a barrel yesterday after almost a month of falls as geopolitical tension eased and further evidence emerged of rising oil supplies from Libya and Iraq.
Brent crude for November fell 25 cents to US$107.91 by 1300GMT, after settling at its lowest close in four sessions on Monday.
In the meantime, November US crude was off by 79 cents at US$102.81, down for a fourth day.
"Oil prices are continuing on their downward trajectory," said Carsten Fritsch, senior oil analyst at Commerzbank.RUBBERKUALA LUMPUR:
The local rubber market ended mixed in quiet trading on lack of buying interest, dealers said.
The bearish performance was also in tandem with the easier trend on the Tokyo Commodities Exchange resulting from the stronger yen and weaker oil prices.
At noon, the Malaysian Rubber Board's official physical price for SMR20 rose half-a-sen to 762 sen a kg while latex-in-bulk lost 2.5 sen to 557 sen.
The unofficial closing price for SMR20 depreciated by 2.5 sen to close at 761.5 sen a kg while latex-in-bulk eased 3.5 sen to 555 sen a kg.GOLDLONDON:
Gold dipped for a fourth session yesterday as the dollar firmed and a lack of clarity over United States monetary policy dented demand.
"Gold continues to trade with global risk assets, which means that lack of investor appetite is still driving the market," said VTB Capital analyst Andrey Kryuchenkov.
Spot gold fell 0.6 per cent to US$1,313.71 by 1222GMT while US gold futures lost US$13.20 to US$1,313.80 an ounce.
In other metals, silver shed 0.4 per cent to US$21.52. Spot platinum rose 0.6 per cent to US$1,425.24 and spot palladium added 0.1 per cent to close at US$712.75.TINKUALA LUMPUR:
The tin price on the Kuala Lumpur Tin Market (KLTM) closed US$50 higher at US$22,980 on sellers reserve despite the lower finish on the London Metal Exchange (LME) a dealer said.
He said the metal's price on the LME closed US$50 lower at US$23,000 a tonne.
At the opening bell, bids stood at 40 tonnes while sellers offered 21 tonnes.
Turnover fell to 28 tonnes from 34 tonnes on Monday with the participation of European, Japanese and local buyers.
The premium between the KLTM and the LME widened to US$370 a tonne from Tuesday's US$275 a tonne. - Agencies