Wednesday, March 31, 2010

CPO futures close mostly higher

CRUDE palm oil futures on Bursa Malaysia Derivatives rebounded to close mostly higher yesterday prompted by stronger crude oil prices.

Dealers said the market was technically oversold ahead of the release of a prospective planting report on today by the US Department of Agriculture.

The market was also awaiting March's palm oil export data to be released by cargo surveyors Intertek Testing Services and Societe Generale de Surveillance for fresh directions.
"The market went down over the last few days, so it is bouncing back to support levels - around RM2,500," a trader with foreign brokerage in Kuala Lumpur said.

Stronger crude capped losses in some vegetable oil markets.

April 2010 added RM2 to RM2,591 per tonne, May 2010 declined RM11 to RM2,542 a tonne, June 2010 rose RM25 to RM2,545 and July 2010 increased RM5 to RM2,515 per tonne.

Overall, volume increased to 19,557 lots, from 15,623 lots on Monday, while open interest declined to 77,840 contracts from 79,209 contracts previously.

On the physical market, April South added RM10 to RM2,600 a tonne.


THE Malaysian rubber market closed firmer yesterday in tandem with other regional markets, dealers said.

They said the market received a boost from the strong sentiment in Indonesia and Thailand. The Tokyo rubber futures contracts, however, fell on profit-taking.

At noon, the Malaysia Rubber Board’s official physical price for tyre-grade SMR 20 ended 6 sen higher at 1,059.5 sen per kg while latex-in-bulk gained 4.5 sen to 748 sen per kg.

The unofficial closing price for tyre-grade SMR 20 increased by 1.5 sen to 1,059.00 sen per kg and latex-in-bulk increased 1sen to 748 sen per kg. — Bernama


THE Kuala Lumpur Tin Market (KLTM) increased by US$280 (US$1.00 = RM3.34) to close at US$17,880 per tonne yesterday on higher London Metal Exchange (LME) prices and good overseas demand, dealers said.

Overnight gains in the tin price on the LME further boost buying interest in the local market.

The tin price on the LME, which normally influences global prices, surged by US$375 to settle at US$18,050 per tonne.

On the KLTM, turnover was higher at 90 tonnes from the 51 tonnes at Monday closing with the participation of Japanese, European and local traders.

At the opening bell, buyers bid for 180 tonnes while sellers offered 56 tonnes.

The price differential between the KLTM and the LME narrowed to US$185 per tonne from Monday US$280 per tonne. - Agensies

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