Thursday, March 18, 2010

Palm futures get boost from rising crude price

CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher yesterday in line with the uptrend of other commodity prices, dealers said.

The CPO futures prices received a boost from crude oil price which rose to US$82 per barrel in trading.

At the close of CPO futures trading, the April 2010 contract added RM19 to RM2,624 per tonne, May 2010 gained RM18 to RM2,604 per tonne, June 2010 increased RM26 to RM2,594 per tonne and July 2010 rose RM30 to RM2,583 per tonne.

Overall volume declined to 15,515 lots from 20,673 lots Tuesday, while open interest rose to 84,059 contracts from 82,407 contracts previously.

On the physical market, March South climbed to RM2,630 per tonne from RM2,605 per tonne Tuesday.


RUBBER

THE Malaysian rubber market closed mixed yesterday in quiet trading following a technical correction.

However, rubber prices on other main regional markets moved upwards in line with crude oil price, the dealer said.

At noon yesterday, the Malaysia Rubber Board's official physical price for tyre-grade SMR 20 ended two sen lower at 1,035.5 sen per kg while latex-in-bulk fell 0.5 sen to 739.5 sen per kg.

The unofficial closing price for tyre-grade SMR 20 added two sen to 1,037.0 sen per kg and latex-in-bulk was flat at 740 sen per kg.


TIN

TIN price on the Kuala Lumpur Tin Market (KLTM) gained US$30 to close at US$17,480 per tonne yesterday, a dealer said.

The rise was in line with the performance on the London Metal Exchange (LME), where the metal increased US$105 to close at US$17,555 per tonne.

"Buyers were more cautious on the KLTM than the LME," said the dealer.

At the opening bell, bids stood at 50 tonnes while offers amounted to 40 tonnes with the market dominated by Japanese, European and local traders.

Turnover dropped to 46 tonnes versus 55 tonnes on Tuesday and the premium between the KLTM and the LME narrowed to US$280 per tonne. - Bernama

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