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Palm futures end lower on lack of buyers
by hlk Wed 13 Jul 2011, 07:49
CRUDE palm oil futures contracts on Bursa Malaysia Derivatives closed sharply lower yesterday on lack of buying interest, dealers said.
They said buyers were also waiting for the release of July 1-15 Malaysian palm oil exports on Friday by cargo surveyors, Intertek Testing Services and Societe Generale de Surveillance.
July 2011 and August 2011 slipped RM34 each to RM3,031 and RM3,044 a tonne respectively, September 2011 fell RM40 to RM3,034 and October 2011 lost RM39 to RM3,031.
Turnover rose to 26,227 lots from 18,760 lots on Monday. Open interest fell to 134,213 contracts from 134,358 contracts previously.
OIL
LONDON: Oil fell sharply yesterday on fears that politicians will be powerless to stop the debt crisis in Europe from spreading to Italy and Spain, reinforcing fears about the outlook for the global economy.
Ministers from the 17 countries that share the euro vowed to safeguard stability and promised new measures shortly after another day of turmoil across financial markets.
Brent crude fell US$1.95 (US$1.00 = RM3.00) to US$115.29 a barrel by 1105 GMT, while on the New York Mercantile Exchange, August crude fell 85 cents, or 0.9 per cent, to US$94.30 a barrel by 1215 GMT, trading from US$93.55 to US$95.20.
US crude was heading for its lowest close in two weeks.
RUBBER
LACK of demand saw rubber prices continuing downtrend on the Malaysian rubber market yesterday, dealers said.
He said traders were also cautious of the euro debt crisis spreading to larger economies.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 lost 20 sen to 1,319.0 sen a kg while latex-in-bulk declined 5.5 sen to 880.5 sen a kg.
The unofficial sellers closing price for tyre-grade SMR 20 and latex-in-bulk were down 10 sen each to 1,315 sen a kg and 876 sen a kg, respectively.
TIN
THE Kuala Lumpur Tin Market (KLTM) continued its slide yesterday to close lower at US$26,500 per tonne, down US$500 per tonne, due to the lack of buyers, dealers said.
"Buyers are waiting for the price to drop further," a dealer said.
He said the downtrend was also in line with the tin price on the LME, which declined by US$200 per tonne to US$26,600 per tonne yesterday.
On the local front, offers stood at 99 tonnes with no bids.
Japanese, European and local traders dominated yesterday's trading.
Turnover was higher at 45 tonnes from the 30 tonnes on Monday.
The premium between the KLTM and LME narrowed to US$295 per tonne against US$590 per tonne previously. - Agencies
They said buyers were also waiting for the release of July 1-15 Malaysian palm oil exports on Friday by cargo surveyors, Intertek Testing Services and Societe Generale de Surveillance.
July 2011 and August 2011 slipped RM34 each to RM3,031 and RM3,044 a tonne respectively, September 2011 fell RM40 to RM3,034 and October 2011 lost RM39 to RM3,031.
Turnover rose to 26,227 lots from 18,760 lots on Monday. Open interest fell to 134,213 contracts from 134,358 contracts previously.
OIL
LONDON: Oil fell sharply yesterday on fears that politicians will be powerless to stop the debt crisis in Europe from spreading to Italy and Spain, reinforcing fears about the outlook for the global economy.
Ministers from the 17 countries that share the euro vowed to safeguard stability and promised new measures shortly after another day of turmoil across financial markets.
Brent crude fell US$1.95 (US$1.00 = RM3.00) to US$115.29 a barrel by 1105 GMT, while on the New York Mercantile Exchange, August crude fell 85 cents, or 0.9 per cent, to US$94.30 a barrel by 1215 GMT, trading from US$93.55 to US$95.20.
US crude was heading for its lowest close in two weeks.
RUBBER
LACK of demand saw rubber prices continuing downtrend on the Malaysian rubber market yesterday, dealers said.
He said traders were also cautious of the euro debt crisis spreading to larger economies.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 lost 20 sen to 1,319.0 sen a kg while latex-in-bulk declined 5.5 sen to 880.5 sen a kg.
The unofficial sellers closing price for tyre-grade SMR 20 and latex-in-bulk were down 10 sen each to 1,315 sen a kg and 876 sen a kg, respectively.
TIN
THE Kuala Lumpur Tin Market (KLTM) continued its slide yesterday to close lower at US$26,500 per tonne, down US$500 per tonne, due to the lack of buyers, dealers said.
"Buyers are waiting for the price to drop further," a dealer said.
He said the downtrend was also in line with the tin price on the LME, which declined by US$200 per tonne to US$26,600 per tonne yesterday.
On the local front, offers stood at 99 tonnes with no bids.
Japanese, European and local traders dominated yesterday's trading.
Turnover was higher at 45 tonnes from the 30 tonnes on Monday.
The premium between the KLTM and LME narrowed to US$295 per tonne against US$590 per tonne previously. - Agencies
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