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CPO futures down on bearish mood
by hlk Tue 19 Jul 2011, 08:02
CPO FUTURES
CRUDE palm oil futures on Bursa Malaysia Derivatives ended lower on bearish external factors, dealers said yesterday.
A dealer said the market tumbled after weaker overseas soy prices weighed on sentiment amid growing stocks.
Malaysia's palm oil inventory hit a 18-month high in June as strong production, due to favourable weather, outpaced weaker overseas demand.
August 2011 and September 2011 fell RM31 each to RM3,090 a tonne and RM3,085 respectively, October 2011 declined RM37 to RM3,078 while November 2011 was introduced at RM3,075.
Turnover increased slightly to 22,876 lots from 22,251 lots last Friday while open interest slipped to 134,890 contracts from 136,602 previously.
On the physical market, July South declined RM50 to RM3,100 a tonne.
OIL
LONDON: Oil prices fell yesterday on growing fears of a sovereign debt default on either side of the Atlantic and on the possibility of another emergency stock release from the International Energy Agency.
By 1242 GMT, Brent crude futures fell 96 cents (US$1.00 = RM3.01) to US$116.30 a barrel.
US crude meanwhile fell US$1.24 to US$96.00 a barrel.
“Oil prices are standing their ground relatively well given the strong US dollar, though we believe this relative strength is not really due to economic reasoning or the current supply bottlenecks.
Instead, it shows investors’ growing interest in commodity investments,” Commerzbank analysts said in a note.
RUBBER
THE local rubber market closed higher yesterday supported by positive regional futures markets, dealers said.
A dealer said although rising supply weighed on the market, overseas demand helped prevent the prices from falling.
At noon, the Malaysian Rubber Board’s official physical price for SMR 20 fell 8 sen to 1,362 sen a kg while latex-in-bulk added 8.5 sen to 891 sen.
The unofficial sellers’ closing price for tyre-grade SMR 20 gained 5.5 sen to 1,365.5 sen a kg while latex-in-bulk rose 6 sen to 893.5 sen.
TIN
THE Kuala Lumpur Tin Market (KLTM) ended US$100 lower at US$27,200 per tonne on lack of demand, dealers said.
They said absence of clear direction sapped investor appetite amid the easier trend on the London Metal Exchange (LME) which finished US$245 lower at US$27,205 per tonne.
On the local front, the yesterday's turnover was lower at 35 tonnes compared with last Friday's 60 tonnes, with Japanese, European and local buyers accounting for the transaction.
At the opening bell, bids stood at 25 tonnes while offers amounted to 60 tonnes.
The premium between the KLTM and that of the LME widened to US$400 per tonne against US$255 per tonne registered on Friday. - Agencies
CRUDE palm oil futures on Bursa Malaysia Derivatives ended lower on bearish external factors, dealers said yesterday.
A dealer said the market tumbled after weaker overseas soy prices weighed on sentiment amid growing stocks.
Malaysia's palm oil inventory hit a 18-month high in June as strong production, due to favourable weather, outpaced weaker overseas demand.
August 2011 and September 2011 fell RM31 each to RM3,090 a tonne and RM3,085 respectively, October 2011 declined RM37 to RM3,078 while November 2011 was introduced at RM3,075.
Turnover increased slightly to 22,876 lots from 22,251 lots last Friday while open interest slipped to 134,890 contracts from 136,602 previously.
On the physical market, July South declined RM50 to RM3,100 a tonne.
OIL
LONDON: Oil prices fell yesterday on growing fears of a sovereign debt default on either side of the Atlantic and on the possibility of another emergency stock release from the International Energy Agency.
By 1242 GMT, Brent crude futures fell 96 cents (US$1.00 = RM3.01) to US$116.30 a barrel.
US crude meanwhile fell US$1.24 to US$96.00 a barrel.
“Oil prices are standing their ground relatively well given the strong US dollar, though we believe this relative strength is not really due to economic reasoning or the current supply bottlenecks.
Instead, it shows investors’ growing interest in commodity investments,” Commerzbank analysts said in a note.
RUBBER
THE local rubber market closed higher yesterday supported by positive regional futures markets, dealers said.
A dealer said although rising supply weighed on the market, overseas demand helped prevent the prices from falling.
At noon, the Malaysian Rubber Board’s official physical price for SMR 20 fell 8 sen to 1,362 sen a kg while latex-in-bulk added 8.5 sen to 891 sen.
The unofficial sellers’ closing price for tyre-grade SMR 20 gained 5.5 sen to 1,365.5 sen a kg while latex-in-bulk rose 6 sen to 893.5 sen.
TIN
THE Kuala Lumpur Tin Market (KLTM) ended US$100 lower at US$27,200 per tonne on lack of demand, dealers said.
They said absence of clear direction sapped investor appetite amid the easier trend on the London Metal Exchange (LME) which finished US$245 lower at US$27,205 per tonne.
On the local front, the yesterday's turnover was lower at 35 tonnes compared with last Friday's 60 tonnes, with Japanese, European and local buyers accounting for the transaction.
At the opening bell, bids stood at 25 tonnes while offers amounted to 60 tonnes.
The premium between the KLTM and that of the LME widened to US$400 per tonne against US$255 per tonne registered on Friday. - Agencies
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