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Palm futures up on strong buying interests
by hlk Wed 20 Jul 2011, 07:54
CPO FUTURES
CRUDE palm oil futures prices on Bursa Malaysia Derivatives closed higher yesterday on strong buying interests, dealers said.
A dealer said the palm oil exports data, which were expected to be released today by Malaysian Palm Oil Board, were estimated to touch 1.1 million tonnes.
August 2011 rose by RM35 to RM3,125 a tonne, September 2011 increased by RM40 to RM3,125, October 2011 grew by RM29 to RM3,107 and November 2011 increased by RM33 to RM3,108.
Turnover increased to 26,793 lots from 22,876 lots on Monday while open interest slipped from 134,890 to 134,678 contracts. On the physical market, August South rose by RM30 to RM3,130 .
OIL
LONDON: Oil gained yesterday, lifted by expectations that inventories in the world’s top consumer fell for a seventh week, while it was also supported by dollar weakness.
By 0856 GMT, Brent crude futures were up 65 cents (US$1.00 = RM3.01) at US$116.70 after reaching a high of US$117.16 while US light crude futures added 75 cents to US$96.98 after hitting a peak of US$96.93.
An expected fall in US stocks of oil are seen as keeping upward pressure on crude prices. Inventories are likely to have fallen by 1.3 million barrels last week due to higher refinery utilisation and a slide in imports, a Reuters poll showed ahead of weekly reports.
RUBBER
THE local rubber market closed flat yesterday on lack of demand in tandem with the easier Tokyo rubber futures market.
A dealer said declining oil prices, the Japanese yen’s strength against the US dollar coupled with concerns over the debt crisis in the US and Europe dampened sentiment on the local front.
At noon, the Malaysian Rubber Board’s official physical price for SMR 20 was up 1 sen at 1,363 sen a kg while latex-in-bulk remained flat at 891 sen.
The unofficial seller’ closing price for tyre-grade SMR 20 fell 2.5 sen to 1,363 sen while latex-in-bulk declined two sen to 891.5 sen.
TIN
THE Kuala Lumpur Tin Market (KLTM) remained unchanged at US$27,200 per tonne yesterday despite the better showing on the London Metal Exchange (LME).
The metal, taking the cue from other minerals, finished US$195 higher at US$27,400 per tonne on the LME.
On the local front, turnover was mildly higher at 40 tonnes compared with Monday''s 35 tonnes, with Japanese, European and local buyers accounting for yesterday's transaction.
At the opening bell, bids stood at 40 tonnes while offers amounted to 35 tonnes.
The premium between the KLTM and that of the LME narrowed to US$205 per tonne against US$400 per tonne registered on Monday. -Agencies
CRUDE palm oil futures prices on Bursa Malaysia Derivatives closed higher yesterday on strong buying interests, dealers said.
A dealer said the palm oil exports data, which were expected to be released today by Malaysian Palm Oil Board, were estimated to touch 1.1 million tonnes.
August 2011 rose by RM35 to RM3,125 a tonne, September 2011 increased by RM40 to RM3,125, October 2011 grew by RM29 to RM3,107 and November 2011 increased by RM33 to RM3,108.
Turnover increased to 26,793 lots from 22,876 lots on Monday while open interest slipped from 134,890 to 134,678 contracts. On the physical market, August South rose by RM30 to RM3,130 .
OIL
LONDON: Oil gained yesterday, lifted by expectations that inventories in the world’s top consumer fell for a seventh week, while it was also supported by dollar weakness.
By 0856 GMT, Brent crude futures were up 65 cents (US$1.00 = RM3.01) at US$116.70 after reaching a high of US$117.16 while US light crude futures added 75 cents to US$96.98 after hitting a peak of US$96.93.
An expected fall in US stocks of oil are seen as keeping upward pressure on crude prices. Inventories are likely to have fallen by 1.3 million barrels last week due to higher refinery utilisation and a slide in imports, a Reuters poll showed ahead of weekly reports.
RUBBER
THE local rubber market closed flat yesterday on lack of demand in tandem with the easier Tokyo rubber futures market.
A dealer said declining oil prices, the Japanese yen’s strength against the US dollar coupled with concerns over the debt crisis in the US and Europe dampened sentiment on the local front.
At noon, the Malaysian Rubber Board’s official physical price for SMR 20 was up 1 sen at 1,363 sen a kg while latex-in-bulk remained flat at 891 sen.
The unofficial seller’ closing price for tyre-grade SMR 20 fell 2.5 sen to 1,363 sen while latex-in-bulk declined two sen to 891.5 sen.
TIN
THE Kuala Lumpur Tin Market (KLTM) remained unchanged at US$27,200 per tonne yesterday despite the better showing on the London Metal Exchange (LME).
The metal, taking the cue from other minerals, finished US$195 higher at US$27,400 per tonne on the LME.
On the local front, turnover was mildly higher at 40 tonnes compared with Monday''s 35 tonnes, with Japanese, European and local buyers accounting for yesterday's transaction.
At the opening bell, bids stood at 40 tonnes while offers amounted to 35 tonnes.
The premium between the KLTM and that of the LME narrowed to US$205 per tonne against US$400 per tonne registered on Monday. -Agencies
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