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Palm futures higher on continuous buying
by hlk Thu 28 Jul 2011, 08:13
CPO FUTURES
CRUDE palm oil futures on Bursa Malaysia Derivatives closed higher yesterday, supported by continuous buying, dealers said.
August 2011 and November 2011 rose RM13 each to RM3,130 and RM3,132 a tonne respectively while September 2011 jumped RM14 to RM3,133 and October 2011 added RM11 to RM3,130.
Turnover rose to 18,512 lots from 12,932 lots on Tuesday while open interest declined to 132,527 contracts from 133,648 contracts previously.
On the physical market, August South rose by RM10 to RM3,160 a tonne.
OIL
LONDON: Oil fell yesterday as partisan wrangling over the US debt limit unnerved investors and sent them fleeing from assets perceived to be dependent on growth.
Brent fell 12 cents (US$1.00 = RM3.00) to US$118.16 a barrel by 0841 GMT, US oil dropped 36 cents to US$99.23, also pressured as an industry report showed crude stocks rose unexpectedly.
Party leaders were scrambling to find common ground over deficit cuts with less than a week before the government hits its borrowing limit approved by Congress.
Lawmakers have less than a week left to thrash out a deficit-cutting plan without which Republicans in Congress have said they will not raise the legal US$14.3 trillion debt limit.
RUBBER
LOCAL rubber prices closed higher yesterday in line with rising futures prices on the Tokyo Commodity Exchange, dealers said.
A dealer said the rubber market also rose in line with other commodity markets on speculative buying due to the weaker US dollar.
At noon, the Malaysian Rubber Board’s official physical price for the SMR 20 jumped 12 sen to 1,385 sen a kg while latex-in-bulk was up 4 sen at 889.5 sen.
The unofficial closing price for tyre-grade SMR 20 added 14.5 sen to 1,392.5 while latex-in-bulk increased 8 sen to 894 sen.
TIN
THE Kuala Lumpur Tin Market (KLTM) closed higher yesterday in line with the higher tin price on the London Metal Exchange (LME), dealers said.
The price on KLTM rose US$200 to close at US$28,380 per tonne.
On the LME, it jumped US$450 to US$28,600 due to limited supply in the global market.
At the opening bell on the KLTM, bids outnumbered offers by 146 tonnes to 40 tonnes.
Yesterday's turnover decreased to 57 tonnes from 60 tonnes on Tuesday with participation from Japanese, European and local traders.
The premium between the KLTM and the LME narrowed to US$185 per tonne from US$435 per tonne on Tuesday. - Agencies
CRUDE palm oil futures on Bursa Malaysia Derivatives closed higher yesterday, supported by continuous buying, dealers said.
August 2011 and November 2011 rose RM13 each to RM3,130 and RM3,132 a tonne respectively while September 2011 jumped RM14 to RM3,133 and October 2011 added RM11 to RM3,130.
Turnover rose to 18,512 lots from 12,932 lots on Tuesday while open interest declined to 132,527 contracts from 133,648 contracts previously.
On the physical market, August South rose by RM10 to RM3,160 a tonne.
OIL
LONDON: Oil fell yesterday as partisan wrangling over the US debt limit unnerved investors and sent them fleeing from assets perceived to be dependent on growth.
Brent fell 12 cents (US$1.00 = RM3.00) to US$118.16 a barrel by 0841 GMT, US oil dropped 36 cents to US$99.23, also pressured as an industry report showed crude stocks rose unexpectedly.
Party leaders were scrambling to find common ground over deficit cuts with less than a week before the government hits its borrowing limit approved by Congress.
Lawmakers have less than a week left to thrash out a deficit-cutting plan without which Republicans in Congress have said they will not raise the legal US$14.3 trillion debt limit.
RUBBER
LOCAL rubber prices closed higher yesterday in line with rising futures prices on the Tokyo Commodity Exchange, dealers said.
A dealer said the rubber market also rose in line with other commodity markets on speculative buying due to the weaker US dollar.
At noon, the Malaysian Rubber Board’s official physical price for the SMR 20 jumped 12 sen to 1,385 sen a kg while latex-in-bulk was up 4 sen at 889.5 sen.
The unofficial closing price for tyre-grade SMR 20 added 14.5 sen to 1,392.5 while latex-in-bulk increased 8 sen to 894 sen.
TIN
THE Kuala Lumpur Tin Market (KLTM) closed higher yesterday in line with the higher tin price on the London Metal Exchange (LME), dealers said.
The price on KLTM rose US$200 to close at US$28,380 per tonne.
On the LME, it jumped US$450 to US$28,600 due to limited supply in the global market.
At the opening bell on the KLTM, bids outnumbered offers by 146 tonnes to 40 tonnes.
Yesterday's turnover decreased to 57 tonnes from 60 tonnes on Tuesday with participation from Japanese, European and local traders.
The premium between the KLTM and the LME narrowed to US$185 per tonne from US$435 per tonne on Tuesday. - Agencies
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