Palm | Kelapa Sawit

Palm futures steadier on external boost

CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed higher yesterday on positive support from external markets.

A dealer said firmer soyaoil, soyabean and crude oil market had all pushed palm oil higher. He added that the market is likely to remain supportive until the Hari Raya Puasa.

However, another dealer said that most traders are still cautious over uncertainties in the global economy.

Spot month September gained RM36 to close at RM3,161 a tonne and October added RM48 to RM3,104. The benchmark month of November added RM46 to RM3,068 and December gained RM46 to RM3,054.

OIL

LONDON: Oil prices rose yesterday, boosted by better-than-expected manufacturing data in Germany and China and by uncertainty in Libya where government loyalists staged a fight back.

At 1206 GMT, Brent crude was up 31 cents (US$1.00 = RM2.97) to US$108.66 a barrel. US October crude was up US$1.06 to US$85.46, supported by expectations that US oil stockpiles released later in the session may drop.

But Brent — a benchmark measuring oil prices from Atlantic fields — continued to underperform US crude, equities and other commodities like copper, with expectations the Libyan conflict will come to a conclusion relatively soon, limiting gains.

RUBBER

THE Malaysian rubber market closed higher yesterday in line with the increased futures prices on the Tokyo Commodity Exchange (Tocom), dealers said.

A dealer said there was buying interest recorded but it was still very slow. “Buyers are waiting for prices to go lower,” he added.

At noon, the Malaysian Rubber Board’s official physical price for the SMR 20 was up 1 sen to 1,346.50 sen a kg while latex-in-bulk gained 2.5 sen to 861 sen a kg.

TIN

THE Kuala Lumpur Tin Market (KLTM) rose by US$150 to close at US$22,950 per tonne yeterday on active buying, dealers said.

"There was good demand from traders after prices went as low as US$22,800 yesterday," a dealer said.

On the LME, the tin price was unchanged at US$22,850 per tonne.

On the local front, offers stood at 40 tonnes with bids at 80 tonnes with Japanese, European and local traders accounting for yesterday trading.

Turnover was higher at 45 tonnes from the 40 tonnes on Monday.

The premium between the KLTM and LME widened to US$485 per tonne against US$335 per tonne on Monday. — Agencies