CPO FUTURES
THE crude palm oil (CPO) futures market closed lower yesterday on expectation of rising supplies in the next few months, dealers said.
"The immediate trend is towards a bearish-divergence and the market will continue to remain under selling pressure from long-liquidation and unwinding of long-hedge," a dealer said.
Crude palm oil hit a 7½ month low below RM2,300 a tonne yesterday due to a stronger local currency and concerns about demand for vegetable oils.
A dealer said palm oil production in the next three months may rise as much as 10 per cent due to the seasonal rise in supply.
July 2010 declined RM26 to settle at RM2,380 a tonne, while August 2010 fell RM47 to RM2,311.
September 2010 slid RM45 to RM2,290 and October 2010 depreciated RM40 to close at RM2,282.
Turnover, surged to 11,214 lots from 8,853 lots last Friday while open interests rose to 72,771 contracts from 72,093, previously.
On the physical market, July South lost RM20 to RM2,420.
RUBBER
RUBBER prices ended mixed yesterday on low trading volume, dealers said.
They said the local rubber was less attractive because of the strengthening ringgit and the flat performance of the Tokyo rubber futures.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 rose 1.5 sen higher to close at 931.5 sen a kg and latex in bulk was unchanged 706.5 sen.
The unofficial seller’s closing price for tyre-grade SMR 20 declined ½ sen to 931 sen , while latex in bulk decreased 1 sen to 706 sen.
TIN
THE Kuala Lumpur Tin Market (KLTM) closed higher by US$270 (US$1.00 = RM3.26) at US$17,400 per tonne yesterday following the commodity uptrend on the London Metal Exchange (LME), dealers said.
The tin price on the LME, which influenced global prices, also rose by US$270 to settle at US$17,240 per tonne.
On the local front, buyers bid for 131 tonnes while sellers offered 35 tonnes.
Turnover increased to 87 tonnes from 70 tonnes last Friday with activities dominated by Japanese, European and local traders.
The price differential between the KLTM and the LME remained at a premium of US$490 per tonne, the same as last Friday. - Agencies
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