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KUALA LUMPUR: Crude palm oil futures on Bursa Malaysia Derivatives closed higher yesterday.

Spot month September 2012 rose RM10 to RM2,925 a tonne, nearby October 2012 was RM1 higher to RM2,969 a tonne, November 2012 increased RM19 to RM3,019 a tonne and December 2012 surged RM26 to RM3,042 a tonne.

Volume rose to 42,592 lots from 40,158 lots on Wednesday while open interest rose to 169,237 contracts from 164,344 contracts before.

On the physical market, September South slipped RM10 to RM2,910 a tonne.


LONDON: US crude oil hovered above US$ 95 (US$ 1.00 = RM3.12) a barrel yesterday after a powerful storm that had shut down refineries along the US Gulf Coast started to ease as it moved inland.

By early afternoon in Europe, US benchmark oil for October delivery was down 2 cents to US$ 95.47 a barrel in New York. The contract fell 84 cents to finish at US$ 95.49 on Wednesday.

In London, Brent crude rose 75 cents to US$ 113.29 on the ICE Futures exchange.

Meanwhile, an unexpected rise in US crude stockpiles was helping to keep a ceiling on oil prices.


KUALA LUMPUR: The rubber market closed mostly lower in quiet trading yesterday in tandem with the sluggish performance in regional markets, dealers said.

Traders remained cautious ahead of Federal Reserve chairman Ben Bernanke’s speech today where he is expected to outline plans for more economic stimulus.

“Trade remained thin ahead of the public holiday for the National Day celebration,” a dealer said.

At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR20 slipped 6.5 sen to 791 sen a kg and latex-in-bulk shed one sen to 574 sen a kg.

The unofficial closing price for tyre-grade SMR20 increased 0.5 sen to 791.5 sen a kg and latex-in-bulk was unchanged at 574.5 sen a kg.


LONDON: Gold prices edged higher in Europe yesterday, but were kept in a narrow range by uncertainty over how far the Federal Reserve will satisfy market speculation that it is set to unveil another round of measures to stimulate the US economy.

Spot gold was up 0.1 per cent at US$ 1,657.14 an ounce at 1141 GMT, while US gold futures for December delivery were down US$ 2.90 at US$ 1,660.10.

Among other precious metals, spot silver was up 0.2 per cent at US$ 30.73 an ounce, Spot platinum was up 0.5 per cent at US$ 1,515.40 an ounce, while spot palladium was up 0.4 per cent at US$ 630.10 an ounce.


KUALA LUMPUR: The Kuala Lumpur Tin Market (KLTM) fell by US$ 950 to close at US$ 19,650 a tonne yesterday on lack of buyers, dealers said.

They said the decline was also in line with the commodity’s performance on the London Metal Exchange (LME), which dropped by US$ 1,085 to US$ 19,620 a tonne.

A dealer said the tin price on the KLTM was influenced by the weak demand from the buyers and huge offers by the sellers.

“The weaker sentiment in the local market was also due to the announcement by Indonesia’s PT Timah that it has restarted spot sales.

“The lower prices on the KLTM were supported by scattered buying from the Europeans, while Japanese traders stayed on the sidelines,” he said.

On the local front, there were no buyers while offers stood at 156 tonnes. Turnover was unchanged at 45 tonnes, with European and local traders accounting for the bulk of yesterday’s trading.

Premium between KLTM and LME stood at US$ 380 a tonne compared with US$ 245 a tonne on Wednesday. – Agencies

Business Times : marketwatch

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