Slips below US$102


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LONDON: Oil prices fell below US$ 102 a barrel yesterday, and were on track for a third straight month of losses amid a tepid global demand outlook and abundant supplies in the United States.

Brent crude declined 83 cents to US$ 101.60 by 1035GMT.

US oil fell 63 cents to U$ 92.50 after ending US$ 1.88 lower the previous session.

“Given the weak demand and over-supply, the pressure is on the downside and that will continue until we see some evidence of strong economic growth,” said Michael Hewson, analyst at CMC Markets. Reuters

KUALA LUMPUR: Crude palm oil futures prices closed lower yesterday on the back of profit taking in light of recent gains.

Phillip Futures Sdn Bhd specialist David Ng said the slide was also due to regional macro-economic weakness as investors avoided taking risky positions in commodities.

June 2013 fell RM33 to RM2,326 a tonne, July 2013 shed RM35 to RM2,369, August 2013 lost RM27 to RM2,372 and September 2013 shed RM24 to RM2,369.

Volume fell to 22,280 lots from 35,262 lots while open interest dipped to 96,222 contracts from Wednesday’s 210,511 contracts.

In the physical market, May South edged down RM20 to RM2,350 a tonne. Bernama

KUALA LUMPUR: Prices on the local rubber market dropped yesterday, taking the cue from regional prices which opened lower due to negative sentiments brought about by the fall in rubber futures on Tokyo Commodity Exchange (Tocom), dealers said.

At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 shed 15 sen to 724 sen a kg and latex-in-bulk slipped 2.5 sen at 588 sen.

Meanwhile, the unofficial sellers’ closing price for tyre-grade SMR 20 fell 10.5 sen to 723.5 sen and latex-in-bulk lost five sen to 586 sen. Bernama

LONDON: Gold edged up near US$ 1,400 an ounce yesterday, yet downside risk remained due to rebounding equities while the dollar cut some earlier losses ahead of key US data.

Gold rallied 1.3 per cent to US$ 1,410.51 in earlier trade as the dollar fell to a two-week low, mostly due to a stronger yen after Japanese equities took a tumble. It stood at US$ 1,397.26 at 1206GMT, up 0.4 per cent.

US gold rose 0.5 per cent to US$ 1,398.10.

Silver was up 0.4 per cent at US$ 22.58 an ounce.

Platinum firmed at US$ 1,452 an ounce, up 0.1 per cent US$ 750.22. Reuters

Business Times : marketwatch

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