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Rabu, 19 Januari 2011

Business Times CPO futures prices rebound

CPO FUTURES

PALM oil prices bounced from one-month lows hit early yesterday, as persistent worries that demand will outstrip supplies, buoyed prices.

The benchmark April 2011 crude palm oil contract on Bursa Malaysia Derivatives ended up 0.6 per cent at RM3,670 a tonne, after going as low as RM3,610 a tonne earlier.

Overall, traded volume stood at 11,293 lots of 25 tonnes each, compared with 10,525 lots on Monday.

"The weather is supporting the market, followed by good 15-day export numbers," said one Malaysian trader. "(But) the market is range-bound."

RUBBER

THE Rubber market closed higher yesterday, with SMR 20 and latex-in-bulk recording new highs despite a slide in futures prices on the Tokyo Commodity Exchange, a dealer said.

The dealer said prices will remain high over concerns on bad weather conditions in major rubber producing countries, resulting in tight supply.

At noon, the Malaysian Rubber Board’s official physical seller price for tyre-grade SMR 20 rose 0.5 sen to 1,612 sen a kg and latex-in-bulk gained 4.5 sen to 1,016.5 sen.

The unofficial seller closing price for tyre-grade SMR 20 slid 2 sen to 1,612.5 sen while latex-in-bulk added 3 sen to 1,018 sen.

TIN

TIN price on the Kuala Lumpur Tin Market (KLTM) remained unchanged at US$26,850 (US$1.00 = RM3.07) per tonne yesterday as buyers remained cautious.

On the London Metal Exchange, the metal increased US$95 to US$26,950 per tonne.

On the local front, turnover rose to 60 tonnes from 55 tonnes on Monday, with Japanese, European and local traders accounting for the bulk of the transactions.

At the opening bell, bids stood at 60 tonnes while offers amounted to 65 tonnes. The premium between the KLTM and the LME narrowed to US$320 per tonne from US$415 per tonne on Monday. - Agencies

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