CPO futures end slightly lower - Business Times

CPO FUTURES

CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives Bhd closed slightly lower yesterday due to a technical correction and the downtrend on the Dalian Commodity Exchange, a dealer said.

March 2011 declined RM32 to close at RM 3,788 a tonne, April 2011 fell RM9 to RM3,781, May 2011 shed RM24 to RM3,721 and June 2011 slipped RM15 to RM3,680.

Total volume increased to 34,151 lots from 25,895 on Wednesday while open interests was up to 102,293 contracts from 101,211contracts previously.

On the physical market, March South slipped to RM3,790 from RM3,830 previously.

RUBBER

THE Malaysian rubber market ended mixed yesterday, after two consecutive days of gains, despite the uptrend on the Tokyo rubber futures market, a dealer said.
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He said the market was still in short supply of the commodity from major producing countries although the wintering season was beginning to taper off.

The Malaysian Rubber Board’s noon official physical price for tyre-grade SMR 20 slipped 1.5 sen to 1,723 sen a kg while latex-in-bulk rose 8.5 sen to 1,074 sen.

The unofficial sellers’ closing price for tyre-grade SMR 20 added 16.5 sen to 1,730 sen and latex-in-bulk gained 10.5 sen to 1,077.5 sen a kg.

TIN

THE Kuala Lumpur Tin Market (KLTM) extended its rally yesterday to close at a new high of US$32,500(US$1.00 = RM3.05), up US$300 per tonne, despite a technical correction on the London Metal Exchange (LME), dealers said.

A dealer said the local market would continue to dictate the LME''s performance, which saw the tin price dipped by US$50 per tonne to US$32,500.

He said sellers were refusing to sell at the current level, resulting in upward pressure on the price.

"The sellers are controlling their output as they are waiting for the price to increase further," he said.

At the opening bell, buyers bid for 75 tonnes, while sellers offered only 30 tonnes.

Turnover decreased to 40 tonnes from 55 tonnes on Wednesday, with the participation of Japanese, European and local traders.

The premium between the KLTM and the LME widened to US$465 per tonne from US$115 per tonne previously. - Bernama