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Sabtu, 26 Februari 2011

CPO futures rebound after two days of losses - Business Times

CPO FUTURES

CRUDE palm oil futures on Bursa Malaysia Derivatives closed higher yesterday prompted by bargain hunting after two days of consecutive losses, a dealer said.

March 2011 rose RM59 to RM3,565 a tonne, April 2011 increased RM62 to RM3,542 while May 2011 and June 2011 added RM60 each to RM3,515 and RM3,495 a tonne, respectively.

Turnover fell to 29,810 lots from 48,704 lots on Thursday while open interest declined to 107,659 contracts from 108,551 previously.

On the physical market, March South rose RM100 to RM3,630 a tonne.

RUBBER

THE rubber market closed mixed yesterday taking cues from the weaker regional futures market, a dealer said.

The Malaysian Rubber Board’s noon official physical price for tyre-grade SMR 20 shed 10 sen to 1,632 sen while the latex-in-bulk rose 1 sen to 1,092 sen.

The unofficial sellers’ closing price for tyre-grade SMR 20 decreased 8 sen to 1,628 sen while latex-in-bulk remained unchanged at 1,091.5 sen.

TIN

THE tin price on the Kuala Lumpur Tin Market (KLTM) fell by US$400 (US$1.00 = RM3.04) to close at US$31,550 per tonne yesterday on technical correction, dealers said.

They said the downtrend was merely a market correction after the sharp upward movement in the tin price on Thursday and also the high premium at US$890 per tonne.

"Despite the uptrend on the London Metal Exchange (LME), market players were reluctant to take positions after the sharp increase. Sellers dominated trading and pushed the price lower," a dealer said.

The tin price on the LME, which normally influences global prices, increased US$125 to settle at US$31,650 per tonne.

On the local front, turnover was higher at 40 tonnes compared to the 30 tonnes at Thursday's closing, with the participation of Japanese, European and local buyers.

At the opening bell, buyers bid for 10 tonnes while sellers offered 97 tonnes. The price differential between the KLTM and the LME narrowed to US$365 per tonne from Thursday's US$890 per tonne. - Bernama

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