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Kamis, 17 Maret 2011

CPO futures bearish amid lack of demand - Business Times

CPO FUTURES

CRUDE palm oil futures prices on Bursa Malaysia Derivatives ended lower yesterday on bearish note amid a lack of demand, dealers said.

April 2011 dropped RM28 to RM3,400 a tonne, May 2011 went down RM17 to RM3,368 while June 2011 and July 2011 declined RM32 each to RM3,347 and RM3,332 respectively.

Turnover decreased to 37,952 lots from 41,357 lots on Tuesday while open interest slipped to 95,965 contracts from 98,416 contracts previously.

On the physical market, March South slipped RM10 to RM3,420 from RM3,430 on Tuesday.

OIL

LONDON: Brent crude rose by over US$2 (US1.00 = RM3.03)to top US$110.50 a barrel yesterday, rebounding from a three-week low near the start of the session as clashes in the Mideast spread and the Japanese nuclear crisis worsened.

A crackdown on protesters in Bahrain resulting in the deaths of four people, according to hospital sources, and violent clashes in Yemen renewed fears unrest in the Mideast could spread across oil-producing countries.

Brent for April was up US$1.53 at US$110.05 a barrel by 1121 GMT. US crude futures were up US$1.37 at US$98.55 a barrel around the same time.

“Saudi is not happy about what is going on in Bahrain, where a similar set-up involves conflict between ruling Sunnis and majority Shi’ites ... The situation in Bahrain is potentially destabilizing for Saudi Arabia,” said David Morrison, a strategist at GFT.

RUBBER

THE Malaysian rubber market closed higher yesterday on the back of short covering after the recent decline, dealers said.

They also said the market was responding to the positive news of a possible intervention by Asian producers to prevent a further drop in price.

The Malaysian Rubber Board’s noon official physical price for tyre-grade SMR 20 chalked up 8 sen to 1,195.5 sen a kg while latex-in-bulk was flat at 860.5 sen.

The unofficial sellers’ closing price for tyre-grade SMR 20 moved up 19 sen to 1,208.0 sen while latex-in-bulk climbed 2.5 sen to 863.0 sen.

TIN

A significant absence of buyers coupled with worries over the political tensions in North Africa and the Middle East eroded tin price on the Kuala Lumpur Tin Market.

The metal erased US$980 per tonne to settle at RM29,000 per tonne taking the cue from the London Metal Exchange which saw tin decline US$1,300 per tonne to US$28,600 per tonne.

Japan's nuclear problems and recent earthquake and tsunami also dampened sentiment. In the absence of bids and offers of 50 tonnes, turnover settled at 36 tonnes with Japanese, European and local players accounting for yesterday turnover.

The premium between the KLTM and the LME widened to US$865 per tonne from US$545 per tonne on Tuesday. - Agencies
Posted by Saham Pilihan at 05.58

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