CPO Futures Lower as Supply Fears Ease - Business Times

CPO

CRUDE palm oil (CPO) futures contracts on Bursa Malaysia Derivatives ended lower yesterday on mild profit-taking, dealers said.

At close, April 2011 fell RM13 to RM3,347 per tonne, May 2011 lost RM7 to RM3,328 per tonne, June 2011 slid RM2 to RM3,306 per tonne and July 2011 unchanged at RM3,293 per tonne.

Turnover rose to 26,032 lots from 25,617 lots on Tuesday while open interest slipped to 93,157 contracts from 90,920 contracts previously.

On the physical market, April South was unchanged at RM3,380 per tonne. — Bernama

RUBBER

MALAYSIAN rubber prices closed higher yesterday amid a tight supply and the upward trend in the Tokyo Commodity Exchange and Shanghai futures market, dealers said.

“The rising crude oil prices have also contributed to the bullish trend,” they said.

The Malaysian Rubber Board’s noon official physical price for tyre-grade SMR 20 went up 52.5 sen to 1,502.5 sen per kg while latex-in-bulk improved 37 sen to 991.5 sen.

The unofficial sellers’ closing price for tyre-grade SMR 20 surged 33.5 sen to 1,517.0 sen per kg while latex-in-bulk chalked up 20.5 sen to 1,007 sen. — Bernama

OIL

LONDON: Oil rose slightly yesterday, reversing earlier losses, as unrest flared in the Middle East and North Africa, a vital part of global energy supply.

Brent crude futures rose 29 cents to US$115.99 a barrel at 1130 GMT, having fallen to as low as US$115.21.

Prices have risen in four out of the past five sessions but dropped from the near US$120 hit in late February.

US crude futures gained 40 cents to US$105.37.

Volumes for both contracts were moderate as high volatility in recent weeks on the oil market has sent some investors to the sidelines and others into safer havens.

In Yemen, a small oil and gas producer, opposition groups called on protesters to march on President Ali Abdullah Saleh’s Sanaa palace on Friday to demand he step down. — Reuters