CRUDE palm oil futures prices on Bursa Malaysia Derivatives rebounded to close higher yesterday on expectations of fresh demand ahead of the Chinese New Year celebrations, a dealer said.
On the futures market, both January 2011 and February 2011 rose RM39 to end at RM3,722 and RM3,718, respectively, while March 2011 rose RM44 to RM3,694 and April 2011 gained RM42 to RM3,655.
Turnover rose to 30,330 lots from 25,042 lots on Wednesday while open interest increased to 89,907 contracts from 88,705 previously.
RUBBER
RUBBER prices continued their rally with the latex-in-bulk hitting a record 1,000 sen a kg mark yesterday.
Tyre-grade SMR 20 also hit a new high of 1,592 sen a kg, buoyed by firmer crude oil price.
At noon, the Malaysian Rubber Board’s official physical seller price for tyre-grade SMR 20 surged 13.5 sen to 1,592 sen the highest level ever since the tyre grade rubber was introduced in 1972, while latex-in-bulk rose 10 sen to 1,000.50 sen.
The unofficial seller closing price for tyre-grade SMR 20 rose 1 sen to 1,592.5 sen and latex-in-bulk added 7.5 sen to 1,003.5 sen.
TIN
TIN price on the Kuala Lumpur Tin Market (KLTM) rose US$220 (US$1.00 = RM3.07) to finish at US$26,900 per tonne on heavy buying activities yesterday.
A dealer said the firmer trend was in line with that of the London Metal Exchange (LME) which saw tin ending US$450 higher to US$27,050 overnight on technical correction.
On KLTM, at the opening level of US$26,680, bids overwhelmed offers by 200 tonnes to 50 tonnes.
Turnover increased to 65 tonnes from 50 tonnes on Wednesday with active participation by Japanese, European and local traders.
Meanwhile, the price differential between KLTM and LME narrowed to a premium of US$270 against a premium of US$500 previously. - Bernama
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