CRUDE palm oil futures prices on Bursa Malaysia Derivatives closed slightly higher yesterday, tracking improved prices on the Chicago Board of Trade and China's Dalian Commodity Exchange, dealers said.
The market is likely to be in a rangebound trade this week as market players remain on the sidelines, ahead of the Chinese New Year holidays next week.
The support price is expected at RM3,600 a tonne while resistance level at RM3,900 a tonne.
RUBBER
MALAYSIAN rubber prices continued to record fresh highs for the third straight week with SMR 20 and latex-in-bulk continuing to garner interest globally.
One of the dealers said demand was strong as opposed to a shortage in supply, making the highly sought commodity even more expensive.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 rose 21 sen to 1,667.0 sen a kg compared with last Friday’s closing of 1,646.0 sen a kg while latex-in-bulk rose 5 sen to 1,033.5 sen a kg compared with 1,028.5 sen a kg previously.
TIN
TIN price on the Kuala Lumpur Tin Market (KLTM) closed firmer yesterday while hitting an all time high of US$27,500 (US$1.00 = RM3.07) per tonne, tracking the strength of the commodity on the London Metal Exchange (LME) last Friday, dealers said.
The tin price on the KLTM surged US$780 to US$27,500 from last Friday's closing of US$26,720 per tonne.
The dealers said demand from Europe shot up recently due to the severe winter and this eventually drove up the tin price on the LME.
The tin price on the LME rose US$745 to US$27,745 a tonne last Friday. Turnover rose to 100 tonnes from 50 tonnes last Friday, with the participation of Japanese, European and local traders.
Meanwhile, the price differential between the KLTM and LME, widened to a premium of US$175 a tonne against US$140 a tonne previously. — Bernama
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