CPO futures down on weaker export data - Business Times

CPO FUTURES

CRUDE palm oil futures on Bursa Malaysia Derivatives ended lower in reaction to weaker export data reported by two cargo surveyors, dealers said.

Societe Generale de Surveillance said Malaysia's palm oil exports in February declined 9.1 per cent to 1,092,620 tonnes from 1,202,368 tonnes shipped last month.

March 2011 fell RM15 to RM3,550 a tonne, April 2011 dropped RM23 to RM3,509, May 2011 lost RM43 to RM3,472 and June 2011 eased RM36 to RM3,459.

Turnover fell to 26,407 lots from 29,810 lots last Friday while open interest declined to 106,228 contracts from 107,659 contracts previously.

RUBBER

THE Malaysian rubber market ended lower yesterday, affected by the negative sentiment on regional futures markets, dealers said.

They also said the local market took its cue from the negative close on the Tokyo Commodity Exchange and the Shanghai futures market due to selling pressure, and despite oil prices increasing, in the wake of unrest in the Middle East.

The Malaysian Rubber Board’s noon official physical price for tyre-grade SMR 20 declined 20 sen to 1,612 sen a kg, while latex-in-bulk fell 3 sen to 1,089 sen a kg.

The unofficial sellers closing price for tyre-grade SMR 20 fell 28 sen to 1,600 sen a kg while latex-in-bulk dropped 4 sen to 1,087.5 sen a kg.

TIN

TIN finished US$450 (US$1.00 = RM3.04) higher on the Kuala Lumpur Tin Market (KLTM) to US$32,000 per tonne in line with the uptrend on the London Metal Exchange (LME), dealers said.

Month-end covering activities coupled with the earthquake in Chile, the world's biggest copper miner, also boosted local sentiment.

Four major mines was suspended in Chile, the country that makes up 36 per cent of global exports and affecting around 20 per cent of its capacity.

On the LME, which normally influenced global prices, the metal surged US$450 to settle at US$32,100 per tonne. On the local front, turnover was higher at 76 tonnes compared with last Friday's 40 tonnes, with Japanese, European and local buyers accounting for the bulk of yesterday's trade.

At the opening bell, buyers bid for 185 tonnes while sellers offered 30 tonnes. The price differential between the KLTM and the LME was unchanged at US$365 per tonne. — Bernama