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Kamis, 03 Maret 2011

Palm futures uptrend continues - Business Times

CPO FUTURES

CRUDE palm oil futures on Bursa Malaysia Derivatives continued its upward momentum at the close yesterday, on the back of biofuel demand, dealers said.

The dealers said demand for biofuel has risen, as unrest in the Middle East threatens to keep energy prices high.

March 2011 rose RM46 to RM3,665 a tonne, April 2011 increased RM46 to RM3,624, May 2011 went up RM44 to RM3,590 and June 2011 chalked up RM37 to RM3,565.

Meanwhile, turnover rose to 35,869 lots from 24,896 lots on Tuesday while open interests fell to 104,263 contracts from 106,457 previously.

On the physical market, March South was up RM30 to RM3,660 a tonne.

OIL

LONDON: Brent rose towards US$116 a barrel yesterday on reports of Libyan government counter-attacks on rebel-held towns in the east of the country, heightening fears of a civil war.

Yesterday, forces loyal to Muammar Gaddafi attacked the eastern oil town of Brega killing 14 people, rebel officers in the region said.

Brent crude for April delivery pared earlier losses to trade 15 cents higher at US$115.57 a barrel at 1000 GMT after previously sliding by almost 90 cents.

US crude for April delivery rose by 41 cents to trade at US $100.04 a barrel around the same time.
“Oil prices are subject to the ebb and flow of news out of the Middle East ... there’s a good chance of Brent rising to $120 over the next couple of days,” said Michael Hewson, a market analyst at CMC markets.

RUBBER

THE rubber market ended lower for the third consecutive day yesterday , on renewed concerns that the crude oil price surge could hold back the economic recovery.

The Malaysian Rubber Board''s noon official physical price for tyre-grade SMR 20 declined 17.5 sen to 1,581.5 sen a kg yesterday, while the latex-in-bulk fell 6.5 sen to 1,078.5 sen.

The unofficial sellers’ closing price for tyre-grade SMR 20 decreased 24.5 sen to 1,572.5 sen a kg while latex-in-bulk decreased 6.5 sen to 1,076 sen a kg.

TIN

THE tin price on the Kuala Lumpur Tin Market (KLTM) closed unchanged at US$32,305 (US$1.00 = RM3.04) per tonne yesterday despite a downtrend on the London Metal Exchange (LME), dealers said.

They said the LME saw the metal price drop by US$25 per tonne to settle at US$32,300 per tonne due to concerns over the impact of surging oil prices on global growth.

"However, despite the drop on the LME, the KLTM remained very steady due to good buying from Japanese traders," a dealer said.

Meanwhile, on the local front, turnover was higher at 66 tonnes compared with Tuesday's 40 tonnes with Japanese and European buyers being the active participants.

At the opening bell, buyers bid for 70 tonnes while sellers offered 66 tonnes.

The premium between the KLTM and the LME widened to US$470 per tonne from US$445 previously. — Agencies
Posted by Saham Pilihan at 05.59

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