Business Times CPO futures easier on technical selling

CPO FUTURES

CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives were lower at close yesterday due to technical selling, dealers said.
They said some market players were a little bit concerned over possible slower demand in the near future as well as stock build-up as production improved.
"Overall, the market was affected by the lack of fresh leads but sentiment remained positive," a dealer said.
At the close, September 2010 fell RM47 to RM2,670 per tonne, October 2010 decreased RM58 to RM2,570 per tonne, November 2010 went down RM50 to RM2,510 per tonne and December 2010 was RM59 lower at RM2,481 per tonne.

RUBBER

THE Malaysian rubber market continued its downtrend yesterday, tracking the weak position of the Tokyo Commodity Exchange, dealers said.
They said the local market also remained quiet in the absence of fresh leads.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR 20 fell 2 sen to 972.5 sen per kg while latex in bulk slid 0.5 sen to 696.0 sen.
The unofficial sellers’ closing price for tyre-grade SMR 20 was down by 2.5 sen to 971.0 sen while latex in bulk was unchanged at 696.0 sen.

TIN

THE Kuala Lumpur Tin Market (KLTM) improved US$150 (US$1.00 = RM3.15) to close at US$20,770 per tonne yesterday despite a downtrend on the London Metal Exchange (LME), dealers said.
They said market players were reluctant to reduce their holdings despite the overnight losses on the LME, as they believed, the tin price would rebound after falling sharply on Monday.
The tin price on the LME fell US$200 to close at US$20,460 per tonne.
On the local front, bids totalled 45 tonnes and offers were at 32 tonnes.
Turnover fell to 30 tonnes from Monday's 85 tonnes with buyers emerging from Japan, Europe and locally.
The premium between the KLTM and the LME widened to US$690 per tonne from Monday's US$340 per tonne. — Bernama LINK