CPO futures down on profit-taking

CPO FUTURES
CRUDE palm oil futures prices on Bursa Malaysia Derivatives ended lower yesterday on profit-taking activities and long liquidation, dealers said.

Players stayed on the sidelines after lower soyabean prices on the Chicago Board of Trade, said a dealer.

September 2010 and October 2010 declined RM35 each to RM2,735 and RM2,650 a tonne respectively, November 2010 was RM36 lower at RM2,610 and December 2010 fell RM34 to RM2,602 .

Volume was higher at 28,150 lots compared to 21,589 lots on Tuesday while open interest rose to 65,245 contracts from 65,056 previously. On the physical market, August South fell RM10 to RM2,760 from RM2,770 previously.

RUBBER
THE rubber market ended slightly higher yesterday as regional demand for the commodity had picked up ahead of festive season, dealers said.

At noon, the Malaysian Rubber Board official physical price for tyre-grade SMR 20 rose 5.5 sen to 967.00 sen a kg, from 961.5 sen on Tuesday, while latex-in-bulk added 1 sen to 694.0 sen, versus 693.0 previously.

The unofficial sellers closing price for tyre-grade SMR 20 rose 6 sen to 969.50 sen from 963.50 sen yesterday while latex-in-bulk rose 694.50 sen from 692.50 sen previously.

TIN
STRONG regional demand pushed tin price on the Kuala Lumpur Tin Market (KLTM) to settle US$420 (US$1.00 = RM3.15) higher at US$21,320 per tonne yesterday, dealers said.

The other factor was the stronger performance of the commodity on the London Metal Exchange (LME), they said.

LME, which usually influences the movement of global tin prices, saw tin price closing US$250 higher at US$21,350 per tonne.

"At the same time, market traders are catching up with LME, especially after a lower premium of US$180 was posted yesterday," one of the dealers said.

At KLTM, bids overwhelmed offers by 188 tonnes to 43 tonnes with the key players comprised Japanese, European and local traders.

Total turnover rose to 83 tonnes from 66 tonnes on Tuesday while the price differential between KLTM and LME widened to a premium of US$350 a tonne from US$180 per tonne. - Bernama LINK