CPO futures mixed, rubber and tin higher

CRUDE palm oil (CPO) futures on Bursa Malaysia Derivatives closed mixed yesterday as players remained on the sidelines ahead of the extended weekend, dealers said.

They believed prices would rise after the Chinese New Year holiday due to expectations of lower production and stock level for February.

At the close, February 2010 declined RM16 to RM2,575 per tonne, March 2010 was unchanged at RM2,586 per tonne, April fell RM1 to RM2,579 per tonne and May rose RM2 to RM2,580 per tonne.
Turnover dropped to 8,789 lots from 12,763 lots the previous day while open interest increased to 78,551 contracts from 77,624 contracts.

On the physical market, February South finished RM10 lower at RM2,590 per tonne from RM2,600 per tonne.


RUBBER

MALAYSIAN rubber prices closed higher yesterday on concern over tight supplies due to withering season in major producing countries like Malaysia and Thailand, dealers said.

They said the local market also took cue from the uptrend in regional markets like the Tokyo Commodity Exchange (TOCOM).

At noon, the Malaysian Rubber Board's official physical price for SMR 20 increased 6.5 sen to 1,015.5 sen per kg from 1,009.0 sen per kg the previous day while latex-in-bulk rose 6.5 sen to 707.0 sen per kg from 699.5 sen per kg earlier.

The unofficial sellers' closing price for SMR 20 gained nine sen to 1,020.0 sen per kg from 1,011.5 sen per kg while latex-in-bulk added 6.5 sen to 709.5 sen per kg from 703.0 sen per kg.


TIN

THE tin price on the Kuala Lumpur Tin Market (KLTM) ended higher yesterday, boosted by a strong overseas demand, dealers said.

The price of the commodity was up US$200 to US$16,030 a tonne.

The uptrend was also in line with gains in the price of the metal on the London Metal Exchange (LME), that provided a further boost to the local market, the dealers said.

The tin price on the influential LME increased by US$300 to US$16,000 a tonne.

On the local front, turnover rose one tonne to 51 tonnes from the 50 tonnes the previous day.

Dealers said the market traded firmly with demand coming from Japanese European and local traders.

At the opening level, bids outnumbered offers by 160 tonnes to 41 tonnes.

The price differential between the KLTM and LME narrowed to US$165 per tonne from US$465 a tonne earlier.


(Source: btimes.com.my)