CRUDE palm oil (CPO) prices ended higher on Bursa Malaysia Derivatives yesterday despite a larger-than-expected drop in overseas market, dealers said.
Cargo surveyor, Intertek Testing Services, said exports of Malaysian palm oil products for December 1-10 fell 23.7 per cent to 298,005 tonnes from 390,534 tonnes shipped during November 1-10.
Meanwhile, Malaysian Palm Oil Board data showed that November exports rose by 2.7 per cent to 1.50 million tonnes from 1.46 million tonnes in the previous month on robust demand from China and the European Union.
Traders, however, said the Malaysian exports would slow significantly in December judging from cargo surveyor data for first ten days of this month.
December 2010 rose by RM6 to close at RM3,630, January 2011 increased RM20 to RM3,670 per tonne, February added RM35 to RM3,633 per tonne and March 2011 was RM33 higher to RM3,583 per tonne.
Volume rose to 23,408 lots from 22,294 on Thursday and open interests increased to 85,371 contracts from 82,763 previously.
December South was unchanged at RM3,650 per tonne yesterday.
RUBBER
TYRE grade SMR 20 spiralled to a record high of RM1,388 a kg, its highest in 38 years yesterday, on supply disruption due to the ongoing wet weather coupled with increased demand from tyre manufacturers.
Natural rubber prices climbed unabated the past few days due to the continuous rainy season caused by the La Nina weather phenomenon in major producing countries in Southeast Asia, said a local dealer.
Besides the local market, Thai and Indonesian rubber grades also recorded all-time highs as tyre makers rushed to stock up on fears that prices may rise further.
Meanwhile, the Department of Statistics reported that end-October natural rubber stocks stood at 138,572 tonnes, down 4.9 per cent from October last year but was 11.6 per cent better than a month earlier.
"Demand was also boosted by oil prices which gained above US$88, after trade data showed China's crude imports rebounded in November, he added.
Meanwhile, rubber futures on the Tokyo market matched a 30-year high yesterday, settling at 1.6 yen a kg higher at 381.9 yen on tight physical supply but dealers avoided aggressive buying ahead of important economic data from China during the weekend.
At noon, latex-in-bulk added six sen to 933 sen per kg.
The unofficial sellers' closing price for tyre-grade SMR 20 gained 20.5 sen to 1,392.50 sen per kg and latex-in-bulk climbed 14.5 sen to 937.50 sen per kg.
TIN
TIN price on the Kuala Lumpur Tin Market (KLTM) closed US$50 slightly higher at US$25,700 per tonne yesterday.
The London Metal Exchange (LME), which influences metal prices globally, rose sharply by US$245 to close at US$25,895 a tonne.
A dealer said although the LME was up sharply, the local tin price rise was small as buyers were cautious.
However, he said the market was steady with trading dominated by Japanese, European and local traders.
Yesterday's turnover on KLTM fell to 31 tonnes from 40 tonnes Thursday.
Buyers made bids for 35 tonnes while sellers offered 20 tonnes.
The price differential between KLTM and LME narrowed to a premium of US$220 a tonne compared to US$425 a tonne Thursday.
(Source: http://www.btimes.com.my/Current_News/BTIMES/articles/20101210181440/Article/#ixzz17wTQfnUc)
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