CPO, rubber and tin close higher

CPO FUTURES
CRUDE palm oil (CPO) futures prices on Bursa Malaysia Derivatives closed higher yesterday with the benchmark three-month contract at a new 33-month high, dealers said.
They said March 2011 increased by RM64 to close at RM3,852 per tonne.
CIMB Bank, in a research note, said the bullish CPO market was due to concern that shrinking supplies may not be able to keep up with demand in 2011, as production continued to take its toll from disrupted harvests in Indonesia and Malaysia.

"Near term futures are in greater demand, with the Chinese New Year around the corner," it said.
It said the narrowing soya-palm oil premiums may limit the pace of palm oil appreciation.
"Spreads have narrowed almost 38 per cent week-on-week to US$36.88 per tonne," it said.
On the futures market, January 2011 gained RM71 to close at RM3,885 per tonne, February 2011 was up RM53 to RM3,873 and April 2011 was RM66 higher at RM3,834.
Turnover increased to 14,768 lots from last Thursday's 14,510 yesterday while open interest increased to 88,544 contracts from 87,737 previously.
On the physical market, January South went up to RM3,860 per tonne from RM3,820 recorded last Thursday.
RUBBER
MALAYSIAN rubber prices closed higher yesterday, supported by gains on the Singapore Commodity Exchange (SICOM), dealers said.
The market also traded quietly steady as the Tokyo Commodity Exchange was closed while supported by the higher rubber prices on the SICOM.
At noon, the Malaysian Rubber Board's official physical seller price for tyre-grade SMR 20 gained nine sen to 1,506 sen per kg and latex-in-bulk was unchanged at 986 sen per kg.
The unofficial seller closing price for tyre-grade SMR 20 increased 7.5 sen to 1,508.5 sen per kg while latex-in-bulk rose one sen to 986.5 sen per kg.
TIN
THE tin price on the Kuala Lumpur Tin Market (KLTM) increased by US$285 to close at US$26,800 per tonne yesterday, dealers said.
The increase, they added, is also in line with the higher tin price on the London Metal Exchange (LME) last Friday, dealers said.
Trading on the local front was also higher as the market was tracking last Friday's bullish LME trend, although the KLTM was closed, a dealer said.
"However, overall trading on the KLTM was quiet, as the LME is closed today for the New Year holiday," the dealer said.
The tin price on the LME, which normally influences global prices, increased by US$320 to US$26,920 last Friday.
On the KLTM, the day's turnover was higher at 40 tonnes from the 39 tonnes recorded last Thursday with the participation of Japanese, European and local traders.
At the opening bell, buyers bid for 50 tonnes while sellers offered 30 tonnes.
The price differential between the KLTM and the LME narrowed to US$285 per tonne from last Thursday's US$320 per tonne.
(Source: CPO, rubber and tin close higher http://www.btimes.com.my/Current_News/BTIMES/articles/20110103213238/Article/#ixzz1A15VBpQO)