COMMODITIES ROUNDUP
CPO KUALA LUMPUR crude palm oil (CPO) futures contract on Bursa Malaysia Derivatives is likely to see profit-taking this week during the Hari Raya holiday-shortened trading period.
Interband Group of Companies Senior Trader Jim Teh said the profittaking might pull down the CPO prices to between RM2,300 and RM2,350 per tonne.
However, Teh noted that investors would keep a close watch on the official production and export data to be released by the Malaysian Palm Oil Board on Monday (June 11).
“The statistics will provide a clearer investment direction for them,” he added.
For the week just-ended, the market traded lower, mainly due to lacklustre demand, concerns over weak exports and in tracking the rival soybean oil movement.
On a Friday-to-Friday basis, June 2018 fell RM58 to RM2,378 a tonne, July 2018 slipped RM67 to RM2,369 a tonne, August 2018 declined RM73 to RM2,366 a tonne and September 2018 dropped RM70 to RM2,368 a tonne.
Weekly turnover advanced to 209,023 lots from 130,376 lots last week, while open interest widened to 302,853 contracts from 263,107 contracts.
On the physical market, June South was RM65 lower at RM2,380 per tonne. – Bernama RUBBER KUALA LUMPUR The Malaysian rubber market is likely to see an upswing this week, driven by expectations of firmer crude oil prices and a softer ringgit, alongside encouraging economic data from China.
For the week just-ended, the rubber market traded mostly mixed in tracking the mixed signals from regional rubber futures markets and concerns over global trade tensions, especially between the US and China. Nevertheless, losses were capped by the firmer crude oil prices, along with a softer ringgit versus the greenback.
On a Friday-to-Friday basis, the Malaysian Rubber Board's noon price for tyre-grade SMR 20 eased 2.5 sen to 556.0 sen per kg from 558.5 sen per kg last week, while latex-in-bulk dropped 31.5 sen to 441.0 sen per kg from 472.5 sen per kg.
The 5 pm unofficial closing price for SMR 20 down half-a-sen to 558.0 sen per kg from 558.5 sen a kg, while latex-in-bulk lost 23.5 sen to 443.0 sen from 466.5 sen a kg. – Bernama TIN KUALA LUMPUR The Kuala Lumpur Tin Market (KLTM) is expected to trade slightly higher this week at between US$20,900 and US$21,000, supported by local buying, a dealer said.
For the week just-ended, the KLTM was mostly higher in tracking a similar performance on the LME.
On a Friday-to-Friday basis, the KLTM price rose by US$320 to US$21,000 a tonne, lifted by higher demand, while tracking the LME's performance.
On the LME, the tin price increased US$725 to US$21,325 per tonne from US$20,600 a tonne last week.
Turnover for the week increased to 281 tonnes from 237 tonnes.
The price differential between the KLTM and LME for the week just-ended was at a discount of US$325 per tonne from a premium of US$80 per tonne last week. – Bernama