KUALA LUMPUR: Crude palm oil futures closed higher on increased buying interest yesterday.
"Many dealers stocked up their inventories ahead of the year-end break," Interband Group Senior Palm Oil Trader Jim Teh said.
January 2013 surged RM42 to RM2,350 a tonne, February 2013 added RM48 to RM2,434, March 2013 was up RM49 to RM2,479 and April 2013 rose RM53 to RM2,530.
Turnover more than doubled to 37,912 lots from 16,062 lots yesterday while open interest rose to 193,363 from 170,758 contracts previously.
On the physical market, January South rose RM30 to RM2,300 a tonne from RM2,270 previously.
KUALA LUMPUR: The local rubber market extended its gains yesterday, in line with higher Tokyo Commodity Exchange prices, a dealer said.
“Tocom benefited from the weaker yen against the US dollar and hopes for further monetary easing in Japan,” the dealer said.
He also noted that Indonesia’s rubber production was expected to decline by 8.8 per cent in 2013 from this year.
At noon, the Malaysian Rubber Board’s official physical price for tyre-grade SMR20 rose 6.5 sen to 894 sen a kg and latex-in-bulk gained eight sen to 592.5 sen.
The unofficial closing price for tyre-grade SMR20 garnered 11 sen to 898.5 sen a kg and latex-in-bulk added nine sen to 597 sen.