Markets - Commodities
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LONDON: Gold rose on Wednesday as the dollar fell after Federal Reserve officials allayed investor concerns that the US central bank would soon reduce its bond-buying programme, while Chinese physical demand also lent some support to prices.On Tuesday, New York Federal Reserve Bank President William Dudley and St. Louis Fed chief James Bullard said that further economic progress was needed before they would support curtailing bond purchases.Spot gold reversed Tuesday's 1.3 percent losses and rose to a session high of $1,389.70 an ounce. It was trading at $1,384.91 by 0943 GMT, still up 0.7 percent.US gold futures for June delivery were up 0.5 percent at $1,383.80 an ounce.The metal fell for eight sessions out of the past nine and touched $1,338.95 on Monday, its weakest since April 16, when it recorded the worst daily loss for 30 years.The dollar fell against the euro and a basket of main currencies ahead ...
SINGAPORE: Spot iron ore prices climbed off their lowest level for the year after a higher-than-expected sale of an Australian cargo suggested demand from Chinese mills may be picking up, although a soft steel market could limit further gains.Shanghai rebar futures steadied on Wednesday after plumbing eight-month lows last week, struggling to rebound with demand in top consumer China curbed by a tepid economic recovery.Benchmark 62-percent grade iron ore rose half a percent to $123.60 ...
SINGAPORE: London copper held near a two week-high on Wednesday, supported by indications the US Federal Reserve would continue its bond-buying scheme, a key driver of investment in global commodities.Concerns that the world's No.2 copper mine in Indonesia, Freeport McMoRan Copper & Gold Inc's Grasberg mine, could face a prolonged closure after one of the country's worst-ever mining disasters also supported prices."Fundamentally, the supply side is strong enough to stabilise copper, but not strong enough ...
MUMBAI: Indian sugar futures fell on Wednesday on profit-taking from their highest level in more than two months, although rising demand from bulk buyers and concerns over production in 2013/14 due to lower acreage limited the downside.The key June contract on the National Commodity and Derivatives Exchange was down 0.61 percent at 3,077 rupees ($55.66) per 100 kg at 0753 GMT, after rising to 3,104 rupees in the previous session, the highest level since March ...
NEW DELHI: India's cable makers face a severe shortage of copper and potential manufacturing delays after the closure of the country's two biggest copper smelters, which has pushed up prices and led to a spike in imports.India's biggest smelter, owned by Sterlite Industries , was shut on March 30 after local residents complained of emissions that led to breathing difficulties, forcing top copper users to rely on rival Hindalco Industries for almost all their copper ...
NEW YORK/LONDON: Gold trimmed its losses on Tuesday as the euro regained strength against the dollar, but the metal remained lower on weak chart signs and fears the US Federal Reserve will wind down its economic stimulus program.The precious metal, down in seven of the last eight sessions, has been hit since the start of the year as investors shift into higher-yielding equities on signs that economic growth is picking up, especially in the United ...
CHICAGO: US corn futures dropped 1.5 percent, to their lowest since early April, on Tuesday as investors unwound bull spreads following a record planting pace last week that encouraged farmers to sell some old-crop supplies to ease cash market tightness, traders said.A surge in corn planting progress during the past week eased farmer concerns about needing to hold onto supplies held in storage bins since last fall's harvest. That relieved some pressure that supported old-crop ...More Articles...
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