05052016Thu
Last update: Thu, 05 May 2016 02am

Markets - Commodities

Markets - Commodities - Europe

Gold faces pullback after rally failed above $1,300/oz LONDON: Gold is facing a pullback to late April levels as its rally looks overextended, technical analysts said on Wednesday, though a reversal of its overall upward trend is not predicted unless prices fall another $100. Gold jumped 5 percent last week as the dollar slumped versus the yen, after the Bank of Japan held off further loosening monetary policy. It peaked at $1,303.60 an ounce on Monday, but has fallen back from those levels as the rally ran out of steam. Spot gold is currently at around $1,280 an ounce, but its correction may have a little further to run before it finds firm support, analysts said. "The speed and extent of that three-day rally took prices to overbought quickly and hence the correction," Cliff Green, technical analyst at the Cliff Green Consultancy, said, citing a basket of oscillators including stochastic and relative strength indicators (RSIs). "They could test ...

Markets - Commodities - Americas

US soy, wheat firm on bargain buying, technical support CHICAGO: US wheat and soybeans firmed on Wednesday, reversing overnight losses, on technical buying and a mild round of short-covering, traders said. Corn futures held steady, with buyers wary of pushing prices higher amid a swift pace of planting in the US Midwest. Sharp declines on Tuesday caused investors to step in and cover bearish bets despite a bleak fundamental picture for all three commodities that kept Wednesday's gains in check. "I think it is ...

Markets - Commodities - Americas

US Cash Soymeal-Offers flat as demand picks up CHICAGO: Spot basis offers for US soymeal were unchanged across the rail and truck market on Wednesday, dealers said.End user demand was picking up as livestock and poultry producers booked deals to take advantage of weakness in the futures market during the past few days.Demand remained light on the futures market, a trader said.But offers for delivery by barge to the US Gulf held steady on both a CIF and FOB basis due to tight ...

Markets - Commodities - Europe

EU clears 848,000 tonnes soft wheat export licences this week PARIS: The European Union granted export licences for 848,000 tonnes of soft wheat this week, taking the total since the beginning of the 2015/16 season on July 1 to 25.9 million tonnes, official data showed on Wednesday. The volume so far this season was down 7 percent compared with the same stage in 2014/15. The EU also awarded licences this week to export 55,000 tonnes of barley, bringing the total this season to 8.8 million ...

Markets - Commodities - Europe

Sugar futures rise on poor crop prospects in India LONDON: Raw sugar futures were higher on Wednesday as poor crop prospects in the second-biggest producer India were only partially offset by the strong start to the harvest in top grower Brazil. Cocoa futures were lower, with the market's strong run-up appearing to have at least temporarily run out of steam while coffee futures were little changed. India is likely to become a net importer of sugar in 2016/17 after the first back-to-back drought in ...

Markets - Commodities - Europe

Copper falls on stronger dollar, weak manufacturing LONDON: Copper prices fell on Wednesday due to selling triggered by the stronger dollar and surveys of manufacturing around the world, and particularly in top consumer China, highlighting poor demand prospects. Benchmark copper on the London Metal Exchange was untraded in official rings, and was last bid down 0.8 percent at $4,880 a tonne.A higher US currency makes dollar-denominated commodities more expensive for non-US firms. The Caixin/Markit survey of purchasing managers in China's manufacturing sector ...

Markets - Commodities - Europe

France exported 1.4mn T soft wheat outside EU in March PARIS: France exported 1.4 million tonnes of soft wheat outside the European Union in March, with Algeria and Morocco the biggest destinations, customs data showed on Wednesday. The March volume took the total since the start of the 2015/16 season in July to 8.2 million tonnes, up 1 percent from 8.1 million in the July-March period last season.French soft wheat exports outside the 28-country EU in March included 580,000 tonnes to Algeria. This brought total ...