02092016Tue
Last update: Tue, 09 Feb 2016 02pm

Markets - Commodities

Markets - Commodities - Asia

China's coal industry needs to restructure as demand slows SHANGHAI: Coal demand from China will slow over the next five years and the industry should focus on restructuring and upgrading, state news agency Xinhua reported on Tuesday citing the China National Coal Association (CNCA). Jiang Zhimin, CNCA vice-president, told Xinhua that the service sector was now the main driver of China's economic growth, adding that the government was increasingly replacing coal with cleaner, non-fossil fuels."Over the 13th five-year-plan period (2016-2020), the coal industry should focus on promoting structural adjustment, restructuring and upgrading," he said, adding that this included eliminating excess production capacity, building larger power plants and encouraging the development of downstream activities.He said, however, that coal remained China's primary energy source and that trends such as urbanization and industrialization would support energy demand growth.Demand from China, the world's top coal consumer, has been on the wane amid slowing economic growth and a shift away from fossil fuels to ...

Markets - Commodities - Middle East & Africa

South Africa's Kumba Iron Ore's FY profit falls 66pc JOHANNESBURG: South Africa's Kumba Iron Ore's reported a 66 percent drop in annual profit, in line with its own forecast, as it battled slumping prices for the steel-making ingredient. Kumba, a unit of Anglo American, said headline earnings per share (EPS) totalled 11.8 rand in the year to end December compared with 34.3 rand a year earlier.Headline EPS is the main gauge of profit in South Africa and strips out certain one-off items.Iron ore prices ...

Markets - Commodities - Asia

Thailand to sell 50,000 tonnes sugar at Feb. 16 tender MANILA: State-run Thai Cane and Sugar Corp said on Tuesday it would sell 50,000 tonnes of raw sugar at a tender on Feb. 16. Shipment of the high polarisation, or hipol, sugar will be on July 1-Sept. 15, the agency said.High sugar stocks in Thailand, the world's No. 2 sugar exporter, have added to a global glut that have pressured global prices which dropped to four-month lows last week.ICE raw sugar futures have since recovered ...

Markets - Commodities - Europe

Gold price surges to highest level since June as share prices slide LONDON: The price of gold jumped more than 2 percent on Monday to touch its highest level since June, extending last week's sharp gains, as sliding stock markets and worries over global economic growth prompted investors to seek safety in hard assets.Spot gold reached a peak of $1,198.70 an ounce, its strongest since June 22, after breaking key resistance at its October high at $1,190.63. By 1515 GMT it was up 2 percent at $1,196.9 ...

Markets - Commodities - Americas

US soy dips to one-month low on timely Argentina rains CHICAGO: US soybean futures slid to a one-month low on Monday after weekend rains across major exporter Argentina reduced the likelihood that dry weather would curb yields.Losses in other markets, including equities and oil, added pressure to soybean and grain prices, traders said.Argentina was in focus after storms brought moisture to fields during a key time for crop development. The country is the world's top exporter of soyoil and soymeal, and the No. 3 supplier ...

Markets - Commodities - Europe

Sales of gold coins surge in Europe in January LONDON: Sales of gold coins surged in Europe last month as concerns over the outlook for the global economy fuelled interest in the metal as a haven from risk, and as prices rebounded after a 10 percent drop last year.The Austrian Mint, one of Europe's largest in terms of coin sales, said it sold 94,000 ounces of gold coins in January, up 40 percent from 67,100 ounces in January last year.Britain's Royal Mint said sales ...

Markets - Commodities - Europe

EU wheat extends losing streak as Egypt concerns persist LONDON: European wheat futures extended a losing run to nine straight sessions on Monday as reassurances by top buyer Egypt about import terms failed to convince a market worried about stalling exports and large stocks.Falling prices in Chicago, a firm euro and negative chart signals added to the bearish mood, traders said.March milling wheat on Euronext ended 3.00 euros or 1.9 percent down at a contract low of 153.25 euros, also the weakest level for ...