06302016Thu
Last update: Thu, 30 Jun 2016 11am

Markets - Commodities

Markets - Commodities - Asia

TOCOM inches lower on firmer yen; Brexit jitters persist TOKYO: Benchmark Tokyo rubber futures inched lower on Wednesday, giving up gains made earlier in the session, as investors took profits after the yen moved higher amid nerves over the implications of Britain's vote to leave the European Union.Even as the risk-averse mood eased slightly and regional equities gained, lessening the appeal of the perceived safe-haven yen, the dollar shed 0.4 percent to 102.34 yen . A stronger yen makes yen-denominated assets less affordable when purchased in other currencies.The Tokyo Commodity Exchange rubber contract for December delivery ended down 0.5 yen, or 0.3 percent, at 153 yen ($1.49) per kg, after rising as high as 155.1 yen."There is still heavy uncertainty over the implications of Brexit. Investors don't want to take large positions under such circumstances," said Satoru Yoshida, commodity analyst at Rakuten Securities.On the positive side, crude rubber inventories at Japanese ports fell 3.9 percent to 11,786 tonnes by ...

Markets - Commodities - Asia

CBOT soybeans may drop to $9.83 in three months SINGAPORE: CBOT first month soybeans is expected to test a support at $10.68-1/2 per bushel, with a good chance of breaking below this level and falling to the next support at $9.83 over the next three months, as indicated by its wave pattern and a Fibonacci retracement analysis.These two supports are provided respectively by the 23.6 percent and the 14.6 percent Fibonacci retracements on the fall from the September 2012 high of $17.94-3/4 to the ...

Markets - Commodities - Asia

Sugar cane arrears plunge in India as sweetener prices rally MUMBAI: Sugar cane arrears in India have plunged to 42.3 billion rupees ($624.77 million) from a record 218 billion rupees last year, as a rally in the prices of the sweetener allowed mills to pay farmers stipulated prices, the government said on Wednesday. Mills have so far paid 92 percent of their cane dues to farmers in the 2015/16 marketing year ending on Sept. 30, it said in a statement.Last year, record cane arrears forced ...

Markets - Commodities - Europe

London copper hits highest since early May as risk-appetite returns MELBOURNE: London copper rose to its highest almost eight weeks on Wednesday as investors bet on more global stimulus measures after Britain's shock vote to leave the European Union. European leaders told Britain on Tuesday to act quickly to resolve the political and economic confusion unleashed by its vote last week, after the IMF said the uncertainty could put pressure on global economic growth."Major central banks are ready for more easing measures to stabilize markets," ...

Markets - Commodities - Asia

Shanghai copper targets 40,500 yuan in three months SINGAPORE: Shanghai copper may break a resistance at 37,940 yuan per tonne and rise to the next resistance at 40,500 yuan over the next three months, as suggested by its wave pattern and a Fibonacci projection analysis.These resistances are provided respectively by the 86.4 percent and the 76.4 percent Fibonacci projection levels of a downward wave C, the third wave of a three-wave cycle from the Feb. 15, 2011 high of 76,290 yuan.This wave could ...

Markets - Commodities - Asia

Palm dips to over 6-month low on weak fundamentals, stronger ringgit KUALA LUMPUR: Malaysian palm oil futures fell to a six-and-a-half-month low on Wednesday morning, dragged down by poor fundamentals and a stronger ringgit, palm's currency of trade.Palm oil has been falling since the beginning of June, declining for the last three weeks and losing 9.2 percent so far this month.The tropical oil has been recording losses as traders forecast rising seasonal output in the coming months while exports for June have fallen after it peaked ...

Markets - Commodities - Middle East & Africa

Kenya tea growers say hampered by high labour costs NAIROBI: Kenyan tea farming is being weighed down by rising labour costs that could discourage investments and hurt the economy, the Kenya Tea Growers Association (KTGA) said on Wednesday. The East African nation is the world's No. 1 exporter of black tea and the crop is its top foreign exchange earner. It earned 125.25 billion shillings ($1.24 billion) from tea exports last year.KTGA said labour costs, which represent about half of the cost of production ...