04292016Fri
Last update: Fri, 29 Apr 2016 12am

Markets - Commodities

Markets - Commodities - Europe

Copper hits lowest in a week on China speculator crackdown LONDON: Copper dipped to the lowest in a week on the third straight day of losses as a crackdown on speculators in China dampened sentiment, but metals markets were supported by a weaker dollar and strong oil prices.Iron ore and steel futures in China led a retreat as the authorities raised trading costs to deter speculative investors believed to be behind last week's big spike in prices and volumes that had raised fears of a destabilising crash."That is negative for risk sentiment and that has played out in the short term across the base metals. But we don't think there's been nowhere near the same increase in speculative participation in base metals as we've seen in the ferrous complex," said analyst Nicholas Snowdon at Standard Chartered in London.Three-month copper on the London Metal Exchange was down 0.5 percent at $4,938 a tonne by 1002 GMT after touching a one-week low ...

Markets - Commodities - Europe

Soybean prices fall as Argentina crop concerns ease LONDON: US soybean futures were lower on Wednesday as drier weather in Argentina helped to curb crop concerns following heavy flooding and corn prices also eased slightly.The Chicago Board of Trade most-active July soybean contract was off 0.3 percent to $10.23-3/4 a bushel at 1033 GMT."Soybeans have had such an incredible run-up and it looked like bit of an over reaction, given the outlook on supplies," said Phin Ziebell, agribusiness economist at National Australia Bank ...

Markets - Commodities - Asia

Indonesia palm oil tax increase may reduce exports, revenues JAKARTA: Indonesia on Wednesday raised its palm oil export tax for the first time since October 2014, a move that threatens to dent shipments and export revenues from the world's top producer of the edible oil.Indonesia will set the crude palm oil (CPO) tax at $3 per tonne in May, Nurlaila Nur Muhammad, the director of export of agriculture and forestry products at the Trade Ministry, said on Wednesday.Indonesia raised the tax based on the ...

Markets - Commodities - Asia

Palm falls to near two-week low on stronger ringgit, rising output KUALA LUMPUR: Malaysian palm oil futures declined to their lowest levels in nearly two weeks on Wednesday evening, as the ringgit recovered from a one-week low against the dollar and as traders cashed in on slow exports and improving output.A stronger ringgit, the currency palm oil is traded in, makes the vegetable oil more expensive for foreign currency holders. The ringgit rose 0.3 percent to trade at 3.91 to the dollar in the evening, having ...

Markets - Commodities - Asia

Vietnam rice prices dip, Thai prices stable HANOI: Vietnamese exporters lowered rice offer prices this week on thin buying demand, but were still unable to compete with Pakistani grain rates, while Thai prices were stable on tight supply, traders said on Wednesday.Farmers in Vietnam's Mekong Delta have been waiting for the rainy season to start planting their next summer-autumn crop. However, the dry weather might continue until late May, state forecasters said.Vietnam's 5-percent broken rice stood at $370-$375 a tonne, free-on-board (FOB) ...

Markets - Commodities - Europe

Gold rises as dollar weakens ahead of Fed policy outcome LONDON: Gold rose for a third straight session on Wednesday as weaker than expected U.S. data weighed on the dollar ahead of the Federal Reserve's monetary policy decision later in the day.The Fed is likely to keep interest rates steady, with the focus resting squarely on the tone of its statement and any hints on the timing of any future increases. The U.S. central bank raised rates in December for the first time in nearly ...

Markets - Commodities - Europe

Sugar eases ahead of cane data, cocoa off 4-1/2 month high LONDON: Raw sugar on ICE eased on Wednesday as traders awaited Brazilian cane data expected to show a rapid crush in the first half of April, while London cocoa dipped after touching its highest level in 4-1/2 months.Coffee edged up, supported by a soft dollar. A weaker dollar makes dollar-based commodities cheaper in other currencies.Several traders expected the cane crush data from Unica, an industry group, expected at 1400 GMT, to show a record crush ...