12082016Thu
Last update: Thu, 08 Dec 2016 05am

Markets - Commodities

Markets - Commodities - Europe

Copper falls to 1-week low, reality check stalls rally LONDON: Copper fell to one-week lows on Wednesday as investors cut bets on higher prices due to growing doubts that this month's sizzling rally was built on solid fundamentals.   Benchmark copper on the London Metal Exchange fell to a one-week low of $5,612.50, before inching up 0.7 percent to $5,744 a tonne. The metal used widely in power and construction hit $6,045.50 on Monday, its highest since June last year. "Fundamentals haven't really changed...speculative flows have been reversed," said Haitong Bank analyst Andrew Keen."Exchange inventories of copper are flat, there is a lot more smelting capacity coming on, which could be bearish. People's interpretations of fundamentals have been following prices rather than the other way round."Copper is still on course for a rise of nearly 20 percent this month, its largest since April 2006.The trigger for November's rise was Republican candidate Donald Trump winning the US presidential election, which many expect could mean large amounts of infrastructure spending and higher demand for commodities.But analysts say ...

Markets - Commodities - Americas

US wheat ratings seen steady at 58pc good/excellent CHICAGO: The US Department of Agriculture in a weekly report due later on Monday should show no change in US winter wheat condition ratings, according to the average forecast in a Reuters poll of eight analysts.The average estimate for the amount of US winter wheat rated in good to excellent condition was 58 percent, unchanged from the USDA's figure a week earlier.The USDA was scheduled to release its weekly crop progress and conditions report, its ...

Markets - Commodities - Americas

Hefty supplies, Chicago fall, pull EU wheat to 10-day low PARIS: European wheat futures fell to a 10-day low on Monday, pressured by a fall on US markets and ample global supplies.December milling wheat on Paris-based Euronext unofficially closed 1.6 percent lower at 165.50 euros a tonne after touching 165.25 euros, a low since Nov. 18. Most active March was down 0.9 percent to 168.25 euros a tonne.Euronext continued to see technical adjustments in the run-up to the expiry of December futures, with a widening ...

Markets - Commodities - Americas

European vegoils-Palm oil up on technicals, tight supply fears ROTTERDAM: Palm oil on the European vegetable oils market firmed on Monday on technical buying in futures markets towards the end of the year, buoyed by concerns about tight nearby supplies. Palm oil was offered between unchanged and $12.50 a tonne up from Friday after Malaysian palm oil closed between 37 and 50 ringgit per tonne higher, helped by tight supplies and price forecasts by leading analysts at an industry conference on Friday. "Towards the ...

Markets - Commodities - Americas

Brazil cocoa output to recover in 2016/17, industry eyes expansion SAO PAULO: Brazil's new-crop cocoa production is poised for a recovery after a steep fall in the previous season due to drought, according to estimates from an analyst and the main local industry association. The recovery will lead local processors next year to pare back the large volume of imports that they booked this year to supply the local industry. According to the AIPC, the association which represents cocoa processors in the country such as ...

Markets - Commodities - Europe

Raw sugar edges up as fund selling abates LONDON: Raw sugar futures on ICE edged higher on Monday as a bout of fund selling which drove prices to a 2-1/2 month low last week appeared to have abated. March raw sugar was up 0.17 cents, or 0.9 percent, at 20.01 cents per lb at 1305 GMT.The front month had dipped to a low of 19.57 cents on Wednesday, its weakest since Sept. 1, and rebounded off a low of 19.58 cents on Friday. ...

Markets - Commodities - Europe

China-driven rally sends zinc to near decade high, lead soars LONDON: Zinc soared to a nine-year high on Monday and lead hit a five-year peak as reports of more infrastructure investment in China and signs of strong property investment in the world's top metals user sparked heavy buying. Zinc, used to galvanise steel, was the biggest winner as Chinese steel futures jumped to 31-month highs, driven also by a rotation of funds into risky assets, supported by optimism over global growth into 2017. China on ...