12042016Sun
Last update: Sun, 04 Dec 2016 01pm

Markets - Commodities

Markets - Commodities - Asia

Bangladesh rejects 52,000 tonnes of French wheat DHAKA: Bangladesh has rejected a 52,000-tonne cargo of French wheat as the grain failed to match tender specifications, a senior official with the state grains buyer said on Wednesday. The wheat, with 10 percent protein content, was sold at $243.69 a tonne, including CIF liner out, meaning the price includes shipping, insurance and discharge costs. "The cargo, carrying 52,000 tonnes of French wheat, has been rejected after the lab test confirmed the quality did not match the specifications set out in the tender," said Ilahi Dad Khan, procurement director at the Directorate General of Food. Earlier this month, another cargo of 52,500 tonnes of French wheat was rejected because of quality issues. The rejection came after the Food Ministry faced severe criticism for importing 200,000 tonnes of wheat from Brazil in tenders, of which some was found to be below standard. The state grains buyer plans to import 950,000 tonnes ...

Markets - Commodities - Americas

Soybeans fall as Chinese stimulus recovery proves short-lived SYDNEY: US soybeans fell on Wednesday as gains made after China announced its latest economic stimulus proved short-lived.Corn was unchanged, extending two-day falls to beyond 1 percent, while wheat rose, rebounding from losses of more than 1.5 percent.Chicago Board of Trade November soybeans fell 0.2 percent to $8.76-1/2 a bushel, having firmed 0.43 percent on Tuesday.Soybeans recovered slightly on Tuesday from heavy losses this week when China cut interest rates and banks' reserve requirements for ...

Markets - Commodities - Asia

Asian grain importers make rare forward buys on low prices SIEM REAP: Asian grain importers are locking in forward purchases as they take advantage of a sharp drop in grain prices, with some buyers booking shipments right up to the middle of next year in an unusual move, traders said on Wednesday.Thailand has recently bought 300,000 tonnes of feed wheat from the Black Sea region for shipment between January and April at around $208-$210 a tonne, including cost and freight, they added. Buyers in Indonesia ...

Markets - Commodities - Asia

Bangladesh tea prices fall for 6th week on ample supply DHAKA: Tea prices in Bangladesh fell for a sixth straight week at the weekly auction on Tuesday as increased volumes, the highest of the season so far, put a lid on prices.Bangladeshi tea fetched an average 187.25 taka ($2.5) per kg at the 16th auction of the current marketing season, down from 190.29 taka at the previous week's sale, an executive with National Brokers said.The latest offering was the largest of the season so far, ...

Markets - Commodities - Asia

Spot gold to test support at $1,131 SINGAPORE: Spot gold may test a support at $1,131 per ounce, with a good chance of breaking below this level and falling more towards the next support at $1,110.The bounce from the July 24 low of $1,077 has ended around a resistance at $1,165, the 38.2 percent retracement on the fall from the Jan. 22 high of $1,306.20 to $1,077.The metal not only failed to break the resistance, but also failed to break a trendline ...

Markets - Commodities - Asia

LME aluminium to fall to $1,530 SINGAPORE: LME aluminium may have completed a bounce from the Aug. 24 low of $1,506 per tonne and is expected to fall to a support at $1,530.The support is provided by the 176.4 percent Fibonacci projection level of a downward wave C, which developed from the July 15 high of 1,729.50. This wave may eventually travel to $1,460, the 238.2 percent level.Resistance is at $1,560, the 150 percent level, a break above which could lead ...

Markets - Commodities - Asia

Shanghai copper to drop to 38,750 yuan SINGAPORE: Shanghai copper is expected to drop to 38,750 yuan per tonne, as it has completed a bounce from the Aug. 24 low of 37,530 yuan.The bounce has adopted a three-wave mode, with the third wave having failed to break a resistance at 39,390 yuan, the 76.4 percent Fibonacci retracement on the fall from the Aug. 13 high of 39,970 yuan to 37,530 yuan.The drop caused by the resistance has extended below a support at ...