07262016Tue
Last update: Tue, 26 Jul 2016 11pm

Markets - Commodities

Markets - Commodities - Asia

Indian steelmakers hit by uncertainty over import duty hike MUMBAI/SINGAPORE: Shares in Indian steelmakers mostly fell on Monday amid uncertainty whether the government would raise import duties on the alloy and whether any increase would be enough to protect the industry.Shares in Jindal Steel and Power fell as much as 6.7 percent, while Tata Steel and JSW Steel also underperformed the broader NSE index which rose 0.62 percent to close at a record high. In Saturday's annual budget, Indian Finance Minister Arun Jaitley said the tariff rate on steel imports would be increased to 15 percent from 10 percent, cheering Indian producers which have been battered by cheap Chinese metal. However, Jaitley also said there would be "no change in the existing effective rates of basic customs duty on these goods". A finance ministry official was not immediately available to clarify the discrepancy, but companies themselves, optimistic earlier, said they were now not pricing in any changes. "Since there ...

Markets - Commodities - Middle East & Africa

Heat and dry weather could threaten Ivory Coast cocoa mid-crop ABIDJAN: Hot, dry weather in Ivory Coast's main cocoa-growing regions last week could delay the April to September mid-crop, though rainfall was sufficient elsewhere, farmers said on Monday. Ivory Coast, the world's top cocoa producer, is approaching the end of the mid-November to March dry season.At least one downpour a week until the end of the month will be required to encourage flowering, which then develops into small pods. In the coastal region of San ...

Markets - Commodities - Europe

Ukraine sees higher winter grain losses after poor autumn weather KIEV: Ukrainian winter grain losses could exceed average levels this year due to poor weather last autumn, but a mild winter and spring gives ground for an optimistic forecast for this year's harvest, the agriculture minister said on Monday."According to our preliminary estimates, the rate of winter kill could reach 13 percent, but an increase in the sown area by 7 percent last autumn could partially compensate for the fall," Oleksiy Pavlenko told Reuters.Ukraine's grain ...

Markets - Commodities - Europe

London Metal Exchange aims to further cut warehouse backlogs LONDON: The London Metal Exchange (LME) on Monday set out new proposals to further slash backlogs at its global network of warehouses.Tweaking its wide-ranging reform package, the LME said it will require warehouse firms to report anonymously incentives paid to metal owners. It also said in a statement it planned to launch new contracts for aluminium premiums and ferrous products in October.Copyright Reuters, 2015

Markets - Commodities - Europe

Vattenfall takes first Moorburg coal plant block online FRANKFURT: The first of two blocks at Vattenfall's new Moorburg coal-fired power station near Hamburg started up commercial power production, marking the end of seven years of political wrangling over the project. Block B with half the capacity was fully connected to the transmission grid on Saturday, Vattenfall said in a statement.Vattenfall in 2010 agreed to certain measures which will cut the profitability of the project to assuage environmental concerns as Germany focuses on renewable ...

Markets - Commodities - Asia

Tokyo futures hit 11-month high on weaker yen and higher oil TOKYO: Benchmark TOCOM rubber futures climbed for a fourth straight session to an 11-month high on Monday on the back of a weaker yen against the US dollar and as higher prices of commodities such as oil and copper gave a boost to investor sentiment.The Tokyo Commodity Exchange rubber contract for August delivery rose 1.6 percent, or 3.5 yen, to 225.1 yen per kg, after posting its biggest monthly percentage gain since 2012 amid period’s ...

Markets - Commodities - Australia

Wheat extends gains into third session, near one-week high SYDNEY: US wheat futures rose for a third consecutive session to hover close to a one-week high as the grain drew continued support from concerns about potential damage to US supplies.May wheat rose 0.6 percent to $5.16 a bushel, having closed up 2.5 percent on Friday when prices hit a one-week high of $5.17-3/4 a bushel.Chicago Board Of Trade May soybeans rose 0.2 percent to $10.33-1/4 a bushel, having firmed 0.5 percent on Friday when ...