12092016Fri
Last update: Fri, 09 Dec 2016 08pm

Markets - Commodities

Markets - Commodities - Europe

Raw sugar rebounds on increased physical demand LONDON: Raw sugar futures on ICE rose on Friday, boosted by a pick-up in physical demand after recent declines helped to tighten nearby supplies. March raw sugar was up 0.17 cents, or 0.9 percent, at 19.75 cents per lb at 1131 GMT. The front month had dipped to a low of 19.57 cents on Wednesday, its weakest since Sept. 1. "There is a lot of business going on at these levels, raws and whites. All the demand we are seeing is spot," one London dealer said, adding that demand is likely to increase supply tightness in the first quarter of next year. Raw sugar prices have been falling as funds scaled back a large net long position. Marchs raws have fallen by about 18 percent from a contract high of 24.10 cents set on Sept. 29. Dealers said that supplies should tighten as production in Brazil winds down for the ...

Markets - Commodities - Asia

RUBBER-TOCOM hits 1-1/2-year high, but ends lower on profit-taking TOKYO: Benchmark Tokyo rubber futures touched a 1-1/2-year high on Friday as the yen fell to multi-month lows against the dollar, but ended lower on profit-taking though it still marked a 13 percent weekly gain."The recent rally has been supported by the yen's fall and expectations of higher demand in China," said Hiroyuki Kikukawa, general manager of research at Nissan Securities."But investors took profits after the sharp gain and ahead of the weekend," he added. ...

Markets - Commodities - Middle East & Africa

Uganda cocoa output to rise 15pc in three years KAMPALA: Uganda's cocoa production is likely to increase by 15 percent over the next three years, boosted by additional maturing trees in the country's western region, a leading industry executive said on Friday. Uganda is best known as a coffee producer, ranking as Africa's biggest exporter, but it is keen to boost output from other cash crops such as cocoa to boost foreign exchange income. Cocoa output experienced a steady climb from 5,000 tonnes in ...

Markets - Commodities - Europe

Zinc hits highest in over 8-1/2 years on fund buying LONDON: Zinc powered to its highest levels in more than 8-1/2 years on Friday on continued fund buying but analysts cautioned that prices were outrunning supply/demand fundamentals. Lead also extended its rally, hitting the strongest in 3-3/4 years. Zinc is the best performing metal on the London Metal Exchange this year, surging 72 percent this year on fears that closures and suspensions of major mines will lead to shortages. Benchmark LME zinc climbed as far ...

Markets - Commodities - Americas

CBOT soybeans to rise to $10.44-1/4 SINGAPORE: CBOT soybeans Jan. contract is expected to rise to $10.44-1/4 per bushel, as it has broken a resistance at $10.31.The resistance was established by the 61.8 percent Fibonacci projection level of an upward wave c, the third wave of a three-wave cycle from the Sept. 27 low of $9.40-1/2.The next resistance will be at $10.44-1/4, a break above which could lead to a further gain to $10.53-1/4. The break will be critical in confirming ...

Markets - Commodities - Americas

CBOT corn may test $3.52-1/4 SINGAPORE: CBOT Dec. corn may test a resistance at $3.52-1/4 per bushel, a break above which could lead to a gain to the next resistance at $3.57-1/2.These resistances are identified respectively as the 38.2 percent and the 50 percent Fibonacci projection levels of an upward wave C, the third wave of a three-wave cycle from the Aug. 31 low of $3.14-3/4.This wave may consist of five smaller waves. The most powerful wave 3 is driving ...

Markets - Commodities - Middle East & Africa

Zambia copper concentrate duty to disrupt global copper supplies MELBOURNE: A plan by Zambia to put a duty on copper concentrates imports could put a kink in the global supply chain for the metal, industry sources said, by forcing neighbouring Democratic Republic of Congo (DRC) to send surplus mine output elsewhere. The 7.5 percent duty announced earlier this month and due to come into force at the start of 2017, is likely to disrupt supply of refined metal in the early part of the ...