Markets - Commodities
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SINGAPORE: Shanghai steel futures fell to their lowest in eight months on Thursday, reflecting weaker demand in top market China that has also cut buying interest for raw material iron ore and pushed its prices to the cheapest since December.A modest pace in China's economic recovery has slowed demand for steel during what is typically the busiest quarter for the metal's market, bloating stockpiles and dragging down prices.That has prompted big Chinese steel producers to sell back some iron ore cargoes into the market to manage costs. Traders said mills may have sold up to 3 million tonnes over the past two weeks.The most-traded rebar contract for October delivery on the Shanghai Futures Exchange touched a session low of 3,526 yuan ($570) a tonne, a level not seen since early September. It closed down 1.3 percent at 3,549 yuan.Rebar, or reinforcing bar used in construction, has fallen 19 percent from ...
NEW YORK: New York cotton prices slipped on Wednesday, following the broader commodity markets lower on the back of a stronger US dollar, dealers said.The most-active July cotton contract on ICE Futures US eased 0.47 cent, or 0.5 percent, to settle at 86.45 cents per pound after trading as low as 85.61 earlier in the session."Prices took their lead from the broader commodity markets," said INTL FCStone analysts. "Cotton has held up better than most, ...
LONDON: Copper slid to its lowest in nearly two weeks on Wednesday after disappointing European economic data fuelled worries about global growth and metals demand, emboldening funds to add to short positions.A stronger dollar also weighed on markets and further gains in inventories reminded investors that most base metals markets are over supplied.Three-month copper on the London Metal Exchange ended at $7,198, down from Tuesday's close of $7,245, having earlier hit its lowest since May ...
NEW YORK/LONDON: Gold slid below $1,400 an ounce on Wednesday, losing two percent and hitting its lowest in nearly a month as a record rally in US equities and economic optimism undermined bullion's safe-haven appeal.The metal fell for a fifth straight session for its longest daily losing streak since January 2011 as the S&P 500 hit a new all-time high and Wall Street has risen for four consecutive sessions."There is no reason to own gold ...
CHICAGO: Wheat futures on the Chicago Board of Trade fell 2.4 percent to a two-week low on Wednesday in reaction to technical selling, a stronger US dollar and lackluster exports of US grain, traders said.Soybeans fell on chart-based selling and monthly data showing a slower-than-expected US soybean crushing pace.Corn was pulled down by soy and wheat in thin trading, along with favourable US planting weather, but the lead July contract was underpinned by strong cash ...
AMSTERDAM: Chicago corn slid for a second day on Wednesday on hopes that dry weather this week across the US grain belt will boost planting, which is running at a record low pace.Soybeans were little changed, with the market underpinned by tight old-crop supplies and expectations of strong demand. Wheat edged lower, tracking corn.US farmers are expected to make rapid progress in planting corn this week as dry weather provides a window of opportunity after ...
LONDON: Benchmark raw sugar futures on ICE broke below 17 cents a lb on Wednesday for the first time in nearly three years weighed by the rapid pace of production in top grower Brazil and the strength of the dollar.July raw sugar futures stood 0.05 cent or 0.3 percent lower to 16.97 cents a lb at 1138 GMT after hitting 16.94 cents, the weakest level for the front month since July 2010."The expectation of a ...More Articles...
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