02122016Fri
Last update: Fri, 12 Feb 2016 04am

Markets - Commodities

Markets - Commodities - Middle East & Africa

Egypt says in talks to import 3mn tonnes of wheat ABU DHABI: Egypt's state grain buyer, the General Authority for Supply Commodities, said on Tuesday it was in negotiations to secure a supply contract of 3 million tonnes of wheat. "Negotiations are ongoing now for the import of 3 million tonnes outside of the tender process," Mamdouh Abdel Fattah, Vice Chairman of GASC, told Reuters. GASC made the statement after traders said no offers were made at a tender to import wheat earlier on Tuesday, as suppliers worried that strict new import requirements make bidding too risky. Abdel Fattah confirmed that no offers had been presented. Copyright Reuters, 2016

Markets - Commodities - Europe

Oil slides more than 5 percent as hopes for output cut fade LONDON: Brent oil fell more than 5 percent on Tuesday, while US crude slid below $30 per barrel, hit by worries about the demand outlook and rising supply, while hopes for a deal between OPEC and Russia on output cuts faded. Brent for April delivery was down $1.82 at $32.42 a barrel by 1439 GMT, after settling down $1.75, or 4.9 percent, in the previous session.The front-month contract for US West Texas Intermediate (WTI) was ...

Markets - Commodities - Europe

Cocoa prices resume slide, sugar hits 4-month low LONDON: Cocoa futures fell sharply on Tuesday, switching back onto the defensive after the prior session's short-covering rally while raw sugar futures dipped to a new four-month low. Dealers noted New York cocoa had its biggest jump in 3-1/2 years on Monday but the market's declining trend remained. "Yesterday was an exceptional move but at the moment it hasn't convinced many people that the worm has turned," one London cocoa dealer said. March New York ...

Markets - Commodities - Middle East & Africa

Egypt says three wheat cargoes rejected for ergot CAIRO: Egypt has rejected a total of three wheat import shipments due to the presence of grain fungus ergot, a spokesperson for the country's agriculture ministry said on Tuesday.Egypt had already confirmed the rejection of a 63,000 tonne cargo of French wheat that had been bought by state buying agency GASC, but the agriculture ministry did not give details about the two other cargoes.Traders said the two other shipments were small volumes purchased by private ...

Markets - Commodities - Asia

Bangladesh to seek 50,000 tonnes wheat in tender next week DHAKA: Bangladesh's state grain buyer will issue an international tender next week to import 50,000 tonnes of milling wheat, an official with the government agency said on Tuesday. "Most probably, the tender will be issued next week," the official at the Directorate General of Food, the state grains buyer, said.The tender will be the fourth issued by the state grains buyer since the current financial year started in July.Phoenix Commodities is supplying 50,000 tonnes Russian ...

Markets - Commodities - Europe

Copper slides, spooked by weak China manufacturing data LONDON: Copper slipped on Monday alongside Chinese equities on news the country's manufacturing sector shrank at the fastest in more than three years, reinforcing fears of weaker demand in the top consumer of industrial metals.Benchmark copper on the London Metal Exchange ended down $4,560 a tonne from $4,561 at the close on Friday. The metal used in power and construction earlier touched a session low of $4,496.50.China's official Purchasing Managers' Index (PMI) fell to 49.4 ...

Markets - Commodities - Americas

Cocoa jumps 4pc on Ivorian weather concerns, sugar pivots lower NEW YORK/LONDON: Cocoa futures soared 4 percent in heavy volume on Monday, in a corrective rally spurred by crop weather concerns in top grower Ivory Coast and oversold market conditions, causing the New York market to make its biggest jump in 3-1/2 years.Raw sugar fell sharply to a four-month low on weak charts, after a mid-session rally stalled, while coffee prices were mixed.March New York cocoa settled up $107, or 3.9 percent, at $2,868 per ...