07242016Sun
Last update: Sun, 24 Jul 2016 05pm

Markets - Commodities

Markets - Commodities - Europe

Fresh peaks hit on firmer Chinese growth, stimulus hopes LONDON: Copper gained on Friday and other base metals hit fresh peaks after economic growth numbers in top metals consumer China boosted confidence and left the door open for more stimulus. Speculators stepped up buying, lifting aluminium, lead and zinc to the highest levels since late spring and summer last year. China's economy expanded slightly faster than expected in the second quarter but private investment growth shrank to a record low, suggesting future weakness which could pressure the government to roll out more support measures."The GDP numbers in China were supportive and in copper, the market is ignoring the build-up of Shanghai inventory," said analyst David Wilson at Citi in London. Copper stocks in warehouses monitored by the Shanghai Futures Exchange jumped 9.3 percent, weekly data showed, a possible indication of weak demand or oversupply.Investors preferred to focus on hopes for another wave of government support for the economy, Wilson ...

Markets - Commodities - Europe

London July cocoa expiry sees 58,340 tonnes tendered LONDON: A total of 58,340 tonnes of cocoa has been tendered against the July London cocoa contract on ICE which expired on Thursday, exchange data showed on Friday. The main origins were Cameroon (17,720 tonnes), Nigeria (17,170) and Ivory Coast (16,220). The bulk of the cocoa was bought by Macquarie Bank Ltd (48,360 tonnes). Major sellers included ABN AMRO Clearing Bank NV (27,040 tonnes), UBS Ltd (9,730), Societe Generale Newedge Ltd (9,480) and BNP Paribas ...

Markets - Commodities - Europe

Algeria bought around 400,000 T milling wheat in tender HAMBURG: Algeria's state grains agency OAIC has bought around 400,000 tonnes of milling wheat in a tender which closed on Wednesday, European traders said on Friday. Individual estimates of the purchase were as high as 420,000 to 450,000 tonnes. The origin is optional but traders said they thought the wheat likely to be sourced in the northern European Union/Baltic Sea region with possible supplier countries likely to include the Baltic States, Germany and Poland. Prices ...

Markets - Commodities - Europe

Gold on track for first weekly loss in seven LONDON: Gold edged lower on Friday and was set for its first weekly loss since May on improving global risk sentiment and a steadier dollar.Reassuring Chinese data lifted Asian stocks to an eight-month high, while European equities fell after an attack by a gunman at the wheel of a truck in the south of France killed at least 84 people.Spot gold eased 0.1 percent to $1,333.40 an ounce by 1012 GMT. It fell to its ...

Markets - Commodities - Asia

Palm rises to over 1-week high tracking overseas markets NEW DELHI: Malaysian palm oil futures rose to their highest in more than a week on Friday, tracking gains in overseas commodity markets, although prices failed to move far above an almost 10-month low hit this week as exports fell and production picked up.Benchmark palm oil futures on the Bursa Malaysia Derivatives Exchange closed 1.3 percent higher at 2,279 ringgit ($577.69) a tonne, after rising to 2,299 ringgit - the loftiest since July 5.Palm oil ...

Markets - Commodities - Asia

Spot gold to fall to $1,313 SINGAPORE: Spot gold is expected to fall to $1,313 per ounce, as suggested by two sets of Fibonacci retracement analysis.The metal has slid below a support at $1,334, the 23.6 percent Fibonacci retracement on the uptrend from the May 30 low of $1,199.60 to the July 6 high of $1,374.91.Based on this analysis, the next key level will be at $1,308, the 38.2 percent retracement. However, there is another set of Fibonacci retracements that govern ...

Markets - Commodities - Asia

LME aluminium may retest resistance at $1,686 SINGAPORE: LME aluminium may retest a resistance at $1,686 per tonne, a break above which could lead to a gain to the next resistance at $1,697.The resistance is provided by the April 29 high, it caused a correction which has ended around a support at $1,672, the 76.4 percent Fibonacci projection level of an upward wave c, which is the third wave of a presumed three-wave cycle from the June 2 low of $1,538.This wave ...