06302016Thu
Last update: Thu, 30 Jun 2016 09am

Markets - Commodities

Markets - Commodities - Asia

Palm draws late buying ahead of possible ringgit spike after British vote KUALA LUMPUR: Malaysian palm oil futures steadied in late trade on Thursday, recovering earlier losses as some traders bought palm before a possible spike in the ringgit if Britain votes to stay in the European Union.The ringgit and other emerging market currencies have been hit by recent volatility in global financial markets on nervousness about the economic impact if Britain votes to leave the EU in a referendum on Thursday.Final opinion polls were mostly too close to call, however, some gave a vote to stay in the bloc a slight edge."Traders usually square their positions ahead of a major announcement," one trader said, adding that the market was expecting Britain to stay in the EU.A rising ringgit, the currency of trade for palm oil, makes the vegetable oil more expensive for foreign currency holders.Palm fell earlier in the day on expectations for rising production and lower exports this month.Benchmark palm ...

Markets - Commodities - Europe

Gold hits two-week low as Britain votes on EU membership LONDON: Gold fell to a two-week low on Thursday as the last sweep of opinion polls before Britain's referendum on EU membership began gave the campaign to stay in the bloc a slight edge.Britons were voting on Thursday in the referendum that has divided the nation. The polling will close at 2100 GMT, with results expected early on Friday.Spot gold was down 0.2 percent at $1,263.26 an ounce by 1149 GMT, after hitting $1,258.25, its ...

Markets - Commodities - Asia

Asia Coffee-Indonesia harvest quickens; Asian 2016/17 output seen down HANOI: Coffee premiums in Indonesia were largely unchanged this week despite strong demand and the harvest picking up pace, while Vietnamese premiums eased slightly, traders said.However, prices in the world's third-largest robusta producer after Vietnam and Brazil are still unlikely to influence global rates as most of the Indonesian produce is sold locally, they added.Global production in 2016/2017 is forecast to rise 1.6 percent from this season to 155.7 million bags on higher arabica output, ...

Markets - Commodities - Asia

TOCOM ends flat after hitting two-week high; traders await UK vote TOKYO: Benchmark Tokyo rubber futures ended flat on Thursday, retreating from a two-week high hit earlier in the session on a weaker yen, as investors cautiously awaited the United Kingdom's vote on whether to stay in the European Union.Britons are voting on Thursday to decide the future of their country and Europe in a referendum on EU membership that has divided the nation and is being nervously watched by financial markets and politicians across the ...

Markets - Commodities - Asia

NY coffee signals mixed  SINGAPORE: Signals are mixed for New York September coffee, as it retraced to a lower trendline of a triangle.The pattern developed from the June 9 high of $1.4685 and is contracting to an end. Theoretically, it could turn out to be a bullish continuation pattern, to be followed by an uptrend.However, a drop below $1.3830 could confirm this pattern to be bearish, which suggests a target at $1.34. A more realistic target could be $1.3650.Resistance ...

Markets - Commodities - Asia

Dalian iron ore hits 5-week high as 'oversold' steel prices recover MANILA: Chinese iron ore futures rallied to a five-week peak on Thursday, riding on the strength of steel prices that traders thought were oversold as market participants anticipated the seasonal lull from June onwards. Low steel inventory among traders also supported prices. That could keep production high among Chinese mills, ensuring demand for raw material iron ore."Steel got oversold in May because people pre-empted the (summer) lull," said a Shanghai-based trader."I think demand will be ...

Markets - Commodities - Asia

NY sugar's target at 18.73 cents unchanged SINGAPORE: A bearish target at 18.73 cents per lb remains unchanged for New York July sugar, as suggested by a Fibonacci retracement analysis.The analysis is on a five-wave cycle from the May 25 low of 16.42 cents to the June 16 high of 20.15 cents. It reveals sugar has broken a support at 19.27 cents, the 23.6 percent level. The next support will be at 18.73 cents, the 38.2 percent level.A sudden surge above a ...