02102016Wed
Last update: Wed, 10 Feb 2016 07am

Asia

Markets - Commodities - Asia

India gold discounts hit record highs as demand falters MUMBAI: Indian gold traders say they are struggling to draw buyers despite offering record discounts over rallying international prices, as consumers wait to see if rates can fall further after the federal budget this month.The bullion industry expects the government to cut the record 10 percent import duty on gold in the annual budget for 2016/17 that will be presented on Feb. 29, potentially boosting supply and driving domestic prices lower.Indian gold prices also swung into deep discounts before the last budget, when the government surprised the market with no cut in duty on the metal. India is the world's second biggest gold consumer.Daman Prakash Rathod, a director at MNC Bullion, a wholesaler in the southern Indian city of Chennai, said he was seeing hardly any transactions at present."Dealers are offering hefty discounts to clear inventory, but buyers are not there in the market," he said.Gold sellers in India, who ...

Markets - Commodities - Asia

China's coal industry needs to restructure as demand slows SHANGHAI: Coal demand from China will slow over the next five years and the industry should focus on restructuring and upgrading, state news agency Xinhua reported on Tuesday citing the China National Coal Association (CNCA). Jiang Zhimin, CNCA vice-president, told Xinhua that the service sector was now the main driver of China's economic growth, adding that the government was increasingly replacing coal with cleaner, non-fossil fuels."Over the 13th five-year-plan period (2016-2020), the coal industry should ...

Markets - Commodities - Asia

Thailand to sell 50,000 tonnes sugar at Feb. 16 tender MANILA: State-run Thai Cane and Sugar Corp said on Tuesday it would sell 50,000 tonnes of raw sugar at a tender on Feb. 16. Shipment of the high polarisation, or hipol, sugar will be on July 1-Sept. 15, the agency said.High sugar stocks in Thailand, the world's No. 2 sugar exporter, have added to a global glut that have pressured global prices which dropped to four-month lows last week.ICE raw sugar futures have since recovered ...

Markets - Commodities - Asia

India's 2015 tea output drops 1.3pc y/y MUMBAI: India's tea production in 2015 fell 1.3 percent from a year earlier to 1,191 million kg, the state-run Tea Board said on Monday, as adverse weather and plantation workers' strikes hit plucking. Production in December dropped 5.8 percent to 55.95 million kg, the board said in a statement. India, the world's second biggest tea producer, exports CTC (crush-tear-curl) grade mainly to Egypt, Pakistan and the UK, and the orthodox variety to Iraq, Iran and ...

Markets - Commodities - Asia

India's 2015 tea output drops 1.3pc MUMBAI: India's tea production in 2015 fell 1.3 percent from a year earlier to 1,191 million kg, the state-run Tea Board said on Monday, as adverse weather and plantation workers' strikes hit plucking. Production in December dropped 5.8 percent to 55.95 million kg, the board said in a statement.India, the world's second biggest tea producer, exports CTC (crush-tear-curl) grade mainly to Egypt, Pakistan and the UK, and the orthodox variety to Iraq, Iran and Russia.Copyright ...

Markets - Commodities - Asia

Japan offers to buy 146,000 tonnes food wheat via tender TOKYO: Japan's Ministry of Agriculture is seeking to buy a total of 146,000 tonnes of food quality wheat from the United States, Canada and Australia in a regular tender that will close late on Wednesday.A tender is normally announced on Tuesday and executed on Thursday. However, the schedule was changed this week due to a Japanese holiday on Thursday, an official with the ministry said.Japan, the world's sixth-biggest wheat importer, keeps a tight grip on ...

Markets - Commodities - Asia

RUBBER-TOCOM slides to near 4-week low in light trade TOKYO: Benchmark Tokyo rubber futures slid in light trade on Monday, touching a near four-week low in opening trade, as weaker local shares and oil prices prompted sells, but a rebound in stocks and oil markets later helped trim some of the losses, dealers said. The Tokyo Commodity Exchange (TOCOM) rubber contract for July delivery <0#2JRU:> finished 3.1 yen, or 2 percent, lower at 151.7 yen ($1.29) per kg, after falling to as low as ...