Wednesday, 22 May 2013 14:07
Posted by Shoaib-ur-Rehman Siddiqui
SINGAPORE: Spot iron ore prices climbed off their lowest level for the year after a higher-than-expected sale of an Australian cargo suggested demand from Chinese mills may be picking up, although a soft steel market could limit further gains.Shanghai rebar futures steadied on Wednesday after plumbing eight-month lows last week, struggling to rebound with demand in top consumer China curbed by a tepid economic recovery.Benchmark 62-percent grade iron ore rose half a percent to $123.60 a tonne on Tuesday, according to data provider Steel Index.That was the first gain for iron ore in eight trading sessions. The price fell to $123 on Monday, the lowest since early December.The increase followed the sale of a cargo of 61.4-percent grade Australian Pilbara iron ore fines at $125.18 a tonne on Tuesday, higher than the 62-percent benchmark as well as market offers of $122-$123 prior to the tender, traders said."I'm not sure if ...
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SINGAPORE: Spot iron ore prices climbed off their lowest level for the year after a higher-than-expected sale of an Australian cargo suggested demand from Chinese mills may be picking up, although a soft steel market could limit further gains.Shanghai rebar futures steadied on Wednesday after plumbing eight-month lows last week, struggling to rebound with demand in top consumer China curbed by a tepid economic recovery.Benchmark 62-percent grade iron ore rose half a percent to $123.60 a tonne on Tuesday, according to data provider Steel Index.That was the first gain for iron ore in eight trading sessions. The price fell to $123 on Monday, the lowest since early December.The increase followed the sale of a cargo of 61.4-percent grade Australian Pilbara iron ore fines at $125.18 a tonne on Tuesday, higher than the 62-percent benchmark as well as market offers of $122-$123 prior to the tender, traders said."I'm not sure if ...
SINGAPORE: London copper held near a two week-high on Wednesday, supported by indications the US Federal Reserve would continue its bond-buying scheme, a key driver of investment in global commodities.Concerns that the world's No.2 copper mine in Indonesia, Freeport McMoRan Copper & Gold Inc's Grasberg mine, could face a prolonged closure after one of the country's worst-ever mining disasters also supported prices."Fundamentally, the supply side is strong enough to stabilise copper, but not strong enough ...
MUMBAI: Indian sugar futures fell on Wednesday on profit-taking from their highest level in more than two months, although rising demand from bulk buyers and concerns over production in 2013/14 due to lower acreage limited the downside.The key June contract on the National Commodity and Derivatives Exchange was down 0.61 percent at 3,077 rupees ($55.66) per 100 kg at 0753 GMT, after rising to 3,104 rupees in the previous session, the highest level since March ...
NEW DELHI: India's cable makers face a severe shortage of copper and potential manufacturing delays after the closure of the country's two biggest copper smelters, which has pushed up prices and led to a spike in imports.India's biggest smelter, owned by Sterlite Industries , was shut on March 30 after local residents complained of emissions that led to breathing difficulties, forcing top copper users to rely on rival Hindalco Industries for almost all their copper ...
MUMBAI: Indian gold futures edged higher from their lowest level in a month, helped by global leads and a weaker rupee at home, while banks, the primary dealers of bullion, awaited policy direction after the government restricted imports on a consignment basis.At 0830 GMT, the actively traded gold for June delivery on the Multi Commodity Exchange (MCX) was 0.57 percent higher at 26,238 rupees ($480) per 10 grams, after hitting a low of 25,373 rupees ...
SINGAPORE: New York July cocoa remains neutral, as it is still stuck in a range of $2,282-$2,364 per tonne.The range is formed by the 50 percent and the 23.6 percent Fibonacci retracements on the rise from the April 4 low of $2,126 to the May 3 high of $2,437.A drop below $2,282 will confirm the resumption of a downward wave c towards $2,245, the 61.8 percent retracement, but this wave may travel further to $2,199, ...
LONDON: Gold fell 1.1 percent to session lows on Tuesday as the dollar strengthened against a basket of currencies on uncertainty over the message that Fed Chairman Ben Bernanke will deliver when he speaks to the US Congress on Wednesday.Spot gold fell as low as $1,377.04 an ounce. It traded at $1,377.59 by 0912 GMT, still down 1 percent. US gold for June delivery touched a low of $1,376 an ounce, and was later down ...
