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Last update: Thu, 11 Feb 2016 07pm

Asia

Markets - Commodities - Asia

Palm oil gains on weather concerns, snaps losses KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, reversing losses made in the previous trading session, over concerns that weather could hurt output.The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was up 1.1 percent at 2,596 ringgit ($627.81) per tonne at the end of the trading session.Traded volume stood at 37,984 lots of 25 tonnes each."Demand isn't there but the weather is holding up the market," said a trader based in Kuala Lumpur."There is some expected correction as exports are not very good. The market will try to find support at 2,500 ringgit."The dry weather effects of El Nino impacts palm's fresh fruit yields and lowers production levels. Government data from the Malaysian Palm Oil Board (MPOB) on Wednesday showed end-stocks and output falling for the month of January by 12.4 percent and 19.3 percent respectively. Falling export numbers have capped palm's price gains ...

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 ...

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 ...