Asia Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder http://www.brecorder.com/markets/commodities/asia.html Sun, 28 Aug 2016 08:36:36 +0000 Joomla! 1.5 - Open Source Content Management en-gb TOCOM snaps 4-day losing streak on short-covering http://www.brecorder.com/markets/commodities/asia/315774-tocom-snaps-4-day-losing-streak-on-short-covering.html http://www.brecorder.com/markets/commodities/asia/315774-tocom-snaps-4-day-losing-streak-on-short-covering.html imageTOKYO: Benchmark Tokyo rubber futures climbed on Friday, snapping a 4-day losing streak and recovering from a 1-1/2-month low as investors unwound short positions ahead of the weekend, but the contract marked its second weekly loss amid lacklustre trade.

The Tokyo Commodity Exchange (TOCOM) new rubber contract for February delivery JRUc6, ended at 150.6 yen ($1.50) per kg, up 1.1 yen, or 0.7 percent, from its opening price of 149.5 yen.

For the week, the benchmark, which hit its lowest since July 11 of 148.6 yen on Thursday, posted a 4.1 percent decline.

The International Tripartite Rubber Council (ITRC), a grouping of Indonesia, Thailand and Malaysia, will trim exports by an additional 85,000 tonnes from September to December this year, an Indonesian rubber industry official said on Thursday.

"The market reacted poorly to the news due to lack of investors' interest in the TOCOM trade," a Tokyo-based dealer said.

"The TOCOM needs to attract more trading," he said, predicting the prices to remain in a narrow range next week.

The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have been stuck within a tight trading range between 145 and 165 yen since late May amid lingering worries over oversupply.

On the downside, oil prices dipped in early trading on Friday after the Saudi energy minister tempered expectations of strong market intervention by producers during talks next month.

The dollar inched down 0.1 percent to 100.44 yen on Friday, with investors focused on a speech later in the day by the chair of the Federal Reserve that may provide clarity on whether U.S. interest rates will rise this year.

The most-active rubber contract on the Shanghai futures exchange for January delivery fell 90 yuan to finish at 12,300 yuan ($1,844.49) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 126.1 U.S. cents per kg, down 0.1 cent.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Fri, 26 Aug 2016 11:30:34 +0000
Vietnam's Aug coffee exports soar 51pc y/y to 140,000 T http://www.brecorder.com/markets/commodities/asia/315771-vietnams-aug-coffee-exports-soar-51pc-yy-to-140000-t.html http://www.brecorder.com/markets/commodities/asia/315771-vietnams-aug-coffee-exports-soar-51pc-yy-to-140000-t.html imageHANOI: Vietnam, the world's top robusta producer, will export an estimated 140,000 tonnes (2.33 million 60-kg bags) of coffee in August, up 51.2 percent from the same month last year, the government said on Friday, more than the market expected.

The August shipments will bring coffee exports so far in the 2015/2016 crop year - which ends next month - to 1.6 million tonnes, up 33.3 percent from the same period in the previous season, the General Statistics Office said in a monthly report.

Traders had forecast August coffee exports at between 100,000 and 120,000 tonnes.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Fri, 26 Aug 2016 11:21:06 +0000
Palm falls for second day, tracking rival oils http://www.brecorder.com/markets/commodities/asia/315764-palm-falls-for-second-day-tracking-rival-oils.html http://www.brecorder.com/markets/commodities/asia/315764-palm-falls-for-second-day-tracking-rival-oils.html imageKUALA LUMPUR: Malaysian palm oil futures posted a second straight session of losses on Friday, pulled down by weaker-performing rival oils, and charted a weekly loss following three weeks of gains.

Soybean futures on the Chicago Board of Trade are down on forecasts for above-average crop yields in the United States. Palm prices are impacted by soy as they compete for a share in the global oilseeds market.

Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 0.4 percent to 2,552 ringgit ($636) per tonne at the close of trade.

Traded volumes stood at 35,543 lots of 25 tonnes each at the end of the trading day, lower than the 2015 average of 44,600.

Palm recorded three sessions of falls this week, reaching a more than one-week low on Tuesday before finding support on strong exports. Palm is 0.7 percent lower this week.

The market is down on weaker soy, a Malaysian trader said.

Another trader from Kuala Lumpur added that the market was also weighed down by lower-performing refined, bleached and deodorised (RBD) palm olien on China's Dalian Commodity Exchange despite stronger Malaysian exports.

Palm oil shipments from Malaysia, the world's second-largest producer after Indonesia, surged 29-31 percent between Aug. 1 and Aug. 25 from a month earlier. The rise stemmed from a surge in shipments to India and stronger Chinese exports, cargo surveyor data showed.

Palm oil seems to have stabilised around support at 2,522 ringgit per tonne and is expected to test resistance at 2,578 ringgit, according to Wang Tao, Reuters market analyst for commodities and energy technicals.

In competing vegetable oils, the Chicago Board of Trade soybean oil December contract rose 0.2 percent, while the January soybean oil contract on the Dalian Commodity Exchange dropped 1 percent.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Fri, 26 Aug 2016 11:12:22 +0000
TOCOM hits 1-1/2-mth low as exports target cut disappoints market http://www.brecorder.com/markets/commodities/asia/315645-tocom-hits-1-12-mth-low-as-exports-target-cut-disappoints-market.html http://www.brecorder.com/markets/commodities/asia/315645-tocom-hits-1-12-mth-low-as-exports-target-cut-disappoints-market.html imageTOKYO: Benchmark Tokyo rubber futures fell to a 1-1/2-month low on Thursday, extending losses into a fourth straight session, pressured by sliding oil prices and disappointing target of export cuts set by Asia's top three producing countries.

Oil prices tumbled on Wednesday, with U.S. crude settling about 3 percent lower, after an unexpectedly large inventory build in the world's biggest oil consumer renewed worries about oversupply.

The International Tripartite Rubber Council (ITRC), a grouping of Indonesia, Thailand and Malaysia, will trim exports by an additional 85,000 tonnes from September to December this year, an Indonesian rubber industry official said on Thursday.

"In the original commitment, ITRC and its strategic partner, Vietnam, would cut exports by 700,000 tonnes. The allocation for the three countries was 615,000 tonnes and Vietnam 85,000 tonnes. But for some reason that couldn't be carried out, so ITRC will cut the full 700,000 tonnes up to December," Indonesian Rubber Association Chairman Moenarji Soedargo also told reporters.

The three nations had agreed to cut exports by 615,000 tonnes for six months from March in a move to lift prices that have tumbled amid excess supply to their lowest since the global financial crisis.

"The additional number looks disappointing though investors had low expectations for what producers can do," said Hiroyuki Kikukawa, general manager of research at Nissan Securities said.

The Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery finished 2.2 yen, or 1.5 percent, lower at 149.5 yen ($1.49) per kg, after hitting its lowest since July 11 of 148.6 yen.

"If the TOCOM benchmark does not recover a key 150 yen level quickly, the market may test new lows," Kikukawa added.

The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have been stuck within a narrow trading range between 145 and 165 yen since late May.

The August contract expired at 161.3 yen on Thursday.

Crude rubber inventories at Japanese ports fell 0.9 percent from the last inventory data to 8,519 tonnes as of Aug. 10, data from the Rubber Trade Association of Japan showed on Thursday.

The most-active rubber contract on the Shanghai futures exchange for January delivery dipped 310 yuan to finish at 12,315 yuan ($1,850.66) per tonne.

The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 125.0 U.S. cents per kg, down 1.9 cents.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Thu, 25 Aug 2016 12:33:33 +0000
Palm in line for weekly decline, tracking weaker oils http://www.brecorder.com/markets/commodities/asia/315639-palm-in-line-for-weekly-decline-tracking-weaker-oils.html http://www.brecorder.com/markets/commodities/asia/315639-palm-in-line-for-weekly-decline-tracking-weaker-oils.html imageKUALA LUMPUR: Malaysian palm oil futures recorded their first session of declines in three on Thursday, weighed down by weaker related vegetable oils, despite strong cargo surveyor export data for August.

Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.5 percent to 2,561 ringgit ($639) per tonne at the close of trade, its sharpest drop since August 18.

Palm is in line for its first week of losses after seeing gains for three consecutive weeks on tight supplies and stronger demand. Currently, palm is down 0.7 percent for the week.

Traded volumes stood at 41,688 lots of 25 tonnes each on Thursday evening, below the 2015 average of 44,600.

"Bean oil, soybean, and Dalian are all lower," said a futures trader from Kuala Lumpur, referring to China's Dalian Commodity Exchange.

Chicago soybean futures hit their lowest since mid-August on expectations of a bumper crop harvest.

The Chicago Board of Trade soybean oil December contract fell 1 percent, while the January soybean oil contract on the Dalian Commodity Exchange dropped 1.4 percent.

Palm oil exports rose 31.1 percent during the August 1-25 period compared with a month ago on better Indian demand, according to data from cargo surveyor Intertek Testing Services, but palm's downtrend remained.

"There are no aggressive buyers here yet, and palm's nearby month prices are already at a premium," said the trader.

Palm oil is expected to seek a support at 2,522 ringgit per tonne before resuming its uptrend, showed analysis by Reuters market analyst for commodities and energy technicals Wang Tao.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Thu, 25 Aug 2016 12:20:27 +0000
Soybeans fall for 3rd day, US crop tour finds impressive yields http://www.brecorder.com/markets/commodities/asia/315638-soybeans-fall-for-3rd-day-us-crop-tour-finds-impressive-yields.html http://www.brecorder.com/markets/commodities/asia/315638-soybeans-fall-for-3rd-day-us-crop-tour-finds-impressive-yields.html imageSINGAPORE: Chicago soybean futures slid for a third consecutive session on Thursday to their lowest since mid-August, coming under pressure as a widely watched crop tour reported bumper crop prospects across the US Midwest.

Corn dropped for a fourth session in a row, although losses were limited by strong demand, while wheat rose from a one-week low touched on Wednesday.

The Chicago Board of Trade most-active soybean contract was down 0.7 percent at $9.98-1/4 by 1105 GMT, after falling to $9.93-1/4 in earlier trade, the lowest since Aug. 15.

Corn eased 0.15 percent to $3.35-3/4 bushel, while wheat added 0.5 percent to $4.28-1/4 a bushel after dropping to its weakest since Aug. 17 on Wednesday.

"Soybean prices had been pushed higher because of Chinese demand for US shipments, but the supply picture is very favourable," said Phin Ziebell, agribusiness economist at National Australia Bank.

"Global fundamentals for supplies are looking great, there are prospects of very high US yields."

Scouts on the Pro Farmer Midwest Crop Tour are finding strong yield potential for soybeans, but production prospects for corn look mixed.

Soybean and corn fields across central Illinois look to be heading for impressive harvests in the coming weeks, but crops could yield slightly less than the record-large hauls seen in the last few years.

In Nebraska, corn yield potential was seen down nearly 4 percent from 2015, with adverse conditions during the growing season expected to limit production.

Corn won additional support from a USDA report that said private exporters sold 101,600 tonnes of US corn to unknown destinations for 2016/17 delivery.

Wheat gained on bargain-buying after coming under pressure from expectations of Canada's second-largest crop in 25 years.

Analyst UkrAgroConsult raised its forecast for Ukraine's 2016 grain harvest to 62.7 million tonnes, 1.7 million tonnes higher than a month earlier, it said on Tuesday.

Commodity funds were net sellers of CBOT soybean, corn and wheat futures contracts on Wednesday, traders said.

Trader estimates of net fund selling in soybeans ranged from 2,000 to 10,000 contracts, in corn from 2,000 to 5,000 contracts and in wheat from zero to 2,500 contracts.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Thu, 25 Aug 2016 12:16:15 +0000
Dalian iron ore drops from two-year high on China liquidity concerns http://www.brecorder.com/markets/commodities/asia/315584-dalian-iron-ore-drops-from-two-year-high-on-china-liquidity-concerns.html http://www.brecorder.com/markets/commodities/asia/315584-dalian-iron-ore-drops-from-two-year-high-on-china-liquidity-concerns.html

imageMANILA: Iron ore futures in China tumbled nearly 5 percent on Thursday, down from a two-year high in the previous session, as investors spurned higher risk commodity assets after the government took steps to manage liquidity in the country.

Worries that China may no longer be keen on easing monetary policy as it heads off signs of growing risks in its financial and banking system dampened sentiment toward commodities and equities, traders said.

China took aggressive steps on Wednesday including unveiling detailed rules to curb peer-to-peer lending and intervening in its money markets.

The government also urged banks to increase the length of time of their loans after concerns about short-term borrowing could be leading to asset bubbles.

"All financial futures were affected by this," said a Shanghai-based trader.

The most-active January iron ore on the Dalian Commodity Exchange was down 4.8 percent at 433.50 yuan ($65) a tonne by midday. The contract touched 460.50 yuan on Wednesday, the highest since August 2014.

On the Shanghai Futures Exchange, construction-used rebar also for January delivery slid 2.5 percent to 2,532 yuan per tonne. Other steelmaking futures also fell including coking coal which lost 2.5 percent and coke which dropped almost 4 percent.

Despite Thursday's retreat, the outlook for steel prices remains bright, with sentiment supported by China's sustained steps to tackle overcapacity, traders said.

The government has promised to cut steel capacity by 45 million tonnes this year and has achieved 47 percent of that target by end-July.

"The government is taking real action to cut production capacity and this should continue to support steel prices," said the Shanghai trader.

With steel margins supported by firmer prices, there should be sustained appetite for raw material iron ore, particularly for imported cargoes as domestic production is limited, the trader said.

"Mills are also looking for high-grade material to boost their steel production," he added.

Iron ore for delivery to China's Tianjin port has sustained above $61 a tonne in recent days, standing at $61.50 on Wednesday, nearly flat from Tuesday, according to The Steel Index.

The spot benchmark, which touched a 3-1/2-month high of $61.80 on Aug. 16, has gained more than 43 percent this year to be among the best performing commodities, outpacing oil.

Copyright Reuters, 2016

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parvezjabri@yahoo.com (Parvez Jabri) Asia Thu, 25 Aug 2016 07:04:56 +0000
Palm in line for weekly decline tracking weaker rival oils http://www.brecorder.com/markets/commodities/asia/315582-palm-in-line-for-weekly-decline-tracking-weaker-rival-oils.html http://www.brecorder.com/markets/commodities/asia/315582-palm-in-line-for-weekly-decline-tracking-weaker-rival-oils.html imageKUALA LUMPUR: Malaysian palm oil futures were in line for their first session of declines in three on Thursday morning, weighed down by weaker related vegetable oils, despite strong cargo surveyor export data for August.

Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange fell 1.5 percent to 2,560 ringgit ($635) per tonne at the midday break, its sharpest drop since August 18.

Palm is in line for its first week of losses after seeing gains for three consecutive weeks on tight supplies and stronger demand. Currently, palm is down 0.7 percent for the week.

Traded volumes stood at 24,587 lots of 25 tonnes each on Thursday noon.

"Bean oil, soybean, and Dalian are all lower," said a futures trader from Kuala Lumpur, referring to China's Dalian Commodity Exchange.

Chicago soybean futures hit their lowest levels since mid-August on expectations of a bumper crop harvest.

In competing vegetable oils, the Chicago Board of Trade soybean oil December contract fell 1 percent, while the January soybean oil contract on the Dalian Commodity Exchange dropped 1.8 percent.

Palm oil exports rose 31.1 percent during the August 1-25 period compared with a month ago on better Indian demand, according to data from cargo surveyor Intertek Testing Services, but palm's downtrend remained.

"There are no aggressive buyers here yet, and palm's nearby month prices are already at a premium," said the trader.

Palm oil is expected to seek a support at 2,522 ringgit per tonne before resuming its uptrend, showed analysis by Reuters market analyst for commodities and energy technicals Wang Tao.

Copyright Reuters, 2016

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parvezjabri@yahoo.com (Parvez Jabri) Asia Thu, 25 Aug 2016 06:59:09 +0000
Bangladesh tea prices rise for fourth straight week http://www.brecorder.com/markets/commodities/asia/315447-bangladesh-tea-prices-rise-for-fourth-straight-week.html http://www.brecorder.com/markets/commodities/asia/315447-bangladesh-tea-prices-rise-for-fourth-straight-week.html imageDHAKA: Tea prices in Bangladesh rose for a fourth straight week at the weekly auction on Tuesday, on strong demand for quality leaf amid lower supplies.

Bangladesh tea fetched an average of 229.48 taka ($2.8) per kg at the auction, the 17th of the new marketing season, compared with 225.69 taka in the previous sale.

There was robust demand for quality tea and buyers were ready to pay premiums which helped prices rise, while supplies were lower than last week, the National Brokers said in a market report.

About 2.22 million kg were offered at the sole auction centre in Chittagong, of which about 6 percent went unsold. In the previous auction, about 6.4 percent of the 2.28 million kg on offer, the highest level of the season, went unsold.

Bangladesh has moved from being a net exporter to a net importer of tea due to rising consumption.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Wed, 24 Aug 2016 13:33:05 +0000
TOCOM hits near three-week low on softer oil prices http://www.brecorder.com/markets/commodities/asia/315444-tocom-hits-near-three-week-low-on-softer-oil-prices.html http://www.brecorder.com/markets/commodities/asia/315444-tocom-hits-near-three-week-low-on-softer-oil-prices.html imageTOKYO: Benchmark Tokyo rubber futures ended slightly lower on Wednesday, after hitting a near three-week low earlier in the session, pressured by softer oil prices, but trades were thin with many investors staying reluctant to take bets amid low volatility.

"Trade remained lacklustre even though Japan's traditional Obon holiday ended last week," said a Tokyo-based dealer.

"There were no major reasons to sell, but a rumour that shipment in Thailand is on the rise partly weighed on the market," he said.

The Tokyo Commodity Exchange (TOCOM) rubber contract for January delivery ended down 0.4 yen at 151.7 yen ($1.52) per kg. It touched its lowest since Aug. 5 at 151.1 yen in an overnight session, hurt by weakening oil prices.

Brent oil fell 1.5 percent on Wednesday on an unexpected increase in U.S. crude stocks that revived worries about the supply glut that has capped prices for the past two years.

"There is no clear direction in the market right now. No one wants to make bets under the current condition," the dealer said.

The TOCOM futures, which set the tone for tyre rubber prices in Southeast Asia, have been stuck within a narrow-trading range of between 145 and 165 yen since late May.

The most-active rubber contract on the Shanghai futures exchange for January delivery fell 30 yuan to finish at 12,615 yuan ($1,896.79) per tonne, extending losses into a third session.

The front-month rubber contract on Singapore's SICOM exchange for September delivery last traded at 126.3 U.S. cents per kg, down 1.3 cent.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Wed, 24 Aug 2016 13:27:11 +0000
Palm oil rises for a second day on higher export outlook http://www.brecorder.com/markets/commodities/asia/315438-palm-oil-rises-for-a-second-day-on-higher-export-outlook.html http://www.brecorder.com/markets/commodities/asia/315438-palm-oil-rises-for-a-second-day-on-higher-export-outlook.html imageKUALA LUMPUR: Malaysian palm oil futures saw a second day of gains on Wednesday due to tight supplies and expectations of stronger export data.

Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange rose 0.9 percent to 2,600 ringgit ($644) per tonne at the end of the trading day. It had climbed to 2,623 ringgit, its highest since August 19.

Traded volumes stood at 38,035 lots of 25 tonnes each in the evening, below the 2015 average of 44,600.

"The market is steady because of short supplies," said a trader based in Kuala Lumpur.

"Coupled with good exports, the market is holding well. Data for tomorrow will be friendly," he added, referring to export numbers from cargo surveyors Intertek Testing Services and Societe Generale de Surveillance.

Traders expect Malaysian palm oil shipments between Aug. 1-25 to rise from the same time period last month, as demand from top consumers China and India grows.

Palm oil exports rose around 25 to 27 percent between Aug. 1-20 versus the same period in July, aided by stronger demand from India.

While output of the tropical oil is seen rising on-month on seasonal trend, it is recording lower year-on-year production as it remains affected by the lagged effects of the El Nino.

The dry weather event brings hot conditions across Southeast Asia, lowering palm yields in top producer Indonesia and in Malaysia.

Palm oil is expected to break price chart resistance at 2,607 ringgit per tonne and rise further to 2,668 ringgit, said Wang Tao, a Reuters market analyst for commodities and energy technicals.

In related vegetable oils, the Chicago Board of Trade soybean oil December contract gained 0.03 percent, while the January soybean oil contract on the Dalian Commodity Exchange rose 0.9 percent.

Copyright Reuters, 2016

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imad_kueconomist@yahoo.com (Imaduddin) Asia Wed, 24 Aug 2016 13:05:17 +0000