12082016Thu
Last update: Thu, 08 Dec 2016 05am

Asia

Markets - Commodities - Asia

Indian cash crunch hits gold demand during peak wedding season MUMBAI/BENGALURU: Mumbai resident Shashikant Zhalte's wedding this weekend will be less sparkling than his family had hoped, thanks to a cash shortage following Indian Prime Minister Narendra Modi's shock withdrawal of high-value notes to fight "black money". Zhalte bought gold jewellery for his wife-to-be months ago, but had delayed purchases for his mother and sisters. Then came the Modi bombshell on Nov. 8, in the middle of the wedding season when gold demand spikes, forcing Zhalte to drop his plans to buy an additional 50 gms, worth around $2,200.The scenario is being played out across India, the world's second biggest consumer of gold, where it is customary to gift jewellery in marriages. The wedding season stretches from September to April, and Thomson Reuters-owned metals consultancy GFMS says it accounts for more than half of the country's annual demand for gold. More than two-thirds of that demand of around 800 tonnes ...

Markets - Commodities - Asia

RUBBER-TOCOM hits 1-1/2-year high, but ends lower on profit-taking TOKYO: Benchmark Tokyo rubber futures touched a 1-1/2-year high on Friday as the yen fell to multi-month lows against the dollar, but ended lower on profit-taking though it still marked a 13 percent weekly gain."The recent rally has been supported by the yen's fall and expectations of higher demand in China," said Hiroyuki Kikukawa, general manager of research at Nissan Securities."But investors took profits after the sharp gain and ahead of the weekend," he added. ...

Markets - Commodities - Asia

India may impose curbs on domestic gold holdings NEW DELHI: The Indian government may impose curbs on domestic holdings of gold as Prime Minister Narendra Modi intensifies a fight against "black money", news agency NewsRise reported, citing an unnamed finance ministry official. NewsRise did not provide further details. A finance ministry spokesman declined to comment on the report.Gold premiums in India jumped to two-year highs last week as jewellers ramped up purchases on fears the government might restrict imports after withdrawing higher-denomination notes ...

Markets - Commodities - Asia

Lower palm oil output into early next year likely to support prices SINGAPORE/NUSA DUA: Lower output of palm oil into early next year and tight supplies of rival soybean oil are likely to bolster prices for the tropical product in the short term after they hit a four-year high this week. Higher mandates for biodiesel production in the United States and Indonesia will further squeeze inventories of palm oil, used in products ranging from candy to cosmetics and cooking oil."The view is that production should recover from ...

Markets - Commodities - Asia

TOCOM hits 1-1/2-year high on yen's dip, firmer Shanghai TOKYO: Benchmark Tokyo rubber futures surged for a third straight session on Thursday to hit their highest levels since June 2015, as a sharp fall in the yen against the dollar and firmer Shanghai futures prompted a flurry of buying, dealers said.The Tokyo Commodity Exchange (TOCOM) rubber contract for April delivery finished up 9.3 yen, or 4.1 percent, at 238.8 yen ($2.11) per kg. Earlier in the session, it touched its highest level since June ...

Markets - Commodities - Asia

Palm surges 5 pct to 4-year high, tracking CBOT soyoil rally JAKARTA: Malaysian palm oil futures rose nearly 5 percent on Thursday to a four-year high, tracking a rally in soyoil on the Chicago Board of Trade (CBOT) on latest US government biodiesel requirements.Weakness in the ringgit against the dollar also helped palm oil as it makes the tropical oil cheaper for foreign buyers. The Malaysian currency touched its lowest since Sept. 30, 2015, tracking slides in most government bond prices.Benchmark palm oil futures for February ...

Markets - Commodities - Asia

South Korea's KOCOPIA buys about 55,000 tonnes corn from US HAMBURG: South Korea's Korea Corn Processing Industry Association (KOCOPIA) purchased about 55,000 tonnes of yellow corn which is likely to be sourced from the United States in a tender which closed on Wednesday, European traders said. The corn was purchased at $191.45 a tonne c&f including surcharge for additional port unloading, they said. Seller was said to be Daewoo, they said.The grain is for arrival in South Korean around March 5 and can contain genetically-modified ...