08282016Sun
Last update: Sun, 28 Aug 2016 05pm

Asia

Markets - Commodities - Asia

Iron ore heads for 3rd weekly gain in four on firm Chinese steel MANILA: Spot iron ore prices were on course for a third weekly gain in four after scaling a 3-1/2-month high as firmer steel prices in top market China supported appetite for the raw material. Higher iron ore futures in China suggest further increases for spot prices that have risen nearly 42 percent this year to be among the best performing commodities."The mills are enjoying good profits so they have incentive to buy raw material and try to produce as much steel as they can," said a Shanghai-based iron ore trader.Iron ore for delivery to China's Tianjin port slipped 0.5 percent to $60.80 a tonne on Thursday, according to The Steel Index.But the spot benchmark was still up 1 percent for the week after hitting $61.80 on Tuesday, its loftiest since May 3, and could extend that gain amid stronger Chinese futures.The most-active iron ore on the Dalian Commodity Exchange was ...

Markets - Commodities - Asia

Palm set for 3rd weekly gain on tight supplies, firm exports KUALA LUMPUR: Malaysian palm oil futures rose on Friday and were on track to post their third consecutive weekly gain, boosted by tight supplies and expectations of better exports.Benchmark palm oil futures for November on the Bursa Malaysia Derivatives Exchange rose 1.6 percent to 2,616 ringgit ($653) per tonne by midday, after dropping more than 2 percent in the previous session. Traded volumes stood at 25,140 lots of 25 tonnes each at noon.For the week, ...

Markets - Commodities - Asia

Soybeans ease after rally to 4-week top, corn up for 5th day SINGAPORE: Chicago soybean prices slid on Thursday as the market took a breather after climbing to a four-week high earlier in the session on the back of strong purchases by top importer China.Corn rose for a fifth consecutive session on expectations of strong demand from animal feed makers and short-covering, while wheat dipped after closing marginally higher on Wednesday.The Chicago Board of Trade most-active soybean contract had fallen 0.2 percent to $10.13-3/4 a bushel by ...

Markets - Commodities - Asia

Palm falls from 10-week top on market correction, stronger ringgit KUALA LUMPUR: Malaysian palm oil futures retreated from a 10-week high in early trade on Thursday, falling on a market correction and dragged down by a stronger ringgit.Benchmark palm oil futures for October on the Bursa Malaysia Derivatives Exchange declined 0.6 percent to reach 2,627 ringgit ($658) per tonne at the midday break, having touched a high of 2,668 ringgit on Wednesday evening.The market rose 4 percent on Wednesday for its strongest one-day gain in ...

Markets - Commodities - Asia

Coal comes out of years of pain to be one of 2016's hottest commodities SINGAPORE: Thermal coal prices were the first major energy fuel to go into a tailspin, shedding 70 percent in value between 2011 and late 2015, and analysts from the International Energy Agency (IEA) to Goldman Sachs last year said coal was in terminal decline.Yet not even a year on, the picture has changed: Driven by a sharp cut in Chinese coal mining and strong demand across the Asia Pacific region, including South Korea, Japan and ...

Markets - Commodities - Asia

Spot gold may rise above neutral range of $1,337.22-$1,358.01 SINGAPORE: Spot gold is biased to rise above a neutral range of $1,337.22-$1,358.01 per ounce, and rise into the range of $1,365-$1,373, as it is approaching $1,358.01. The range is formed by the Aug. 17 low and the Aug. 16 high. A break above $1,358.01 could confirm the progress of an upward wave C - the third wave of a three-wave cycle from the July 21 low of $1,310.56, towards the range formed by its ...

Markets - Commodities - Asia

TOCOM rises on yen's fall from 7-week top TOKYO: Benchmark Tokyo rubber futures rose on Wednesday toward a three-week high hit in the previous session, supported by the yen's fall from a seven-week top against the U.S. dollar, but trades were thin with many investors away for summer holidays.The dollar extended its recovery against the yen after bouncing back from a seven-week low on the back of hawkish comments from a pair of Federal Reserve officials on Tuesday.A weaker yen makes yen-denominated assets ...