06302016Thu
Last update: Thu, 30 Jun 2016 08am

Asia

Markets - Commodities - Asia

Gold extends gains as Brexit aftermath spurs safe-haven draw BENGALURU: Gold climbed on Monday, trading near a more than two-year peak reached in the previous session, as investors sought refuge in the safe-haven amid economic and political uncertainty after Britain voted to exit the European Union.Bullion surged 4.8 percent on Friday, its biggest single-day gain since January 2009, as the British exit, or Brexit, forced a selloff in risky assets from industrial commodities to stocks and sterling. The pound and Asian stocks continued to reel on Monday.Prime Minister David Cameron said he would step down after the vote that dealt the biggest blow since World War Two to the European project of forging greater unity.British Finance Minister George Osborne, who had warned during the campaign that a Brexit would cause financial market volatility, scheduled a statement for 0600 GMT on Monday to provide reassurance about "financial and economic stability".Spot gold rose as much as 1.5 percent to $1,335.30 an ...

Markets - Commodities - Asia

Soybeans rebound as markets eye US weather, Chinese demand  SINGAPORE: Chicago soybeans rose 1.7 percent on Monday on expectations of strong Chinese demand and concerns about the US weather underpinning the market which slid in the last session after Britain voted to leave the European Union.Corn rose one percent on Monday after last week suffering its biggest weekly decline in three years, while wheat edged higher.The Chicago Board of Trade most-active soybean contract gained 1.7 percent to $10.96-3/4 a bushel by 0310 GMT and ...

Markets - Commodities - Asia

Shanghai steel rallies 5pc as China moves to consolidate sector MANILA: Shanghai steel futures climbed more than 5 percent on Monday, touching a seven-week high, propped up by China's efforts to consolidate the sector to improve efficiency amid global calls for Beijing to cut its excess capacity.China's Baosteel Group and Wuhan Iron and Steel Group, the country's No.2 and No. 4 steelmakers are planning to restructure their businesses, but did not give details in separate stock exchange filings on Sunday.The announcement came as China's top ...

Markets - Commodities - Asia

Corn, wheat, soybeans slide as Britain votes to exit EU SINGAPORE: Chicago corn lost around 2 percent on Friday while soybeans and wheat gave up more than 1 percent as Britain's vote to leave the European Union rattled global financial and commodity markets.Carnage came to world markets after results showed a near 52 percent voted for Britain's exit from the European Union, sending sterling on a record plunge and pummelling share markets around the globe."The agricultural markets have been caught in the storm on Brexit," ...

Markets - Commodities - Asia

NY coffee may fall to $1.4070 SINGAPORE: New York September coffee , may fall below a support at $1.4220, towards the next support at $1.4070, affected by today's market turbulence.The contract faces a resistance at $1.4345, the 50 percent Fibonacci projection level of an upward wave c, which is the third wave of a presumed three-wave cycle from the June 13 low of $1.34.The 38.2 percent level at $1.4220 works as a support, a break below which could cause a loss ...

Markets - Commodities - Asia

South Korea's KOSPO buys 276,000 T coal for Sept-Oct SEOUL: South Korea's Korea Southern Power Co Ltd (KOSPO) bought a total of 276,000 tonnes of Russian steaming coal for arrival between September and October via spot tenders that closed on Thursday, a source from the utility said on Friday. The utility had originally sought to purchase three 138,000-tonnne lots of coal, but the source said it passed to buy 138,000 tonnes of Colombian origin coal due to high prices. The utility would reissue a ...

Markets - Commodities - Asia

NY cocoa may retrace into $3,080-$3,136 range SINGAPORE: New York September cocoa faces a trendline resistance at $3,190 per tonne and may retrace into $3,080-$3,136 range. The trendline descends from the Dec. 7, 2015 high of $3,392. A break above this line could lead to a gain to $3,226. However, Friday's market turbulence could have some impact on cocoa, forcing it to drop into the range formed by the 61.8 percent and the 76.4 percent Fibonacci projection levels of an upward wave ...