06272016Mon
Last update: Mon, 27 Jun 2016 10am

Asia

Markets - Commodities - Asia

South Korea says imposes rice import tariff of over 500pc, major exporters concerned SEOUL: South Korea confirmed on Tuesday it had begun to impose a tariff of over 500 percent on rice imports from the start of the year, but added that five members of the World Trade Organization had raised concerns over the level. Asia's fourth-largest economy wants to protect farmers after scrapping a cap on politically sensitive imports of the main staple in line with international trade commitments made via the WTO. In September, it set the tax at 513 percent, saying that was the highest rate possible under parameters set by the WTO. A joint statement by the country's finance, trade and agriculture ministries on Tuesday added that Seoul would hold bilateral talks with its main foreign rice suppliers to ease concerns over how the rate was calculated. Those countries are the United States, China, Thailand, Vietnam and Australia. South Korea is broadly self-sufficient in the grain, but under the ...

Markets - Commodities - Asia

Gold prices firm above $1,200 on safe-haven bids SINGAPORE: Gold prices firmed above $1,200 an ounce on Tuesday, as tumbling global equities and concerns over Greece's future in the euro zone prompted investors to seek safety in the metal.Asian shares took a hit on Tuesday from sliding oil prices and political uncertainty in Greece. On Monday, both the Dow Jones industrial average and S&P 500 suffered their biggest one-day declines in about three months.There is increasing speculation that Greece might exit the euro ...

Markets - Commodities - Asia

CBOT soybeans to rise to $10.70 SINGAPORE: CBOT soybeans March contract may break a resistance at $10.45-1/2 per bushel and rise further to $10.70.The resistance is at the 23.6 percent Fibonacci projection level of an upward wave C, which started at the Jan. 2 low of $10.05-1/2. It is the third wave of a bigger three-wave cycle that developed from the Sept. 29, 2014 low of $9.22-1/4.This wave is capable of travelling to $11.74-1/2, its 100 percent level. A realistic target, ...

Markets - Commodities - Asia

China's iron ore, rebar futures rise on supply worries SHANGHAI: China's iron ore futures jumped 3.6 percent on Tuesday morning to reach their highest level since November, as bad weather in Australia, the world's biggest producing nation, threatened to disrupt shipments.A tropical low pressure system is bringing heavy rain and floods to northwest Australia, with a chance of up to 50 percent that it could strengthen into a tropical cyclone by Wednesday.Ports in Australia may have to be closed as a result of the ...

Markets - Commodities - Asia

Copper hits 4-1/2 year low, hurt by dollar, Chinese export rebate KUALA LUMPUR/LONDON: Copper hit its lowest in 4-1/2 years on Monday, hit by a rising dollar and uncertainty on demand from consuming giant China after a new export tax rebate for some copper products.Three-month copper on the London Metal Exchange (LME) was down almost 2 percent at $6,133 per tonne by 1548 GMT, having earlier hit its lowest since June 2010 at $6,095.50.The dollar traded at its highest since early 2006 against the euro due ...

Markets - Commodities - Asia

Vietnam to ship 7mn-7.5mn T rice in 2015 HANOI: Vietnam is projected to export 7 million to 7.5 million tonnes of rice this year, mainly to China and Southeast Asian countries, after shipping around 7.5 million in 2014, a state-run online news site said, citing industry targets.The sales may include 2.4 million tonnes to China, the top buyer of Vietnam's rice, while 1.5 million to 2.0 million tonnes could go to the Philippines, the Customs Department news site (baohaiquan.vn) said, citing Vietnam Food ...

Markets - Commodities - Asia

Palm oil falls in choppy trade; oil, ringgit slide KUALA LUMPUR: Malaysian palm oil futures fell in choppy trade on Monday, dragged lower as oil prices slid to fresh 5-1/2-year lows, although losses in the ringgit and concerns over floods curbing palm supply propped up the market.Oil prices dropped to fresh 5-1/2-year lows on Monday as worries about a surplus of global supplies and lacklustre demand dragged on oil markets.Cheaper oil prices dent energy sector demand for palm as a biodiesel feedstock.However, they have ...