08292016Mon
Last update: Mon, 29 Aug 2016 12pm

Asia

Markets - Commodities - Asia

Gold edges up, but equities rally limits gains SINGAPORE: Gold edged higher on Wednesday after falling more than 1 percent in the previous session but gains were capped as Greece's plan to end a standoff with creditors sharpened appetite for risky assets.Spot gold was up 0.3 percent at $1,263.95 an ounce by 0716 GMT, after falling 1.2 percent on Tuesday, which marked gold's fourth drop in five sessions."Appetite for risk now appears higher and that is spurring some rotation of funds away from the safe havens in the yen and gold to riskier assets such as equities and the euro," Phillip Futures investment analyst Howie Lee said in a note."Barring any downside black swan events, it is now increasingly unlikely that we could see gold racing for $1,300 again in the near future."Spot gold has largely fallen since hitting a five-month peak of $1,306.20 on Jan. 22, paring the metal's year-to-date gain to less than 7 percent.U.S. gold ...

Markets - Commodities - Asia

India's coffee exports to fall 10 pct on lower arabica output MUMBAI: India's annual exports of coffee are set to drop by more than a tenth in the marketing year ending Sept. 30, hit by lower output of the arabica variety as farmers' demand for higher prices erodes overseas competitiveness.Lower shipments by India, the world's sixth-biggest coffee producer, could further stiffen global prices of arabica, which jumped 50 percent in 2014. Italy, Germany and Belgium are India's main coffee buyers."Exports will drop by at least 10 ...

Markets - Commodities - Asia

Palm oil climbs to 1-week high on biodiesel hopes KUALA LUMPUR: Malaysian palm oil futures climbed to their highest in a week on Wednesday, tracking cues from crude markets and as investors pinned hopes that Indonesia's plan to raise biodiesel subsidies will boost its consumption.Indonesia's government on Tuesday proposed a threefold increase in its biodiesel subsidies to 5,000 rupiah (40 US cents) per litre from 1,500 rupiah, aimed at protecting the top producer's fledgling biofuel industry against lower crude prices.While the proposal still needs ...

Markets - Commodities - Asia

Chinese copper output growth seen slowing as demand for scrap is cut HONG KONG: Chinese copper producers are cutting demand for raw material scrap due to low margins at a time of weak metal prices, which could slow down growth in China's production of refined copper this year, industry sources said.It could also make producers more dependent on copper concentrates, boosting demand for imports.China is the world's top producer and consumer of refined copper. Nearly a third of its output has come from copper scrap in the ...

Markets - Commodities - Asia

Gold struggles as Greek plan boosts equities SINGAPORE: Gold steadied on Wednesday after falling more than 1 percent in the previous session as Greece's plan to end a standoff with creditors lifted the appetite for risky assets such as equities.Spot gold was up 0.2 percent at $1,262.04 an ounce by 0403 GMT, after falling 1.2 percent on Tuesday, which marked gold's fourth drop in five sessions."Appetite for risk now appears higher and that is spurring some rotation of funds away from the ...

Markets - Commodities - Asia

Vietnam rice prices fall to 4-1/2-year low HANOI: Vietnam's 25-percent broken rice prices dropped nearly 4 percent from a week ago to $320-$325 a tonne free-on-board on Wednesday, before harvesting of the country's biggest crop peaks next month, traders said.The lower end of Wednesday's quotation range for one of Vietnam's most popular export grades is the lowest since July 28, 2010 when the variety stood at $315 a tonne, Thomson Reuters data shows.The 5-percent broken rice price has also weakened to $355-$360 ...

Markets - Commodities - Asia

Around 12mn tonnes of iron ore stuck at Indian ports SINGAPORE/NEW DELHI: Around 12 million tonnes of low-grade iron ore has been stuck at Indian ports for months, stranded as hefty export taxes and plunging prices make higher quality ore more appealing to buyers, said industry and government officials.Indian steel producers, many of which have been buying iron ore overseas amid short supply at home, are unable to use the low-grade material, which is typically shipped to top market China.The stranded ore is bad news ...