05062016Fri
Last update: Fri, 06 May 2016 12pm

Asia

Markets - Commodities - Asia

Indonesia palm oil tax increase may reduce exports, revenues JAKARTA: Indonesia on Wednesday raised its palm oil export tax for the first time since October 2014, a move that threatens to dent shipments and export revenues from the world's top producer of the edible oil.Indonesia will set the crude palm oil (CPO) tax at $3 per tonne in May, Nurlaila Nur Muhammad, the director of export of agriculture and forestry products at the Trade Ministry, said on Wednesday.Indonesia raised the tax based on the assumption of a CPO reference price of $754.10 a tonne in May, up from $682.32 in April, Nurlaila said. When palm oil prices exceed $750, Indonesia's CPO exports are subject to a dollar tax rate running from $3 to $200 per tonne, as well as a separate $50 a tonne export levy.Palm oil is Indonesia's third-biggest source of export revenue after oil and natural gas shipments and coal. But, the value of the country's palm ...

Markets - Commodities - Asia

Palm falls to near two-week low on stronger ringgit, rising output KUALA LUMPUR: Malaysian palm oil futures declined to their lowest levels in nearly two weeks on Wednesday evening, as the ringgit recovered from a one-week low against the dollar and as traders cashed in on slow exports and improving output.A stronger ringgit, the currency palm oil is traded in, makes the vegetable oil more expensive for foreign currency holders. The ringgit rose 0.3 percent to trade at 3.91 to the dollar in the evening, having ...

Markets - Commodities - Asia

Vietnam rice prices dip, Thai prices stable HANOI: Vietnamese exporters lowered rice offer prices this week on thin buying demand, but were still unable to compete with Pakistani grain rates, while Thai prices were stable on tight supply, traders said on Wednesday.Farmers in Vietnam's Mekong Delta have been waiting for the rainy season to start planting their next summer-autumn crop. However, the dry weather might continue until late May, state forecasters said.Vietnam's 5-percent broken rice stood at $370-$375 a tonne, free-on-board (FOB) ...

Markets - Commodities - Asia

Iron ore, steel lead China commodities retreat as curbs bite MANILA: Iron ore and steel futures in China fell again on Wednesday as authorities raised trading costs to deter speculative investors believed to be behind last week's big spike in prices and volumes, which had raised fears of a destabilising crash. The Dalian Commodity Exchange said it would double the transaction fees on steelmaking raw materials coking coal and coke futures from Thursday, the fourth increase in a week.Dalian has also raised the transaction fees ...

Markets - Commodities - Asia

Spot gold may test resistance at $1,250 SINGAPORE: Spot gold may test a resistance at $1,250 per ounce, a break above which could lead to a gain to the next resistance at $1,267. These resistances are identified respectively as the 14.6 percent and the 7 percent Fibonacci retracements on the uptrend from the Dec. 31, 2015 low of $1,058 to the March 11 high of $1,282.51.Wave pattern suggests that the metal is riding on a wave (5), the fifth wave of a ...

Markets - Commodities - Asia

LME aluminium neutral in $1,632-$1,659 range SINGAPORE: LME aluminium looks neutral in a range of $1,632-$1,659 per tonne, and an escape will point a direction. The range is formed by the 186.4 percent and the 223.6 percent Fibonacci projection levels of an upward wave 3, the third wave of a five-wave cycle from the March 24 low of $1,475.This wave seems to be incomplete, as it may eventually travel to $1,687, the 261.8 percent level. However, to reach this target, the ...

Markets - Commodities - Asia

Shanghai copper neutral in 37,510-38,100 yuan range SINGAPORE: Shanghai copper looks neutral in a range of 37,510-38,100 yuan per tonne, and an escape could point a direction.The range is formed by the 61.8 percent and the 38.2 percent Fibonacci retracements on the rise from 36,570 yuan, an hourly chart low touched on April 18 and the April 25 high of 39,040 yuan.A break above 38,100 yuan could lead to a gain to the 23.6 percent level at 38,460 yuan. However, the bias ...