12082016Thu
Last update: Thu, 08 Dec 2016 05am

Asia

Markets - Commodities - Asia

Iron ore to end 5-weeks rally as futures slump; China demand seen capped MANILA: Spot iron ore prices were headed for their first weekly loss in six on Friday, as sliding futures and signals of slower Chinese demand for the steelmaking raw material pulled the commodity away from a two-year high. Chinese iron ore futures have fallen nearly 16 percent from Monday's 33-month peak as speculators pulled out of commodities markets after exchanges hiked trading costs to rein in recent sharp gains."There's a bit of cooling off in speculative trading and when things settle down, people will look at fundamentals," said Argonaut Securities analyst Helen Lau.Further, China's efforts to address overcapacity in its bloated steel sector suggests limited demand for iron ore going forward, Lau added.The most-traded January iron ore on the Dalian Commodity Exchange was down 1.6 percent at 554.50 yuan ($80) a tonne by midday.Those losses could weigh on the spot iron ore benchmark which stood at $73.55 a tonne on ...

Markets - Commodities - Asia

Palm heads for first session of fall in three on weaker rival oils KUALA LUMPUR: Malaysian palm oil futures dropped in first-half trade on Friday and were headed for their first session of fall in three, tracking weaker rival oils on the Chicago Board of Trade (CBOT) and China's Dalian Commodity Exchange.Also, weighing on sentiment were forecasts of higher output in Indonesia, the world's top producer of palm.Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were down 0.8 percent at 2,852 ringgit ($647) ...

Markets - Commodities - Asia

China reverses coal mining curbs as winter approaches BEIJING: China adopted new rules to stimulate coal production on Thursday to counter surging prices and Premier Li Keqiang said the country had to balance demand for heating over winter with efforts to tackle pollution. Li's comments came after state planner the National Development and Reform Commission (NDRC) ruled that all coal mines that abide by production safety rules can operate 330 days a year rather than 276 days previously. Analysts and traders said the ...

Markets - Commodities - Asia

TOCOM hits 16-month high on hopes of strong Chinese demand TOKYO: Benchmark Tokyo rubber futures hit a near 16-month high on Thursday, extending gains for a third day, buoyed by expectations of higher demand from top buyer China and supply worries, though it pared some of its earlier gains on profit-taking.Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have risen more than 30 percent since the end of September, while the Shanghai rubber futures have gained more ...

Markets - Commodities - Asia

Soybeans rebound as dollar catches breath; supplies cap gains SINGAPORE: Chicago soybean futures edged higher on Thursday as a slight decline in the US dollar supported the market even as global supplies capped gains.Corn and wheat also gained ground after declining on Wednesday.The Chicago Board Of Trade most-active soybean contract rose 0.1 percent to $9.87 a bushel by 0350 GMT, after closing 0.4 percent lower on Wednesday.Corn rose 0.3 percent to $3.39-1/2 a bushel after losing 0.9 percent in the previous session. Wheat rose ...

Markets - Commodities - Asia

Palm oil edges higher on weaker ringgit, stronger Dalian KUALA LUMPUR: Malaysian palm oil futures rose in early trade on Thursday, aided by a weaker ringgit , which hit a near 10-month low, and stronger-performing rival oils on China's Dalian Commodity Exchange.A weaker ringgit usually lends support to palm by making it cheaper for foreign currency holders. It reached 4.3850 per dollar around noon, its weakest levels since Jan. 20.Palm oil was also supported by expectations of lower output growth in November.Benchmark palm oil ...

Markets - Commodities - Asia

Copper slips for third day with dollar near 13-1/2-year top; Yellen eyed MANILA: London copper futures dropped for a third session on Thursday as the dollar stayed near a 13-1/2-year high, pulling the industrial metal further away from its strongest level since June 2015 after a rally that many doubt could be sustained.The industrial metal has fallen 10 percent since last week's surge that was stoked by expectations of increased U.S. infrastructure spending with Republican Donald Trump's upset election victory."It's clear that the strengthening U.S. dollar is ...