05242016Tue
Last update: Tue, 24 May 2016 08pm

Asia

Markets - Commodities - Asia

China steel, iron ore correction may be nearly over LAUNCESTON: Commodity markets like to throw up little ironies, the latest being China's steel futures having their worst week on record just as economic data came out that provided fundamental support for prices. The most-traded steel rebar contract on the Shanghai Futures Exchange lost 12 percent last week, the biggest weekly drop since the instrument was launched in 2009.It is now down some 25 percent since its closing peak this year on April 21, unwinding some of the 80 percent rally it enjoyed from the record low in December last year.The retreat in steel prices last week came just ahead of data on May 14 showing that property investment is one of the few bright spots in the Chinese economy.Real estate investment rose 9.7 percent in April from a year ago, according to Reuters calculations based on data from the National Bureau of Statistics, the same as in March.The bureau ...

Markets - Commodities - Asia

Asian vegetable oils track lower Chinese oils KUALA LUMPUR: Asian vegetable oil markets fell on Friday, with futures in China and Malaysia declining by 2-4 percent, hit by the effects of a sell-off on China's commodities market.Malaysian palm oil futures tracked refined, bleached and deodorised (RBD) palm olein on the Dalian Commodity Exchange, falling the most in five months on Friday.The most actively traded September contract for palm olein and the September soybean oil contract, both on the Dalian Commodity Exchange, fell ...

Markets - Commodities - Asia

Palm oil producers predict El Nino to hit 2016 output SINGAPORE: Southeast Asia's palm oil output is likely to drop in 2016 due to dry conditions from the El Nino weather pattern, while the cotton market will trade in a narrow range, Singapore-based trader Olam International said on Friday. Indonesia, the world's top palm oil producer, is likely to see output fall by about 2 million tonnes, while production in Malaysia, the No. 2 supplier, will decline by 1.2 million tonnes, Chief Executive Officer Sunny ...

Markets - Commodities - Asia

Soybeans fall for 3rd day on poor exports, drop in China's markets SINGAPORE/PARIS: Chicago soybeans slid for a third consecutive session on Friday with poor US weekly export data adding pressure on prices, but the market is still poised for a fifth week of gains, underpinned by forecasts for tighter supplies.Despite a fall on Friday, corn and wheat are also on track for weekly gains, though prices are expected to remain anchored by abundant global grain supplies.The Chicago Board of Trade's most-active soybean contract was down 0.9 ...

Markets - Commodities - Asia

Palm oil sees sharpest drop in a week, tracks Dalian palm olein KUALA LUMPUR: Malaysian palm oil futures eased on Thursday evening to see its sharpest drop in a week as it tracked a weaker Dalian palm olein oil and on a slightly stronger ringgit, which led to a downtrend in benchmark prices.The palm oil contract for July delivery on the Bursa Malaysia Derivatives Exchange was 1.2 percent lower at 2,646 ringgit ($659) per tonne at the close of trade, marking palm's second decline out of four ...

Markets - Commodities - Asia

Palm oil rises to near three-week high on demand, soybean rally KUALA LUMPUR: Malaysian palm oil climbed 0.7 percent on Wednesday to its highest in almost three weeks with prices rising for four out of six sessions on strong demand and a rally in soybeans.Chicago soybeans are trading near a 21-month high after the US government forecast lower world supplies as adverse weather cuts South American yields and demand from top importer China continues to rise.The palm oil contract for July delivery on the Bursa Malaysia ...

Markets - Commodities - Asia

Bangladesh issues tender to buy 50,000 T of wheat DHAKA: Bangladesh's state grain buyer issued an international tender on Wednesday to import 50,000 tonnes of milling wheat, an official with the government agency said. The deadline for offers is May 26, with validity up to June 6, and the wheat is to be shipped within 40 days of the signing of the contract, the official said. The tender came after three cargoes of Russian wheat, totalling 150,000 tonnes, were cancelled over quality concerns. However, ...