06252016Sat
Last update: Sat, 25 Jun 2016 11am

Asia

Markets - Commodities - Asia

China steel futures extend gains on firm orders, steady inventories SHANGHAI: Chinese steel futures rose for a third consecutive session and hit a one-week high on Wednesday, as a pick up in orders by steel mills and the absence of a spike in inventories despite an expected seasonal lull in construction underpinned prices. The most active rebar futures for October delivery on the Shanghai Futures Exchange rose 2.8 percent to 2,143 yuan ($325.27) a tonne by close, the highest since June 14."Investors have raised hopes that downside risk for prices is small after a big slump in May while steel mills' orders unexpectedly picked up and market inventories did not pile up," said Zhao Chaoyue, an analyst with Merchant Futures in Shenzhen.Total inventories of five steel products, including hot-rolled coil for machinery use and rebar for construction use, remained unchanged at 8.126 million tonnes in June versus a month ago, the China Iron & Steel Association said on Monday.Typically, steel ...

Markets - Commodities - Asia

Palm ends more than 1pc lower on stronger ringgit KUALA LUMPUR: Malaysian palm oil futures hit a more than five-month low on Tuesday, their 11th fall in 12 sessions, as a stronger ringgit and bearish fundamentals pulled down markets, and as traders forecast output would rise in the coming months.The ringgit, the currency palm is traded in, gained 0.7 percent to 4.0320 against the dollar in late trade on Tuesday, making palm oil more expensive for foreign currency holders.Benchmark palm oil futures for September ...

Markets - Commodities - Asia

LME copper may rise to $4,675 SINGAPORE: LME copper may rise to $4,675 per tonne, as it has broken a resistance at $4,602.The resistance was provided by the 14.6 percent Fibonacci projection level of a big wave C, the third wave of a three-wave cycle from the Jan. 15 low of $4,318. The next resistance will be at $4,675, the 23.6 percent level.This wave may at least travel to $4,794, the 38.2 percent level. At its full capacity, the wave C ...

Markets - Commodities - Asia

LME aluminium to rise to $1,648 SINGAPORE: LME aluminium is expected to rise to $1,648 per tonne, as it has broken a resistance at $1,624.The resistance was provided by the 86.4 percent Fibonacci projection level of an upward wave C, the third wave of a three-wave cycle from the Nov. 23, 2015 low of $1,432.50. The next resistance will be at $1,648, the 100 percent level, a break above which could lead to a gain to the 114.6 percent level at ...

Markets - Commodities - Asia

Japan May crude steel output falls on bleak domestic demand TOKYO: Japan's crude steel output fell in May from a year ago, after rising in April for the first time in 19 months, as domestic demand continues to slump.May crude steel output slid 0.9 percent from a year earlier to 8.84 million tonnes, the Japan Iron and Steel Federation said on Tuesday. Output increased 4 percent from April.The drop in production raises doubts about Tokyo's efforts to reignite growth and end decades of deflation."Local steel ...

Markets - Commodities - Asia

Palm hits more than 5-month low as ringgit firms; output seen higher  KUALA LUMPUR: Malaysian palm oil futures hit a more than five-month low in early trade on Tuesday, their 11th fall in 12 sessions, as a stronger ringgit and bearish fundamentals pulled down markets, and as traders forecast output would rise in the coming months.Export demand is also expected to taper off after Ramadan, the Muslim religious season that typically sees a higher demand for palm oil for cooking. Exports however decline after the festival period, ...

Markets - Commodities - Asia

Vietnam Coffee-Premiums steady; 2016/2017 output seen down 7pc HANOI: Vietnamese coffee prices rose on Tuesday, following gains in global robusta futures and after the U.S. agriculture department projected the top robusta producer would see a smaller crop next season.Vietnamese supply has been the main source of the bitter beans used mostly for making soluble coffee in recent months as the harvest in Indonesia, its rival producer, has been delayed due to dry weather.ICE September robusta settled up 1.1 percent at $1,693 per tonne ...