Wednesday, 24 April 2013 10:20
Posted by Shoaib-ur-Rehman Siddiqui
SINGAPORE: London copper climbed on Wednesday as brighter corporate earnings sparked a rush by shorts to cover, although prices held close to one-and-a-half year lows after a string of weak manufacturing data hurt demand expectations.While a drop in momentum in major North American, European and Asian economies capped prices, expectations that this would lead to more quantitative easing measures from global central banks ensured there was no renewed selling pressure on riskier assets, such as shares and metals.Three-month copper on the London Metal Exchange rose 0.51 percent to $6,905 a tonne by 0324 GMT, snapping a three-day losing streak but still within sight of an 18-month trough of $6,762.25 a tonne plumbed on Tuesday after weak data.The most-traded August copper contract on the Shanghai Futures Exchange rose by 1.16 percent to 49,700 yuan ($8,000) a tonne. It hit its lowest in almost three years at 48,460 yuan a tonne in ...
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SINGAPORE: London copper climbed on Wednesday as brighter corporate earnings sparked a rush by shorts to cover, although prices held close to one-and-a-half year lows after a string of weak manufacturing data hurt demand expectations.While a drop in momentum in major North American, European and Asian economies capped prices, expectations that this would lead to more quantitative easing measures from global central banks ensured there was no renewed selling pressure on riskier assets, such as shares and metals.Three-month copper on the London Metal Exchange rose 0.51 percent to $6,905 a tonne by 0324 GMT, snapping a three-day losing streak but still within sight of an 18-month trough of $6,762.25 a tonne plumbed on Tuesday after weak data.The most-traded August copper contract on the Shanghai Futures Exchange rose by 1.16 percent to 49,700 yuan ($8,000) a tonne. It hit its lowest in almost three years at 48,460 yuan a tonne in ...
HANOI: The price of rice exports from Vietnam, the world's second largest exporter of the grain, fell this week to its lowest since August 2010, squeezed by lack of foreign buying demand and rising supplies, traders said on Wednesday.A fall in rice prices in the past month in Vietnam could help boost sluggish demand and keep the southeast Asian nation competitive as buyers have turned to cheaper grain from India, the world's biggest exporter, or ...
SINGAPORE: Spot iron ore prices drifted to a more than two-week low, reflecting slower buying interest from Chinese mills as they wait for steel demand in the world's top consumer to strengthen.Shanghai steel futures hit fresh 7-1/2-month lows on Wednesday, before regaining some ground, on worries slower economic growth would curb demand for the building material that is usually most sought in the seasonally strong second quarter."Our steel clients are telling us that the market ...
RABAT: Morocco expects its cereal harvest this year to jump to 9.7 million tonnes, including 5.2 million tonnes of soft wheat, up from 5.1 million in 2012, the agriculture minister Aziz Akhannouch said on Tuesday, quoted by the state news agency."Generous rainfalls have raised our crop to 5.2 million tonnes of soft wheat. It's a record," the minister said at the opening of an agriculture fair in the northern city of Meknes.The country is recovering ...
SINGAPORE: London copper slipped on Tuesday back towards an 18-month low after China's first economic report for the second quarter underscored fitful growth in its seasonally strongest period, fuelling demand concerns in the world's top metals consumer.Growth in China's vast factory sector dipped in April as new export orders shrank, a preliminary survey of factory managers showed, suggesting the world's second-largest economy still faces formidable global headwinds into the second quarter.Three-month copper on the London ...
SINGAPORE: Bullion edged higher due to physical buying on Tuesday, holding near a 1-week peak touched in the previous session, but more outflows from gold exchange-traded funds summed up investors' weakening confidence in the metal.Investors were still licking their wounds after gold notched its biggest-ever daily loss in dollar terms last Monday in a brutal sell-off which took many ardent gold investors and bulls by surprise.Gold rose $2.72 an ounce to $1,427.86 by 0317 GMT, ...
SINGAPORE: Shanghai rebar futures dropped to near seven-month lows on Tuesday after data showed China's manufacturing sector growth slowed in April, piling pressure on steel prices already squeezed by tepid demand.The flash HSBC purchasing managers' index for China dropped to 50.5 in April from 51.6 in March as new export orders shrank, fueling risk aversion as commodities and equities declined.China's industry ministry said separately that companies had no strong desire to invest given weak demand ...
