12072016Wed
Last update: Wed, 07 Dec 2016 07pm

Asia

Markets - Commodities - Asia

Palm reverses course to rise, tracking crude oil rally KUALA LUMPUR: Malaysian palm futures reversed course to gain in late trade on Wednesday as they tracked a rally in crude oil prices, following stronger prospects that oil supplies could be cut.Saudi Arabia's energy minister said at a meeting of the Organization of the Petroleum Exporting Countries an agreement among members to cut output was close. "Crude oil rallied as OPEC nears a deal to cut supplies," said a palm oil trader from Kuala Lumpur, explaining palm's price gains in the evening."If crude oil supplies are controlled it should support the (palm oil) market. Higher crude oil prices will be more feasible for the biodiesel mandate."Palm prices are impacted by crude oil's performance, as the tropical oil is used as component for biodiesel. Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange rose 0.8 percent to 3,073 ringgit ($688) a tonne at the end of the trading day.Traded volumes stood at 47,834 lots of 25 tonnes each, slightly above ...

Markets - Commodities - Asia

Palm gains for sixth straight session on tight supplies, bullish forecasts KUALA LUMPUR: Malaysian palm futures rose on Monday for a sixth straight session, helped by tight supplies and price forecasts by leading analysts at an industry conference on Friday.Benchmark palm oil futures for February delivery on the Bursa Malaysia Derivatives Exchange were up 1.5 percent to 3,077 ringgit ($689.91) a tonne at the end of the trading day. Traded volumes stood at 38,737 lots of 25 tonnes each, below the 2015 daily average of 44,600 ...

Markets - Commodities - Asia

TOCOM hits 1-1/2-year high as Shanghai surges TOKYO: Benchmark Tokyo rubber futures came off early lows to hit 1-1/2-year highs on Monday as a surge in Shanghai futures and metals helped boost investors' risk appetite, dealers said."Shanghai futures jumped again as local funds, or speculators, stepped up buying without any fresh fundamental factors," said a Tokyo-based dealer, who declined to be named."Tokyo rubber prices followed Shanghai's gain as there are apparently some systematic trades that automatically kick in to reflect Shanghai's move," ...

Markets - Commodities - Asia

Soybeans rise 1.2pc on strong US exports, weaker dollar SINGAPORE: Chicago soybeans rose 1.2 percent on Monday and hit their highest since July, buoyed by strong US weekly exports and a weaker dollar.Corn gained about half-a-percent and wheat edged up on the back of the gains in soybeans, although abundant global grain supplies kept a lid on prices.The Chicago Board of Trade's most-active soybean contract had risen 1.2 percent to $10.58 a bushel by 0320 GMT. That was near the session-high of $10.59-1/2 a ...

Markets - Commodities - Asia

Bangladesh raises local rice purchase price DHAKA: Bangladesh raised the price the government will pay to farmers for the upcoming season's rice to 33 taka ($0.42) a kilogram, up from 31 taka a year ago, the food minister said on Sunday.The government will buy 300,000 tonnes of rice from local farmers starting from Dec. 1, Mohammad Kamrul Islam told reporters."The purchase will boost our reserves as well as ensure a fair price for farmers," he said.Such procurement is crucial for the ...

Markets - Commodities - Asia

Asia Gold-China premiums hit near 3-year high on possible import restrictions BENGALURU/MUMBAI: Gold premiums in top consumer China jumped to the highest in nearly three years this week on worries over a supply shortage that traders said were due to Beijing's efforts to restrict import licenses.China's net gold imports via main conduit Hong Kong fell 15 percent from a year earlier to 61.075 tonnes in October. "While we don't have the exact numbers, we hear that they (Chinese government) have limited the number of importers," said ...

Markets - Commodities - Asia

Palm up nearly 1 pct on weaker ringgit, lower output expectations KUALA LUMPUR: Malaysian palm oil futures ended nearly 1 percent higher on Friday, recording a fifth consecutive session of gains due to persistent weakness in the ringgit and falling output.The contract climbed 5.7 percent this week, after a 3.53 decline in the previous week.A weaker ringgit typically makes palm oil cheaper, and thus more attractive for foreign buyers. The tropical oil hit a four-year high on Thursday.The Malaysian currency fell as much as 0.18 percent ...