05262016Thu
Last update: Thu, 26 May 2016 11am

Asia

Markets - Commodities - Asia

Palm falls on stronger ringgit, weaker than forecast export data KUALA LUMPUR: Malaysian palm oil futures are on track to reverse the previous session's gains, as a stronger ringgit and weaker than expected export data weighed on prices in early trade on Wednesday.The ringgit, in which palm oil is traded, strengthened 0.4 percent to reach 4.1040 against the dollar around noon, making palm more expensive for foreign currency holders.The palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange fell 0.5 percent to 2,489 ringgit ($606) per tonne at the midday break. Traded volumes stood at 13,161 lots of 25 tonnes each at noon."We don't see as much exports, and market buying is a bit slow," said a trader based in Kuala Lumpur."Post Ramadan the market will come down, we really need strong demand then because we will see strong production from June to August."Malaysian palm oil shipments rose 8.5 percent over May 1 - 25 on the ...

Markets - Commodities - Asia

Vietnam says Jan-May rice exports edge down to 2.35mn T HANOI: Vietnam, the world's third-largest rice exporter after India and Thailand, will ship an estimated 2.35 million tonnes of the grain between January and May, down 2.1 percent from a year ago, the Agriculture Ministry said on Wednesday.Revenue from the five months of rice exports, mostly destined for China, Indonesia and the Philippines, will reach an estimated $1.06 billion, up 1.2 percent from a year ago, the ministry said in a monthly report.Copyright Reuters, 2016 ...

Markets - Commodities - Asia

Gold drops to seven-week low on Fed rate hike prospects BENGALURU: Gold dropped to a seven-week low on Wednesday, driven by expectations of an early interest rate hike by the US Federal Reserve.Bullion has taken a beating from the prospect of an imminent rate increase, as indicated by Fed meeting minutes released last week. Gold is sensitive to interest rates, gains in which raise the opportunity cost of holding the non-interest-yielding asset.Spot gold was down 0.2 percent at $1,223.96 per ounce by 0611 GMT. The ...

Markets - Commodities - Asia

TOCOM rebounds from three-month low on short-covering TOKYO: Benchmark Tokyo rubber futures closed slightly higher in thin trade on Tuesday, bouncing back from a three-month low touched earlier in the session, as investors covered short positions after prices fell sharply in the past month, dealers said.Tokyo Commodity Exchange (TOCOM) futures, which set the tone for tyre rubber prices in Southeast Asia, have lost more than 20 percent since an April high of 205.1 yen, weighed down by fears over weak demand in ...

Markets - Commodities - Asia

Vietnam Coffee-Premiums rise, rain returns to key growing area HANOI: Vietnamese coffee premiums rose slightly this week following a drop in robusta futures, while the country's exports of the commodity have jumped by around a third, according to traders and government data.The rainy season has returned to most of the Central Highlands coffee belt, responsible for at least 80 percent of Vietnam's coffee output, state forecasters said.The rain has contributed to easing global coffee prices. ICE July robusta settled down 1 percent at $1,643 ...

Markets - Commodities - Asia

Palm recovers from 3-month low on ringgit, other oils KUALA LUMPUR: Malaysian palm oil futures recovered from the previous session's near three-month low on Tuesday, supported by a weaker ringgit while gains in rival oils also boosted sentiment.The contract for August delivery on the Bursa Malaysia Derivatives Exchange had risen 0.4 percent to 2,503 ringgit ($608) per tonne at the end of the trading day. It hit its lowest level since March 3 on Monday, dragged down by losses in Chinese vegetable oils.Traded volume ...

Markets - Commodities - Asia

China steel, iron ore hit 12-week lows as weak demand, glut weigh MANILA: Iron ore and steel futures in China fell to 12-week lows on Tuesday as sputtering steel demand has trapped traders that restocked heavily during last month's price rally with unwanted products. The two commodity futures have lost 30 percent from their peaks in April when bets fuelled by faith in the world's No. 2 economy lifted volumes and prices and prompted China's commodity exchanges to impose trading curbs. Steel-making raw materials, coking coal and ...