02132016Sat
Last update: Sat, 13 Feb 2016 01pm

Asia

Markets - Commodities - Asia

Palm oil extends gains tracking competing oils, weaker ringgit KUALA LUMPUR: Malaysian palm oil futures extended gains on Friday to reach its strongest level in nearly two years, tracking competing vegetable oils and a weaker ringgit. The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange rose 1.2 percent at 2,626 ringgit per tonne at the midday break after hitting an intraday high of 2,632 ringgit, its highest since April 30, 2014. Traded volume stood at 19,147 lots of 25 tonnes each. "Palm rose in unison with overnight gains in rival soyoil and short-covering," said a trader based in Kuala Lumpur. "Traders were betting on a stronger ringgit, however it is weakening, thus the short-covering." The ringgit lost 0.9 percent around noon on Friday as Asian shares slipped, reaching 4.1750 against the dollar. A weaker ringgit, the currency palm is traded in, makes the tropical oil cheaper for holders of foreign currencies. Palm oil is expected ...

Markets - Commodities - Asia

CBOT corn may approach resistance at $3.64 SINGAPORE: CBOT March corn may approach a resistance at $3.64 per bushel again, as the bounce from the Feb. 11 low of $3.58-1/2 seems to be incomplete.The bounce was caused by a support at $3.60-1/4, the 38.2 percent Fibonacci retracement on the downtrend from the Dec. 18, 2015 high of $3.79-1/2 to the Jan. 7 low of $3.48-1/2. The various Fibonacci retracements still control the current move.Three small waves will make up the bounce, with ...

Markets - Commodities - Asia

Palm oil gains on weather concerns, snaps losses KUALA LUMPUR: Malaysian palm oil futures rose on Thursday, reversing losses made in the previous trading session, over concerns that weather could hurt output.The palm oil contract for April delivery on the Bursa Malaysia Derivatives Exchange was up 1.1 percent at 2,596 ringgit ($627.81) per tonne at the end of the trading session.Traded volume stood at 37,984 lots of 25 tonnes each."Demand isn't there but the weather is holding up the market," said a trader ...

Markets - Commodities - Asia

India gold discounts hit record highs as demand falters MUMBAI: Indian gold traders say they are struggling to draw buyers despite offering record discounts over rallying international prices, as consumers wait to see if rates can fall further after the federal budget this month.The bullion industry expects the government to cut the record 10 percent import duty on gold in the annual budget for 2016/17 that will be presented on Feb. 29, potentially boosting supply and driving domestic prices lower.Indian gold prices also swung ...

Markets - Commodities - Asia

China's coal industry needs to restructure as demand slows SHANGHAI: Coal demand from China will slow over the next five years and the industry should focus on restructuring and upgrading, state news agency Xinhua reported on Tuesday citing the China National Coal Association (CNCA). Jiang Zhimin, CNCA vice-president, told Xinhua that the service sector was now the main driver of China's economic growth, adding that the government was increasingly replacing coal with cleaner, non-fossil fuels."Over the 13th five-year-plan period (2016-2020), the coal industry should ...

Markets - Commodities - Asia

Thailand to sell 50,000 tonnes sugar at Feb. 16 tender MANILA: State-run Thai Cane and Sugar Corp said on Tuesday it would sell 50,000 tonnes of raw sugar at a tender on Feb. 16. Shipment of the high polarisation, or hipol, sugar will be on July 1-Sept. 15, the agency said.High sugar stocks in Thailand, the world's No. 2 sugar exporter, have added to a global glut that have pressured global prices which dropped to four-month lows last week.ICE raw sugar futures have since recovered ...

Markets - Commodities - Asia

India's 2015 tea output drops 1.3pc y/y MUMBAI: India's tea production in 2015 fell 1.3 percent from a year earlier to 1,191 million kg, the state-run Tea Board said on Monday, as adverse weather and plantation workers' strikes hit plucking. Production in December dropped 5.8 percent to 55.95 million kg, the board said in a statement. India, the world's second biggest tea producer, exports CTC (crush-tear-curl) grade mainly to Egypt, Pakistan and the UK, and the orthodox variety to Iraq, Iran and ...