12092016Fri
Last update: Fri, 09 Dec 2016 12pm

Australia

Markets - Commodities - Australia

Australia raises wheat forecast, set for record output      SYDNEY: Australia on Tuesday raised its forecast for wheat production during the 2016/17 season by more than 16 percent as near ideal conditions across much of the world's No. 4 exporter push output to record levels and add to ample global supplies.  Wheat output in the 2016/17 season will total 32.64 million tonnes, the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) said, up from a forecast in September for 28.08 million tonnes.  With harvesting underway, 2016/17 is shaping up as Australia's biggest wheat crop ever, surpassing the record set in 2011/12 at 29.6 million tonnes.  A large Australian wheat crop - in a global market already flush with supplies following bumper output in the Northern Hemisphere - could further drag on global benchmark prices for the grain and ensure cheap food supplies for Asian buyers.  US wheat prices continue to linger near a 10-year low touched the end of August as global supplies this season are set to hit record levels. ...

Markets - Commodities - Australia

Fortescue gets environmental approval for iron ore mine expansion SYDNEY: Australia's environmental authorities on Wednesday cleared the way for the world's No. 4 iron ore miner Fortescue Metals Group to extend operations at a key mine site for another 35 years. The Environmental Protection Agency (EPA) of Western Australia State said it would recommend Fortescue's application to expand its Solomon mine, 1,500 kilometres (932 miles) north of Perth, to go ahead pending a two-week public appeal process.Fortescue said the expansion would allow for production ...

Markets - Commodities - Australia

Copper eyes biggest weekly rally in 35 years as demand view shifts MELBOURNE: London copper was on track for its biggest weekly rally in over 35 years on Friday as hopes of US infrastructure spending on Donald Trump's election win and firming demand from China drag metals out of a years-long bear market. Copper was trading up 3 percent in late Asian trade, rising for a seventh straight session and up more than 15 percent for the week, on track for its biggest weekly rise since 1980, ...

Markets - Commodities - Australia

London eyes flat Oct close for copper, aluminium tracks higher MELBOURNE: London copper hit its highest in nearly three weeks on Monday on stronger-than-expected demand from China but was still set to close flat for the month, while aluminium tracked coal prices to push towards a stronger finish for a second month in a row.China's near-term copper outlook is looking brighter, said CBA commodity strategist Vivek Dhar in Melbourne."House prices for me was key. We saw house prices really rocket. If you see state grid ...

Markets - Commodities - Australia

Soybeans hit 2-month high on strong demand hopes SYDNEY: US soybeans hit a more than two-month high on Thursday, buoyed by expectations a US Department of Agriculture report later in the session would confirm strong export demand for the oilseed.Wheat rose for a third day amid signs of increased global demand, while corn also stretched gains.The most active soybean futures on the Chicago Board Of Trade rose 0.1 percent to $10.10-3/4 a bushel by 0321 GMT, near $10.14-1/4 a bushel hit earlier - ...

Markets - Commodities - Australia

London copper edges back from near two-week peak MELBOURNE: London copper prices eased back from near their highest in two weeks on Thursday, after sharp rallies earlier this week on brightening prospects for the U.S. economy and after a rally across China's steel sector that fuelled speculative buying in base metals.Also helping to support physical copper demand, China's offshore yuan slipped to a fresh six-year low on Thursday after the People's Bank of China set a weaker midpoint."The very recent price rally across ...

Markets - Commodities - Australia

China copper imports set to pick up into year-end MELBOURNE: China is expected to step up copper imports in coming months as a weaker yuan opens up arbitrage opportunities and demand picks up, partly fuelled by a boom in China's property market, analysts and traders said.An improvement in demand from the world's top copper consumer could stem an outflow of its excess production into global markets, pushing prices to a stronger finish to the year after trading basically flat across 2016."Chinese demand has been ...