08272016Sat
Last update: Sat, 27 Aug 2016 11pm

Australia

Markets - Commodities - Australia

London copper slips on worries about global oversupply MELBOURNE: London copper slipped on Tuesday, as worries about global oversupply eclipsed support from a softer dollar and polls suggesting that Britain will remain in the European Union.China's copper imports jumped by 15.9 percent to 319,255 tonnes in May, data from the country's General Administration of Customs showed. But copper exports surged by 256 percent on the year to 84,959 tonnes."It's in the context of very strong copper flows earlier this year," said analyst Dan Morgan of UBS in Sydney."Year-to-date to April, refined metal imports were up 27 percent year on year, and I don't think consumption has been running as hot. We've been looking at copper end-use demand as being not great for the past few months," he said."This is not sustainable because China is a net importer of copper."Copper stocks held in London Metal Exchange warehouses in Asia are set to jump by around 50 percent next month, ...

Markets - Commodities - Australia

Australia holds its wheat forecast below private estimates SYDNEY: Australia's official agricultural forecaster on Tuesday said weak global wheat prices were driving farmers to plant other crops, capping the national output next year at 25.4 million tonnes, as much as 5 percent below some private forecasts. Despite heavy rains creating favourable growing conditions, Trish Gleeson, director of agricultural commodities for the Australian Bureau of Agriculture, Resource Economics and Rural Sciences (ABARES), said the area planted in wheat is forecast to decline, reflecting higher ...

Markets - Commodities - Australia

London copper steadies above 4-month low on softer dollar MELBOURNE: London copper held above four-month lows on Monday as the dollar weakened following comments by a Federal Reserve official suggesting fewer US interest rate hikes were on the cards. St. Louis Fed President James Bullard has said the US economy may only need one rate hike for as long as 2-1/2 years. A weaker greenback boosts demand for commodities priced in the dollar by making it cheaper for holders of other currencies. Three-month copper ...

Markets - Commodities - Australia

Grain prices drop on profit-taking ahead of USDA report MELBOURNE: Soybean prices fell on Monday as worries about weather eased and traders booked profits ahead of a US government report that is expected to shed fresh light on crop conditions in the US Midwest producing region."You've seen grain prices very low, broadly speaking, because the supply outlook has been really good for a long time. You've seen some concerns recently in soy, which has spilled over into corn as well," said Phin Ziebel, agribusiness ...

Markets - Commodities - Australia

London copper holds above 4-month low on softer dollar MELBOURNE: London copper held above four-month lows on Monday as the dollar weakened following comments by a Federal Reserve official suggesting fewer U.S. interest rate hikes were on the cards.St. Louis Fed President James Bullard has said the U.S. economy may only need one rate hike for as long as 2-1/2 years. A weaker greenback boosts demand for commodities priced in the dollar by making it cheaper for holders of other currencies.Three-month copper on the ...

Markets - Commodities - Australia

London copper up as dollar stays weak, China holiday thins trade MELBOURNE: London copper rose on Thursday as the dollar stayed weak on expectations of a delayed rate hike by the Federal Reserve with a two-day holiday in China draining volumes and direction from metals.Rising production costs for copper on the back of higher energy prices are set to offer price support, while a strong pick up in China's housing starts and power sectors will most likely drive a pick up in demand in three to ...

Markets - Commodities - Australia

London copper revives from 2-week lows on solid China imports MELBOURNE: London copper climbed away from near its lowest level in a fortnight on Wednesday, as the dollar stayed weak and after China reported strong copper imports in May.China's copper imports jumped 19.4 percent from the same month a year ago to 430,000 tonnes last month, customs data showed on Wednesday."The normal seasonal slowdown in Chinese commodity imports didn't materialise in May, with most commodities recording strong growth," said analyst Daniel Hynes of ANZ in ...