07252016Mon
Last update: Mon, 25 Jul 2016 09am

Australia

Markets - Commodities - Australia

London copper treads water as Brexit ripples spur caution MELBOURNE: London copper's price was little changed on Monday as caution dominated the market in the aftermath of Britain's vote last week to leave the European Union.Britain plunged deeper into political crisis on Sunday in the wake of the referendum, leaving EU and world officials confused about what to do next.British Finance Minister George Osborne, who had warned during the campaign that a "Brexit" would cause financial market volatility, scheduled a statement for 7 a.m. (0600 GMT) on Monday to provide reassurance about "financial and economic stability".Jonathan Barratt, chief investment officer of Ayers Alliance in Sydney, said that for industrial metals there were many unknown factors at play but a few definites - one of which is that there was "no change to U.S. interest rates on the horizon".A softer dollar should shore up metals against selling pressure because it makes dollar-priced commodities cheaper for holders of other currencies."But against ...

Markets - Commodities - Australia

London copper slides, metals sour as Britain faces EU exit MELBOURNE: London copper fell on Friday and selling spilled into other metals, after referendum results showed that British voters have embarked on a path to depart the European Union. The reaction of base metals was more subdued than in other commodities markets, where gold rallied the most since 2008 and oil plunged. Traders said this could be down to relatively lower investor capital in the downtrodden sector that is sitting around the cost of production ...

Markets - Commodities - Australia

Copper rises to two-week high on hopes Britain to stay in EU MELBOURNE: London copper rose to its highest in two weeks on Wednesday as safe-haven demand for the dollar fell on hopes that Britain will vote to remain in the European Union.A softer dollar, which makes commodities cheaper for buyers paying with other currencies, also triggered a volley of short-covering ahead of the vote, traders said."Investors remain cautious despite recent polls suggesting the chances of the UK leaving the EU had fallen," ANZ said in a ...

Markets - Commodities - Australia

Corn falls to near two-week low on positive US crop condition MELBOURNE: US corn fell to its lowest in more than a fortnight on Tuesday after the U.S. Department of Agriculture rated the Midwest corn crop in better condition than the market had anticipated after a spate of hot weather.The U.S. Department of Agriculture's weekly crop progress report rated 75 percent of the corn crop in good to excellent condition, unchanged from the previous week. Analysts surveyed by Reuters had expected a decline after a hot ...

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 ...

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 ...