02092016Tue
Last update: Tue, 09 Feb 2016 12pm

Australia

Markets - Commodities - Australia

Wheat set for biggest weekly fall since end-August SYDNEY/PARIS: US wheat dipped on Friday, putting the grain on track for its biggest weekly loss in 2-1/2 months as weak demand for US supplies and ample global stocks dragged on prices.Corn also fell and was poised for its biggest weekly loss in 14 weeks, while soybeans were set to record a fourth straight weekly loss.Chicago Board Of Trade December wheat was 0.20 higher at $4.99 but still 4.6 percent lower for the week, the biggest weekly loss since the last week of August."It is clear that global supply is strong and that means lower prices and our forecasts don't have much of an upside in terms of price," said Phin Ziebell, agribusiness economist, National Australia Bank.Market sentiment was likely to be driven by weekly export figures, analysts said, with investors looking for signs of continued weak demand for US supplies."Today, traders will be looking carefully the US weekly export ...

Markets - Commodities - Australia

London copper subsides below $5,000, eyes six-year low MELBOURNE: London copper lost ground below the $5,000 mark on Monday and was sliding towards six-year lows after China trade data underlined struggling growth in the world's top metals user. China's trade figures disappointed analysts expectations by a wide margin in October, reinforcing views that the world's second-largest economy will have to do more to stimulate domestic demand given softness in overseas markets. "Every week we come in, the prices are worse, the data is ...

Markets - Commodities - Australia

London copper firms on output cut; trade dwindles ahead of holiday MELBOURNE: London copper edged up on Wednesday as traders took heart from an output cut in Chile and a revival in Glencore shares, but volumes shrank ahead of a week-long break in top consumer China."Although individually this cut (in Chile) isn't meaningful, we're starting to see a few - maybe it's a reflection of financial stress in general in the big mining companies," said analyst Daniel Morgan of UBS in Sydney."It's a positive development. It ...

Markets - Commodities - Australia

London copper above one-month low as trade dwindles ahead of China holiday MELBOURNE: London copper edged higher but remained near its lowest in a month on Monday in thin activity, with trade set to be further subdued ahead of a holiday in top consumer China later this week.The absence of the world's biggest metals user from Thursday, and a rash of third-quarter U.S. earnings reports expected to show companies are struggling, may tip the price risks to the downside."The recoveries we've seen over the past couple of ...

Markets - Commodities - Australia

Soybeans edge higher as market awaits USDA report PARIS/SYDNEY: Chicago soybeans edged higher on Friday, keeping them on course for their first weekly gain in five, as the market anticipated the US Department of Agriculture will cut its US harvest outlook in a crop report later in the day. Corn was almost unchanged but set to finish the week up 3 percent as expectations the USDA will also trim its corn crop forecast were reinforced by some disappointing early harvest reports. Wheat edged ...

Markets - Commodities - Australia

Australian wheat lowest in Iraq's 50,000 tonnes hard wheat tender HAMBURG: Australian wheat was offered lowest at $231.70 a tonne c&f free out in a tender by Iraq's state grains board seeking at least 50,000 tonnes of hard wheat, European traders said on Monday.The tender closed on Sunday and offers must remain valid up to Thursday, Sept. 3, traders said. No purchase had yet been made, they said. The Australian offer was made for 50,000 tonnes, they said.Russian wheat was offered lowest at $234.00 a ...

Markets - Commodities - Australia

London copper sags on stronger dollar, weak China outlook MELBOURNE: London copper slipped back on Wednesday towards six-year lows as the dollar rose on heightened expectations the US Federal Reserve could raise interest rates in September and amid a bearish backdrop for China demand. Atlanta Federal Reserve President Dennis Lockhart said it would take "significant deterioration" in the US economy for him to not support a rate hike in September, lifting the dollar, and eroding purchasing power for buyers with other currencies. Commodities demand ...