04292016Fri
Last update: Fri, 29 Apr 2016 02am

Europe

Markets - Commodities - Europe

Robusta crop woes prompt forecasts of tighter coffee market LONDON: Analysts are scaling back global coffee surplus projections to a more balanced market due to a drop in Brazilian robusta output and warn dry weather in Vietnam could mean further reductions. Rabobank earlier this week forecast a deficit of 0.7 million bags for 2016/17, effectively a balanced market, compared with its forecast in November for a surplus of 3.7 million bags. "At the end of last year we were expecting a significant surplus. Then, looking at the condition of the robusta market in Brazil, we moved to a more balanced market," Carlos Mera, senior commodity analyst with Rabobank, said. Broker Marex Spectron has put its 2016/17 global surplus forecast at 1.03 million bags. Drought has damaged yields of Brazil's robusta, or conillon, crop.Harvesting has just begun, and reports suggest significant damage, in line with market expectations, traders say. Rabobank said in a monthly report that its latest crop survey ...

Markets - Commodities - Europe

French wheat exports await Indonesia approval PARIS: French wheat exports to Indonesia are on hold as traders await the approval of a food safety agreement between the two countries, something exporters say is being delayed by Indonesia in retaliation against a French palm oil tax plan. A farm ministry official from Indonesia, the world's largest producer of palm oil, said the delay was a procedural one, and denied any link to the proposed tax. France's additional tax on palm oil, due ...

Markets - Commodities - Europe

Soybeans prices weaken as Argentina rains abate LONDON: US soybeans were lower on Thursday as drier weather in Argentina after the recent deluge inspired a bout of profit taking, while corn and wheat edged higher on a softer dollar. The Chicago Board of Trade's most-active soybean contract was off 0.4 percent at $10.24-1/4 a bushel by 1105 GMT. "The soybean market has been rallying on South American weather concerns. Brazil has now seen some showers and rain in Argentina has abated," Commonwealth ...

Markets - Commodities - Europe

Sugar falls further after record Brazil crush; coffee steady LONDON: Raw sugar on ICE extended losses on Thursday after data from top grower Brazil showed a record cane crush at the high end of expectations for the first half of April. Arabica coffee inched higher, hovering close to Wednesday's three-week low, pressured by a strong start to harvesting in Brazil. Cocoa was little changed after tapping 2016 highs on Wednesday, with dealers worried about poor West African mid-crops.Sugar futures were pressured by news that ...

Markets - Commodities - Europe

Gold climbs nearly 1 pct after Fed, BoJ stand pat LONDON: Gold rose 1 percent on Thursday to its highest in a week as the Bank of Japan held policy steady, boosting the yen versus the dollar, and after the Federal Reserve signalled that it was in no rush to tighten monetary policy. The Fed left interest rates unchanged after its latest meeting on Wednesday and, while keeping the door open to a hike in June, showed little sign it was in a hurry to ...

Markets - Commodities - Europe

Copper slides, market waiting for China reinforcements LONDON: Copper prices slipped on Thursday as the market waited for confirmation of stronger demand in top consumer China, while a lower dollar helped to limit losses.Benchmark copper on the London Metal Exchange traded down 0.2 percent to $4,894 in official rings.It fell to a one-week low $4,873 on Wednesday. The sell-off this week was sparked partly by negative sentiment after Chinese exchanges moved to clamp down on speculation and curb volatility in iron ore ...

Markets - Commodities - Europe

Sugar hits lows after record Brazil cane crush LONDON: Raw sugar on ICE hit session lows on Wednesday after Brazilian cane data showed a record crush at the high end of expectations for the first half of April.London cocoa dipped after touching its highest level in 4-1/2 months, and arabica coffee futures also fell.Brazil's main centre-south cane belt produced a record amount of sugar and ethanol in an early start to the harvest season, industry association Unica said.Unica reported that 32.84 million tonnes ...