02072016Sun
Last update: Sun, 07 Feb 2016 10am

Europe

Markets - Commodities - Europe

Gold hits three-month peak as US rate rise views ease LONDON: Gold extended its rally on Thursday, building on the previous day's gains to strike a three-month high as global economic and financial headwinds present obstacles to a U.S. interest rate rise in the near term.Spot gold rose more than 1 percent at one point to touch $1,156.60 an ounce, its highest since Oct. 29, adding to Wednesday's 1.2 percent rise.The yellow metal has benefited from a selloff in the dollar over the past two days as investors trimmed forecasts for U.S. rate rises this year. William Dudley, president of the Federal Reserve Bank of New York, said on Wednesday that financial conditions have tightened and Fed policymakers might have to take that into account if the trend continues.Higher U.S. interest rates make non-yielding gold a less attractive asset.By 1528 GMT spot gold was up 0.7 percent at $1,150.16 an ounce.Matt Turner, analyst at Macquarie, said that while a weaker ...

Markets - Commodities - Europe

EU wheat slips to new lows as stronger euro adds to export gloom PARIS: Benchmark European wheat prices extended losses on Thursday to hit their lowest in almost five months as a rally in the euro dented export hopes and reinforced fears of hefty stocks at the end of the season.The euro's strength offset potential support from a strong weekly volume of European Union export certificates.March milling wheat on Euronext settled 0.50 euro lower at 158.75 euros a tonne. It earlier fell to 158.00 euros, a new contract ...

Markets - Commodities - Europe

Palm oil ends off highs on technical selling ROTTERDAM: Crude palm oil on the European vegetable oils market eased on technical selling, with Malaysian palm oil futures closing with a slight decline because of a firmer ringgit."Crude palm oil started firmer on the back of the stronger ringgit, but it wore off during the day caused by some profit-taking," one broker said."Refined products stayed relatively firm because of the ringgit, but also saw a retreat on profit-taking when highs were reached early in ...

Markets - Commodities - Europe

Algeria bought 450,000-500,000 T wheat in tender PARIS: Algeria's state grains agency OAIC bought between 450,000 tonnes and 500,000 tonnes of optional-origin milling wheat in a tender this week, European traders said on Thursday. OAIC paid around $178 a tonne, cost and freight included, for the wheat, which was likely to be sourced in France and also partly in the UK, they said. Traders said the very low price paid had limited the volume offered by exporters, although the exact volume purchased ...

Markets - Commodities - Europe

Copper supply cuts no consolation for price bulls LONDON: An expected axing of copper miners' loss-making output this year may put a floor under the price of the metal, but weaker prospects for demand growth in top consumer China should curb any gains. Producers hoping prices would pick up have for months resisted output cuts.Many that are losing money, however, will likely have to slash production over coming months. Data from the GFMS team at Thomson Reuters shows around 50 percent of mines ...

Markets - Commodities - Europe

Copper hits 1-month high ahead of Lunar New Year LONDON: Copper hit a one-month high on Wednesday as inventories declined, oil prices bounced and traders continued to reverse bets on falling prices ahead of the Lunar New Year break.Also helping the metal, the dollar tumbled as scepticism over rate hikes grew following weak U.S. services data. A soft dollar makes metals priced in the currency cheaper for non-U.S. investors.Oil rallied on fresh talk of output cuts, tempting investors into commodity funds that include metals, ...

Markets - Commodities - Europe

Palm oil firmer on weak dollar, strong energy ROTTERDAM: Palm oil on the European vegetable oils market rose on Wednesday following a rally in energy markets and because of weaker dollar."Malaysian palm oil futures set the tone early in the day on concerns over output, prices gained more on the dollar and a steep rise in mineral oil. Business picked up as the gains sparked some covering," one broker said.Palm oil was offered between $2.50 and $10 a tonne up from Tuesday after ...