Europe Stay updated with Business News, Pakistan news, Current world news and latest world news with Business Recorder.. http://www.brecorder.com/markets/commodities/europe.html Mon, 24 Nov 2014 20:06:34 +0000 SRA Framework 2.0 en-gb Germany ships 231,000 T wheat to Iran in September http://www.brecorder.com/markets/commodities/europe/206617-germany-ships-231000-t-wheat-to-iran-in-september.html http://www.brecorder.com/markets/commodities/europe/206617-germany-ships-231000-t-wheat-to-iran-in-september.html imageHAMBURG: Germany exported about 231,000 tonnes of wheat to Iran in September 2014, figures from the German statistics agency showed on Monday, confirming market talk of large German sales to Iran.

European grain traders had reported that Iran purchased substantial volumes of European wheat in September, including possibly from Germany.

Iran has been Germany's largest customer for wheat exports outside the European Union in the current season, which started in July 2014, with shipments of about 441,000 tonnes between July and end-September, the agency said.

That compares with 194,000 tonnes shipped to Iran in the same period a year ago.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Mon, 24 Nov 2014 13:45:56 +0000
Copper pressured by China growth outlook concerns http://www.brecorder.com/markets/commodities/europe/206615-copper-pressured-by-china-growth-outlook-concerns.html http://www.brecorder.com/markets/commodities/europe/206615-copper-pressured-by-china-growth-outlook-concerns.html imageLONDON: Copper prices slipped on Monday, reversing hefty gains from the previous session which followed China's surprise interest rate cut, as investors focused on the uncertain outlook for metals demand from the world's top consumer.

Three-month copper on the London Metal Exchange (LME) was down 0.5 percent at $6,691.25 a tonne, slipping from a three-week high of $6,772.50 a tonne touched on Friday after China cut benchmark interest rates in a bid to jumpstart the economy.

The market is concerned that the rate cut could mean the economic outlook for China is worsening, and analysts said loosening monetary policy could do little to help metals demand.

"Our China economists felt that the net effect of cutting the deposit rate and raising the ceiling on the benchmark deposit rate was zero, so for depositors there is going to be very little difference in their situation," said Caroline Bain, senior commodities economist at Capital Economics.

"On the lending side, it will benefit large state-owned Chinese companies but is not going to make a huge difference to smaller private companies. So on balance we are not going to see an upturn in metals demand necessarily because of those rate cuts." Sources involved in policy-making said China's leadership and central bank are ready to cut interest rates again and also loosen lending restrictions, concerned that falling prices could trigger a surge in debt defaults, business failures and job losses. Non-commercial dealers trimmed their copper net short by 360 contracts to 1,304 contracts in futures and options in the week to Nov. 18, data from the Commodity Futures Trading Commission showed on Friday.

Nickel rose to a session high of $16,722 a tonne, its highest level in more than six weeks, benefiting from expectations of a scarcity of ore. It later pared gains to trade at $16,690 a tonne, up 0.4 percent.

Prospects of declining stores of nickel pig iron, a cheaper feed for stainless steel mills, have raised hopes that mills may soon have to turn to refined nickel. "There's been a much more pronounced drawdown in NPI inventory, that's been in the last two months," said analyst Ivan Szpakowski of Citi in Shanghai. He said traders were closely watching for a drawdown in nickel ore stocks or a rise in prices to get bullish on the outlook for nickel. A trader said nickel ore prices were steady.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Mon, 24 Nov 2014 13:43:54 +0000
Soy prices fall on plentiful supplies, wheat edges up http://www.brecorder.com/markets/commodities/europe/206611-soy-prices-fall-on-plentiful-supplies-wheat-edges-up.html http://www.brecorder.com/markets/commodities/europe/206611-soy-prices-fall-on-plentiful-supplies-wheat-edges-up.html

imageLONDON: Soybean futures fell on Monday as the harvesting of a large US crop and a favourable outlook for South American production looked set to ensure the market was well supplied.

Corn futures also eased on ample supplies while wheat edged higher as cold weather across the US increase concerns about the prospects for winter crops.

January soybeans on the Chicago Board of Trade were off 0.75 percent at $10.31-1/4 a bushel at 1128 GMT. "US prices should continue to grind lower under the weight of record US production and impending record crops in South America," Morgan Stanley said in a market note on Monday.

"Favorable planting economics has caused increases in soybean acreage in Brazil and Argentina at the expense of corn - driving South American production to new records.

Economics suggest more corn to soybean switching is likely in 15/16." Corn prices were also lower with CBOT December off 0.6 percent at $3.70-1/2 a bushel, with a record US harvest beginning to wind down, although the potential switch in area to soybeans was expected to underpin prices.

Morgan Stanley said a slight downgrade to the estimate for 2014's crop and the prospect of further acreage losses in 2015 should support prices in coming months.

Wheat prices rose, with CBOT December up 0.3 percent at $5.48-3/4 a bushel, while January milling wheat in Paris rose 0.7 percent to 179.00 euros a tonne.

Early wintry weather blew across the Midwest last week, packing heavy snow in the northern Plains along with bitterly cold temperatures that stretched as far south as Texas, while further unfavourable weather is expected to continue throughout the week, the US National Weather Service said.

"It is very cold but we saw similar cold weather in the US last year, but they did have a good spring so the crop turned out to be quite strong," said Phin Ziebell, agribusiness economist at National Australia Bank.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Mon, 24 Nov 2014 13:37:23 +0000
Gold falls on firm dollar, China rate cut lends support http://www.brecorder.com/markets/commodities/europe/206594-gold-falls-on-firm-dollar-china-rate-cut-lends-support.html http://www.brecorder.com/markets/commodities/europe/206594-gold-falls-on-firm-dollar-china-rate-cut-lends-support.html imageLONDON: Gold edged down on Monday as the dollar steadied but prices remained near a three-week high after a surprise rate cut in China raised hopes demand for bullion in the top consumer would increase.

China cut interest rates unexpectedly on Friday to support the world's second-biggest economy, and could reduce them again, according to sources.

Spot gold fell 0.5 percent to $1,193.90 an ounce by 1244 GMT.

It hit a three-week high of $1,207.70 on Friday. US gold futures dropped 0.3 percent to $1,193.60 an ounce.

"The three-week high hit on Friday is just a pause in the downtrend. It is true the speculators community has come back a bit but overall the big macro picture has not changed," ABN Amro analyst Georgette Boele said. "We still expect interest rates to be hiked next year in the US and possibly more quickly than the market currently anticipates.

That will pressure gold."

The dollar was unchanged against a basket of leading currencies, close to a four-year high.

A strong greenback makes dollar-denominated gold more expensive for holders of other currencies.

Bullion has been pressured by the dollar and robust economic prospects for the United States in recent weeks, hitting a four-and-a-half-year low this month.

The Federal Reserve's relatively hawkish position and dollar strength should continue to pressure gold, analysts said.

"Despite the massive easing that is being initiated by a number of central banks, we are not sure this will be enough to justify a sustained (gold) rally," said INTL FCStone analyst Edward Meir.

Hedge funds and money managers boosted net long positions in gold futures and options to 60,307 lots in the week to Nov. 18, the Commodity Futures Trading Commission said on Friday, the highest bullish stance since late October.

In the physical market, Chinese prices traded at a premium of $1-$2 an ounce on Monday, unchanged from the previous session.

Traders are hoping the Chinese interest rate cut will revive appetite for gold jewellery, bars and coins.

Demand slid by more than fifth in the first nine months, according to the China Gold Association, after record buying last year, as consumers became wary of falling prices.

Among other precious metals, platinum was unchanged at $1,213.95 an ounce, while palladium rose 0.1 percent to $788.50 an ounce. Silver dropped 0.8 percent to $16.27 an ounce.

Copyright Reuters, 2014

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s.rs96@yahoo.com (Shoaib-ur-Rehman Siddiqui) Europe Mon, 24 Nov 2014 13:15:53 +0000
Turkey gets offers in 60,000 tonnes durum wheat tender http://www.brecorder.com/markets/commodities/europe/206535-turkey-gets-offers-in-60000-tonnes-durum-wheat-tender.html http://www.brecorder.com/markets/commodities/europe/206535-turkey-gets-offers-in-60000-tonnes-durum-wheat-tender.html imageHAMBURG: The lowest offer in the tender from Turkey's state grain board TMO to purchase 60,000 tonnes of durum wheat was $513.96 a tonne c&f, traders said on Monday.

The offer was made for optional Canadian, Mexican or European grain, traders said.

The tender closed on Friday and results are still awaited, traders said.

Copyright Reuters, 2014

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parvezjabri@yahoo.com (Parvez Jabri) Europe Mon, 24 Nov 2014 09:17:35 +0000
Arabica coffee slides on USDA forecast, sugar rises http://www.brecorder.com/markets/commodities/europe/206057-arabica-coffee-slides-on-usda-forecast-sugar-rises.html http://www.brecorder.com/markets/commodities/europe/206057-arabica-coffee-slides-on-usda-forecast-sugar-rises.html imageLONDON: Arabica coffee on ICE fell more than 4 percent on Thursday, due to an upward revision by the USDA of Brazilian 2014/15 output, while raw sugar rose, boosted by a rise in the Brazilian real.

Cocoa futures on ICE steadied, weighed by ample supplies from West African harvests.

In coffee, the USDA revised up 2014/15 Brazilian output to 51.2 million 60-kg bags, a rise of 1.7 million bags compared to the previous estimate due to better than expected yields in some growing areas.

"The USDA figure was above the upper end of (the) 50 million bags that had been expected," said Andrea Thompson, analyst with CoffeeNetwork, part of INTL FCStone.

March arabica coffee on ICE was down 4.85 cents or 2.4 percent at $1.9425 per lb at 1448 GMT, having earlier slid more than 4 percent to an intra-day low of $1.9065.

January robusta coffee futures on ICE were down $6 or 0.3 percent at $2,085 a tonne.

March raws were up 0.3 cents or 1.9 percent at 16.17 cents a lb. March whites rose $6.30 or 1.5 percent to $422.70 a tonne.

"Prices are firmer, possibly helped by a slightly stronger real, with March New York sugar having broken through the 20-day moving average and the 16 cents barrier to an intra-day high of 16.22 cents," a London-based trade source said.

Recently, a weak real currency had spurred sales by Brazilian producers, and dealers tracked rains to assess when the cane crush in centre-south Brazil was likely to wrap up.

"The weather dictates the end of the crushing season," said Stefan Uhlenbrock, an analyst at F.O. Licht.

ICE March cocoa was up $2 or 0.1 percent at $2,837 a tonne, within sight of last week's 9-1/2 month low of $2,780.

Dealers said the upside was capped by a generally favourable outlook for crops in West Africa.

March London cocoa was off 4 pounds or 0.2 percent at 1,875 pounds per tonne.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Europe Thu, 20 Nov 2014 15:58:36 +0000
Gold climbs back towards $1,200/oz as price drop tempts buyers http://www.brecorder.com/markets/commodities/europe/206055-gold-climbs-back-towards-$1200oz-as-price-drop-tempts-buyers.html http://www.brecorder.com/markets/commodities/europe/206055-gold-climbs-back-towards-$1200oz-as-price-drop-tempts-buyers.html imageLONDON: Gold rose on Thursday as the previous day's 1 percent drop lured price-sensitive buyers, and as the dollar retreated from a seven-year high against the Japanese yen.

The metal fell on Wednesday after a poll showed weaker support among Swiss voters for a referendum proposal that would force the central bank to boost its gold reserves.

Appetite for physical gold sparked a reversal in that move, dealers said, with demand from buyers in Asia lifting gold off its overnight low at $1,176.56 an ounce.

Spot gold was up 0.8 percent at $1,192.69 an ounce at 1500 GMT, while U.S. gold futures for December delivery were down $2.00 an ounce at $1,191.90. Earlier this month it slid to a 4-1/2 year low at $1,131.85.

"You can't deny the fact that rising interest rates and a strong dollar aren't good for gold, and it is certainly our forecast that the dollar will strengthen further next year," Capital Economics analyst Caroline Bain said.

"On the positive side, though, we are at the kind of levels where we'd expect quite a rebound in physical demand."

The dollar index eased on Thursday, but the currency held near a seven-year high versus the yen as investors bet that the Federal Reserve will start raising interest rates next year while the Japanese central bank maintains stimulative policies.

A stronger dollar tends to weigh on gold, which is priced in the U.S. unit.

Selling by gold funds resumed after a brief pause this week. The world's largest gold-backed exchange-traded fund, SPDR Gold Shares, said its holdings fell 0.3 percent to 720.91 tonnes on Wednesday.

Gold exports to China from Switzerland, a major trading and refining centre, more than tripled to 42.5 tonnes last month, Swiss customs data showed.

Among other precious metals, platinum briefly slipped into a discount to gold for the first time since mid-October before recovering to trade at a premium of about $10 an ounce.

Platinum was up 1.9 percent at $1,205 an ounce, while palladium was up 0.7 percent at $765.70 an ounce.

Silver was up 0.3 percent at $16.14 an ounce.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Europe Thu, 20 Nov 2014 15:56:31 +0000
Copper slips on weak China data, nickel hits 5-week high http://www.brecorder.com/markets/commodities/europe/205992-copper-slips-on-weak-china-data-nickel-hits-5-week-high.html http://www.brecorder.com/markets/commodities/europe/205992-copper-slips-on-weak-china-data-nickel-hits-5-week-high.html imageLONDON: Copper slipped on Thursday as weak manufacturing in China and slower business growth in the euro zone raised concerns about demand, while nickel hit a five-week high due to expectations of an ore shortage.

In top metals consumer China, growth in its vast factory sector stalled in November, with output contracting for the first time in six months, adding to signs that the economy may be losing traction.

Euro zone business growth has been weaker than any forecaster expected this month, and new orders have fallen for the first time in more than a year despite further price-cutting, a survey showed.

Three-month copper on the London Metal Exchange (LME) slipped 0.5 percent to $6,650.50 a tonne at 1103 GMT.

"There are concerns about the global growth environment, which apart from the United States has been uninspiring. I expect range-bound trade in metals for the next few weeks with a bias to the downside," said Robin Bhar, an analyst at Societe Generale.

Copper prices have traded between $6,500 and $6,800 a tonne since mid-September.

Three-month nickel was flat at $16,141, having earlier hit a five-week high of $16,380 in intraday trade on expectations of a shortage of nickel ore in China following an Indonesian ban on raw materials exports.

"Investors are piling on board (in nickel) because the Indonesian government are saying no U-turn on the ban. Physical shortages will emerge, not now but over time, and that will support the nickel market," Bhar said.

Helping ease concerns about a shortage, however, were rising nickel stockpiles in LME-registered warehouses. Stocks rose to a fresh record high of 393,324 tonnes.

Traders said there had been no increase in published prices of nickel ore so far, which would be an early signal of supply stress at stainless steel makers. Instead, the rally may be driven by investors, they said.

Also putting pressure on metals prices was a rise in the dollar against a basket of currencies, which make commodities priced in the U.S. unit more expensive for holders of other currencies.

Goldman Sachs Group Inc's metals storage unit paid Deutsche Bank, Glencore and British hedge fund Red Kite millions of dollars in incentives that helped extend wait times in the company's Detroit storage hub, a Senate report showed on Wednesday.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Europe Thu, 20 Nov 2014 12:09:06 +0000
Gold climbs back towards $1,200/oz as price drop tempts buyers http://www.brecorder.com/markets/commodities/europe/205990-gold-climbs-back-towards-$1200oz-as-price-drop-tempts-buyers.html http://www.brecorder.com/markets/commodities/europe/205990-gold-climbs-back-towards-$1200oz-as-price-drop-tempts-buyers.html imageLONDON: Gold rose on Thursday as the previous day's 1 percent drop lured price-sensitive buyers, though gains were limited by dollar strength after Federal Reserve minutes suggested the United States is still likely to raise interest rates next year.

The metal fell sharply on Wednesday after a poll showed weaker support among Swiss voters for a referendum proposal that would force the central bank to boost its gold reserves.

Appetite for physical gold sparked a reversal in that move, dealers said, with demand from buyers in Asia lifting gold off its overnight low at $1,176.56 an ounce.

Spot gold was up 1 percent at $1,195.34 an ounce at 1049 GMT, while U.S. gold futures for December delivery were up $1.20 an ounce at $1,195.10.

"After a big price drop in a small time, you get a return in Chinese demand, and that's what we've seen," Natixis analyst Bernard Dahdah said. "But I wouldn't expect gold to continue rising back to $1,250, mainly because of the stronger dollar."

Gold exports to China from Switzerland, a major trading and refining centre for precious metals, more than tripled to 42.5 tonnes last month, Swiss customs data showed.

The dollar extended gains against the euro after purchasing managers' surveys from the euro zone showed business growth was weaker than forecasters expected this month.

Currency traders are awaiting U.S. economic data, including the consumer price index and jobless claims, due later in the day, for any impact on the dollar. A stronger dollar tends to weigh on gold, which is priced in the U.S. unit.

Selling by gold funds resumed after a brief pause this week. The world's largest gold-backed exchange-traded fund, SPDR Gold Shares, said its holdings fell 0.3 percent to 720.91 tonnes on Wednesday -- close to a six-year low.

Among other precious metals, platinum briefly slipped into a discount to gold for the first time since mid-October before recovering to trade at a premium of about $10 an ounce.

Spot platinum was up 2 percent at $1,207 an ounce, while spot palladium was up 1 percent at $767.72 an ounce.

Silver was up 1.2 percent at $16.29 an ounce.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Europe Thu, 20 Nov 2014 12:07:11 +0000
Arabica coffee prices climbs, tests key resistance band http://www.brecorder.com/markets/commodities/europe/205851-arabica-coffee-prices-climbs-tests-key-resistance-band.html http://www.brecorder.com/markets/commodities/europe/205851-arabica-coffee-prices-climbs-tests-key-resistance-band.html imageLONDON: Arabica coffee futures on ICE rose sharply on Wednesday to the highest level in nearly one month boosted by a more bullish outlook on price charts and the prospect of tightening supplies.

Cocoa was little changed while sugar edged higher.

March arabica coffee futures on ICE were 7.45 cents or 3.9 percent higher at $2.0035 per lb by 1524 GMT after peaking at $2.0090, the strongest level for the second month since Oct. 22.

Sucden Financial analyst Kash Kamal said the market needed now to overcome resistance around the 40-day moving average which currently stands at $2.0157.

"If we don't see a breakout above the 40-day moving average, as the moving averages close in on each other, we could see prices squeezed between the 10-day and 40-day (moving averages). Support at the 10-day seems very firm," Kamal said.

The 10-day moving average is currently at $1.9109.

Dealers noted crop difficulties in Brazil and Central America were also likely to tighten supplies.

"The drought in Brazil at the beginning of the year and the leaf rust plant disease that has been raging in Central America for the past two years show that the supply outlook is fraught with considerable uncertainties," Commerzbank said in a market note on Wednesday.

January robusta coffee futures on ICE rose $17 or 0.8 percent to $2,085 a tonne.

Cocoa futures on ICE were largely steady but remained in striking distance of recent lows.

March New York cocoa on ICE were up $9 or 0.3 percent at $2,818 a tonne, pulling away from last week's 9-1/2 month low of $2,780.

Dealers said the upside was capped by a generally favourable outlook for crops in West Africa.

"The cocoa arrival numbers (in Ivory Coast) are good and rain has been falling in the right areas at the right time and is better than was seen at this time last year," one London dealer said.

March London cocoa was off 1 pound at 1,870 pounds a tonne.

Sugar futures on ICE were higher with March raws up 0.15 cents or 1.0 percent at 15.86 cents a lb and March whites rising $1.30 to $415.90 per tonne.

Copyright Reuters, 2014

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imad_kueconomist@yahoo.com (Imaduddin) Europe Wed, 19 Nov 2014 16:49:14 +0000