Europe
Friday, 03 May 2013 02:39
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NEW YORK: Brent crude rose nearly $3 a barrel on Thursday, closing shy of $103 as a rate cut by the European Central Bank supported riskier assets.The ECB cut its main interest rate to a record low of 0.50 percent, sparking a broad commodity rally and boosting equities and the dollar, one day after the US Federal Reserve said its own monetary policy would remain unchanged.A better-than-expected US jobless claims report suggested the employment market was recovering. Data showed claims for jobless benefits fell sharply last week to 324,000, a five-year low.Both Brent and US crude spiked up at mid-day and again in the afternoon, which traders said could have been driven by electronic trading programs which kicked in to spark heavy buying after prices broke through several technical levels and failed to meet strong resistance."Today's price action was triggered by buy programs coming in when resistance was much softer ...
NEW YORK: Central American coffee exporters and farmers have started picking up their phones to sell coffee again, after a leaf rust disease swept through the high elevations, devastating plants and reducing yields, US importers said on Thursday."I'm beginning to see some offers come out of Central America on a voluntary basis," said Christian Wolthers of green coffee importer Wolthers America in Florida."The first news was so bad the (reaction) was, 'let's sit down and ...
NEW YORK: Cotton futures rallied on Thursday, prompted by short-covering after a rout during the previous session that spurred buying and also supported by US government weekly export data seen as indication of solid demand, dealers said.The most-active July cotton contract on ICE Futures US gained 1.81 cents, or 2.2 percent, to settle at 85.68 cents per pound, after earlier surging more than 4 percent to as high as 86.98 cents per lb.It was the ...
AMSTERDAM: US wheat fell 1 percent on Wednesday after hitting a one-month high in the previous session, as traders banked profits following an uncertain outlook for the winter crop, adding to pressure from a broad sell-off in commodities.Corn fell for the second straight session, despite continued concerns over potential yield losses from delayed plantings, while soybeans fell for the first time in five sessions.Chicago Board Of Trade July wheat, the most actively traded contract, fell ...
NEW YORK/LONDON: Gold edged lower on Tuesday in volume as investors strong US home prices and consumer confidence data kept investors cautious before policy meetings at the US Federal Reserve and the European Central Bank later this week.Bullion investors took profits after data showed US home prices rose in February at their fastest rate in almost seven years, and another report showed US consumer confidence rebounded in April.Despite those encouraging reports, data showing contraction in ...
NEW YORK: World oil prices fell more than 1 percent on Tuesday, posting their biggest daily decline in almost two weeks after US data showed Midwest business activity contracted in April and European data showed record unemployment.A survey showing a rebound in supply from OPEC producers in April further pressured prices a day after they had rallied up to $104. In mid-April, oil hit a nine-month low below $97, and Brent crude is still down ...
LONDON: Copper fell on Tuesday, on track for its steepest monthly loss in nearly a year, as concerns about the pace of global growth weighed on industrial metals, but falls were capped by hopes of more monetary easing.Benchmark three-month copper on the London Metal Exchange fell to $7,117.25 a tonne at 0828 GMT, down 0.5 percent from a close of $7,153.50 a tonne on Monday.Volumes were subdued as China's markets will remain closed until Thursday ...
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