08242016Wed
Last update: Wed, 24 Aug 2016 01pm

Europe

Markets - Commodities - Europe

London copper on track for fifth weekly fall in six MELBOURNE: London copper was little changed on Friday, but heading for a 2 percent weekly drop as a stronger dollar and ebbing seasonal demand from top consumer China undermined prices. Growth in China's services sector hit a three-month low in May as new business and hiring slowed, a private survey showed, echoing signs of fading momentum elsewhere in the economy.Softer seasonal demand added to copper's woes, illustrated by signs of scant buying in China's physical market, said analyst Helen Lau at Argonaut Securities in Hong Kong."There's not much catalyst on the demand side. The price continues to fall and there's a lot of supply and even spot premiums are very low," she said.Premiums are surcharges paid on top of futures prices to obtain physical metal. Falling premiums at a time of weak prices suggest that even cheap metal isn't enticing consumers.Three-month copper on the London Metal Exchange traded flat at ...

Markets - Commodities - Europe

Brazil sugar harvest delays could mean deficit finally bites LONDON: Rain delays to Brazil's sugar harvest could mean that a long expected global deficit finally bites. Despite forecasts by several analysts for a substantial global sugar deficit in 2015/16, immediate supplies have been plentiful due to a flying start to the harvest in centre-south Brazil in excellent weather.Sergey Gudoshnikov, a senior economist with the International Sugar Organization (ISO), said production in centre-south Brazil in the six weeks until May 15 was double that of ...

Markets - Commodities - Europe

European vegoils-Palm oil firmer on soy supply woes ROTTERDAM: Palm oil on the European vegetable oils market was offered mostly higher on Thursday, tracking stronger Malaysian palm oil futures and supported by firmer prices in CBOT soyoil futures on the back of supply worries. Crude palm oil was mostly offered between unchanged and $7.50 a tonne up after Malaysian palm oil futures closed between 36 and 47 ringgit tonne higher, tracking competing vegetable oils and supported by a weaker ringgit, which makes palm ...

Markets - Commodities - Europe

Chicago jump, quality concerns, push EU wheat to 6-week high PARIS: European wheat prices rose to a 6-week high on Thursday, pulled by strong US futures, a low euro against the dollar and precaution buying on rising concerns about potential quality damage to the crops after heavy rainfall in the past days.September milling wheat on Paris-based Euronext unofficially closed at 167.25 euros a tonne, up 1.5 percent. It had hit 168.00 euros a tonne earlier, a price unseen since April 21.Showers eased on Thursday after ...

Markets - Commodities - Europe

Gold gains on dollar weakness; US labour data in focus LONDON: Gold inched up on Thursday as the dollar touched a two-week low against the yen and investors await US labour data to assess whether this will boost the prospect of an early interest rate rise by the Federal Reserve.Investors were awaiting the US May ADP private employment report due later in the day and, most importantly, non-farm payrolls on Friday. Solid readings could heighten expectations for a move as early as the Fed's June ...

Markets - Commodities - Europe

Cash raw sugar differentials strengthen on Brazil bottlenecks LONDON: Cash sugar differentials have strengthened in the past few days, boosted by port congestion in top exporter Brazil and the possibility that Argentine sugar could be delivered against the July futures expiry.Centre-South Brazilian raw sugar for June shipment was offered at flat to ICE July futures this week, compared with a discount of 14 points (0.14 cents) on May 20. The July futures contract is due to expire on June 30. "We are now ...

Markets - Commodities - Europe

European vegoils-Palm oil rebounds from lows on stronger Chicago ROTTERDAM: Palm oil on the European vegetable oils market came off the day's lows on Wednesday when losses on the back of technical selling in Malaysian palm oil futures were followed by gains in CBOT soyoil futures. Crude palm oil was mostly offered between unchanged and $5 a tonne up, while refined products were between unchanged and $5 lower after Malaysian palm oil futures closed between eight and 23 ringgit tonne down on profit-taking following ...