07292016Fri
Last update: Fri, 29 Jul 2016 12pm

Europe

Markets - Commodities - Europe

Gold hits 3-week low on firmer equities, dollar LONDON: Gold fell to its lowest in three weeks on Wednesday on higher equities and as the dollar hit a four-month high following strong US economic data, which raised expectations that the Federal Reserve may raise rates before the end of the year.Spot gold fell as much as 1 percent to $1,317.86 an ounce earlier and by 1209 GMT was down 0.9 percent at $1,318.40.The dollar was up 0.1 percent against a basket of six currencies, after hitting its highest for four months on data showing US housing starts surged more than expected in June, underpinning a theme of strength in the US economy."The probability of a US Federal rate hike has increased as of today. Some expectations of a rate hike have come back," said OCBC Bank analyst Barnabas Gan.Gold, which has risen 25 percent this year, is highly sensitive to rising rates, which increase the opportunity cost of ...

Markets - Commodities - Europe

Copper, nickel slip on strong dollar; zinc hits 14-month top LONDON: Copper and nickel slipped on Wednesday as the dollar surged to a four-month high, with copper investors also growing cautious about signs of rising supply. Zinc hit another 14-month high on falling mine output.The dollar rose versus a currency basket, bolstered by strong U.S. housing data and growing expectations that the Federal Reserve may raise rates before the end of the year.A stronger dollar dampens the buying power of commodity investors paying with other ...

Markets - Commodities - Europe

Raw sugar eases on brisk Brazil crush, arabica firms LONDON: Raw sugar futures eased on Wednesday, pressured by a brisk cane crush in centre-south Brazil, while arabica coffee edged up, supported by concerns over the quality of new crop Brazilian beans.A recovering pound gave support to New York cocoa futures, which held steady.Raw sugar futures edged down, with traders focused on the cane crush as the harvest approached its peak in top grower Brazil."The market seems to be in the hands of day traders ...

Markets - Commodities - Europe

BHP, Anglo see only slight setbacks for iron ore production SYDNEY/LONDON: BHP Billiton and Anglo American have reported setbacks in their iron ore production, but analysts said the contraction was nowhere near enough to dent the massive global supply glut that has driven prices to record lows.Overnight on Tuesday, BHP Billiton narrowly missed its iron ore output target in the financial year just ended following the Samarco disaster in Brazil, while Anglo American on Wednesday reduced its full-year production forecast in Brazil.Anglo American's shares were ...

Markets - Commodities - Europe

London copper, nickel slip as strong dollar sparks profit-taking MELBOURNE: London copper and nickel slipped on Wednesday after a US housing report pushed up the dollar and sparked profit-taking across the two metals, with copper also hit by evidence of mounting supply. US housing starts rose more than expected in June as construction activity increased, sending the dollar to a four-month top. A stronger dollar dampens purchasing power of commodity buyers paying with other currencies.Copper has been the worst-performing commodity so far this year, ...

Markets - Commodities - Europe

Copper lifted by weaker dollar, capped by Chinese home prices LONDON: Copper edged higher on Monday on the back of a weaker dollar but gains were kept in check after lacklustre rises in Chinese home prices fuelled worries about demand in the world's top metals consumer.Data on Monday showed home price rises in China slowed in June for a second straight month, adding to concern over the sustainability of a construction-led economic rebound."This slowing increase in Chinese house prices we've seen over the weekend puts ...

Markets - Commodities - Europe

Concerns over harvest size, quality support EU wheat prices PARIS: European wheat prices rose on Monday on uncertainty about final harvest results with French farmers reporting lower than expected yields.Benchmark December milling wheat on the Paris-based Euronext was 1.25 euro or 0.8 percent higher by 1556 GMT at 165.25 euros a tonne."The market is still waiting for an assessment on the magnitude of the fall in wheat harvest yields. Will the harvest be at 30, 32 or 35 million tonnes?" one Euronext trader said.Heavy ...