06302016Thu
Last update: Thu, 30 Jun 2016 08am

Europe

Markets - Commodities - Europe

Copper down on burgeoning Chinese exports; aluminium climbs LONDON: Copper fell on Tuesday after a surge of Chinese exports raised concerns about global oversupply while aluminium bucked the weaker trend, touching a fresh six-week peak amid reports of falling Chinese inventories.Chinese trade data showed copper exports in May surged by 256 percent on the year to 84,959 tonnes, overshadowing a 15.9 percent rise in imports."The export number may have weighed on copper prices because it's higher than expected. All these Chinese copper exports are probably going to the LME (London Metal Exchange) so there are market fears that rising LME copper inventories will weigh on sentiment," said Xiao Fu, head of commodity market strategy at Bank of China International in London."Earlier this year, China had restocked a significant amount of copper and now there is destocking or normalisation, driving this rotation of Shanghai inventories to the LME."Copper stocks held in LME warehouses in Asia are set to jump ...

Markets - Commodities - Europe

Gold slips ahead of Britain's vote on EU membership LONDON: Gold fell for a second session in a row on Tuesday as fears that Britain could vote to leave the European Union in Thursday's referendum receded.Two opinion polls on Monday showed the "Remain" camp had recovered some ground in the referendum debate though a third poll found those wanting to leave were ahead by a whisker.Spot gold fell 0.8 percent to $1,280.31 an ounce by 0946 GMT while US gold fell 0.7 percent to ...

Markets - Commodities - Europe

Swiss gold exports flow mainly to UK for third month  LONDON: The United Kingdom remained the main destination for Swiss gold exports for a third straight month in May, data from the Swiss customs bureau showed on Tuesday, as investment in bullion-backed funds based in Britain continued.That helped make Switzerland a net exporter of gold for the first time in six months, with exports net of imports of 4.121 tonnes, versus imports net of exports of 55.265 tonnes in April.The UK imported 69.473 tonnes of ...

Markets - Commodities - Europe

Copper gains as Brexit worries ease; nickel hits six-week peak LONDON: Copper and other base metals extended gains on Monday as concern that Britain might leave the European Union eased and nickel hit a six-week peak on concern about top supplier Philippines. The London Metal Exchange complex, also bolstered by a weaker dollar, joined shares and oil in sweeping higher after polls tilted away from a "Brexit" vote on Thursday. "The recent polls have given an impetus to the market. The FTSE (share index) is ...

Markets - Commodities - Europe

London cocoa falls on strong pound, sugar consolidates LONDON: London cocoa futures fell on Monday as sterling surged against the dollar, although the market remained underpinned by tightening supplies linked to declining production in top grower Ivory Coast.Raw sugar futures eased slightly with drier conditions in centre-south Brazil set to improve the cane crush in the world's top producer, while arabica coffee prices were also lower.London September cocoa fell 16 pounds, or 0.7 percent, to 2,252 pounds a tonne by 1434 GMT."It (the ...

Markets - Commodities - Europe

Gold slips more than 1pc as Brexit campaign loses momentum LONDON: Gold fell on Monday after polls showed the campaign for Britain to remain in the European Union regaining some momentum, sharpening appetite for assets seen as higher risk and sparking a sharp rally in stocks.Speculation that British voters could opt to leave the trading bloc in a referendum on Thursday helped push gold to its highest in nearly two years last week, and to three-year peaks in euro and sterling terms.However, three opinion polls ...

Markets - Commodities - Europe

South Korea's MFG bought 112,000 T feed wheat HAMBURG: South Korea's Major Feedmill Group (MFG) has purchased 112,000 tonnes of feed wheat of optional origin seen likely to be sourced from Europe, European traders said on Monday. The group on Friday purchased 60,000 tonnes at $195.25 a tonne c&f, traders said. There is an extra $1.25 a tonne surcharge for additional port unloading. The wheat is for shipment between Aug. 15-Sept. 15, they said.Another purchase was also made on Friday of 52,000 tonnes ...