06282016Tue
Last update: Tue, 28 Jun 2016 01am

Europe

Markets - Commodities - Europe

Indonesian coffee trade to focus on niche markets as exports slow JAKARTA/LONDON: Indonesia's robusta coffee shipments are expected to remain slow in coming weeks due to fierce competition from Vietnamese supplies, prompting traders to focus on domestic and niche markets such as Egypt. Indonesia is the world's No. 3 robusta producer after Vietnam and Brazil. The Indonesian robusta harvest started around a month late, delayed by dry weather, and farmers have focused mainly on domestic sales in time for the Muslim fasting month of Ramadan now under way, trade sources said. They quoted cash premiums of grade 2 Vietnamese robusta at $50 over September futures, compared with $110-150 over for grade 4 Indonesian, 80 defects coffee. "Price is the second problem (facing Indonesian exports). The first issue is about certainty of supply," said Moelyono Soesilo, purchasing and operational director at PT Taman Delta Indonesia, a coffee exporter based in Central Java. The delay in harvesting has constrained Indonesian robusta export flows. ...

Markets - Commodities - Europe

Producers expect Ukraine July steel output of 2.2mn tonnes KIEV: Ukrainian steel production in July is likely to stay at a high level of about 2.2 million tonnes, steelmakers said on Friday. Steel output rose 14 percent in the first five months of 2016 to 10.6 million tonnes, mostly thanks to an increase in demand from the local market and exporters.Ukraine's steel production fell 16 percent in 2015 to 22.9 million tonnes, largely due to a military conflict in the east of the country ...

Markets - Commodities - Europe

South Korea's KOCOPIA bought about 55,000 T corn from US HAMBURG: South Korea's Korea Corn Processing Industry Association (KOCOPIA) purchased about 55,000 tonnes of corn to be sourced from the United States in a tender which closed on Tuesday, European traders said on Thursday. The corn was purchased at $214.90 a tonne c&f including surcharge for additional port unloading for July/August shipment from the US for arrival in South Korea around Aug. 25, they said.The US number 2 corn can contain genetically-modified organisms (GMOs), they ...

Markets - Commodities - Europe

Euro-priced gold hits three-year high LONDON: Gold priced in euros hit its highest since April 2013 on Thursday as the single currency weakened ahead of next week's referendum on Britain's membership of the European Union, while the Federal Reserve's less hawkish tone lifted spot prices. Euro-denominated gold hit a peak of 1,168.62 euros an ounce and was at 1,166.62 an ounce at 1142 GMT, up 1.76 percent. Gold priced in sterling rose 2 percent earlier on Thursday to its highest ...

Markets - Commodities - Europe

Glencore plans to sell option in Falco's Horne gold project LONDON: Glencore is planning to sell its option in a gold mine owned by Falco Resources, two sources familiar with the situation said on Thursday, as the mining group and commodities trader presses ahead with its asset sale programme.London-listed Glencore has appointed BofA Merrill Lynch to sell the 65 percent option in the Horne 5 gold project in Quebec, the sources said, and potential buyers have been contacted. Falco has calculated that the undeveloped Horne ...

Markets - Commodities - Europe

Copper slides alongside equities on Brexit uncertainty LONDON: Copper prices fell on Thursday alongside oil and equities in volatile trade fuelled by worries about the British referendum on leaving the European Union, but a weaker dollar helped provide some support.Benchmark copper on the London Metal Exchange was down 1.3 percent at $4,574 a tonne at 0931 GMT. The metal used in power and construction rose to $4,690 a tonne on Wednesday, its highest in more than a week.European equity indices fell to ...

Markets - Commodities - Europe

Gold climbs to 2-year high as Fed cools rate hike talk LONDON: Gold rallied to a two-year high after the Federal Reserve sounded a less dovish note after its latest policy meeting, and as the dollar sank to a 21-month low versus the yen.The Fed's cautious stance comes ahead of a British referendum on June 23 on whether to leave the European Union, which has dented appetite for assets seen as higher risk and sent investors scurrying for bonds and gold.Spot gold was up 1.2 percent ...