02062016Sat
Last update: Sat, 06 Feb 2016 12pm

Europe

Markets - Commodities - Europe

EU wheat at new low as Egypt rule reversal fails to lift mood PARIS: European wheat futures sank to fresh contract lows on Wednesday as traders reacted cautiously to a move by Egypt to resolve a standoff over import terms, and a jump in the euro underlined a tough export outlook.Egypt said it would accept imports with up to 0.05 percent of grain fungus ergot, reversing a recent zero-tolerance policy that prompted traders to boycott a tender a day earlier.Egypt's announcement spurred a brief bounce in Euronext futures but prices then resumed their downward trend as traders said the situation in Egypt remained unclear."While Egypt seems to have got the message about its tender terms, there is still a major issue with payment delays and suppliers now have serious doubts about the capacity of the world's biggest wheat buyer to fulfill its contracts," one trader said.Some traders were still cautious about the ergot policy in view of recent wrangling and the fact a ...

Markets - Commodities - Europe

Gold sets new 3-month high as investors shun risky assets LONDON: Gold hit three-month highs on Wednesday as the dollar slid versus the euro and European shares fell sharply, prompting investors to seek shelter in assets perceived as safer. Data showing the US economy's services sector expanded in January at a slower pace than expected overshadowed stronger-than-expected US ADP private payrolls data, helping knock the dollar to a 14-week low against the euro. Spot gold was up 0.9 percent at $1,138.46 at 1618 GMT, having ...

Markets - Commodities - Europe

Copper hits 1-month high ahead of Lunar New Year LONDON: Copper hit a one-month high on Wednesday as inventories declined, oil prices bounced and traders continued to reverse bets on falling prices ahead of the Lunar New Year break. Also helping the metal, the dollar tumbled as scepticism over rate hikes grew following weak US services data. A soft dollar makes metals priced in the currency cheaper for non-US investors.Oil rallied on fresh talk of output cuts, tempting investors into commodity funds that include ...

Markets - Commodities - Europe

NY cocoa firms, focus on mid crop development, sugar eases LONDON: New York cocoa futures firmed on Wednesday after falling hard on Tuesday in volatile conditions, with a focus on development of mid-crops in Western Africa, while sugar eased and arabica coffee edged up in technically driven dealings. March New York cocoa was up $7, or 0.3 percent, at $2,768 per tonne at 1519 GMT, erasing earlier sharp gains, following a selloff on Tuesday. "Where the cocoa market goes now is down to how we ...

Markets - Commodities - Europe

Gold steadies near 3-month high as economic worries persist LONDON: Gold steadied after touching three-month highs on Tuesday, underpinned by global growth concerns and as another sharp drop in the oil price pushed investors towards safe-haven assets.Weak Chinese manufacturing data on Monday underscored the challenges for the world economy, while volatility in oil and other assets fuelled interest in gold as a haven from market turmoil.Analysts said there had been some short covering in the gold futures market as traders who at the turn ...

Markets - Commodities - Europe

Copper slides after hitting 4-week high on short-covering LONDON: Copper hit a four-week high on Tuesday as bets on lower prices were reversed ahead of a Chinese holiday, but prices fell later in the day as focus returned to oversupply and weak demand growth in top consumer China.Benchmark copper on the London Metal Exchange ended down 0.3 percent to $4,548 a tonne. The metal used in power and construction earlier touched $4,628 a tonne, its highest since January 7.Traders and funds covering short ...

Markets - Commodities - Europe

EU wheat at new lows as Egypt darkens export outlook PARIS: Euronext wheat futures hit new contract lows as the cancelling of a tender by Egypt hardened a standoff over import rules, adding uncertainty to a market needing to clear large stocks.The aborted tender in Egypt also raised the prospect that exporters would have to bid aggressively to secure business in a tender being held by Algeria, the largest buyer of French wheat.On the Paris-based Euronext futures market, March milling wheat settled 1 euro, or ...