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LME copper hits one-month high on US fiscal cliff hopes  LONDON: Copper climbed to the highest in nearly a month on Thursday, buoyed by hopes that US politicians were hammering out a solution to the "fiscal cliff" of spending cuts and tax hikes.   Three-month copper on the London Metal Exchange touched an intraday high of $7,839 a tonne, the highest since Nov. 1, and was up 0.8 percent at $7,829 by 1126 GMT.   Other metals made stronger gains than copper, with aluminium and zinc touching seven-week highs.   Copper, which fell half a percent on Wednesday, has gained about 4 percent since touching a two-month low of $7,506 on Nov. 9 after worries about weak demand and potential for the US fiscal cliff to send the world's largest economy back into recession.   Analyst Duncan Hobbs at Macquarie in London said a year-end rally was possible if positive headlines on the global economy and top metal consumer China keeping emerging.   "If we continue to see positive macro-economic ...

Oil up on US budget optimism, Middle East tension  LONDON: Crude oil rose on Thursday on optimism that US lawmakers would reach a deal on fiscal policy and as mounting tension in the Middle East intensified supply concerns.   Brent crude was up 73 cents at $110.24 a barrel by 0937 GMT while US crude gained 70 cents to $87.19 a barrel, following losses in the previous session.   Demand sensitive assets were boosted on improved sentiment about a deal on US budget talks, with President Barack Obama ...
Gold Fields to spin off oldest South African mines  JOHANNESBURG: Gold Fields, the world's fourth-largest bullion producer, is spinning off its two oldest South African mines in the latest sign of the country's gold industry succumbing to declining output and soaring costs.   In a move which nearly severs Gold Fields' ties with South Africa, the company's KDC mines near Johannesburg and its Beatrix operations near the central city of Bloemfontein will be renamed Sibanye Gold and floated on the Johannesburg Stock Exchange in February.   South Africa ...
ROTTERDAM: Soymeal on the European meals and feeds market was offered firmer on Wednesday following Tuesday's strong CBOT soymeal futures close on optimism over exports.   * "Buyers were holding back as outside markets were turning easier on worries about the US economy and its impact on the growth of the global economy," one broker said.   * South American soymeal was offered between $3 and $8 a tonne up from Tuesday following CBOT soymeal futures. Buyers were holding ...
Palm oil easier on follow-through selling  ROTTERDAM: Palm oil on the European vegetable oil market slipped further on Wednesday because of follow-through technical selling on worries over the global economy and prospects for further growth of palm oil stocks.   * "The worries over the US economy and therefore the growth of the global economy pressured prices in various markets. Markets closed a touch off the lows on some bargain hunting," one broker said.   * Palm oil was offered between $5 and $12.50 a ...
EU wheat touches two-week high on tight global supply outlook  HAMBURG: European wheat futures touched their highest level in two weeks on Wednesday on support from rising US prices as the poor condition of wheat crops in the United States added a further risk to weather-reduced global grain supplies.   * Benchmark January milling wheat on the Paris futures market was up 2.50 euros or 0.91 percent at 275.75 euros a tonne by 1658 GMT.   * The contract earlier reached 276.25 euros, a level last seen on Nov. ...
Copper dips on Greek deal uncertainty, US budget talks  LONDON: Copper fell on Wednesday as investors shunned riskier assets on concerns about the details of Greece's new debt deal and lack of progress in US budget talks aimed at averting automatic tax hikes and spending cuts in January.   Lenders agreed to cut Greece's debt on Tuesday, preventing an imminent bankruptcy, but some details of the deal are unclear and investors worry it did not do enough to ensure the debt is sustainable.   There are also concerns ...


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Foreign Debt $60.9bn
Per Cap Income $1,368
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WeeklyApril 14, 2014
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