Markets

Palm futures weighed by Monday's 8-month drop

KUALA LUMPUR : Exports of Malaysian palm oil products for June 1-25 rose 15.1 percent to 1,270,888 tonnes from 1,104,075

Published June 28, 2011 Updated June 28, 2011 08:03am

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By Syed Murtaza Gheblehzadeh

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US wheat futures closed 2 percent lower on Monday, extending losses as global economic woes fed fears of weaker demand for key commodities. Brent crude prices rose on Monday, bouncing off lows as the euro rallied against the dollar on firmer hopes Greece will pass an austerity program as Europe fashioned a solution to Athens' debt woes.

Oil, copper and wheat prices slid on Monday as investors abandoned commodity markets, fearing weaker economic and demand growth, a stronger dollar, a Greek debt default and potential contagion effects. US stocks snapped a three-day losing streak and the euro rallied against the dollar on Monday on increasing confidence the Greek parliament will pass an unpopular austerity plan, and as French banks outlined an agreement to roll over Greek debt.

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