Posts Tagged ‘Shanghai’
Corn Gains on US Exports, Soybeans & Rubber Drop on Europe
Corn posted the biggest advance in more than a week on the anticipation of returning demand for the US supplies. According to the report of the US Department of Agriculture, the US exports of corn totaled 1.763 million metric tons in the week ended October 13, the highest level since March. Total sales for delivery before August 31 were 5 percent above the sales in the same period of the previous year, being at the highest level in four years. Settlement for corn jumped from $6.38 to $6.50 per bushel by 23:38 GMT today on CBoT.
The forecasts of good weather drove soybeans down. Dry weather in Brazil and rains in Argentina should boost harvest. The problems of Europe and the resulting worries also weighted down the oilseed. Soybean prices retreated from $12.2525 to $12.2350 per bushel today on CBoT.
The European crisis also caused the drop of rubber to the lowest level in 14 months. The leaders of European nations will discuss the situation in Europe at the summit this weekend. Some economists argue that the bailout fund will be boosted. Yet others speculate that the politicians won’t be able to reach an agreement and such speculation weight the commodity down. January future fo delivery of rubber slumped as much as 4.4 percent to 25,445 yuan ($3,985) per ton in Shanghai.
Rubber Gains on Bad Weather, Oil Jumps on Fed Statement
Rubber jumped in Tokyo to the highest level in three week on concerns that bad weather will disrupt supplies. Cyclones and monsoon caused deaths in Malaysia, Thailand and Vietnam, also threatening to halt shipments of rubber from these countries. Floods caused some major rubber markets in Thailand to close. Futures for rubber delivery rose 1.9 percent to 33,250 yuan ($4,991) per ton in Shanghai.
Oil gained higher than $85 level today after the US Federal Reserve announced its $600 billion
Copper in Shanghai Advances for Fifth Day as Inventories Drop
Copper in Shanghai climbed for a fifth day on optimism that demand may be picking up as global stockpiles decline.
Copper inventories in Shanghai fell 18 percent last week, the first drop in four weeks, the Shanghai Futures Exchange said in a report after the market closed June 26. Stockpiles of the metal tallied by the London Metal Exchange have declined every day since May 7.
“The large drop in inventories certainly lends support to the market,” Zeng Chao, analyst at Everbright Futures Co, said in an e-mail.
October-delivery copper on the Shanghai Futures Exchange, the most-active contract, gained as much as 0.9 percent to 40,740 yuan ($5,962) a metric ton and traded at 40,490 yuan at 10:03 a.m. Singapore time.
Three-month delivery copper on the London Metal Exchange rose as much as 1.8 percent to $5,125 a ton before trading at $5,105 a ton. Copper for September delivery in New York was up 0.6 percent at $2.3235 a pound.