MALAYSIAN PALM OIL POSTS 3RD SESSION OF DECLINE
Malaysian palm oil futures were headed for a third straight session of decline on Thursday as forecasts of rising output, and weaker performing related edible oils weighed on the market.
The benchmark palm oil contract for October delivery on the Bursa Malaysia Derivatives Exchange was down 0.7 percent at 2,624 ringgit ($612.58) at the midday break. Palm oil has shed 1.2 percent so far this week and is in line for its first weekly decline in a month and a half. Traded volumes stood at 32,098 lots of 25 tons each at noon on Thursday.
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CHICAGO WHEAT CORN AND SOY KEEP FALLING
Chicago wheat futures lost more ground on Thursday, falling for a fourth consecutive session and trading close to its lowest since late June on pressure from ample global supplies. Corn and soybean prices gave up some of last session’s gains as weather forecasts indicated little stress to maturing crops in the US Midwest.
The Chicago Board of Trade most-active wheat contract lost 0.5 percent to $4.58-1/4 a bushel by 0310 GMT, holding just above Wednesday’s low of $4.55-3/4, the weakest since late June. Corn gave up 0.3 percent to $3.78 a bushel. Soybeans slid 0.4 percent to $9.73-1/4 a bushel. Poor conditions for US spring wheat have largely been priced in, according to traders and analysts, and harvesting of the drought-hit crop is under way. Rising expectations for rival exporter Russia’s production are tempering supply concerns.
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PETROLEUM PRICES IN PAKISTAN (Rs/Ltr)div
|
|||||
|---|---|---|---|---|---|
|
Date
|
HOBC
|
Premium
|
HS Diesel
|
LS Diesel
|
Kerosene
|
|
1-Jun-17
|
72.68
|
72.8
|
81.4
|
44
|
44
|
|
3-Apr-17
|
72.68
|
74
|
84
|
44
|
44
|
|
1-Mar-17
|
72.68
|
73
|
83
|
44
|
44
|
|
1-Feb-17
|
72.68
|
70.29
|
79.48
|
43.35
|
43.25
|
|
16-Jan-17
|
72.68
|
68.04
|
77.22
|
43.35
|
43.25
|
|
2-Jan-17
|
72.68
|
66.27
|
75.22
|
43.35
|
43.25
|
|
1-Dec-16
|
72.68
|
66.27
|
75.22
|
43.35
|
43.25
|
|
1-Nov-16
|
72.68
|
64.27
|
72.52
|
43.35
|
43.25
|
|
1-Oct-16
|
72.68
|
64.27
|
72.52
|
43.35
|
43.25
|
|
1-Sep-16
|
72.68
|
64.27
|
72.52
|
43.35
|
43.25
|
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OIL DECLINES ON HIGH OPEC SUPPLIES, DEFYING FALLING US CRUDE STOCKS
Oil fell on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening US market. Brent crude futures, the international benchmark for oil prices, were trading down 33 cents, or 0.6 percent, at $52.03 per barrel at 0711 GMT. US West Texas Intermediate (WTI) crude futures were at $49.28 per barrel, down 31 cents, or 0.6 percent.
Strong demand in the United States was supporting prices, while high supplies from OPEC producers were restricting further gains. US crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per day (bpd) last week and a fall in commercial crude inventories in the week to July 28 of 1.5 million barrels to 481.9 million barrels.
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RAW SUGAR FUTURE SLUMPS AS CHART SIGNALS TURN
Raw sugar futures on ICE slipped further on Wednesday as bearish chart signals and an uptick in producer selling weighed, while robusta coffee rebounded and cocoa extended losses. October raw sugar was down 0.18 cent, or 1.21 percent, at 14.70 cents per lb by 1122 GMT. Prices fell from two-month highs in the previous session after technical resistance, a weakening in the energy complex and a wave of producer selling sapped a speculative short-covering rally. It is said the weakness persisted on Wednesday, after the negative close reinforced bearish chart signals and affirmed the downward momentum.
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HYDRO-POWERED SMELTERS CHARGE PREMIUM RATES FOR ‘GREEN’ ALUMINUM
Producers of ‘green’ aluminum – made using renewable energy rather than fossil fuels – are starting to charge premium prices thanks to rising demand from industrial customers under pressure to reduce their carbon footprints. Operators of smelters powered by hydro-electricity in the likes of Norway, Russia and Canada are promoting their environmental credentials – and stealing a march on others that rely on coal or gas, notably in China and the Gulf. The competitive edge lies not in the metal itself, but the fact that its production requires far lower total emissions of greenhouse gases including carbon dioxide.
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NEW ZEALAND MILK PRODUCTION UP 20PC
June milk production has risen over 20 percent in New Zealand compared with this time 12 months ago. New Zealand’s milk production for June totaled 178,000t in June 2017, up from 147,000t 12 months previous. Total milk production in New Zealand so far this year is 8.6 million tons, almost 200,000t ahead of the same point last year.
New Zealand dairy exports also rose 11 percent in June compared to the same time last year, with cheese, butter and milk powder exports all rising. Confidence and demand are growing across New Zealand at the moment, highlighted by Fonterra increasing its milk price to almost 30c/l last week.