Global Commodity
Tuesday, 31 March 2015
Global tea prices to rise
KOLKATA, Mar 30 : Prices of black tea are set to rise in the international markets this year as a continued dry spell in India and Kenya, two of the world's top tea exporters, is likely to shrinksupply, according to report by economictimes.indiatimes.com. Planters in India say prices will remain firm for the new season teas, which will start arriving in April. Tea prices have already risen 24 per cent in Kenya in the last few months. "New season tea prices will be on the higher side," said Kamal Baheti, director at McLeod Russel India Ltd, the world's biggest tea grower. — online
Oil prices down in Asian trade
SINGAPORE, Mar 30: Oil prices eased in Asia Monday but analysts said losses were tempered by supply concerns in the crude-rich Middle East after Saudi-led warplanes struck rebel targets in Yemen. US benchmark West Texas Intermediate for May delivery fell 72 cents to $48.15 and Brent crude for May eased 41 cents to $56.00 in afternoon trade. — AFP
Gold slips
SINGAPORE, Mar 30: Gold slipped for a second straight session Monday, pulling further from a three-week high, after Federal Reserve Chair Janet Yellen signaled that the US central bank may be on course to raise interest rates later this year. Spot gold was off 0.2 per cent at $1,196.98 an ounce by 0036 GMT, after rising for a second week in a row last week. — Reuters
London copper steadies
MELBOURNE, Mar 30: London copper steadied Monday as last week's run up in prices blunted consumer buying,while liquidity thinned ahead of a holiday-shortened week inmany countries. Three-month copper on the London Metal Exchange was trading little changed at $6,052.50 a tonne by 0134 GMT, after 1.9-per cent losses in the previous session. Copper prices last week hit their highest in nearly three months at $6,294.50 a tonne. — Reuters
Palm, soybean oils down
JAKARTA, Mar 30: Malaysian palm oil futures touched a near two-week low Monday, before reversing losses to trade flat as traders positioned themselves ahead of export data due later this week. By the midday break, the benchmark June contract on the Bursa Malaysia Derivatives was little-changed at 2,170 ringgit ($584) a tonne. In other vegetable oils, the U.S. soyoil May contract eased 0.1 per cent, while the most active September soybean oil contract on the Dalian Commodity Exchange lost 1.2 per cent. — Reuters