Commodities

Energy ministers from OPEC and other oil-producing countries pose for a group photo prior to the opening session of the15th International Energy Forum Ministerial meeting in Algiers, on Sept. 27. © AP

OPEC set for no deal as Iran rejects Saudi oil output offer

Oil prices fall over 3%, pressure on Riyadh grows

  • Singapore's Ginga to broker online petrochemical swaps

    TOKYO -- Singapore-based oil broker Ginga Petroleum is readying to start an online swap trading platform for petrochemical products, with an eye toward demand for the contracts as a hedge against price volatility.As early as October, Ginga will begin...

  • Tuna prices up as global catch falls

    TOKYO -- The lean, red flesh of tuna is growing more expensive and is even approaching the price of sought-after fatty cuts as the catch of the fish declines around the world and consumption patterns change.Frozen bigeye tuna is fetching around 1,000...

  • Nickel faces first supply shortage in 6 years

    TOKYO -- Global nickel inventories continue to shrink while demand keeps growing, putting upward pressure on the metal's price.Data from warehouses designated by the London Metal Exchange showed nickel inventories had fallen to a two-year low of 363,...

  • China's coking coal imports surge

    TOKYO -- Chinese imports of coking coal, used in steelmaking, jumped 60% on the year in August to about 6.5 million tons following government restrictions on domestic production.Beijing has limited output as a measure against oversupply. So steelmake...

  • India's import tax cut to spur demand, support palm oil price

    KUALA LUMPUR (NewsRise) -- India's surprise move to cut import tax on palm oil is likely to drive demand and continue to support price of the commodity ahead of its peak output season, analysts said.Price of the edible oil has rallied more-than 30% s...

  • US scrutiny, market fears take shine off China aluminum

    BANGKOK -- A U.S. trade investigation into aluminum pricing will shine another spotlight on China's massive production of the metal when it hears from senior Chinese industry officials in Washington on Sep. 29. The hearings, by the U.S. International...

  • Bulk carrier charter rates jump to 12-month high on brisk demand

    TOKYO -- Charter rates for large ocean-going bulk carriers have risen to the highest in almost a year thanks to robust demand for iron ore shipments to China -- highlighting a gap with midsize vessels.The rate for a Capesize vessel with a loading cap...

  • Synthetic fiber materials prices on upswing in Asia

    TOKYO -- Production cutbacks and plant suspensions are driving up the prices of raw materials for synthetic fibers in the Asian market.The large-lot price of caprolactam, the raw material for nylon fiber, stood at $1,420 per ton in August -- up for t...

  • Dull commodities market failing to draw investors

    TOKYO -- Recent sluggishness in the commodities market shows no signs of dissipating, as investors have grown numb even to major events such as oil production meetings.The Thomson Reuters CoreCommodity CRB index, an international benchmark, sits arou...

  • Copper hits 3-week high on China economic data

    TOKYO -- Three-month copper futures on the London Metal Exchange reached a three-week high of about $4,770 a ton on Thursday after gaining 2% since Tuesday.The international benchmark rose on improved economic data in China, which accounts for at lea...

  • Flash memory prices surge on smartphone production push

    TOKYO -- Flash memory chips are at their priciest in 21 months as the debut of devices such as new Apple smartphones creates a wave of demand for the components.The NAND flash memory benchmark, 64-gigabit multi-level cell chips, went for $3 apiece to...

  • Malaysian palm oil inventory likely to stay tight on robust exports, weaker yield

    KUALA LUMPUR (NewsRise) - Malaysia's palm oil inventory is likely to stay tight even as supply picks up through the next few months due to peak production season, analysts said, after August stockpile fell to its lowest in more than five years.Palm o...

  • Prices of steelmaking coke surge as Chinese supply falls

    TOKYO -- The price of coke used in blast furnaces for steel production is skyrocketing as Chinese producers adjust output and Indian demand continues to rise.The benchmark spot price of coke at China's Tianjin port rose as high as $230 per ton, doubl...

  • Copper stockpiles surge amid lackluster demand in China

    TOKYO -- Copper inventories in warehouses approved by the London Metal Exchange are rising fast as the metal flows out of China, where demand remains soft.Stockpiles in LME warehouses edged up 3% to 350,600 tons on Friday, the highest total in a year...

  • Japan steelmakers fret over BHP's control of coking coal

    TOKYO -- Japanese steel producers are nervous about the prospect of BHP Billiton expanding its already large market share in coking coal, a key ingredient in steelmaking, because the Anglo-Australian company advocates market-based pricing over the fi...

  • Japan reaches for rice imports amid price surge at home

    TOKYO -- Japan's government held its most successful sale of foreign rice in 31 months on Wednesday as high domestic prices push restaurants to seek cheaper alternatives.Wholesalers bought 10,416 tons of imported rice that day at the Ministry of Agri...

  • Platinum jumps on supply concerns, softer dollar

    TOKYO -- A possible mine workers' strike in South Africa and a weakening U.S. dollar have pushed up platinum prices worldwide.Platinum futures in New York ended at $1,102.7 per troy ounce Tuesday, up almost 4% from at the end of last week and reachin...

  • Grain prices seen staying lower for longer

    SINGAPORE -- China's vast grain stockpiles loom as a risk to the already-depressed markets for corn and wheat, agricultural commodity trading executives warned at a conference here Monday."It's a very difficult question to know how to answer," said J...

  • Revived shale sector keeps oil prices under the gun

    TOKYO -- U.S. shale oil is once again exerting downward pressure on crude oil prices as technological advancements allow for cheaper production, bolstering its competitiveness even in a sluggish market.U.S. crude benchmark West Texas Intermediate dro...