SCIENTISTS DISCOVER RARE EARTH METALS
11Japanese scientists have discovered a vast geological deposit rich in rare metals that can be used in many industrial products. The treasure trove was found on an underwater mountain in the Pacific Ocean, some 300 miles off the Japanese coast.
GOLD RATE UP BY RS200 A TOLA
11In Pakistan, price of gold continued upward trajectory in the international market as it gained $7 per ounce and settled at $1289. Likewise, price of gold soared by Rs200 per tola in local markets and settled at Rs50,500 whereas price of 10-gram gold settled at Rs43,285 following an increase of Rs171. Price of silver went through slight change as it garnered Rs5 and settled at Rs730.
CANADIAN OIL AND NATURAL IMPORT A PREFERRED CHOICE
The world sees Canadian oil and natural gas as part of the energy future and the preferred source of energy imports, according to a new global research survey, 2017 Global Energy Pulse, the first-of-its-kind conducted by Ipsos on behalf of the Canadian Association of Petroleum Producers.
Of the more than 22,000 respondents in 32 countries, 31 percent said Canada is the preferred choice for oil and natural gas imports, putting us at the top of the list of 11 producing countries.
OIL FUTURES MOVE UP IN ASIAN TRADE
Crude futures edged up in early Asian trading on Thursday following heavy losses in the previous session after official data showed that US inventories rose for the first time in 10 weeks, reawakening concerns of a supply glut.
US crude futures were up 24 cents, or 0.5 percent, at $45.96 a barrel at 0300 GMT. On Wednesday, they closed down 5.1 percent, or $2.47 a barrel, to the lowest settlement since May 4. Brent crude prices rose 29 cents, or 0.6 percent, to $48.35 a barrel, after falling 4.1 percent in the previous session, also to the lowest since May 4.
CHICAGO CORN KEEPS RISING
Chicago corn rose for a fifth consecutive session on Thursday and traded near a one-year high hit in the previous session as concerns over dry weather across the US Midwest triggered short-covering.
Wheat traded near its highest level in more than a month on adverse US weather while soybeans gained on the back for higher corn prices. The Chicago Board Of Trade most-active corn contract rose 0.4 percent to $3.86-1/4 a bushel by 0256 GMT, having gained 2 percent in the previous session when prices climbed to $3.87 a bushel, the highest since June 2016.
GREEN ENERGY FOR MILK POWDER MAKING IN DENMARK
Xergi is to deliver its largest biogas plant to date, which will supply Danish dairy company Arla Foods with green energy for the production of milk powder in Videbaek in the western part of Denmark.
The new plant is to supply Arla Food’s milk powder production with green energy in the form of biogas, which is converted to electricity and heat. The Nature Energy Videbaek biogas plant is expected to be up and running in the autumn of 2018.
MALAYSIAN PALM OIL DECLINES TO NEAR TWO-MONTH LOW
Malaysian palm oil futures saw a second session of declines in four on Wednesday, slipping to a near two-month low on forecasts for rising output and falling export demand.
The benchmark palm oil contract for August delivery on the Bursa Malaysia Derivatives Exchange was down 1.8 percent at 2,455 ringgit ($576.43) a tone at the close of trade, its sharpest daily fall in over a week. Palm futures shed early gains and closed flat in the previous session.
CHINA’S SUGAR OUTPUT RISES
China had produced 9.3 million tonnes of sugar by the end of May, up from 8.7 million tonnes at the same time last year.
The 8 percent jump in output comes after farmers planted more cane to benefit from higher prices and as favorable weather boosted yields. CMRMC manages China’s state sugar reserves. Output includes 8.24 million tonnes of cane sugar, up from 7.85 million tonnes last year and 1.05 million tones of beet sugar, up from 850,000 tonnes in the prior year. Output still falls far short of demand, estimated at around 15 million tonnes annually.
COPPER KEEPS DECLINING
Copper fell for a fourth day on Wednesday after weaker than expected German manufacturing data pointed to lower demand, while the US dollar strengthened, making metals more expensive for holders of other currencies. Industrial metals had steadied in early trade after a recent sell-off.
The disappointing German manufacturing data then saw a quick lurch lower ahead of the London open, upon which systematic selling has re-emerged.
Three-month copper on the London Metal Exchange traded down 0.2 percent at $5,605.50 a tonne in official rings. The metal used in power and construction is down 2 percent from a high of $5,720 on June 1.
COFFEE PRODUCTION IN INDIA GROWS
Coffee production in India grew rapidly in the 1950s, increasing from 18,893 tonnes in 1950-51 to 68,169 tonnes in 1960-61. Growth in India’s coffee industry, however, has been especially robust in the post-liberalization era, backed by the government’s decision to allow coffee planters to market their own produce, rather than selling to a central pool.
Coffee production in India stood at 348,000 metric tonnes (MT) in 2015-16. Robusta variety accounted for 244,500 MT (70.3 percent) of this production, while Arabica accounted for 103,500 MT (29.7 per cent).