Palm oil is expected to drop on increasing global supplies according to Mistry

According to Dorab Mistry, director at Godrej International Ltd., palm, the world’s most common cooking oil, may drop to the lowest level since 2009 by January as global supplies of edible oils grow larger and crude oil weakens. Futures are expected pull back to 2,000 ringgit a metric ton in Kuala Lumpur if Argentina and Brazil, the largest soybean cultivators after the U.S. harvest bigger crops and Brent crude drops below 100 USD a barrel. Prices are expected to stay above 2,200 ringgit in the next few weeks and will trade between 2,200 and 2,400 ringgit, according to Mistry who also said:...

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Soybeans reached four week high US weather concerns

US grain futures were extensively higher on Monday, with soybean prices increasing to a four-week high as traders focus on adverse weather conditions in the US Midwest and Great Plains region. Soybeans futures for September delivery traded at 13.0163 USD a bushel on the Chicago Mercantile Exchange, increasing 1.4%. September futures reached a session high of 13.0988 USD a bushel earlier in the trading session, the highest level since July 26. The September contract lowered 0.4% at 12.8320 USD a bushel on Friday. September soy prices soared 4.95% last week, the highest growth since July 2012....

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Natural gas futures soar to two week high on US supply data

Natural gas futures soared to a two week high on Thursday, as a report from the US Energy Information Administration showed that natural gas supplies increased less than expected last week. Analysts continued to focus on near-term weather forecasts to estimate the demand for the fuel. On the New York Mercantile Exchange, natural gas futures for September delivery traded at 3.405 USD per million British thermal units during US morning trade, up 1.9%. The September contract resolved 1.75% higher at 3.342 USD per million British thermal units on Wednesday. Gas prices traded at 3.372 USD prior...

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Natural gas trade low on weather forecasts

Natural gas futures reached the lowest level since February on Monday, due to mild weather forecasts and concerns over ample supplies. On the New York Mercantile Exchange, natural gas futures for September delivery decreased 0.25% and traded at 3.339 USD per million British thermal units. NYMEX gas prices dropped to a session low of 3.315 USD per million British thermal units earlier in the trading session, the lowest level since February 22. The September contract decreased 1.2% to 3.347 USD per million British thermal units on Friday. Weather forecasting models kept pointing to cooler...

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Natural gas futures traded high after US supply data

Natural gas futures traded high on Thursday, after a report from the US Energy Information Administration which showed that natural gas supplies increased less than traders expected last week. On the New York Mercantile Exchange, natural gas futures for August delivery traded at 3.772 USD per million British thermal units, up 3.9% on the day. Prior to the release of the US Energy Information Administration report the August contract traded at 3.687 USD. The August contract increased by as much as 4.1% earlier in the day and hit a session high of 3.778 USD per million British thermal units,...

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Gold futures plunged, Oil traded higher

Gold futures shifted trend and traded aggressively lower after reaching a three week high in Wednesday’s US session. On the New York Mercantile Exchange’s Comex division, gold futures for August delivery dropped 1% to 1,277.55 USD per troy ounce on Wednesday. Gold futures were expected to find support at 1,237.05 USD a troy ounce and resistance at 1,301.75 USD. Earlier in the session traders bid bullion higher after Federal Reserve Chairman Ben Bernanke reported the pace of the central bank’s bond purchases is not a “preset course”. Bernanke said: “I emphasize that, because our asset...

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