Russia, the globe's top importer of sugar during the 2010-2011 season, will be displaced by three Asian nations, according to a brokerage for the sweetener. Bloomberg reports drivers of the climb to the top spot by China, Indonesia and Malaysia include population increases, the rate of urbanization and Asian incomes rising, a report by C.… Read more.
A trade association in Nigeria believes earnings from cocoa beans will climb if the government assembles a regulator for the industry, Bloomberg reports. As the fourth-largest producer of the soft commodity, Nigeria stands to gain if the industry has standards and is overseen, according to the leader of the Cocoa Processors Association of Nigeria. "We… Read more.
Worries about the sovereign debt crisis pushed down coffee futures Tuesday amid the dollar's gaining strength as the euro dipped, Bloomberg reports. Finance ministers of European Union member nations did not strike the possibility of Greece easing into a temporary default as a method of restricting the debt scourge that now has enveloped Italy. The… Read more.
The main growing province of Indonesia saw an 86 percent export reduction of cocoa beans during the month of April, Bloomberg reports. The decrease of exports from the island of Sulawesi was attributable to a reduction of supplies because of inclement weather and exporters capitalizing on lower taxes by delaying sales. Provinces in Central and… Read more.
The central bank of the world's largest consumer of copper again raised interest rates, pushing down copper futures for the third straight day, Bloomberg reports. The People's Bank of China rose rates by one-quarter point on Tuesday in anticipation of a report, set to be distributed next week, that economists believe will indicate inflation accelerated… Read more.
Increasing consumer prices helped push up values for precious metals Tuesday afternoon, which saw gold futures touch their two-week high and silver futures surpass $30 per troy ounce, Bloomberg reports. After 4 p.m. on Tuesday, gold futures were up 1.17 percent, a $15.80 increase to $1,364 per troy ounce. Silver futures were up 3.26 percent,… Read more.
Low production of an Arizona-based firm's mine in Indonesia forced the company to slim down this year's projected sales for precious metals, Bloomberg reports. Freeport-McMoRan Copper & Gold of Phoenix, the globe's biggest publicly traded producer of copper and gold, projects to sell 3.85 billion pounds of copper rather than 3.9 billion pounds and 1.4… Read more.
Preoccupations about a restriction of sugar supplies from the globe's top producer of the commodity pushed up prices of sugar futures, Bloomberg reports. Brazil's Center South, the globe's biggest producing region, saw sugar production plunge more than 80 percent for the second half of December, which is the final month of the harvest in the… Read more.
As 2011 begins in earnest, the threat of a global food crisis triggered by rising commodity prices and shrinking supplies seems more imminent than ever. Last year brought devastating drought and fires in the fertile, wheat-growing plains of Russia, flooding in Pakistan and a brutal spell of drought in Australia, and 2011 could be just… Read more.
After increasing to their highest prices in almost three years, palm oil futures took a dip on Tuesday, likely because of investors attempting to capitalize on those high prices, Bloomberg reports. Palm oil for February delivery dipped 1.1 percent to 3,680 ringgit ($1,177) per metric ton after striking 3,766 ringgit ($1,150) on Tuesday, which was the… Read more.