The world demand for cooking oils is expected to exceed supplies limited by inclement weather conditions, prompting the commodity to extend its rally, Bloomberg reports. Indonesia and Malaysia, the largest producers of oil-palm, have been afflicted by La Niña, a weather system that has dumped heavy rains on the Far East and caused drought conditions… Read more.
Cocoa futures for December 2010 delivery gained 1.281 percent today, rising to $2,887 per metric ton. The gain was partially driven by an announcement from the Indonesian Cocoa Association; the group said that the nation's output of cocoa beans would fall 9 percent to 500,000 metric tons this year. Originally, growers had hoped to boost… Read more.
Palm oil is a necessary ingredient in a wide variety of consumer products, from food to soaps. Yet it generates its fair share of controversy; naturally harvested palm oil has been linked to deforestation in Indonesia and Malaysia, and its price is linked to sometimes-volatile commodity markets. Unilever, the London-based maker of Dove soap and… Read more.
Sumitomo Metal Mining Company, Japan’s second-largest copper smelter, believes that copper will be in short supply for at least half a decade, reported Bloomberg News Wednesday. Falling production of copper ore in Chile and Indonesia, high demand in growing Asian economies and some safety concerns will cut into the supply of ore, according to the… Read more.
Initial jobless claims jumped by 12,000 to a total of 500,000 in the week ending on August 14, far higher than even the most pessimistic estimates of analysts. That left the four-week moving average at 482,500, up 8,000 from last week’s figure. Though stock index futures were initially flat, equities quickly gave up over 1… Read more.