Malaysian palm futures slipped to a two-week low on Tuesday as lacklustre demand and a grim outlook on global commodity markets piled pressure, but prices pulled up in late trade as they clung onto support from the ringgit that slumped to near 6-year lows. Chicago Board of Trade soybean futures dropped to their lowest in nearly three months on Tuesday as export demand for U.S. supplies weakened ahead of what are expected to be record harvests in Brazil and Argentina, traders said. Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action. MARKET NEWS Equities rose worldwide on Tuesday, with Wall Street reversing early losses and the dollar rising 1 percent against the Japanese yen, as diminishing global growth prospects bolstered hopes for central bank stimulus.
Posted on: Wed, 21 Jan 2015 09:46:06 +0000
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