Gold futures in Mumbai are poised to extend declines to the lowest level since August 2011 as a falling trend channel signals further losses, according to a technical analysis by Motilal Oswal Commodity Broker Pvt.
Rice exports from India, the world’s second-largest grower, are poised to slump from a record as supplies from Vietnam, Myanmar and Pakistan widen a global glut, according to the International Rice Research Institute.
Iron ore slumped into a bear market on concern that slowing economic growth in China, the world’s biggest buyer of the steel-making raw material, will hurt the outlook for demand as global supplies increase.
Gold premiums in India, the world’s biggest buyer, more than doubled on speculation that government restrictions on bullion imports by banks to rein in a record current-account deficit would reduce supplies.
Malaysia left the tax on crude palm oil exports unchanged for a fourth month in June as the world’s second-largest producer seeks to increase shipments and trim inventories amid a decline in prices. Futures fell.