James Poole News
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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.
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Palm oil headed for a second weekly advance on speculation that exports from Malaysia, the world’s second-largest producer, may rebound and trim stockpiles.
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Grain growers in Western Australia, the country’s second-biggest wheat-producing state last year, are set to receive rain in the coming days, boosting planting prospects as farmers sow winter crops.
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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.
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Palm oil advanced for the first time in four days on speculation that demand for the world’s most consumed vegetable oil may increase ahead of the Muslim fasting month of Ramadan.
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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.
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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.
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Iron ore slumped into a bear market on concern that slowing economic growth in China, the world’s biggest buyer, will reduce demand as global supplies increase.
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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.
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Palm oil tumbled the most in almost two weeks on speculation that exports may decline from Malaysia after the world’s second-largest producer left a tax on shipments unchanged for a fourth month.
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