Richard Dobson News
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Rains in China’s northeast provinces, the country’s top grain-growing region, are helping the growth of corn and soybeans, Grain.gov.cn said.
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Copper for delivery in three months declined 0.2 percent to $8,175 a metric ton on the London Metal Exchange, falling for the first time in five days.
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Copper declined for the first time in four days to a four-month low as concern that Greece may quit the euro region outweighed a report showing an improvement in U.S. home sales.
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Cotton planting in China, the biggest producer and consumer, has dropped about 10 percent in major growing regions as labor costs increased, cutting profits, according to an industry association.
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A rally in soybeans is spurring Japan, Asia’s second-largest buyer, to seek record imports of palm oil, which is displacing soybean oil in margarine to potato chips.
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Japan’s shipments of rolled-aluminum products expanded 1.4 percent in April, the third straight month of increase, as demand from automakers surged.
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China, the world’s biggest grain consumer, may begin buying corn from Argentina soon, Norberto Yauhar, the South American nation’s agriculture minister, said.
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Japan is seeking to buy 152,846 metric tons of milling wheat from the U.S. and Canada in a regular tender on May 24, the Ministry of Agriculture, Forestry and Fisheries said today.
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Aluminum buyers in Japan, Asia’s biggest importer, were asked to accept a 57 percent increase in fees starting in July, as supply decreased after smelters cut output and China boosted purchases.
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Restrictions on nickel-ore exports by Indonesia may force Japan, the world’s third-largest producer of refined metal, to source raw material from other suppliers or reduce output, Sumitomo Metal Mining Co. said.
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