0244 GMT - Palm oil rises in Asian trading, driven by stronger export demand and lower crude palm oil production in Malaysia, PhillipCapital says in a note. Malaysia's palm oil exports for June 1-10 are estimated to have risen 4.9% from the same period last month, according to cargo surveyor AmSpec Agri Malaysia. A weaker ringgit is also seen supporting crude palm oil demand as it makes the commodity cheaper in foreign currency terms, it adds. PhillipCapital expects prices to face resistance at 4,680 ringgit a ton and find support at 4,350 ringgit a ton. The Bursa Malaysia Derivatives contract for August delivery is 29 ringgit lower at 4,567 ringgit a ton. (yingxian.wong@wsj.com)
Iron Ore Prices Mixed, Supply Remains Ample -- Market Talk
0229 GMT - Iron ore prices across different futures contracts are mixed in early Asian trade, with the most-traded contract on the Dalian Commodity Exchange 0.3% lower at 765.5 yuan a ton. Global iron-ore shipments remain elevated, weighing on the ferrous metal's prices, Nanhua Futures says in a note. Although shipments from Brazil are relatively softer, exports from other non-mainstream mines have increased, they note. Chinese steel mills' profits are contracting as current steel prices are close to costs. However, thin margins haven't resulted in production cuts, keeping molten iron production stable as well, Nanhua adds. (sherry.qin@wsj.com)
