May 25, 2017, 5:35 am
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1 Philippine Peso = 0.07381 UAE Dirham
1 Philippine Peso = 2.39851 Albanian Lek
1 Philippine Peso = 0.03597 Neth Antilles Guilder
1 Philippine Peso = 0.32504 Argentine Peso
1 Philippine Peso = 0.02683 Australian Dollar
1 Philippine Peso = 0.03597 Aruba Florin
1 Philippine Peso = 0.04019 Barbados Dollar
1 Philippine Peso = 1.61957 Bangladesh Taka
1 Philippine Peso = 0.03496 Bulgarian Lev
1 Philippine Peso = 0.00756 Bahraini Dinar
1 Philippine Peso = 34.20217 Burundi Franc
1 Philippine Peso = 0.0201 Bermuda Dollar
1 Philippine Peso = 0.02784 Brunei Dollar
1 Philippine Peso = 0.13867 Bolivian Boliviano
1 Philippine Peso = 0.06563 Brazilian Real
1 Philippine Peso = 0.0201 Bahamian Dollar
1 Philippine Peso = 1.30125 Bhutan Ngultrum
1 Philippine Peso = 0.20751 Botswana Pula
1 Philippine Peso = 402.33121 Belarus Ruble
1 Philippine Peso = 0.04015 Belize Dollar
1 Philippine Peso = 0.0271 Canadian Dollar
1 Philippine Peso = 0.01953 Swiss Franc
1 Philippine Peso = 13.47267 Chilean Peso
1 Philippine Peso = 0.13847 Chinese Yuan
1 Philippine Peso = 58.35812 Colombian Peso
1 Philippine Peso = 11.51125 Costa Rica Colon
1 Philippine Peso = 0.0201 Cuban Peso
1 Philippine Peso = 1.96925 Cape Verde Escudo
1 Philippine Peso = 0.47339 Czech Koruna
1 Philippine Peso = 3.57074 Djibouti Franc
1 Philippine Peso = 0.13296 Danish Krone
1 Philippine Peso = 0.94574 Dominican Peso
1 Philippine Peso = 2.17205 Algerian Dinar
1 Philippine Peso = 0.27938 Estonian Kroon
1 Philippine Peso = 0.36314 Egyptian Pound
1 Philippine Peso = 0.46021 Ethiopian Birr
1 Philippine Peso = 0.01786 Euro
1 Philippine Peso = 0.0421 Fiji Dollar
1 Philippine Peso = 0.01545 Falkland Islands Pound
1 Philippine Peso = 0.01546 British Pound
1 Philippine Peso = 0.08669 Ghanaian Cedi
1 Philippine Peso = 0.90334 Gambian Dalasi
1 Philippine Peso = 181.20981 Guinea Franc
1 Philippine Peso = 0.14748 Guatemala Quetzal
1 Philippine Peso = 4.11013 Guyana Dollar
1 Philippine Peso = 0.15644 Hong Kong Dollar
1 Philippine Peso = 0.47082 Honduras Lempira
1 Philippine Peso = 0.13208 Croatian Kuna
1 Philippine Peso = 1.33903 Haiti Gourde
1 Philippine Peso = 5.50744 Hungarian Forint
1 Philippine Peso = 267.16239 Indonesian Rupiah
1 Philippine Peso = 0.0719 Israeli Shekel
1 Philippine Peso = 1.29803 Indian Rupee
1 Philippine Peso = 23.73392 Iraqi Dinar
1 Philippine Peso = 651.98958 Iran Rial
1 Philippine Peso = 2.0008 Iceland Krona
1 Philippine Peso = 2.60008 Jamaican Dollar
1 Philippine Peso = 0.01424 Jordanian Dinar
1 Philippine Peso = 2.23286 Japanese Yen
1 Philippine Peso = 2.07094 Kenyan Shilling
1 Philippine Peso = 1.36441 Kyrgyzstan Som
1 Philippine Peso = 81.2902 Cambodia Riel
1 Philippine Peso = 9.04341 Comoros Franc
1 Philippine Peso = 18.08682 North Korean Won
1 Philippine Peso = 22.44775 Korean Won
1 Philippine Peso = 0.00609 Kuwaiti Dinar
1 Philippine Peso = 0.01648 Cayman Islands Dollar
1 Philippine Peso = 6.24598 Kazakhstan Tenge
1 Philippine Peso = 164.32878 Lao Kip
1 Philippine Peso = 30.27532 Lebanese Pound
1 Philippine Peso = 3.06873 Sri Lanka Rupee
1 Philippine Peso = 1.84887 Liberian Dollar
1 Philippine Peso = 0.26588 Lesotho Loti
1 Philippine Peso = 0.06127 Lithuanian Lita
1 Philippine Peso = 0.01247 Latvian Lat
1 Philippine Peso = 0.02803 Libyan Dinar
1 Philippine Peso = 0.19542 Moroccan Dirham
1 Philippine Peso = 0.36586 Moldovan Leu
1 Philippine Peso = 1.09586 Macedonian Denar
1 Philippine Peso = 27.49196 Myanmar Kyat
1 Philippine Peso = 48.43248 Mongolian Tugrik
1 Philippine Peso = 0.16115 Macau Pataca
1 Philippine Peso = 7.19453 Mauritania Ougulya
1 Philippine Peso = 0.69695 Mauritius Rupee
1 Philippine Peso = 0.3115 Maldives Rufiyaa
1 Philippine Peso = 14.4168 Malawi Kwacha
1 Philippine Peso = 0.37541 Mexican Peso
1 Philippine Peso = 0.08626 Malaysian Ringgit
1 Philippine Peso = 0.26598 Namibian Dollar
1 Philippine Peso = 6.33039 Nigerian Naira
1 Philippine Peso = 0.59385 Nicaragua Cordoba
1 Philippine Peso = 0.16751 Norwegian Krone
1 Philippine Peso = 2.07195 Nepalese Rupee
1 Philippine Peso = 0.02866 New Zealand Dollar
1 Philippine Peso = 0.00773 Omani Rial
1 Philippine Peso = 0.0201 Panama Balboa
1 Philippine Peso = 0.06572 Peruvian Nuevo Sol
1 Philippine Peso = 0.06587 Papua New Guinea Kina
1 Philippine Peso = 1 Philippine Peso
1 Philippine Peso = 2.10309 Pakistani Rupee
1 Philippine Peso = 0.07495 Polish Zloty
1 Philippine Peso = 111.9996 Paraguayan Guarani
1 Philippine Peso = 0.07317 Qatar Rial
1 Philippine Peso = 0.0813 Romanian New Leu
1 Philippine Peso = 1.13651 Russian Rouble
1 Philippine Peso = 16.46403 Rwanda Franc
1 Philippine Peso = 0.07535 Saudi Arabian Riyal
1 Philippine Peso = 0.15881 Solomon Islands Dollar
1 Philippine Peso = 0.26967 Seychelles Rupee
1 Philippine Peso = 0.13384 Sudanese Pound
1 Philippine Peso = 0.17452 Swedish Krona
1 Philippine Peso = 0.02785 Singapore Dollar
1 Philippine Peso = 0.01546 St Helena Pound
1 Philippine Peso = 0.44626 Slovak Koruna
1 Philippine Peso = 149.31673 Sierra Leone Leone
1 Philippine Peso = 11.03296 Somali Shilling
1 Philippine Peso = 437.5784 Sao Tome Dobra
1 Philippine Peso = 0.17528 El Salvador Colon
1 Philippine Peso = 10.34928 Syrian Pound
1 Philippine Peso = 0.26605 Swaziland Lilageni
1 Philippine Peso = 0.69031 Thai Baht
1 Philippine Peso = 0.04822 Tunisian Dinar
1 Philippine Peso = 0.04643 Tongan paʻanga
1 Philippine Peso = 0.0716 Turkish Lira
1 Philippine Peso = 0.13463 Trinidad Tobago Dollar
1 Philippine Peso = 0.60344 Taiwan Dollar
1 Philippine Peso = 44.81511 Tanzanian Shilling
1 Philippine Peso = 0.52904 Ukraine Hryvnia
1 Philippine Peso = 72.62862 Ugandan Shilling
1 Philippine Peso = 0.0201 United States Dollar
1 Philippine Peso = 0.56692 Uruguayan New Peso
1 Philippine Peso = 76.36656 Uzbekistan Sum
1 Philippine Peso = 0.20045 Venezuelan Bolivar
1 Philippine Peso = 454.6624 Vietnam Dong
1 Philippine Peso = 2.15394 Vanuatu Vatu
1 Philippine Peso = 0.05199 Samoa Tala
1 Philippine Peso = 11.70539 CFA Franc (BEAC)
1 Philippine Peso = 0.05426 East Caribbean Dollar
1 Philippine Peso = 11.75181 CFA Franc (BCEAO)
1 Philippine Peso = 2.11917 Pacific Franc
1 Philippine Peso = 5.02271 Yemen Riyal
1 Philippine Peso = 0.2661 South African Rand
1 Philippine Peso = 104.2906 Zambian Kwacha
1 Philippine Peso = 7.27291 Zimbabwe dollar

Shipping and Transportation

China’s commodity imports ret

May 10, 2017
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LAUNCESTON, Australia- The pullback in China’s imports in April of crude oil and major bulk commodities, except coal, is more of a reminder that strong gains can’t last forever than a warning that demand is waning in the world’s biggest importer of natural resources.

Iron ore extends losses on bi

May 09, 2017
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Rising supply and the weakness in steel prices, spurred by worries over softer consumption, have dragged down iron ore.  Iron ore prices may find support from a pickup in steel demand in China later in the year.

Oil prices up on possible exte

May 09, 2017
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SINGAPORE- Oil prices rose on Monday as Saudi Arabia’s energy minister said an OPEC-led production cut scheduled to end in June would likely be extended to cover all of 2017, although a relentless increase in US drilling capped gains.

Soybeans ease

May 09, 2017
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SINGAPORE- Chicago soybean futures slid for a third consecutive session on Monday as wet weather delays US corn planting, opening the possibility of more farmland being used to sow the oilseed crop.

Oil prices drop as OPEC loses

May 08, 2017
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 LONDON- Oil traders have finally given up on an early rebalancing of the crude market, with flat prices and calendar spreads plunging to the lowest level since OPEC’s agreement was announced.
OPEC has lost control of the oil market narrative, after successfully shaping it in an informal alliance with hedge funds in the last part of 2016 and the first few months of 2017.
Controlling the narrative provides an important source of short-term influence over prices.
Senior OPEC and non-OPEC officials have dropped strong hints that current production cuts will be extended for a further six months, but oil traders seem increasingly skeptical about the effectiveness of prolonging the curbs until the end of 2017.
Brent prices for the futures contract nearest delivery closed at $48.38 per barrel on Thursday, the lowest since Nov. 29, the day before OPEC’s last meeting.
Brent calendar spreads for the six months from July 2017 to January 2018 fell to $1.19 contango, which was also the lowest since Nov. 29.
The informal understanding on market rebalancing between OPEC and some of the most important hedge funds reached late last year finally unraveled this week.
OPEC committed to implement credible and transparent production cuts and to reduce global crude stocks while hedge funds responded by establishing long positions in both flat prices and calendar spreads.
The initial results from the understanding were positive for both sides, with hedge funds establishing a record bullish position in crude by the middle of February and futures prices rallying.
Brent’s flat price rose by around $10 per barrel, or more than 20 percent, and the market structure swung from contango into backwardation.
But flat prices and spreads have been progressively softening since the second half of February.
Global crude inventories have not fallen as fast as OPEC or the hedge funds anticipated, putting the understanding under pressure.
Market expectations for a normalization of crude stockpiles have been pushed back from the first half of 2017 to the second half or even into 2018.
The gradual weakening of both flat prices and calendar spreads in recent weeks has inflicted substantial losses for many bullish hedge fund managers.
In the last two to three weeks, many bullish hedge funds seem to have finally given up waiting for a short-term turnaround and decided to cut their losses.
Hedge funds cut their overall bullish position in futures and options linked to Brent and WTI by 139 million barrels in the week to April 25, according to positioning data published by regulators and exchanges.
The draw down was among the largest on record but still left the hedge funds with a relatively large overall bullish position equivalent to 643 million barrels on April 25.
The continued fall in prices since then, and the rout on Thursday, suggest the draw down has continued, though the full extent will not be revealed until the new position is published over the next 10 days.
Falling prices and the confirmed break down through previous support levels around $50 also likely encouraged fresh short selling by hedge funds pursuing momentum-based strategies.
Turnover in front-month Brent futures hit a record 542 million barrels on Thursday which is consistent with heavy long liquidation and fresh short sales as well as lots of short-term computer-driven trading activity.
The liquidation of so many speculative long positions and establishment of fresh short ones should eventually help stabilize crude prices.
From a positioning perspective, the balance of risks for oil prices now looks more even than it has for some time, given the squaring up of the large hedge fund overall long position.
The outlook may even have become slightly positive given the large number of short positions likely to be having been established in recent days which will have to be bought back at some point.
Oil prices may bounce on their own. But if they do not, the challenge OPEC and non-OPEC producers heading into another meeting on May 25 is how to wrest control of the narrative back from the short-sellers. 
Meanwhile, the plunge in crude oil markets last week to a six-month low was likely driven by worries about Chinese economic growth, persistently high inventories and fund positioning.
US crude oil slumped by 5.0 percent to a low of $45.29 a barrel on Thursday; the lowest since November, when the Organization of Petroleum Exporting Countries agreed to curb production by 1.8 million barrels per day for six months from Jan. 1.
However, Friday saw a 1.5 percent bounce helped by assurances by Saudi Arabia that Russia is ready to join OPEC in extending supply cuts to reduce a persistent glut.
“People often reverse-engineer an explanation. But, I think the velocity of the move this week stems from China and its liquidity tightening. That spooked the market across all commodities,” said Michael Tran, director of global energy strategy at RBC Capital Markets. “It’s a commodities story rather than oil-specific.”
Chinese manufacturing surveys this week triggered worries that the economic growth in the world’s second largest economy may have peaked in the first quarter and China’s central bank has moved to tighten credit leading to a fall in stock prices for the fourth straight week. – Reuters 
Doubts that the OPEC-led supply cut of the past few months are deep enough to draw down bloated storage levels around the world are also weighing on prices. US crude stockpiles fell less than expected last week as rising US production offset reduced supply from OPEC.
As a result, oil traders may have finally given up on an early rebalancing of inventories in the crude market by OPEC.
One dominant group appeared to rush into the selling: managed futures firms, or Commodity Trading Advisors (CTAs), which manage about $340 billion in assets, according to BarclayHedge, a fund research group in Fairfield, Iowa.
These funds advise others on buying or selling futures, futures options, and foreign-exchange forward contracts. They often look at macro-economic trends across asset classes and trade dozens of markets using models to detect the start and end of moves.
For such firms, multiple signs of a trend change were clear this week: a nose-dive in Chinese iron ore futures big losses in gold and copper prices, and persistently high oil inventories that spooked crude oil traders.
Those fears appeared to be heightened by a note from J.P. Morgan analysts Thursday, citing increasing risk that Saudi Arabia would reverse its cuts and pump more crude. J.P. Morgan did not respond to requests for comment.
Even though oil prices have weakened since mid-March, speculators have maintained long positions, putting them in danger of a reversal like Thursday’s sell-off.
“There are definitely some new shorts in the crude oil market. The systematic CTAs, the ones not trading fundamentals and purely technical, were definitely sellers,” Nick Gentile, managing partner of commodity trading advisor NickJen Capital in New York, said.
As prices continued to fall, liquidation of timespreads added to the move, according to a note from Goldman Sachs.
Hedge funds are also losing faith that OPEC can accelerate the rebalancing of the oil market even if the group agrees to extend output cuts when it meets later this month.
The speed and direction of the selling this week was enough to cause the December 2017 crude contract price to fall below the December 2018 contract an indication of increasing worries about the overhang of supply.
Volumes spiked Thursday, with more than 940,000 front-month US crude contracts changing hands, compared to the daily average of 535,000 contracts.
“The obvious thing is that the market was massively long. When it’s a crowded trade, things tend to do the opposite very quickly,” said Gentile. – Reuters 

OPEC, non-OPEC see need to ext

May 08, 2017
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DUBAI- OPEC and other countries that agreed to cut crude production are converging on the need to extend the pact beyond June to help to clear a supply glut, Saudi Arabia’s OPEC governor said on Friday.

China iron ore imports ease i

May 05, 2017
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While Chinese steel output has remained robust so far this year, the market seems to be swinging toward the view that margins will be under pressure in the second half of the year as domestic demand growth slows and exports struggle.

US aluminum sector urges UK,

May 05, 2017
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LONDON- Representatives of the US aluminium industry are speaking to EU counterparts and have written to British Prime Minister Theresa May urging action against what they says are “massive illegal subsidies” in China that threaten Western

Price slides most since Novemb

May 05, 2017
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Chinese iron ore futures tumbled more than 7 percent on Thursday, their biggest single-day fall in more than five months, on concerns that demand for the raw material was at risk from slower steel consumption.

Oil weakest in 2 months

May 05, 2017
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SINGAPORE- Crude oil lost ground on Thursday, falling for a third out of four sessions and trading near its lowest since late March after data showed a lower than expected decline in US inventories.


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Front Page

Column of the Day

Coconut water

By PHILIP S. CHUA | May 25,2017
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‘The popular claim that coconut oil products can reverse Alzheimer’s disease is baseless and unfounded.’

Opinion of the Day

From the political offensive to the defensive (2)

By NESTOR MATA | May 25, 2017
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‘In the face of his political problems, President Duterte’s minions will demand revolutionary powers for him.’