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Commodities Update — Gold rises; Grains up; Copper gains; Indonesia may issue palm oil export permits

RIYADH: Gold prices rose on Monday as the US dollar weakened, but recent gains are unlikely to stave off another monthly fall for greenback-priced bullion.

Spot gold was up 0.4 percent at $1,860.77 per ounce, as of 0451 GMT. 

US gold futures also climbed 0.4 percent to $1,865.00.

Grains edging up

Chicago Board of Trade corn and soybean futures rose on Friday, supported by forecasts for rain that could slow the tail end of planting in the US Midwest.

Wheat futures also were higher, with traders exiting bearish positions ahead of the US Memorial Day holiday weekend. US markets will be closed on Monday.

Soybean futures hit their highest since Feb. 24. Corn futures received additional support from bargain buying after sinking to their lowest since April 8 on Wednesday.

CBOT July corn futures settled up 12-1/4 cents at $7.77-1/4 a bushel.

CBOT July soybeans were 5-3/4 cents higher at $17.32-1/4 a bushel.

CBOT July soft red winter wheat was up 14-1/4 cents at $11.57-1/2 a bushel, rebounding from three straight days of declines.

Copper up

London copper extended gains to a one-week high on Monday as a dip in the US dollar, and China’s stimulus measures and a decision to ease COVID-19 restrictions lifted hopes of a revival in demand for metals.

Three-month copper on the London Metal Exchange was up 0.5 percent at $9,510.50 a ton by 0334 GMT, after hitting its highest since May 23 at $9,549 in early Asian trade.

The most-traded July copper contract in Shanghai edged 0.1 percent higher to $10,776.6 a ton by the midday break.

Indonesia could issue palm oil export permits

Indonesia’s trade ministry has received a number of palm oil export permit requests that could be granted within the day, senior ministry official Veri Anggriono said on Monday.

Indonesia, the world’s top palm oil producer, allowed exports of the vegetable oil to resume from May 23, but companies have faced regulatory hurdles that have slowed the process of getting shipments out.

“As of this morning there were five to six companies that had submitted a request and the system would immediately process them. We hope the permits can be issued today,” Veri said.

He said Indonesia aims to allow 1 million tons of palm oil exports based on companies’ volume of domestic sales under the government’s bulk cooking oil program, which was launched before the export ban.

(With input from Reuters) 

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