November 1, 2018 / 2:16 AM / a year ago

China soymeal futures fall 2 pct, on track for biggest daily drop since June

BEIJING, Nov 1 (Reuters) -

* China’s soymeal futures fall 2 pct in early trade on Thursday, on track for their biggest daily drop since June, following U.S. official comments interpreted as easing signs of a lasting trade war

* The most actively traded soymeal futures on Dalian Commodity Exchange fell 2 percent to 3,248 yuan ($466.20) per tonne

* White House economic adviser Larry Kudlow said on Wednesday U.S. President Donald Trump has not “set in stone” any decisions on escalating tariffs on Chinese goods

* “Market has been quite bearish on soymeal, with African swine fever, approving imports of rapeseed meal from India and lowering protein levels in animal feed. The news, interpreted as softening stance on trade war, further pushed down prices,” said Pan Tiantian, analyst with Zheshang Futures

* China’s soybean futures also dropped 1 percent to 3,545 yuan per tonne on the report ($1 = 6.9670 Chinese yuan) (Reporting by Hallie Gu and Tom Daly; Editing by Gopakumar Warrier)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below