Wednesday, March 30, 2011

20110330 1559 Global Market & Commodities Related News.

Asia stocks up; yen weakens on euro, US rate view
HONG KONG, March 30 (Reuters) - Asian stocks rose as investors were drawn back to riskier assets by attractive valuations, while Japanese exporters were helped by the yen's weakness on expectations of interest rate rises in Europe and the United States.
Renewed demand for equities came despite concerns the global economy could be hurt by Japan's struggle to contain the world's worst nuclear crisis in decades, conflicts in Libya and the Middle East and Europe's festering sovereign debt problems. 

Brent falls below $115 on US inventory gain, low consumer morale
SINGAPORE, March 30 (Reuters) - Brent fell by 0.3 percent  to below $115 on indications that higher fuel prices were weighing on consumer confidence in top user the United States, where crude inventories rose more than expected last week.
"Underpinning the strength in the oil price is what is happening in the Middle East and North Africa, adding a $15 to $20 premium," said Ben Le Brun, a CMC Markets analyst in Sydney.

Shipment of 500,000 T Indonesian coal to Japan delayed-assoc
JAKARTA, March 29 (Reuters) - Indonesian coal shipments totalling 500,000 tonnes to Japan have been delayed after the devastating March 11 quake and tsunami, the Indonesian Coal Mining Association said on Tuesday.
"The capacity stopped by the earthquake and tsunami is about 50 million tonnes, totally in Japan," Supriatna Suhala, executive director of the Indonesian Coal Mining Association, told Reuters on Tuesday.

U.S. wheat, corn, soy steady, market awaits USDA report
BEIJING, March 30 (Reuters) - Chicago Board of Trade wheat futures were steady  on dry weather in United States and China crop areas, while corn and soy were supported ahead of a key U.S. Department of Agriculture (USDA) crop plantings report due on March 31.
"The USDA numbers will give direction (for the market)," said Greg Smith, managing director of Global Commodities, adding the market expects higher corn acreage but lower soy and wheat area.

Brazil soy to shrug off flood losses, hit record
SAO PAULO, March 29 (Reuters) - Brazil looks set to turn out a record soy crop in the 2010/11 season thanks to higher yields and despite the loss of some produce to floods in the center western soy belt, forecaster Agroconsult said on Tuesday.
The soy crop, now being harvested, should produce around 72.7 million tonnes, the local consultancy said, raising its previous estimate of 72 million tonnes in February. It also estimated corn output would reach 34.8 million tonnes.

China officials visit Argentina over corn exports
BUENOS AIRES, March 29 (Reuters) - Chinese food health officials arrived in Argentina this week to work on a protocol that would pave the way for Argentine corn exports to the commodity-hungry Asian nation, an official said on Tuesday.
China currently does not buy Argentine corn due to curbs on genetically modified (GMO) varieties, which account for about 80 percent of the South American country's corn crop.

Ghana says cocoa purchases up 43 pct year-on-year
ACCRA, March 29 (Reuters) - Cocoa output from Ghana, the world's second-largest grower of the key ingredient in chocolate, is running nearly 43 percent higher than in the last season, according to official data released on Tuesday.
The boost could ease the impact of supply disruptions from top grower Ivory Coast, where a post-election standoff has triggered fighting between the forces of two claimants for the presidency.

Global 2011/12 sugar output set for rise--F.O.Licht
SAO PAULO, March 29 (Reuters) - Increased planting of sugar cane and beet due to a sharp increase in prices for the sweetener should boost global production in 2011/12 if the weather is favorable, analysts F.O. Licht said Tuesday.
This larger supply, including expectations of a bigger harvest in Brazil's Center South cane belt, should contain sugar prices in the next few months, after futures hit 30-year highs earlier this year.

Ukraine EconMin proposes extending grain quotas
KIEV, March 29 (Reuters) - Ukraine's Economy Ministry has proposed the government extend grain exports quotas until June 30 from March 31, according to a draft government resolution published on Tuesday.
The ministry also proposed increasing the export quota for maize to 5.0 million tonnes from the current 3.0 million.

India may lift wheat export ban in April, May
NEW DELHI, March 29 (Reuters) - India could decide as early as next month to lift a four-year-old ban on wheat exports, but analysts said the government, struggling to bring down prices, may lack the political will for such a move.
The world's second-biggest wheat producer and consumer banned exports in 2007 to bolster domestic supplies as bad weather hit crops.

Ukraine to review grain export regime from April 1
KIEV, March 29 (Reuters) - Ukraine is likely to replace grain export quotas with other customs restrictions from April 1, Interfax Ukraine news agency quoted a senior official as saying on Tuesday.
"If restrictions are necessary it will not be quotas but other customs restrictions," said top presidential economic adviser Iryna Akimova.

Copper ticks down ahead of end-quarter; Mideast, Japan weigh
SINGAPORE, March 30 (Reuters) - London copper edged lower in thin trading  as activity winds down ahead of the end of the quarter and investors exercised caution amid the ongoing crises in the Middle East and Japan.
"There is nothing exciting in the market," said a Shanghai-based trader, "Unless we see heavyweight news, trading will remain thin in the next couple of days as the first quarter comes to an end."

Gold regains footing on equities, Libya; cenbanks eyed
SINGAPORE, March 30 (Reuters) - Gold steadied on firmer equities and upheaval in Libya, although further gains could be capped by worries that some central banks will have to soon start tightening monetary policy, a move that would dent bullion's appeal as a hedge against inflation.
"You've got to ask yourself, how bad is inflation? I think, really, you've got to get the economy moving before anything happens," said Jonathan Barratt, managing director of Commodity Broking Services in Melbourne.  

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