Friday, April 1, 2011

20110401 1445 Global Market & Commodities Related News.

Asian shares, dollar gain as new quarter begins
HONG KONG, April 1 (Reuters) - Asian shares rose on Friday, looking to extend three straight quarters of gains, while the dollar strengthened against most  major currencies after hawkish comments from a senior U.S. Federal Reserve official.
"At the moment we're getting dragged higher by the momentum we're seeing in the U.S. economy," said IG Markets analyst Ben Potter in Melbourne.

Brent steady above $117, investors look to US March jobs data
SINGAPORE, April 1 (Reuters) - Brent crude was steady above $117, after earlier touching near a four-week high, as investors awaited an expected positive U.S. March payroll report due later on Friday for clues to demand prospects by the world's largest oil importer.
"The Chinese data is stronger than last month, but slightly lower than expected," said Serene Lim, a Singapore-based oil analyst at ANZ Bank.

Floods cut Australia's Queensland coal output 30 mln/t-council
SYDNEY, April 1 (Reuters) - Australia's Queensland state lost about 30 million tonnes of coal production, or 15 percent of its annual output, due to extensive summer flooding, the Queensland Resources Council said on Friday, suggesting official estimates of lost output may be too low.
The Council forecast total coal production for fiscal 2010/11 from the nation's main coal mining state will be cut to 170 million tonnes from a previous estimate of 200 million tonnes, based on feedback from coal-handling terminals.

Surge on shrinking US stocks, corn limit up
CHICAGO, March 31 (Reuters) - Grains surged on Thursday, with corn rallying 4.5 percent as strong demand whittled down stocks even as farmers geared up to plant the second-largest area since 1944.
"Even though we've seen food inflation and everything else that has taken place, the demand has not backed away. Even at these lofty prices, we're still seeing strong demand in the U.S. and in world markets for agricultural commodities," said Shawn McCambridge, analyst with Prudential Bache Commodities.

India allows cotton yarn exports from April 1
MUMBAI, April 1 (Reuters) - India has allowed cotton yarn exports from Friday, an arm of the commerce ministry said in a statement.
"The contracts for export of cotton yarn shall be registered with the Directorate General of Foreign Trade (DGFT) prior to shipment," the DGFT said.

China not buying Argentine soyoil-industry group
BUENOS AIRES, March 31 (Reuters) - Argentine soy processors are operating at a loss this year because China has not resumed soyoil purchases despite resolving a trade row with the South American country, an industry group said on Thursday.
"So far the margins have been bad. They're operating at a loss," Alberto Rodriguez, president of the CIARA-CEC industry group representing leading grains exporters told the Reuters Latin America Investment Summit in Buenos Aires.

Argentine soy harvest gathers momentum - exchange
BUENOS AIRES, March 31 (Reuters) - Argentina's 2010/11 soy harvest intensified in the last week in key growing regions and crop yields varied depending on the amount of rainfall received during the season, the Buenos Aires Grains Exchange said on Thursday.
The South American country is the world's No. 1 soymeal and soyoil exporter, as well as its third-biggest soybean supplier, and it was affected by dry weather earlier this season.

Brazil to wring tad more sugar from new cane crop
SAO PAULO, March 31 (Reuters) - Brazil will eke out a small increase in sugar production next crop, despite fears that severe dry weather last year could stall a decade-long expansion for the world's biggest grower, the leading industry association said on Thursday.
Output in the main center-south cane producing region is expected to reach a record 34.6 million tonnes in the coming April/March season, up from 33.5 million tonnes in 2010/11, the Sugar Cane Industry Association (Unica) said in the first forecast of the 2011/12 crop.

Argentina to approve more corn exports
BUENOS AIRES, March 31 (Reuters) - Argentina is about to authorize the export of 3 million tonnes more of 2010/11 corn as the government works to find new markets for the cereal, including China, the agriculture minister told Reuters.
The South American country is the world's second-biggest corn exporter after the United States, but the government restricts exports of corn and wheat to ensure the local market is well supplied.

Ukraine govt seeks to sell grain export quotas
KIEV, March 31 (Reuters) - The Ukrainian government has suggested that the parliament adopt a law which allows selling grain export quotas at auction, Agriculture Minister Mykola Prysyazhnyuk said on Thursday.
Ukraine on Wednesday extended until July grain export quotas introduced in October to prevent a rise in domestic bread prices after a severe drought, and increased the total volume to 6.2 million tonnes from 4.2 million.

EU sanctions on Ivorian cocoa exports still valid
BRUSSELS, March 31 (Reuters) - European Union sanctions on Ivory Coast remain in force, including an embargo on cocoa shipments from major exporting port San Pedro, EU diplomats in Brussels said on Thursday.
Forces loyal to Alassane Ouattara -- internationally recognised as the winner of November's presidential election -- seized control of San Pedro overnight, raising hopes of a resumption in cocoa exports from the world's top producer.

Copper treads water ahead of US jobs data
SINGAPORE, April 1 (Reuters) - Copper was steady on Friday, after ending the first quarter down 2 percent, as investors marked time ahead of U.S. non-farm payrolls data for March.
"The world is still expecting a pretty significant copper deficit due to declining ore grades, so while we may see a further fall in copper prices, I think it will be relatively well supported around the high $8,000 levels," said Ben Westmore, commodity economist at National Australia Bank.

Sumitomo Metal's H1 copper output down 24 pct
TOKYO, April 1 (Reuters) - Sumitomo Metal Mining Co  said on Friday it plans to produce 155,000 tonnes of copper in the first half of the 2011/12 fiscal year, down 24 percent from the preceding six months due to plant maintenance that will start in September.
The company said it had produced 203,782 tonnes in the October-March period, slightly above its plan for 202,000 tonnes.  

Gold eases before U.S. payrolls data, ETF holdings drop
SINGAPORE, April 1 (Reuters) - Gold dropped on Friday before the release of U.S. non-farm payrolls report which could underpin the dollar and weigh on bullion, while ETF holdings posted their biggest quarterly decline ever.
"I am still positive about gold, but I think it will take time to consolidate. But there's not much going on, especially on the physical side and we are also waiting for the non-farm figure tonight," said Dick Poon, manager of precious metals at Heraeus in Hong Kong.

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