Dollar falls against euro, oil at 2-1/2 year high
SINGAPORE, April 8 (Reuters) - The dollar fell to a near 15-month low to the euro on Friday amid fears of a U.S. government shutdown, while crude oil rose to a two-and-a-half year high on worries that war in Libya and unrest in the Middle East will disrupt supplies.
"People are buying shares for now, but it's not going to last long," said Mitsushige Akino, chief fund manager at Ichiyoshi Investment Management.
Oil hits 2-1/2-year high, Libya offsets Japan aftershock
SINGAPORE, April 8 (Reuters) - Oil climbed to its highest level in 2-1/2 years on Friday as supply cuts stemming from attacks on Libyan oil fields offset demand concerns spurred by a major aftershock in Japan.
"Oil prices are at a point where we could begin to see demand destruction," said Mike Wittner, head of commodities research at Societe Generale.
Libya rebel oil cargo China-bound -sources
DUBAI/LONDON, April 7 (Reuters) - China will buy the first oil cargo from Libyan rebels via trading house Vitol, sources said on Thursday, in a trial deal which is likely to clear the way for Europe to resume badly-needed purchases of Libyan oil.
Traders, however, added that it could take a long time before flows of crude from Libya reach substantial levels. The war has cut oil output by 80 percent while rebels and government forces trade charges over attacks on oil fields.
Corn hovers near record peak ahead of USDA data
SYDNEY, April 8 (Reuters) - U.S. corn futures rose half a percent on Friday, staying near a fresh record touched in the previous session, ahead of key data likely to show a further cut in already thin corn inventories in the United States, the world's top exporter.
"We are still in a tight supply-demand situation so there's no incentive for traders to take profits before the report," said Ker Chung Yang, analyst at Phillip Futures in Singapore.
Dry weather speeds Argentine soy harvest-exchange
BUENOS AIRES, April 7 (Reuters) - The harvesting of Argentina's 2010/11 soy crop advanced quickly over the last week thanks to the lack of heavy rains, the Buenos Aires Grains Exchange said in a weekly report issued on Thursday.
Dry conditions facilitated a faster harvest in the South American country, the world's No. 1 soymeal and soyoil exporter as well as its third-biggest soybean supplier.
I.Coast cocoa export ban to end in days-UN envoy
NEW YORK, April 7 (Reuters) - Ivory Coast's presidential claimant Alassane Ouattara is expected to announce within days the end of a ban on exports of cocoa, of which the country is the world's leading producer, his U.N. envoy said on Thursday.
The country's cocoa sector is close to a return to normalcy after turmoil created by a post-election conflict between Ouattara and incumbent leader Laurent Gbagbo, envoy Youssoufou Bamba told a news conference.
EU clears 286,000 tonnes wheat exports this week
PARIS, April 7 (Reuters) - The European Union this week granted export licences for 286,000 tonnes of soft wheat, taking the total since the beginning of the 2010/11 (July-June) season to 15.7 million tonnes, official data showed on Thursday.
The weekly volume was well down on the prior week's haul of 480,000 tonnes but the total so far this season was still up sharply on the 13.7 million tonnes of licences cleared by the same stage in 2009/10.
Copper rises on demand prospects, weaker dollar
SINGAPORE, April 8 (Reuters) - Shanghai copper gained 1 percent on Friday, while the metal rose 0.8 percent in London, as investors continued to bet on demand prospects amid a global economic recovery, while a weaker dollar helped buoy sentiment.
"The commodities market seemed to have regained a life of its own, while in the past two years we saw a very strong correlation between anything that happened on the macroeconomic front and commodity prices," said Yingxi Yu, an analyst at Barclays Capital.
Gold surges to record on euro, silver hits 31-yr top
SINGAPORE, April 8 (Reuters) - Gold struck another record high on Friday as the dollar weakened against the euro, while silver hit a 31-year high after ETF holdings jumped to an all time high on inflation worries driven by a surge in oil prices.
"Maybe there is some dollar-related buying because it's weakening. People see the ETF increasing a bit, so they want to buy some gold," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
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