Wednesday, April 13, 2011

20110413 1144 Global Market & Commodities Related News.

GLOBAL MARKETS: Asian shares inch up, yen slips
Singapore, April 13 (Reuters)- - Asian shares inched higher in early trade on Wednesday, while the yen may head lower as some investors said the position unwinding due to risk aversion would be shortlived.
"At this stage, we don't see reason to believe that the early week price action marks the start of a broader 'risk-off' move ... This latest dip is an opportunity to reset or extend longs (against the yen)," analysts at BNP Paribas wrote in a client note.  

OIL: Crude extends falls for 3rd day on demand concerns
TOKYO, April 13 (Reuters) - U.S. crude futures extended their declines into a third day on Wednesday, falling to $106 a barrel, down more than 6 percent from a 32-month peak marked this week on concerns -- heightened by a warning from Goldman Sachs -- that prices had risen too far and could curb demand.
U.S. crude's 5.8 percent slide over the past two sessions was the biggest two-day percentage decline since May 2010, when the debt crises in Greece and the wider euro zone pulled down commodities.

NATURAL GAS: Natural gas ends down, cool weather limits selling
NEW YORK, April 12 (Reuters) - U.S. natural gas futures ended lower on Tuesday, pressured by concerns about high supplies, but cool northern tier weather and warm southern temperatures helped limit the downside.
"Prices couldn't stay below $4 for long, so I think there's good support there, and the cool forecast should help support prices, but I think we're stuck in a trading range," a Pennsylvania trader said, noting supplies were comfortable.

EURO COAL: Prices fall $2-3 with oil, China starts buying
LONDON, April 12 (Reuters) - European and South African physical coal prices fell by $2-3 a tonne on Tuesday as oil prices dropped by $3-4, traders and utilities said.
"Coal's fallen purely in line with oil. With a $4 drop in oil, coal had to move down," one European trader said.

COMMODITIES: Slide broadly, oil falls after Goldman call
NEW YORK, April 12 (Reuters) - Commodities ended sharply lower on Tuesday, posting their steepest daily fall in a month after more bearish comments on oil from Goldman Sachs triggered a second day of widespread selling.
Oil closed down $3 a barrel in both London and New York after Goldman, a long-time commodities bull, said prices had gotten ahead of fundamentals. Warnings from the International Energy Agency (IEA) and OPEC that high prices would erode global demand also weighed on the market.

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