Asian markets firmer on commodity rebound
MELBOURNE, May 11 (Reuters) - Asian shares firmed on Wednesday on rising commodity prices which boosted energy and resource stocks, as investors largely shrugged off slightly stronger-than-expected inflation data from China.
"The economy is slowing, but not very seriously," said Chen Gang, an economist with CEBM in Shanghai. "It is still far from the warning line for the Chinese leadership. There is no room for the central bank to relax its monetary tightening."
China's key commodities imports fall in April amid destocking
SHANGHAI, May 10 (Reuters) - China's imports of copper, aluminium and iron ore pulled back sharply in April from a month ago, as high global prices and comfortable inventories at home kept buyers at bay.
Analysts said China's appetite for these commodities would likely return around the fourth quarter after users run down swollen stockpiles.
Corn ticks up, wheat steady ahead of key U.S. report
SINGAPORE, May 11 (Reuters) - U.S. corn futures edged higher on Wednesday, while wheat was little changed after three straight sessions of gains, as investors took positions ahead of a key government report on world demand-supply of agricultural products.
"The market players are trying to position before the actual announcement of the report later today, so we don't expect to see sharp movements before it is released," said Ker Chung Yang, investment analyst at Phillip Futures in Singapore.
Thin sugar supplies congest Brazil ports
LONDON/SAO PAULO, May 10 (Reuters) - A line of vessels waiting to load sugar at Brazilian ports has swelled because supplies of the sweetener from the new cane harvest have been slow to hit terminals, trade and shipping sources said on Tuesday.
Excess rains from February through mid-April prevented mills from crushing the new crop, unlike a year ago, when exceptionally dry weather allowed producers to start harvesting the crop unusually early.
Tumbling prices, global surplus in focus at sugar meet
SINGAPORE, May 11 (Reuters) - Record cane crop in Brazil, soaring sugar output in Thailand, exports from India, a global surplus and a dramatic fall in prices from 30-year highs will be in the spotlight at an industry gathering this week.
Mounting worries that supply will outstrip demand have dragged down sugar prices by nearly 40 percent from a peak of around 36 U.S. cents/lb hit in February, when fears of damage to the crop in Australia -- one of the biggest exporters of the sweetener -- from cyclone Yasi ignited a rally.
Venture Minerals plans to start tin production in 2013
SYDNEY, May 11 (Reuters) - Australian miner Venture Minerals plans to start tin production from its Mount Lindsay project in Tasmania in 2013, in time to capture strong global demand for the metal, managing director Hamish Halliday told Reuters on Wednesday.
Tin prices have nearly doubled in the last year to trade at 30-year highs. Analysts point to strong demand from the solder market, coupled with constraints in world supply, particularly from Indonesia.
Indonesia coffee woes keep global prices on the boil
SINGAPORE, May 10 (Reuters) - Global robusta coffee prices may challenge a recent three-year peak as continued heavy rains in Indonesia's Sumatra island cause severe damage to unripe cherries and threaten the upcoming harvest, leading exporters to cancel shipments from the world's second largest producer.
As inventories drop in the main growing island of Sumatra, dealers are also struggling to meet demand from domestic roasters, with annual consumption in Southeast Asia's largest economy growing by an average around 4 percent since the mid-1980s.
Canadian Wheat Board ex-CEOs see tough road ahead
WINNIPEG, Manitoba, May 10 (Reuters) - The Canadian Wheat Board faces a tough battle to survive as a voluntary pool competing against grain-handling heavyweights, two former chief executives of the monopoly seller say.
The big three Canadian grain handlers, Viterra Inc , Richardson International Limited and Cargill Inc won't easily welcome a new competitor and the board is hobbled without elevators and port terminals, said Greg Arason, who headed the Winnipeg-based Wheat Board from 1999-2002 and 2006-2008.
"Once in a lifetime" flood submerges US farm land
CHICAGO, May 10 (Reuters) - Nearly 3 million acres of farm land in three southern U.S. states have been submerged by flood waters from the raging Mississippi River and its smaller tributaries, adding to troubles in seeding this year's crops in the world's top grain exporter.
Although the area constitutes 1 percent land seeded with major crops in the United States, the loss comes at a time when grains have soared due to dwindling supplies, weather woes in other exporting nations and increased consumption.
Oil slips after China inflation exceeds forecasts
SINGAPORE, May 11 (Reuters) - Brent crude fell towards $117 on Wednesday after China's inflation exceeded expectations in April, rekindling concern that Beijing's efforts to cool the economy of the world's second-largest oil user would erode energy demand.
"Yesterday's outlook making downward revisions to oil demand forecasts has spurred concerns about slowing growth," said Serene Lim, an ANZ Bank oil analyst based in Singapore.
China april crude oil output up 4.4 pct on year - stats bureau
BEIJING, May 11 (Reuters) - China's crude oil production increased 4.4 percent from a year earlier to 16.96 million tonnes in April, the National Bureau of Statistics said on Wednesday.
Output was equivalent to 79 percent of crude oil imports in April by the world's second largest oil consumer.
China April power output up 11.7 pct y/y -stats bureau
BEIJING, May 11 (Reuters) - China's power output increased 11.7 percent in April from a year earlier to 366.4 billion kilowatt hours, the National Bureau of Statistics said on Wednesday.
Power generation in the first four months gained 12.6 percent from a year earlier to 1,430.5 billion kwh, the data showed.
Oil rises on flood threat to U.S. refiners, China
NEW YORK, May 10 (Reuters) - Oil rose on Tuesday, supported by concerns that flooding could hit the U.S. Gulf Coast refining hub and data showing strong Chinese crude imports for April.
While no refineries had been forced to cut operations yet, rising waters along the Mississippi threatened to disrupt plants in Louisiana, including the second largest U.S. refinery, in the next two weeks.
China April oil demand 3rd highest ever, growth rate slips
BEIJING, May 11 (Reuters) - A sustained appetite for oil in China, the world's largest energy user and the biggest single driver of world demand growth last year, could derail predictions by economists that higher oil prices would destroy demand worldwide.
China's implied demand, a combination of crude oil throughput and net imports of refined oil products, averaged 9.32 million barrels per day (bpd) last month, Reuters calculations based on preliminary government data showed on Wednesday.
Shanghai copper falls after China inflation data
SINGAPORE, May 11 (Reuters) - Shanghai copper fell on Wednesday after Chinese inflation data came in above forecasts, with signs of stabilisation in the dollar and worries about the euro debt crisis also weighing on prices.
"The figure shows that inflation is high and that the central bank may have to use more drastic tightening measures," China Futures Co Analyst Yang Jun said.
China April aluminium, alumina output hit records, copper down
HONG KONG, May 11 (Reuters) - China's production of primary aluminium and alumina hit monthly records in April for the second consecutive month, while refined copper dropped 3.4 percent from March's record due to reduced supply of scrap.
China, the world's top producer of aluminium, made 1.459 million tonnes of primary aluminium in April, up 2.2 percent from the previous record of 1.428 million tonnes in March, the data released by the National Bureau of Statistics showed on Wednesday. The output rose 7.4 percent from a year earlier.
China April daily steel output hits record 1.97 mln T
BEIJING, May 11 (Reuters) - China's daily crude steel output reached a record 1.968 million tonnes in April, figures from the country's statistics bureau showed on Wednesday.
Monthly output stood at 59.03 million tonnes, down slightly compared with March but up 2.6 percent when calculated on a daily basis, according to Reuters calculations.
Too early to call a bear market for copper
LONDON/HONG KONG, May 10 (Reuters) - An exodus of investors from the copper market could see prices slip to the $8,000 a tonne mark before heading back towards record highs later this year as stronger demand from China and Japan becomes visible.
Copper prices tumbled with other commodities last week as the dollar strengthened and investors fretted about consumption after disappointing surveys of manufacturing in top consumers China and United States.
Gold edges up, silver rises; China data seen to support
SINGAPORE, May 11 (Reuters) - - Gold held steady and silver rose more than 1 percent on Wednesday, as concerns about China's high inflation and waning economic growth are seen buoying interest in precious metals.
"Gold is generally benefiting from the return of confidence from investors," said Darren Heathcote, head of trading at Investec Australia.
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