Stocks, euro dip on profit taking; bonds advance
HONG KONG, May 16 (Reuters) - Asian equities dipped and the dollar rose to a six-week high against the euro with further gains seen as renewed concerns of a possible euro zone debt restructuring prompted market players to reduce risk.
The U.S. dollar has turned strong. Investors who have gone long riskier assets, such as commodities, equities and high-yield currencies, now have to reposition and take profit," said Robert Hsieh, a vice president of Shinkong Investment Trust in Taipei.
U.S. corn surges 2 pct on weather concerns
SYDNEY, May 16 (Reuters) - U.S. corn futures surged more than 2 percent marking the biggest one-day rise in a week, as investors focused on rain and flooding that are slowing the pace of crop planting in the U.S. corn belt. "The greatest delays are over eastern areas (Indiana and Ohio)," Palmerino said in a weather update.
Honduras ups 2010/11 coffee export estimate 4.3 pct
TEGUCIGALPA, May 13 (Reuters) - Honduras is expected to export 3.68 million 60-kg bags of coffee during the 2010/11 harvest, 4.3 percent more than previously forecast, an official of the local coffee exporters' association said on Friday.
"These exports are due to good weather that has helped harvesting, the stimulus of a good world price, fertilizer supply programs and new areas that have begun production," said Miguel Pon, executive director of the Honduras Coffee Exporters' Association in an interview
Two sugar groups see global surplus in 2011/12
LONDON, May 13 (Reuters) - Two leading sugar groups forecast a widening world sugar surplus in 2011/12, on larger-than-expected Thai output, signalling further downside risk after prices tumbled around 40 percent from a 30-year high.
The global sugar surplus may exceed 3 million tonnes in 2011/12, up from 0.8 million tonnes in 2010/11, suggesting more bearish pressure on prices, the International Sugar Organization (ISO) said in its latest quarterly report.
Ukraine may avoid 2011 grain export curbs
KIEV, May 13 (Reuters) - Ukraine will not impose curbs on grain exports in the coming market season if the harvest is satisfactory, Prime Minister Mykola Azarov said on Friday, adding current forecasts pointed to a good 2011 crop.
Azarov acknowledged that grain quotas, introduced last year by Ukraine after severe drought, badly damaged its reputation as a "reliable exporter" to world grain markets.
Ivory Coast conflict cuts rubber output
ABIDJAN, May 13 (Reuters) - Buyers of Ivorian rubber will get less than promised this year after a violent power struggle kept farmers from tending their plantations, an industry representative told Reuters on Friday.
Ivory Coast, Africa's largest producer of the key ingredient in tires, tubes and elastics, sells chiefly to buyers in France, Italy, Belgium, China and Malaysia. The country accounts for just over two percent of global natural rubber supplies.
Bioethanol may win in crunch time for EU biofuels
BRUSSELS/SEVILLE, May 13 (Reuters) - A divisive European debate over the green credentials of biofuels has stalled investment, but the stalemate may soon be over for advanced biofuels and some types of bioethanol.
The debate over biodiesel, however, looks set to rage on.
U.S. oil slips more than $1 as dollar index climbs
SINGAPORE, May 16 (Reuters) - U.S. oil futures slipped to as low as $98.35 a barrel as the dollar index rose to a six-week high on worries that Greece may restructure its sovereign debt. "We market participants are always waiting for any announcement on interest rates in the U.S. and Europe to give us an idea on the future direction of markets," Hasegawa said. "Overall, interest rates are likely to go up faster in Europe than in the U.S."
Argentina says refinery workers accept wage deal
BUENOS AIRES, May 13 (Reuters) - Argentine oil refinery workers struck a wage deal with companies on Friday, a spokeswoman at the Labor Ministry said, averting the resumption of a nationwide strike.
The workers downed tools early on Thursday, only to suspend their protest later in the day for 24 hours to engage in talks. They were threatening output at the country's main oil refineries, which have a total refining capacity of roughly 600,000 barrels per day (bpd).
Top US Republican rejects higher taxes on oil firms
WASHINGTON, May 15 (Reuters) - The top U.S. Senate Republican on Sunday rejected a proposal to scale back tax breaks for big oil firms, calling it a political maneuver.
Senate Republican Leader Mitch McConnell said the Democratic plan to repeal major tax incentives would "raise the price of gas at the pump, send jobs overseas" and make the United States even more dependent on oil imported from other countries, such as Venezuela.
London copper moves flat on firmer dlr and euro debt worry
SINGAPORE, May 16 (Reuters) - Copper dropped almost a percent in Shanghai reversing the previous session's gains, while London prices were mostly flat, as a firm dollar weighed on prices amid euro zone debt worries. "Shanghai copper has fallen more than London this morning because it had a big rally on Friday, but London did not catch up in proportion after Shanghai closed," said China Futures Co analyst Yang Jun.
N. American aluminum shipments gain 7.9 pct in March y/y
NEW YORK, May 13 (Reuters) - Demand for U.S. and Canadian aluminum products, measured as shipments from domestic producers plus imports, were up by 7.9 percent in March over March last year, and rose 10.6 percent over February, an aluminum industry group said in its latest report.
For the year to date through March, aluminum shipments were up 8.9 percent, the report said.
Total demand increased to an estimated 1.718 billion lbs in March from 1.591 billion lbs in March 2010, and was up from 1.553 billion lbs shipped in February, according to the Aluminum Association's Aluminum Situation report.
U.S. April aluminum output gains 13.6 pct yr/yr
NEW YORK, May 13 (Reuters) - The annual rate of primary U.S. aluminum production increased 13.6 percent to 1,965,172 tonnes in April from 1,729,662 tonnes in April 2010, and grew by 3.8 percent from March's annual production rate of 1,906,619 tonnes, the Aluminum Association said in its latest report.
For the year through April, the annual rate of production was up at 1,869,424 tonnes, a 9.6 percent gain over the 1,705,320 tonnes produced in the comparable 2010 period.
Copper demand from China to stay strong- Aurubis
HAMBURG, May 13 (Reuters) - Copper demand from China is likely to remain strong despite the country's moves to slow growth to control inflation, the CEO of Europe's largest copper producer Aurubis said on Friday.
China's moves to restrain its economy would only slow its rate of growth, which would still remain at a high level, Bernd Drouven told a telephone press conference after the company posted a sharp rise in earnings on Friday.
Gold inches lower as firm dollar weighs
SINGAPORE, May 16 (Reuters) - Gold inched lower pressured by a firmer dollar as fears about the euro zone debt crisis deepened ahead of the bloc's finance ministers' meeting, which has been overshadowed by the arrest of the International
Monetary Fund chief. "Gold could reverse recent falls and stand above the support
level of $1,500 over the next week, as safe-haven buying could resume on re-ignited euro zone sovereign debt concerns," said Natalie Robertson, commodities strategist at ANZ.
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