Euro at 3-wk high vs dollar, Japan data lifts Nikkei
SINGAPORE, May 31 (Reuters) - The euro hit a three-week high versus the dollar on Tuesday on a report that Germany could make concessions on efforts to put together a bailout for Greece, while Japanese shares rose on data suggesting industrial activity has begun to recover from the March earthquake.
"The euro zone problems appear to be subsiding for now. Or putting it another way, the market appears to have stopped looking at them as a factor for now," said Teppei Ino, a currency analyst at Bank of Tokyo-Mitsubishi UFJ, adding the market could focus on upcoming U.S. data releases. Key numbers including ISM manufacturing and payroll data are due this week.
China's commodities imports to stage comeback
SHANGHAI, May 31 (Reuters) - There are early signs that China's appetite for overseas oil, copper, aluminium, iron ore and coal will recover in the second half of 2011, having been dogged for much of the first half by the government's campaign to put the brakes on growth and inflation.
Higher seasonal demand, shrinking stockpiles and a narrowing arbitrage between domestic and LME prices indicate that China's copper demand may be turning a corner, even if Beijing doesn't relax its tightening stance.
S.Korea should hike power price 15pct in 2011-thinktank
Uiwang, South Korea, May 31 (Reuters) - South Korea, heavily dependent on energy imports, should raise electricity prices at least by 15 percent this year to reflect higher fuel costs and reduce excessive demand, the head of the influential Korea Energy Economics Institute (KEEI) said.
Korea Electric Power Corp (KEPCO) , the country's monopoly state-run electricity transmission and distribution company has been haemorrhaging cash as it has not hiked tariffs by as much as input price rises and it is likely to implement a rise early June after consultations with the government.
Brent rises above $115 on political chaos, weak dollar
SINGAPORE, May 31 (Reuters) - Brent rose above $115 a barrel on Tuesday as the dollar weakened on improved prospects of a bailout for debt-laden Greece, but oil remained on track for a fall in May, snapping a record eight-month winning streak.
"The situation in Yemen seems to be deteriorating. The problem with Yemen is that it is next to Saudi Arabia, and it has been a source of terrorist attacks against Saudi Arabia," said Tony Nunan, a Tokyo-based risk manager at Mitsubishi Corp.
Wheat slides as Russia to resume exports
SYDNEY, May 31 (Reuters) - U.S. wheat futures slid in Asian trade on Tuesday, after Russia said it was ending its export ban and could ship up to 20 million tonnes of grain from this year's crop.
Prime Minister Vladimir Putin announced at the weekend that the Russia, formerly the world's third-largest wheat exporter, would lift a grain export ban from July 1.
China expects bumper wheat harvest despite drought -ag ministry
BEIJING, May 31 (Reuters) - China, the world's top wheat producer, is likely to reap a bumper wheat harvest in 2011 despite drought earlier this year in most of its wheat-growing areas in the north, the agriculture ministry said.
China's winter wheat, accounting for more than 90 percent of the country's total wheat harvest, may increase for the eighth year, agriculture minister Han Changfu was cited as saying in a report posted on the ministry's web site. Han did not give any figures.
Argentine economy thrives as grain, soy prices soar
ROSARIO, Argentina, May 30 (Reuters) - High grain and soybean prices have driven global food inflation to the point of causing riots in Africa, but no one is complaining on the banks of the Parana River in Argentina's central farm belt.
In the port city of Rosario, profits from grains exports have funded construction of some of Argentina's tallest skyscrapers over the last year, helping to make Argentina's devastating 2001/02 financial crisis a distant memory.
Ivorian cocoa arrivals hit 1,103,166 T by May 22
ABIDJAN, May 30 (Reuters) - Cocoa arrivals at ports in top grower Ivory Coast increased by over 14 percent compared with a year ago, but exporters said they were worried about the size and quality of beans coming out of the bush.
Data from Ivorian Coffee and Cocoa Bourse (BCC) seen by Reuters on Monday showed arrivals had reached 1,103,166 tonnes in the season to May 22, up from 966,194 tonnes in the same period a year ago.
Indonesia issues 224,200 T raw sugar import permits to Nov
JAKARTA, May 30 (Reuters) - Indonesia has issued import permits for 224,200 tonnes of raw sugar until November, trade ministry official Deddy Saleh told Reuters on Monday.
Indonesia, Southeast Asia's largest sugar consumer, has previously said it would import 226,000 tonnes of raw sugar from May until the end of 2011 in order to fill idle milling capacity, and the permits were meant to be issued in April.
Russia may export 20 mln t of grain in 2011-12 -lobby
MOSCOW, May 30 (Reuters) - Russia may export up to 20 million tonnes of grain from this year's crop if the harvest reaches 85-90 million tonnes, the head of the Russian Grain Union industry lobby said on Monday.
"The export potential is 15 million. Maybe we can even export 20 million if the harvest reaches 85-90 million tonnes," Arkady Zlochevsky said.
Indonesia to lead thermal coal export growth through 2020
NUSA DUA, Indonesia, May 31 (Reuters) - Indonesia will lead global growth in thermal coal exports in the next decade with producers Bumi Resources and Adaro Energy becoming two of the top three coal exporting companies worldwide by 2015, energy consultancy Wood Mackenzie said on Tuesday.
The Southeast Asian country, already the world's top thermal coal exporter, will make up 39 percent of global increases in coal exports, with Australia coming in a close second, accounting for 36 percent of export growth.
Australian business groups warn strike plans threaten investment
SYDNEY, May 31 (Reuters) - Australia is facing what employers say is its worst period of industrial unrest in decades, with disputes hitting airlines, ports and mines as unions use an unprecedented resources boom and labour shortage to fight for a greater share of profits.
Business leaders say the spate of disputes is threatening investment and exports and rekindling Australia's old reputation as an industrial relations minefield -- a claim unions reject as scaremongering.
China coal imports to double in 2015, India close behind
NUSA DUA, Indonesia, May 30 (Reuters) - Top coal consumer China should see import demand more than double in the next four years and India will be close behind as both hoover up supplies on international markets to feed rapidly growing power industries, industry executives said on Monday.
China's thermal coal imports could rise to 200 million tonnes in 2015 from around 90 million tonnes in 2011, Neil Dhar, executive vice president of trading house Noble Group , told the Coaltrans Asia conference.
Indonesia sees higher 2011 rice output, no need for imports
JAKARTA, May 30 (Reuters) - Indonesia sees higher unmilled rice paddy output of 70.6 million tonnes this year, leading to a greater surplus that means there is no need for further imports of the staple in 2011, said an agriculture ministry official.
This was up 2.6 percent from the ministry's previous December forecast, and the comments may weigh on regional prices since bumper purchases by the country surprised markets in the first quarter and had led to the possibility of more in 2011.
LME copper steadies amid thin trading, tracking euro
SHANGHAI, May 31 (Reuters) - London copper was steady amid thin trading on Monday, supported by a firmer euro after a report said Germany could make concessions on efforts to put together a bailout for Greece.
"The euro has an influence on copper's movements today. Overall, LME copper is in a stable situation. Trading volumes are low after the long holiday. It opened weaker but there have been some buying since then. So the Shanghai market is stable today as well," a Shanghai-based trader said.
Venezuela iron producer gets $900 mln China loan
CARACAS, May 30 (Reuters) - Venezuelan state-run iron company Ferrominera Orinoco will use a $900 million loan from China to increase output capacity, the firm said on Monday.
The loan is part of a long-term deal under which China has promised to provide OPEC-member Venezuela with $20 billion in financing in return for oil.
Gold steady near 4-week high; Greek crisis on focus
SINGAPORE, May 31 (Reuters) - Gold rose to its highest in almost four weeks on Tuesday as lingering fears about a Greek debt default overshadowed a rebound in the euro, while silver was heading for its biggest monthly decline since 2008.
"It's crucial for markets to see whether Greece is actually sustainable and whether it can actually obtain the next 12 billion euros that is required for them to meet their funding needs in July," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.
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