Thursday, June 9, 2011

20110609 1811 Global Market & Commodities Related News.

Asia stocks dip, euro pushes higher before ECB
HONG KONG, June 9 (Reuters) - Asian stocks slipped for a sixth straight day on Thursday as investors cut exposure to risky assets on signs the global economy is losing steam, with higher oil prices casting a shadow after OPEC failed to reach a deal to boost output.
"U.S. growth may be softer than we thought at the start of the year," said Goldman's economists in a note to clients. "However, it is less clear that the same is true elsewhere around the world."

Brent oil rises to $118 on OPEC, US crude stocks
SINGAPORE, June 9 (Reuters) - Brent crude rose to $118 on Thursday after Saudi Arabia failed to convince OPEC to raise output targets, and data showed U.S. crude stocks fell sharply last week.
"What this means is that there will be less spare capacity to handle another unforeseen outage," said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp. 

US corn adds to gains ahead of USDA report
SYDNEY, June 9 (Reuters) - U.S. corn futures edged up on Thursday, adding to nearly 4 percent gains in the previous session ahead of a U.S. government report likely to forecast reduced corn output and a sharp reduction in old-crop stocks.
"Corn consumption in the U.S. has been quite high, particularly for use in ethanol production where demand has been quite sticky and has shown little sign of abating despite high prices," said Luke Mathews, an agricultural commodities strategist at Commonwealth Bank of Australia.

Brazil cocoa arrivals pick up after shaky start
SAO PAULO, June 8 (Reuters) - Deliveries of Brazil's mid-crop cocoa to local warehouses in the last week improved after appearing to stagnate in the previous fortnight, data from Bahia Commercial Association showed.
Arrivals from top cocoa state Bahia rose to 76,321 60-kg bags in the week to June 1 from 64,115 bags in the previous week, resuming their upward trajectory as the mid-crop advances.

Russian wheat offered in port, export outlook up
GELENDZHIK, Russia, June 8 (Reuters) - The Russian grain industry expects to make strong return to the export market in the coming crop season, with sentiment lifted by the prospects for a large harvest and sizeable stocks from earlier years.
While forecasts vary, several experts at the Russian Grain Union's XII International Grain Round said they expected wheat exports of 10 million tonnes, and that resistance from disgruntled North African and Middle Eastern clients who lost deliveries to last year's grain export ban will be limited.

Gap cutting cotton vendors to save money
SAN FRANCISCO , June 8 (Reuters) - Gap Inc  will cut back on the number of cotton vendors it deals with and develop more direct relationships with mills as it tries to rein in soaring yarn and fabric costs, Chief Executive Glenn Murphy said on Wednesday.
Murphy also admitted at an investor conference that the clothing retailer made mistakes recently and said its flagship brand needs significant changes in North America.

Brazil soy crop raised again to record high -gov't
SAO PAULO, June 8 (Reuters) - Helped by favorable weather, Brazil harvested a record soy crop in the 2010/11 season, about 1.4 million tonnes bigger than that forecast a month ago, government crop supply agency Conab said on Wednesday.
Output reached an unprecedented 75 million tonnes, up from the 73.6 million tonnes projected in May, Conab said in its ninth estimate of the crop, whose harvest finished last month.

French farm body sees plunge in wheat crop, exports
PARIS, June 8 (Reuters) - French soft wheat production is expected to fall 13 percent in 2011 to a four-year low after a drought-affected growing season, the country's farm office said on Wednesday in its first forecasts for the upcoming harvest.
FranceAgriMer estimated this year's French wheat crop would drop to 31 million tonnes from 35.6 million in 2010, with the average yield seen down 15 percent at 6.15 tonnes per hectare.

Copper steadies on weak dollar ahead of ECB meeting
SINGAPORE, June 9 (Reuters) - London copper steadied on Thursday after the previous session's 1 percent loss, while Shanghai rose 0.3 percent, supported by a weaker dollar ahead of a European Central Bank rate decision.
"There is not much life or excitement left in copper. Trade recently has been about jobbing in ranges. I don't like to talk about summer doldrums, but that's exactly where we are stuck," a trader in Singapore said.

Australia says Fukushima disaster won't curb uranium demand
SYDNEY, June 9 (Reuters) - Australia said the Fukushima nuclear disaster in Japan would not curb the world's appetite for uranium and predicted its exports will continue to rise as its develops more mines.
Spending on exploration in Australia to find more uranium is expected to rise by more than third this year, Australia's minister for mines, Martin Ferguson, said in a speech to geologists on Thursday.

Miners scour Australia for iron ore finds far from BHP, Rio
SYDNEY, June 9 (Reuters) - Australian prospectors are scouring remote outback locations for new sources of iron ore to rival the big western lodes dominated by Rio Tinto   and BHP Billiton  , spurred on by China's swelling appetite.
Analysts expect most of Australia's iron ore to keep coming from Western Australia's Pilbara region, the world's single largest deposit, which is seen producing about 400 million tonnes this year.

Gold flat; palladium firms on auto recovery
SINGAPORE, June 9 (Reuters) - Spot gold was flat on Thursday as a wait-and-see sentiment prevailed on future U.S. monetary policy moves, while palladium strengthened as the automobile sector recovers from the Japan earthquake in March.
"The market is at a loss. We need to wait for the verdict on whether there will be further quantitative easing from the Fed to get a clear sense of the future direction," said a Tokyo-based trader.

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