Monday, June 13, 2011

20110613 1542 Global Market & Commodities Related News.

Euro firms as Greek drama grinds on; stocks dip
HONG KONG, June 13 (Reuters) - The euro bounced on Monday, though its gains appeared short-lived as major European powers continue to haggle over a fresh rescue package for Greece, while Asian stocks extended a seven-week losing streak on fears the global recovery is losing steam.
Asian stocks outside Japan fell 0.6 percent to a 2-1/2 month low as weak global economic data and fresh worries about Greece weighed on investor confidence.

India's May vegoil imports seen up as local supply falls
NEW DELHI, June 10 (Reuters) - India's vegetable oil imports may have risen by 37 percent in May, the second straight monthly rise, as local supply dropped on depleting oilseeds stocks ahead of the summer planting season, a trend that is likely to continue next month, a Reuters survey showed on Friday.
Palm oil imports, which account for the bulk of India's cooking purchases, are expected to have risen 50 percent in May over the previous month, according to a survey of eight traders.

Wheat up 1 pct, corn rises on supply squeeze, weather
SINGAPORE, June 13 (Reuters) - U.S. wheat futures rose 1.2 percent on Monday, while corn firmed to trade near last week's all-time highs as concerns over tightening grain supplies and harsh crop weather continued to buoy the grain markets.
"Corn prices are too high and livestock producers are switching from corn to feed wheat. It is a supportive factor for wheat prices," said Ker Chung Yang, a commodities analyst at Phillip Futures in Singapore.

Spain grain farmers eye good crop, tight supply
MADRID, June 10 (Reuters) - Spanish grain farmers expect to reap the benefits of producing their best harvest for three years this summer just as global supplies are tightening and driving prices higher.
Asaja recalled in a statement that the International Grains Council forecasts for global supply of 1.803 billion tonnes in the 2011/12 market year would fall slightly short of 1.812 billion in consumption.

Oil dips as investors eye U.S. economy, Saudi output
Singapore, June 13 - Oil edged lower on Monday, with Brent below $119, as growing investor concern about a slowdown in the United States and other industrialised economies combined with expectations that top exporter Saudi Arabia would increase output.
"Saudi Arabia is going to attempt to increase oil production and there are ongoing concerns about a global economic slowdown," said Serene Lim, an oil analyst at ANZ in Singapore.

China May natgas imports up 130 pct; gas to power rises
BEIJING, June 13 (Reuters) - China imported 2.6 billion cubic metres (bcm) of natural gas in May, up 130 percent from a year earlier and up 0.6 percent from April on a daily basis, data from the National Development and Reform Commission (NDRC) showed on Monday.
Gas pumped in from central Asia via a transnational pipeline accounted for half of the imports, and gas bought in the form of liquefied natural gas (LNG) made up the rest.

Copper ends up in anticipation of China trade data
NEW YORK/LONDON, June 9 (Reuters) - Copper eked out a modest gain by the close on Thursday, as expectations for a rebound in Chinese imports counterbalanced the negative macro-economic impact from weekly U.S. jobless claims figures.
"It's a bright spot in an otherwise gloomy economic landscape, so it suggests that the U.S. economy is getting support from a least one quarter -- the trade sector," said Peter Buchanan, commodities analyst and senior economist at CIBC in Toronto.

Chile copper mine struggles after strike violence
SANTIAGO, June 12 (Reuters) - Output at Chile's El Teniente mine, the world's No. 5 copper deposit, remained well below capacity on Sunday as staffing was limited by renewed violence from striking contractors, mine owner Codelco said.
The state miner had expected to return to full production this weekend, but protester violence on Friday led the company to hold many workers back from the 404,000 tonnes-a-year mine.

China lead pollution outbreak poisons 103 children
BEIJING, June 12 (Reuters) - Lead pollution from workshops in eastern China seriously poisoned 103 children and has affected hundreds of other residents in the country's latest case of unfettered industrial toxins, the official Xinhua news agency reported on Sunday.
The pollution from tinfoil-making workshops in Yangxunqiao town in Zhejiang province left the children, aged 14 or younger, with 250 microgrammes or more of lead for every litre of blood.

Boeing eyes aluminum hedging amid market volatility
NEW YORK, June 10 (Reuters) - Boeing Co  may decide within the next year to begin hedging aluminum prices on the London Metals Exchange (LME) in order to reduce volatility in its costs, a senior executive said on Friday.
If initiated, the company intends to use the new hedging program on its long-term agreements, John Byrne, an executive with the company's commercial airplanes unit, told Reuters.

Gold holds steady as U.S. dollar slips
SINGAPORE, June 13 (Reuters) - Gold held steady in thin trade on Monday as the euro bounced against the U.S. dollar, but needs to surpass recent peaks to sustain an uptrend fuelled largely by a debt crisis in Europe.
"I think it is still looking for sufficient momentum and a catalyst that's needed for it to break the $1,550 level on a sustained basis," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

China energy imports robust in May, but copper weak
SHANGHAI/BEIJING, June 10 (Reuters) - China showed robust demand for crude oil and coal in May, shrugging off higher prices to boost imports by more than 20 percent, but its appetite for overseas copper supplies remained sickly and iron ore buying showed signs of ending a strong run.
Economists are watching closely for signs of slowing economic growth in China, which would reduce demand for raw materials, as the government tightens the money supply to prevent inflation.  

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