Wednesday, June 29, 2011

20110629 1455 Global Market & Commodities Related News.

Optimism before Greek vote lifts Asian stocks
SINGAPORE, June 29 (Reuters) - Asian shares rose, with Tokyo stocks hitting a seven-week high, and the euro clung to gains on Wednesday ahead of a vote in the Greek parliament that investors hope will approve an austerity programme demanded by international lenders.
"There's some cautious optimism ahead of the Greek votes this week," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management in Tokyo.

Corn at one-week top, wheat rallies on crop conditions
SINGAPORE, June 29 (Reuters) - Chicago corn futures rose 2.4 percent on Wednesday, while wheat added almost 2 percent as renewed concerns over U.S. crops and investor positioning ahead of a key government report buoyed the markets.
"I think that Minneapolis wheat led grain markets higher as there is talk about lost acres due to wet weather in the U.S.," said Brett Cooper, a senior manager of markets at FCStone Australia.

Indonesia in talks over rice imports from Vietnam -traders
HANOI, June 29 (Reuters) - Indonesia has been in talks to import between 400,000 and 600,000 tonnes of rice from Vietnam, with shipment possible in the third quarter of this year, traders and a state-run newspaper said on Wednesday.
The official Vietnam Economic Times newspaper said if the government-to-government contract is reached, 600,000 tonnes of rice would be shipped in August. It gave no details on pricing or the rice grades.

ANRPC revises up global rubber output to 9.96 mln T
SINGAPORE, June 29 (Reuters) - Key global natural rubber production was forecast at 9.96 million tonnes in 2011, slightly higher than a previous estimate of 9.94 million tonnes on an upward output revision by the second-largest producer Indonesia, industry group ANRPC said on Wednesday.
But a downward revision was still possible because yielding areas in Indonesia were expected to drop by 37,000 hectares this year, while falling rubber prices could also curb supply, the Association of Natural Rubber Producing Countries (ANPRC) said.

Vietnam 2011 paddy output to rise to 41 mln T-report
HANOI, June 29 (Reuters) - Vietnam, the world's second-largest rice exporter after Thailand, plans to raise output this year to 41 million tonnes of paddy, up 2.5 percent from 2010 when it already shipped a record volume, a state-run newspaper reported on Wednesday.
Higher production of the staple in Vietnam would not only help secure more food security for a population of 87 million, but also raise the country's export capacity, thus helping to ease pressure on regional and global food supply.

Australia's 2011/12 sugar exports start despite weather woes
SYDNEY, June 28 (Reuters) - Australia's major exporter of raw sugar, Queensland Sugar Ltd (QSL), has kicked off its export programme for the current marketing year on a solid note despite weather induced setbacks last year, the firm said on Tuesday.
This season's first sugar exports left Townsville in Queensland, Australia's major sugar cane growing state, last week. The load of about 27,000 tonnes of raw sugar was destined for New Zealand, QSL said in a report.

Oil steady on Greece bailout hopes, tighter supply
SINGAPORE, June 29 (Reuters) - Brent crude steadied on Wednesday, near $109 a barrel, on growing optimism that the debt crisis in Greece will be resolved, avoiding a contagion in Europe.
"Any positive compromise within Europe, with Greece willing to make some sacrifices, will cause the euro and oil to rally," said Jeremy Friesen, a commodity strategist at Societe Generale. 

LME Copper steady on hopes Greek austerity bill will pass
SHANGHAI, June 29 (Reuters) - LME Copper steadied on Wednesday as investors continued to bet that the Greek parliament will pass an unpopular austerity plan later in the day and bring respite from worries that a sovereign default by the country would affect other debt-laden euro zone nations and roil global markets.                       
"LME copper prices continue to be directed mainly by global macroeconomic events such as developments in the euro debt crisis and U.S. economic data," said Minmetals Futures Co analyst Yu Ye.  

Japan May copper exports plunge 52 pct yr/yr
TOKYO, June 29 (Reuters) - Japan's refined copper exports plunged 52 percent in May from a year earlier to 23,764 tonnes for an eighth straight month of year-on-year declines, Ministry of Finance data showed on Wednesday, reflecting slowing demand from China, the world's top copper consumer.
But exports inched up 0.8 percent from April, with China's share also improving to 36 percent in May from 29 percent in April. China accounted for 48.5 percent of Japanese refined copper exports in March.

Gold edges up on Greece vote hopes, Asian buying
SINGAPORE, June 29 (Reuters) - Gold edged higher on Wednesday, as investors are optimistic that Greece's parliament will approve an austerity plan later in the day, likely to help underpin sentiment in bullion and other commodities.
"There are still reasons to buy gold, but just not any new reason for now," said Yingxi Yu, an analyst at Barclays Capital. 

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