Equities settle after recent rally; Aussie dips
HONG KONG, July 5 (Reuters) - Asian stocks steadied near one-month highs on Tuesday as market players took a breather after five consecutive days of gains while the Australian dollar dipped ahead of a policy meeting of the country's central bank where it may signal a dovish stance.
Expectations for a moderate slowdown in Asia, rather than a hard landing, that will bring inflation rates down has been attracting capital inflows and increasing bets on a second-half recovery in stocks. Some markets though, particularly Japan, may be ripe for some profit-taking after jumping 4 percent in five sessions.
Brent falls on economic concerns, stronger dollar
SINGAPORE, July 5 (Reuters) - Brent crude was lower on Tuesday, weighed down by lingering concerns over the health of the global economy, the Greek debt crisis and a stronger dollar.
"There's been a good flow of economic data that has helped oil prices and if that can continue this week we can expect more upside," said Ben Le Brun, market analyst with CMC Markets in Sydney.
U.S. corn, wheat rebound on bargain hunting, demand
SINGAPORE, July 5 (Reuters) - Chicago corn jumped more than 1 percent on Tuesday, while wheat climbed nearly 2 percent on strong physical demand and improved global risk appetite following last week's selloff that was prompted by prospects of higher U.S. supplies.
"European shares rose for the sixth straight day on Monday and jitters about Greece continued to ease," Commonwealth Bank of Australia said in a report.
Thai TCSC to sell 60,000 tonnes of 2011/12 raw sugar
BANGKOK, July 5 (Reuters) - The state-run Thai Cane and Sugar Corp (TCSC) will hold a tender to sell 60,000 tonnes of raw sugar from the current 2011/12 crop next week, a senior TCSC official said on Tuesday.
"The tender will be held on July 12 and all international trading firms could submit bids at premiums over New York raw sugar prices," the official said, asking not to be named.
Vietnam July coffee export to drop from June-traders
HANOI, July 5 (Reuters) - Vietnam is expected to export between 45,000 tonnes and 70,000 tonnes, or 750,000 to 1.17 million bags, of coffee this month, down from an estimated loading of 80,000 tonnes in June, traders said on Tuesday.
"The (domestic) supply is drying up so buyers could switch to taking beans right from stocks in Europe," a trader at a foreign company based in Ho Chi Minh City said.
Ivorian rains boost cocoa, more sun needed-farmers
ABIDJAN, July 4 (Reuters) - Rains in Ivory Coast's key cocoa growing regions last week were ample for the development of the mid-crop until late August, but cloudy weather raised concerns about pests, farmers said on Monday.
Ivory Coast is on the entering the last three months of the 2010/11 season in what is expected to be a bumper crop well ahead of the government's 1.3 million target, thanks largely to good rains.
Bumper Ghana cocoa crop strains local storage
ACCRA, July 4 (Reuters) - Cocoa purchases in world No. 2 grower Ghana reached 940,000 tonnes by mid-June, putting output over 50 percent ahead of last year, the head of the Ghana Cocoa Board (Cocobod) said on Monday.
Cocobod Chief Executive Tony Fofie told Reuters the bumper harvest had strained storage facilities and led to some congestion at some port and depot facilities.
India aims for record grains output in 2011/12
NEW DELHI, July 4 (Reuters) - India aims to produce a record 245 million tonnes of grains in the crop year that started on July 1, Farm Secretary P.K. Basu said on Monday, a rise of about 3.9 percent on the previous year, as the government looks at allowing limited exports.
"We aim to produce a record 245 million tonnes of grains in 2011/12. Given the current trend there are no worries," he told reporters.
Russia customs union raw sugar duty $85/T -lobby
MOSCOW, July 4 (Reuters) - The customs union of Russia, Belarus and Kazakhstan has set its sugar import tariff at $85 per tonne from July, up from $50 per tonne in June, the sugar producers' lobby of the three countries said on Monday.
"In accordance with the regulation, the tariff has been set at $85 per tonne, which corresponds to an average monthly price of 21.85 cents per lb," Andrei Bodin, executive director of the Sugar Producers Association of the customs union, told Reuters.
LME Copper steady; China local debt woes, Greece weigh
SHANGHAI, July 5 (Reuters) - LME copper fell on Tuesday as sentiment soured on talk of China's worrisome local debt burden and a warning by ratings agency Standard & Poor it would treat a French bank plan for a rollover of privately-held Greek debt as a default.
"There is a combination of factors causing a negative turn in sentiment besides the S&P statement. Chinese equities are a bit down now, while investors are also feeling bearish over Moody's statement that it may downgrade the outlook on China's banking system over the local government debt issue," said Shanghai CIFCO Futures analyst Zhou Jie.
Gold edges up after S&P warning, technicals weak
SINGAPORE, July 5 (Reuters) - Spot gold held steady on Tuesday, after a warning by ratings agency Standard & Poor's that it would treat plans for a rollover of privately-held Greek debt as a selective default, underpinning safe haven demand for bullion.
"We have seen a lot of interest below $1,500, but it is not enough to bring prices back above the level," said Dominic Schnider, an analyst at UBS Wealth Management.
No comments:
Post a Comment