Stocks gain on US debt deal hopes; Europe summit eyed
HONG KONG, July 20 (Reuters) - Asian shares rose as indications of progress on a U.S. budget-reduction deal boosted investor confidence while encouraging quarterly numbers from Apple Inc and International Business Machines helped Asia's beaten-down tech sector gain for a second day.
"Thanks to Apple, its suppliers would be able to continue to grow substantially in Q3, even into next year," said Oscar Chung, who manages about $448 million for Capital Securities Investment Trust in Taiwan.
U.S. debt ceiling deal would send crude oil lower: Henwood
Technical factors and the ongoing debate around the U.S. debt ceiling will weigh on economically sensitive crude prices, says Reuters Commodities Specialist Christopher Henwood.
U.S. corn, wheat rise for 2nd day as heat threatens crops
SINGAPORE, July 20 (Reuters) - Chicago wheat rose 1.5 percent and corn gained around 1 percent, both rising for a second straight day, on concerns over hot weather in the United States that is threatening crops.
"Commodity and equity markets are doing well because of positive U.S. housing data and there are expectations that the debt issues will be resolved," said Ker Chung Yang, analyst at Phillip Futures in Singapore.
Rains may pose threat to West Europe wheat quality
LONDON, July 19 (Reuters) - Wheat crops in western Europe have rallied after a spring drought but the rains that helped them recover may soon pose a threat to the quality of this year's harvest, crops analysts said on Tuesday.
"We are waiting for some sunshine. We definitely don't need this rain any more...We seem to be getting our April showers in July," said Jack Watts, senior analyst with Britain's Home-Grown Cereals Authority.
Ukraine's 2011 rapeseed crop may fall - Oil World
HAMBURG, July 19 (Reuters) - Ukraine's 2011 rapeseed crop could fall to 1.3-1.4 million tonnes in 2011, down from 1.47 million tonnes harvested in 2010 in the key exporting country, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Ukraine's disappointing crop could further tighten rapeseed supplies in the European Union, where a major oilseed supply gap is looming after a poor rapeseed crop, it said.
Cocoa 2011/12 global deficit seen at 50,000 tonnes
LONDON, July 18 (Reuters) - Less favourable weather in West Africa and a return to the long-term decline in Ivory Coast production are expected to switch the global cocoa market into deficit in 2011/12, a Reuters poll showed on Monday.
World 2011/12 cocoa demand is expected to outstrip production by 50,000 tonnes, according to the poll's median forecast.
Agco CEO bullish on crop prices
FRANKFURT, July 19 (Reuters) - U.S. farm equipment manufacturer Agco Corp expects sky-high demand for food around the world to keep farmers flush with cash to invest in new tractors and combine harvesters.
"Demand is driving prices, and I am very optimistic that farm income will be strong for many years to come," Agco Chief Executive Martin Richenhagen told Reuters Insider TV in an interview on Tuesday.
India to add 6.5 mln T grain storage space this year
NEW DELHI, July 19 (Reuters) - India aims to raise grains warehousing capacity about 10 percent by March 2012, the head of its storage agency said on Tuesday, as it tries to ensure its record 65 million tonnes of stocks do not rot.
Warehouses in India, the world's second-biggest rice and wheat producer, are overflowing after five bumper harvests and some grains are stored under tarpaulin, risking decay.
Indonesia's 2011 coffee exports to fall a third
JAKARTA, July 19 (Reuters) - Coffee exports from Indonesia, the world's second-largest robusta producer after Vietnam, could fall about a third to 300,000 tonnes in 2011 as supply constraints lead to tight stocks at the end of the year, a senior industry official said on Tuesday.
Closing stocks at year end were estimated at 10,000 tonnes, down from a normal level of 60,000 tonnes as domestic consumption was also rising, said Rachim Kartabrata, executive director of the Indonesian Coffee Exporters Association. (AEKI)
Oil rises on US debt talks; awaits EIA data
SINGAPORE, July 20 (Reuters) - Oil rose, supported by hopes of a U.S. debt deal, a weakening dollar against the euro and tightening crude stocks in the world's largest oil consumer.
"Any positive news on either the U.S. debt ceiling and the Greek second bailout will push up the market," said Tony Nunan, a risk manager with Tokyo-based Mitsubishi Corp.
BHP coal output tops forecasts, still recovering from floods
SYDNEY, July 20 (Reuters) - BHP Billiton, the world's biggest miner, reported a faster-than-expected recovery in production of steel-making coal from its flood-hit collieries in eastern Australia but warned it will take the rest of 2011 to return to full production.
Output of iron ore and most of BHP's other commodities in the June quarter was in line or ahead of analyst expectations, setting the stage for a record annual profit of around $21 billion. BHP shares rose in line with the wider market.
Colombian forces take over oil field after protest
BOGOTA, July 19 (Reuters) - Colombian protesters blocked crude oil production at the Andean nation's highest-producing field in the Llanos Basin on Tuesday before security forces took back control, Pacific Rubiales and officials said.
Protests against oil and mining companies are common in Latin America's No. 4 oil producer, with local communities seeking jobs or compensation for damages and workers complaining about working conditions and pay.
US gasoline demand up after 2-week fall - MasterCard
NEW YORK, July 19 (Reuters) - U.S. retail gasoline demand rose for the first time in three weeks as consumers got back in their cars after a post-Independence Day hiatus, MasterCard said in its weekly SpendingPulse report on Tuesday.
Average gasoline demand in the week to July 15 rose 0.3 percent year-on-year and jumped 3.7 percent versus the previous week, the report said.
Protests rock Colombia's key oil-producing state
BOGOTA, July 19 (Reuters) - Colombian oil contractors and local residents are protesting Pacific Rubiales and Spanish firm Cepsa's local affiliate in the Llanos Basin heavy oil belt, unions and officials said on Tuesday.
Protests against oil and mining companies are fairly common in Latin America's No. 4 oil producer, with local communities seeking jobs or compensation for damages and workers complaining about working conditions and pay.
LME copper slips after hitting 3-month high
SINGAPORE, July 20 (Reuters) - London copper dropped 0.4 percent as ongoing worries about debt problems in the United States and Europe prompted some investors to lock in gains after the metal touched three-month highs in the previous session.
"The market's focusing on what's happening in the United States and Europe. It looks like there is no quick resolution so there's still a lot of risks," said Natalie Robertson, an analyst at Australia and New Zealand Bank.
China to add 1 mln tonnes of alumina capacity -NDRC
HONG KONG, July 20 (Reuters) - China will add 1 million tonnes a year of alumina capacity, the state planning agency said in a statement, adding to its status as world's largest producer.
The National Development and Reform Commission has approved Shanxi Tongde Aluminium Company's plan to build a 1 million-tonne-per-year alumina refinery in Baode county in Shanxi province in the north, a statement posted on the commission website showed. It did not provide the completion time.
Nickel mkt in 9,300 T deficit in Jan-May'11-INSG
LONDON, July 19 (Reuters) - The global nickel market was in supply deficit by 9,300 tonnes in the first five months of 2011, the latest monthly bulletin from Lisbon-based International Nickel Study Group (INSG) showed on Tuesday.
Latest figures show world primary nickel consumption totalled 641,400 tonnes in January to May 2011.
Russia offers Germany gas, rare earths to nudge China
HANOVER, Germany, July 19 (Reuters) - Russia offered Germany long-term deals for natural gas and rare earths on Tuesday, putting pressure on China, which currently dominates the rare earths market, to end delays in agreeing to imports of Russian gas.
China controls 97 percent of the global supply of rare earth minerals -- used heavily in Germany's electronics industry -- and Russian President Dmitry Medvedev opened the door to German investment to exploit Russia's untapped reserves of the elements.
Strike halts production at key Albania chrome mine
TIRANA, July 18 (Reuters) - A strike at Albania's largest chrome mine, which is owned by Austria's DCM DECOmetal, has shut down all mining there for the past two weeks, miners said on Tuesday.
Representatives of the 700 miners at the Bulqiza mine have sought to raise the profile of the strike by protesting in front of government offices in Tirana since Monday.
Credit Suisse expects aluminum prices to rebound in H2
BANGALORE, July 19 (Reuters) - Credit Suisse expects a rebound in aluminum prices in the second half of the year, saying the recent bearish price versus the rest of the metals complex is not justified.
Aluminum prices lost ground in June and were expected to drift lower on a seasonal softening in demand coupled with a possibility of supply surplus for another year.
Gold inches up on light buying; Europe debt fears persist
SINGAPORE, July 20 (Reuters) - Gold edged higher, as light buying in Asia trickled in after prices pulled back from a record high and persistent concerns on euro zone's debt crisis supported sentiment.
"Some investors liquidated their positions after U.S. debt talks showed some progress," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong.
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