Tuesday, September 6, 2011

20110906 1525 Global Market & Commodities Related News.

Asian shares fall amid euro zone, banking worries
SINGAPORE, Sept 6 (Reuters) - Asian shares and the euro fell on fears that Europe's sovereign debt troubles are worsening and could trigger a second, full-blown banking crisis.
"It's the European disease that is infecting markets all around the world at the moment," said Michael Heffernan, senior client adviser and strategist at Austock Group in Australia.  

JAKARTA, Sept 6 (Reuters) - Crude palm oil (CPO) prices are seen averaging about $1,000-$1,100 a tonne this year and in 2012, Fadhil Hasan, executive director of the Indonesian Palm Oil Association (Gapki), said on Tuesday. At 0351 GMT, the benchmark November crude palm oil contract traded at 2,988 Malaysian ringgit ($1,003) a tonne from 3,018 ringgit at the close on Monday. [POI/]  ($1 = 2.977 ringgit)  

New frontier palm oil players look to RSPO
JAKARTA, Sept 5 (Reuters) - African and South American palm oil players are flocking to join the Roundtable on Sustainable Palm Oil (RSPO), highlighting a growing trend of the industry's rapid expansion outside main producing region Southeast Asia, the body's head said on Monday.
The industry group sees countries such as Gabon, Nigeria and Brazil ramping up production in coming years, as the land expansion of plantations in Malaysia has reached a natural ceiling and Indonesian growth has been slowed by a freshly inked two-year moratorium on forest clearance.

US corn, wheat slide over 1 pct on Europe worries
SINGAPORE, Sept 6 (Reuters) - U.S. corn and wheat futures slid around 1 percent while soybeans lost 1.4 percent amid fears that worsening Europe's sovereign debt troubles could trigger a full-blown banking crisis.
"Losses in the Chicago grain and oilseed complex are following the risk activity that we saw in London and European markets," said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia.

Vietnam Sept coffee exports seen up to 70,000
HANOI, Sept 6 (Reuters) - Vietnam is expected to export between 60,000 tonnes and 70,000 tonnes, or 1 million to 1.17 million 60-kg bags, of coffee this month, from 58,000 tonnes shipped in the same month last year, traders said on Tuesday.
"Stocks are still available in several warehouse and there are pending contracts, so the export volume would be higher than last month," a trader in Ho Chi Minh City said.

Drought continues in China's southwest sugar area  
BEIJING, Sept 6 (Reuters) - China's agriculture ministry said some 3.23 million hectares of crops were suffering from ongoing drought conditions in the country's southwest, the main sugar-growing region, with no letup in the dry, hot weather.
The ministry said the damage to grains was limited as of Sept. 5 and affected northern parts of the Guangxi region -- which accounts for 60 percent of China's sugar output -- eastern Yunnan province, most areas of Guizhou and parts of Chongqing and Sichuan.

French maize crop seen set for record yield
PARIS, Sept 5 (Reuters) - The maize grain harvest in France is expected to produce a record average yield of around 10 tonnes per hectare, technical institute Arvalis said on Monday.
High expected yields reflected early sowing and regular rain during the second half of the growing season, Jean-Paul Renoux, Arvalis' head of maize, told Reuters.

Ivorian cocoa arrivals seen 1.4 mln T by Sept. 4
ABIDJAN, Sept 5 (Reuters) - - Cocoa arrivals to ports in top grower Ivory Coast reached 1,414,000 tonnes by Sept. 4 since the start of the season in October, according to a consensus of exporter estimates obtained by Reuters on Monday, up from 1,148,251 tonnes during the same period a year ago.
Some 20,070 tonnes reached the ports of San Pedro and Abidjan in the week ended Sept. 4, adding to the 1,393,930 tonnes that
Ivorian cocoa regulator BCC said had reached the ports between October and Aug. 28.

Ghana cocoa purchases hit 1.01 mln T - Cocobod
ACCRA, Sept 5 (Reuters) - Cocoa purchases declared by private buyers to Ghana's industry regulator Cocobod hit 1,009,782 tonnes by Aug. 25 since the start of the season in October, according to data from Cocobod obtained by Reuters on Monday.
The figure includes 92,972 tonnes registered during the No. 2 world cocoa grower's light crop, a period during which beans are sold to local grinders at a discount instead of being exported.

Britain's wheat crop quality seen above average
LONDON, Sept 5 (Reuters) - Initial results suggest Britain's wheat crop is better quality than last season and the three-year average, the Home-Grown Cereals Authority (HGCA) said on Monday issuing provisional results of a cereal quality survey.
The results from 18,000 wheat samples collected up to August 31 show specific weights, Hagberg falling numbers and protein content all above last season.

Czarnikow sees sugar surplus 4-5 mln t 2011/12
LONDON, Sept 5 (Reuters) - Trade house Czarnikow's head of research Toby Cohen on Monday forecast a global sugar surplus of around 4-5 million tonnes in 2011/12.
"We're roughly in line with where most of the market is coming in at the moment, which is around a 4-5 million tonne surplus," Cohen told Insider television in an interview, coinciding with Czarnikow's 150th anniversary celebrations.

Japan govt to up emergency gasoline reserves - Nikkei
Sept 6 (Reuters) - Japan's government will boost its emergency gasoline reserves to speed up distribution after disasters, business daily Nikkei reported.
The stockpile is meant to buffer disruptions in oil imports resulting from problems like the turmoil in the Middle East.

UK gas boosted by gas diversions to Germany
LONDON, Sept 5 (Reuters) - British prompt gas prices gained on Monday, reversing earlier losses and boosted by concerns that a planned resumption in Norway-Germany gas flows overnight will cut supplies to the UK, while forward prices made slight gains.
The return of the Norway-Germany Europipe 1 gas link on Tuesday, following a 12-day outage period, will see less gas delivered to UK markets, traders said.

Brent steady at above $110; U.S. stimulus eyed
SINGAPORE, Sept 6 (Reuters) - Brent crude was steady at above $110 a barrel, as the market weighed expectations for further economic stimulus in the U.S. against a worsening euro zone debt crisis.
"The market is looking for fresh stimulus coming from Obama when he makes his jobs speech on Thursday, and also when the Fed meets on September 20th," said Gordon Kwan, head of energy research at Mirae Securities in Hong Kong.

Copper down on Europe woes, but strikes may support prices
SHANGHAI, Sept 6 (Reuters) - Copper fell by as much as 0.7 percent, hit by a slump in equities triggered by fresh fears about the euro zone's sovereign debt crisis, but supply disruptions from planned mining strikes could shore up prices.
"It looks like today's influence is mostly due to what is happening in the euro zone as there are no new developments in China or in the U.S.," said Dongzheng futures trader Du Xiao Hua.

Gold hovers around $1,900 on growth, Europe woes
SINGAPORE, Sept 6 (Reuters) - Spot gold hovered around $1,900 an ounce, as renewed fears over the euro zone's debt crisis and concerns about stalled global growth drove investors to seek safety in bullion.
"If we get a negative reading, it will just reinforce concerns about a global recession and possibility of some form of stimulus from the Fed (U.S. Federal Reserve) down the road," said Ong Yi Ling, an analyst at Phillip Futures.

METALS-Copper down on Europe woes, but strikes may support prices
SHANGHAI, Sept 6 (Reuters) - Copper fell by as much as 0.7 percent, hit by a slump in equities triggered by fresh fears about the euro zone's sovereign debt crisis, but supply disruptions from planned mining strikes could shore up prices.
"It looks like today's influence is mostly due to what is happening in the euro zone as there are no new developments in China or in the U.S.," said Dongzheng futures trader Du Xiao Hua.

PRECIOUS-Gold hovers around $1,900 on growth, Europe woes
SINGAPORE, Sept 6 (Reuters) - Spot gold hovered around $1,900 an ounce, as renewed fears over the euro zone's debt crisis and concerns about stalled global growth drove investors to seek safety in bullion.
"If we get a negative reading, it will just reinforce concerns about a global recession and possibility of some form of stimulus from the Fed (U.S. Federal Reserve) down the road," said Ong Yi Ling, an analyst at Phillip Futures.

FOREX-Euro hits 7-wk low, charts point to further drops
TOKYO/SYDNEY, Sept 6 (Reuters) - The euro hit a seven week low as the euro zone debt crisis deepened overnight, hovering right above more key chart support levels that if breached could lead to a sharper sell-off in the single currency.
"I don't think the euro can eke out even modest gains today. The euro zone crisis has been deepening and it's very hard to find any potential for a positive surprise in the near term," said Koji Fukaya, director of global foreign exchange research at Credit Suisse Securities in Tokyo.

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