Tuesday, November 15, 2011

20111115 1717 Global Market & Commodities Related News.

Asian shares fall as euro zone yields rise
TOKYO, Nov 15 (Reuters) - Asian shares fell, as a rise in euro zone bond yields reflected lingering doubts about the ability of politicians in Italy and Greece to push through painful reforms to resolve their debt crises and win market confidence.
"Italy can't find buyers to finance its debt, as fears over high price volatility in Italian bonds and speculators hitting shares of banks with huge exposure to Italy have made European financial institutions, traditionally long-term investors, wary of purchases," said Takashi Nakagawa, a senior credit analyst at Daiwa Capital Markets.

FOREX-Euro dips; dollar/yen spikes briefly on stops
SINGAPORE, Nov 15 (Reuters) - The euro dipped on Tuesday, stuck near the bottom of a recent trading range after a rise in Italian and Spanish bond yields underscored the challenges facing Europe as it tries to contain the region's debt crisis.
The dollar briefly spiked higher against the yen but later gave back most of its gains, and traders said the move was likely caused by a large-lot flow and stop-loss buying, and was probably not intervention.

US soy up on forecast of harvest rain, wheat slides
SINGAPORE, Nov 15 (Reuters) - Chicago soy rose 1 percent, gaining more ground as the market was supported by rains delaying the last leg of the U.S. harvest and expectations of strong demand led by China, the world's top buyer.
"Demand destruction remains at the forefront of the market's mind as we are seeing relatively sluggish export results out of the United States," said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia.

Australia harvesting record canola crop
SYDNEY, Nov 15 (Reuters) - Australia farmers are busy harvesting an expected record canola crop of around 2.62 million tonnes, up more than 20 percent from the previous season's bumper crop, the Australian Oilseeds Federation (AOF) said on Tuesday.
Benign weather ahead of the harvest, which is now well advanced across most areas of Australia where the oilseed, also known as rapeseed, is grown, had boosted yields, AOF said.

Australia wheat crop faces quality risks -Cargill
SYDNEY, Nov 14 (Reuters) - Australia's 2011/12 wheat harvest, now gathering pace, runs the risk of quality downgrades following wet weather although overall quality is expected to be an improvement on last year, according to Cargill Inc's Australian grain marketing chief.
"We've still got a fair way to go so at this stage there doesn't seem to be too many problems in eastern Australia although in Western Australia there's been a few issues," Mitch Morison, commercial general manager of Cargill's  Australian grain trading arm, said in a telephone interview.

Vietnam Coffee-Farmers rush to harvest, quality a concern
HANOI, Nov 15 (Reuters) - Vietnam, the world's largest robusta coffee producer, has harvested around 10 percent of its current 2011/2012 crop and farmers are accelerating the picking process to avoid theft, which would lead to lower quality, traders said on Tuesday.
The harvest began early this month after prolonged rain had slowed cherry's maturing process. Traders have forecast November coffee shipment to rise to 50,000-75,000 tonnes, from 30,000 tonnes estimated for October loading.

Argentina approves more 2010/11 corn exports
BUENOS AIRES, Nov 14 (Reuters) - Argentina's government approved another 500,000 tonnes of 2010/11 corn for export on Monday and an industry group said more might soon be freed up for shipment.
Argentina's government controls corn and wheat exports through a quota system designed to guarantee affordable local food supplies and help tame high inflation, a system that irritates growers in the world's second-biggest corn supplier.

Brent above $112, recoups some losses; Europe weighs
SINGAPORE, Nov 15 (Reuters) - Brent crude futures rose above $112, recouping some of the previous session's fall of more than $2, while concerns over Europe slipping into a recession and hurting oil demand growth capped the gains.
"Investors are constantly in a risk-on, risk-off mode because of the uncertainty in Europe," said Natalie Robertson, an analyst at ANZ. "The key thing is to look at Europe. Macroeconomic developments are overshadowing everything else."

S.Korea October LNG imports rise 9 pct y/y
SEOUL, Nov 15 (Reuters) - South Korea's imports of liquefied natural gas (LNG) jumped 9 percent year-on-year in October, as the world's second-largest LNG buyer built its inventory ahead of winter demand, customs data showed on Tuesday.
South Korea imported 2.98 million tonnes of LNG in October, up from 2.74 million tonnes a year earlier, the Korea Customs Service data showed.

Copper experts trim 2012 price fcast-Chile Cochilco
SANTIAGO, Nov 14 (Reuters) - Copper market experts have revised down their 2012 average price estimates in light of the risks of a recession in the euro zone and slowdown in China, Chile's state copper commission Cochilco said on Monday.
Cochilco said 19 specialists it polled forecast an average copper price of $3.62/lb for next year, compared to an average forecast of $4.19/lb estimated in a previous survey conducted in August.

Codelco offers lower 2012 copper premiums to China -trade  
HONG KONG, Nov 14 (Reuters) - Chile's Codelco, the world's top copper producer, offered a 4.3 percent cut in physical copper premiums to its Chinese buyers for 2012, the first decline since 2009, trading sources said on Monday.
The offer of a $110 premium per tonne over cash London Metal Exchange copper prices  is in line with expectations and lower than the $115 Chinese buyers have paid this year. The 2011 premium rose 35 percent from the previous year.

METALS-Copper down on euro zone worries
SHANGHAI, Nov 15 (Reuters) - Copper fell on Tuesday, struggling to define a new technical range, as investors stayed cautious after Italy's five-year bond yields rose to a record euro-era high, fuelling fears that high borrowing costs would hamper the nation's efforts to trim its debt.
Three-month copper on the London Metal Exchange  inched down 0.04 percent to $7,756.75 a tonne by 0402 GMT, after rising 1.6 percent previously.

PRECIOUS-Gold tracks risk assets down on Europe fear
SINGAPORE, Nov 15 (Reuters) - Spot gold prices inched down on Tuesday, as investors unnerved by an Italian bond auction focused on the scope of the task faced by new governments in Italy and Greece in keeping the region's sovereign debt crisis under control.
Though gold is supported by its safe-haven allure, it is prone to spillover from the heavy sell-off in the wider financial market, where sentiment remains fickle over Europe's painful journey en route to solving its debt crisis.

Gold tracks risk assets down on Europe fear
SINGAPORE, Nov 15 (Reuters) - Spot gold prices inched down, as investors unnerved by an Italian bond auction focused on the scope of the task faced by new governments in Italy and Greece in keeping the region's sovereign debt crisis under control.
"There is a much greater likelihood of its ending badly," said a Singapore-based trader.

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