Asian shares, euro dip after S&P downgrade warning
SINGAPORE, Dec 6 (Reuters) - Asian stocks and the euro fell after ratings agency Standard & Poor's warned it might downgrade euro zone countries en masse if European leaders fail to produce a credible plan to solve the region's debt crisis at a summit later this week.
"We are entering a critical stage," said Kenichi Hirano, operating officer at Tachibana Securities in Tokyo.
Euro stutters on S&P threat; Aussie dips on RBA
TOKYO, Dec 6 (Reuters) - The euro dipped on Tuesday after Standard & Poor's said it may carry out a mass credit downgrade of euro zone countries if their leaders fail to move decisively on solving the region's debt woes at a summit later this week.
"You can see that the EU leaders are trying to get their act together, but even if their plans are realised, it's not going to improve their dire finances overnight. This is going to be a drawn-out process," said Koji Fukaya, chief FX strategist at Credit Suisse, adding that the euro will not easily get any serious respite.
U.S. grains slip as S&P warning erodes confidence
KUALA LUMPUR, Dec 6 (Reuters) - U.S. grain futures slipped, extending declines seen in the previous session after Standard & Poor's warned it may cut the credit ratings of euro zone countries as the region's leaders struggle to stem the spread of the debt crisis.
An abundance of rain-soaked Australian wheat is set to further dampen U.S. and South American corn prices in 2012, as key corn importers switch to the cheaper, damaged grain for animal feed.
Vietnam Dec coffee exports may triple to 150,000T-trade
HANOI, Dec 6 (Reuters) - Vietnam's coffee shipment this month could rise to between 110,000 tonnes and 150,000 tonnes, from 50,000 tonnes exported in November, due to ample supply at the harvest peak and higher demand for robusta beans, traders said on Tuesday.
"The shipment this month will contain newly harvested beans, with the volume from bonded warehouses accounting for a large part," a trader in Ho Chi Minh City said.
Demand, price outlook in focus at Vietnam coffee meet
HANOI/SINGAPORE, Dec 5 (Reuters) - Ample robusta supply, uncertainties over a plan by major producer Vietnam to stockpile to prevent another price fall and demand outlook at a time of global economic slowdown will take centre stage at an industry conference this week.
London robusta has bounced from an 11-month low reached in November, but gains were mostly driven by rallies in New York arabica futures as heavy rains drenched plantations in Colombia, the world's top producer of the high-quality variety.
Philippines says plans 2012 rice imports at 500,000 T
MANILA, Dec 6 (Reuters) - The Philippines will import 500,000 tonnes rice for next year's needs as originally planned, with the purchases to be done as early as January and solely by the private sector, the Agriculture secretary said on Tuesday.
Proceso Alcala told reporters the volume may be sourced from Vietnam, and the government may review in March whether more rice purchases were needed for 2012.
Australia sees record wheat crop, rains to cut quality
SYDNEY, Dec 6 (Reuters) - Australia is heading for a record wheat crop and exports in 2011/12, the government's chief commodities forecaster said on Tuesday, although a deluge of rain affecting some areas as the harvest unfolds is set to reduce the quality of the crop.
More shipments from Australia, typically among the world's top four wheat exporters, will put pressure on international grains prices as farmers buy the cheap feed wheat to substitute for more expensive corn.
India soybean output seen at 11 mln tonnes-attache
Dec 5 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in India:
"Favorable monsoon rains encouraged kharif planting of oilseeds. Soybean production is forecast to reach a record 11 million tonnes in marketing year 2011/12. While increased availability of oilseeds should push oil meal exports to 5.7 million tonnes, India's demand for edible oils continues to outpace supply.
Argentina set to approve more old-crop corn exports
BUENOS AIRES, Dec 5 (Reuters) - Argentina's government is expected to approve the export of an additional 2-3 million tonnes of 2010/11 corn on Wednesday, a senior agriculture official said.
The government controls wheat and corn exports through a quota system designed to guarantee affordable local food supplies and help tame high inflation, a policy that irks farmers in one of the world's top grains suppliers.
Brent dips towards $109 on euro zone downgrade risk
SINGAPORE, Dec 6 (Reuters) - Brent crude fell towards $109, as a warning by ratings agency Standard & Poor's that it might downgrade euro zone countries.
"Prices had run up earlier because traders have been positioning themselves for a possible resolution to the euro zone crisis, and they've arrived at a level where any negative news like the S&P report will result in some tweaking of positions," said Ric Spooner, chief market analyst with CMC Markets in Sydney.
OPEC heading for oil target deal at near 30 mln bpd
DOHA/LONDON, Dec 5 (Reuters) - OPEC oil producers, at odds over supply policy since June, look set at a mid-December meeting to agree a new production target that legitimises current cartel output around 30 million barrels a day.
OPEC's leading price hawk Iran, appears to have given up its campaign to have Gulf Arab nations including top producer Saudi Arabia cut back supply.
EU thinks twice about Iran oil ban
NEW DELHI/LONDON Dec 5 (Reuters) - The European Union is becoming sceptical about slapping sanctions on imports of Iranian oil, diplomats and traders say, as awareness grows that the embargo could damage its own economy without doing much to undercut to Iran's oil revenues.
Oil accounts for 50 percent of Iranian budget revenues, and those arguing for sanctions say they can deprive Tehran of billions of dollars and derail what the West sees as Iran's attempts to build a nuclear bomb.
LME copper falls first time in 3 days after S&P warning
SINGAPORE, Dec 6 (Reuters) - London copper fell for the first time in three days after Standard & Poor's said it may downgrade euro zone countries and the Asian Development Bank warned that Asia faces "much greater" downside risks compared with a few months ago.
"In the next two months, things don't look too rosy," said Henry Liu, head of commodity research at Mirae Asset Securities in Hong Kong.
LME copper falls first time in 3 days after S&P warning
SINGAPORE, Dec 6 (Reuters) - London copper fell on Tuesday for the first time in three days after Standard & Poor's said it may downgrade euro zone countries and the Asian Development Bank warned that Asia faces "much greater" downside risks compared with a few months ago.
"In the next two months, things don't look too rosy," said Henry Liu, head of commodity research at Mirae Asset Securities in Hong Kong.
Gold steady after S&P downgrade warning
SINGAPORE, Dec 6 (Reuters) - Spot gold traded steady on Tuesday, after posting its biggest daily loss in two weeks in the previous session on fears of a possible mass credit rating downgrade for euro zone nations by Standard & Poor's.
"The two far-reaching events later this week combined with the year-end factor -- it's a recipe for thin trade and potentially volatile trade," said Nick Trevethan, senior commodities strategist at ANZ in Singapore.
Gold steady after S&P downgrade warning
SINGAPORE, Dec 6 (Reuters) - Spot gold traded steady, after posting its biggest daily loss in two weeks in the previous session on fears of a possible mass credit rating downgrade for euro zone nations by Standard & Poor's.
"The two far-reaching events later this week combined with the year-end factor -- it's a recipe for thin trade and potentially volatile trade," said Nick Trevethan, senior commodities strategist at ANZ in Singapore.
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