Thursday, January 5, 2012

20120105 1558 Global Market & Commodities Related News.

FOREX-Euro under pressure, French bond sale awaited
SYDNEY, Jan 5 (Reuters) - The euro hovered just above multi-year lows against the yen and Australian dollar in Asia on Thursday as markets refocused on concerns about the euro zone debt crisis ahead of a French debt auction later in the session.
France plans to raise up to 8 billion euros in long-term debt a day after a subdued German bond auction. Berlin attracted only slightly better demand than was seem at a disastrous sale last year.

Shares, euro dip; French bond auction eyed
TOKYO, Jan 5 (Reuters) - Asian shares and the euro eased as concerns about the ability of euro zone countries to refinance their huge public debt dampened investor risk appetite ahead of a French bond auction later in the day.
"Euro zone debt worries persist and the euro is basically on a declining trend, while undergoing short-term swings depending on the degree of risks," said Tomoko Fujii, FX strategist at Bank of America Merrill Lynch in Tokyo.

Wheat falls for 2nd day on risk aversion; soy steady
SINGAPORE, Jan 5 (Reuters) - Chicago wheat slid for a second straight session weighed down by Europe's debt woes and the improved condition of the U.S. winter crop.
"It is Argentine weather playing out and this could remain as the main fundamental factor for price direction," said Lynette Tan, analyst with Phillip Futures in Singapore. "We are more bearish on wheat because of the poor fundamentals."

La Nina, low stocks trigger corn, soy volatility
OXFORD, England, Jan 4 (Reuters) - Global corn and soybean stocks remain low, leaving both commodities vulnerable to the threat posed by the La Nina weather phenomenon to production in Argentina and southern Brazil, U.S. Department of Agriculture chief economist Joseph Glauber said on Wednesday.
"Stocks levels for both those commodities are still quite low. There is a lot of volatility because of that and I think that the markets are reflecting that uncertainty right now," he told Reuters in an interview.

Monsanto sees drop in 2012 US cotton planting
ORLANDO, Jan 4 (Reuters) - - American cotton plantings in 2012 are seen falling 15 percent to around 12.5 million acres although the final figure will depend a great deal on prices of cotton and rival grains, as well as the vagaries of weather, a top official of lifesciences firm Monsanto  said.
"Cotton acres are going to be down," David Rhylander, the marketing lead for Monsanto's wholly owned cotton seed firm Deltapine, told Reuters in an interview late on Tuesday at the start of the annual Beltwide cotton conference here.

Malaysia's December palm oil stocks seen at 5-month low
KUALA LUMPUR, Jan 4 (Reuters) - Malaysia's palm oil stocks likely fell to a five-month low in December as a fall in production outpaced a drop in exports, a Reuters survey of seven plantation firms showed on Wednesday.
Stocks in the world's No.2 producer of the tropical oil probably dropped 5.7 percent to 1.95 million tonnes from 2.01 million tonnes in November as heavy rains disrupted harvests in parts of Malaysia.

India's 2011/12 edible oil imports seen up 6.3 pct
MUMBAI, Jan 4 (Reuters) - India's edible oil imports in the year ending October 2012 are likely to rise by 6.3 percent to 8.9 million tonnes and all the additional imports will be refined palm oil after Indonesia changed export taxes, a senior Indian industry official said.
Indonesia altered duties to make its refined palm oils more attractive than crude palm oil (CPO) from October 2011, prompting warnings from refiners in India, the world's top cooking oil buyer, it would be a "death blow."

Indonesia targets zero rice imports in 2012 -Bulog
JAKARTA, Jan 5 (Reuters) - Indonesia will not import rice in 2012 and instead maintain high stock levels by buying 4 million tonnes of the staple grain from domestic sellers, state procurement agency Bulog said.
Southeast Asia's biggest economy and the world's third-largest rice grower, issued permits to import 1.9 million tonnes of rice last year, from Vietnam, Thailand and India.

Vietnam sees coffee, rice exports down in 2012, oil up -report
HANOI, Jan 5 (Reuters) - Vietnam plans to export 1.2 million tonnes, or 20 million bags, of coffee this year, down 4 percent from the amount shipped in 2011 but above a previous forecast of 1.1 million tonnes, a state-run newspaper reported on Thursday.
Annual rice exports were seen reaching 7 million tonnes this year, after Vietnam exported a record 7.1 million tonnes in 2011, according to the Cong Thuong (Industry and Trade) newspaper which cited annual targets from the Industry and Trade Ministry.

Morocco grain strong despite planting delay-attache
Jan 4 - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in Morocco:      
"The 2011/12 grain planting season in Morocco had a late start, with the first significant rainfalls arriving the week of October 24. Despite the delay of planting, agricultural experts remain hopeful for a good grain harvest. The official estimates for the 2010/2011 grain production were revised slightly down, with soft wheat production at 4.17 million tonnes, durum wheat at 1.85 million tonnes and barley at 2.34 million tonnes.

Ghana cocoa purchases up
ACCRA, Jan 4 (Reuters) - Ghana's official cocoa purchases are running 9 percent over last year, according to figures from state regulator Cocobod, but recent transport delays have triggered congestion at the West African nation's warehouses.
Purchases reached 518,531 tonnes by Dec. 22 since the start of the season on Oct. 14 in the world's No. 2 grower, according to Cocobod data seen by Reuters on Wednesday, with some 37,019 tonnes registered in the most recent week.

China, demand, macro issues to drive cotton market
ORLANDO, Jan 4 (Reuters) - - China's cotton imports, world consumption and the gyrations of the global economy will be the prime factors driving cotton market prices in 2012, a senior official said on Wednesday.
Mike Quinn, the president and chief executive of the Carolinas Cotton Growers Cooperative, said at the annual Beltwide Cotton conference a number of factors will influence price direction in cotton futures on the ICE Futures U.S. exchange.

Cameroon cocoa exports reach 106,347 T by end-Nov
YAOUNDE, Jan 4 (Reuters) - Cameroon exported 41,410 tonnes of cocoa beans in the month of November 2011, bringing the total for the season so far to 106,347 tonnes, according to statistics from the National Cocoa and Coffee Board (NCCB) released on Wednesday.
That is a slight drop from 109,045 tonnes exported by the same time last season.

Brent oil falls near $113 as euro zone jitters overshadow Iran
SINGAPORE, Jan 5 (Reuters) - Brent crude fell near $113 a barrel as renewed jitters over the euro zone crisis overshadowed fears of Iranian supply disruption after the European Union agreed to cut off oil imports from the No. 2 OPEC producer.
"I don't think there's any light at the end of the tunnel yet," Ryoma Furumi, a commodity sales manager at Newedge Japan, adding that the euro zone crisis could drag on for another year.

London copper inches up as euro zone adds caution to market
KUALA LUMPUR, Jan 5 (Reuters) - London copper inched up after its biggest decline in two weeks though worries over the euro zone's funding ability limited gains in early Asian trading.
The most-traded March copper contract on the Shanghai Futures Exchange  lost 0.48 percent to 55,520 yuan ($8,800) a tonne.

Lynas awaits Malaysia OK for rare earths plant
SYDNEY, Jan 5 (Reuters) - Australia's Lynas Corp  said on Thursday it was awaiting a Jan 30 decision by the Malaysian Atomic Energy Licensing Board over an application to begin commissioning a rare earths processing plant targeted by environmental protesters in Malaysia.
Lynas is one of a handful of rare earths companies looking to break China's grip on the global supply of rare earths, a range of 17 elements used to make high-tech electronics, magnets and batteries.

Iron ore fall raises doubts on Australia mine tax plan
SYDNEY, Jan 4 (Reuters) - Australia's politically charged mining profits tax could raise less of the initial A$11 billion Prime Minister Julia Gillard is promising if iron ore prices return to November levels, accountants BDO warned in a senate submission.
Mega-miners Xstrata , BHP Billiton   and Rio Tinto  , last year agreed with Gillard to pay the Minerals Resource Rent Tax only if the tax was cut to 30 percent from 40 percent and limited to profits from iron ore and coal mining.

Iron ore prices steady but China outlook gloomy
BEIJING, Jan 5 (Reuters) - Spot iron ore prices in China, the world's biggest market, were steady on Thursday as activity began to pick up following the New Year break, but traders said the outlook remained gloomy.
In the absence of new policies from Beijing to stimulate steel demand, mills will not buy until they really have to, said a Shanghai-based trader.

Gold steady; eyes Iran, French bond sales
SINGAPORE, Jan 5 (Reuters) - Gold traded steady, near a 2-1/2-week high hit in the previous session, as investors awaited a French bond auction later in the day to gauge the scope of the euro zone debt crisis and watched developments on Iran.
"If we don't have any shock out of Iran or any surprise on data, gold is likely to stay in consolidation with a near-term bottom at $1,550," said Hou Xinqiang, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen

METALS-London copper rises as China's demand counters euro zone worries
KUALA LUMPUR, Jan 5 (Reuters) - London copper rose on Thursday, rebounding from its biggest decline in two weeks, as demand from China boosted prices although worries over the euro zone's funding ability limited gains.
Three-month copper on the London Metal Exchange  climbed 1 percent to $7,616 a tonne by 0514 GMT. Prices fell 3.2 percent on Wednesday, the biggest daily drop since Dec. 14.

PRECIOUS-Gold steady; eyes Iran, French bond sales
SINGAPORE, Jan 5 (Reuters) - Gold traded steady on Thursday, near a 2-1/2-week high hit in the previous session, as investors awaited a French bond auction later in the day to gauge the scope of the euro zone debt crisis and watched developments on Iran.
Gold rose with oil in the previous session, breaking its lockstep with the euro, after the European Union reached a preliminary agreement to ban imports of Iranian oil.

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