Shares gain as strong debt sales ease risk aversion
TOKYO, Jan 12 (Reuters) - Asian shares rose to a one-month high and the euro clung near its strongest in a week as strong demand in Spanish and Italian debt sales tempered risk aversion ahead of another auction from Rome later in the day.
"The tide may turn around soon from extreme pessimism seen last year as people become less convinced the euro zone debt crisis would devastate global growth and wonder if it isn't time to start thinking positively," said Tetsu Emori, a fund manager with Astramax Co. in Tokyo.
FOREX-Euro steady, shows signs of stabilising vs AUD
SINGAPORE, Jan 13 (Reuters) - The euro held steady clinging to gains made the previous day after debt sales in Spain and Italy drew solid demand, with technical signals suggesting it may also get some reprieve versus the Australian dollar.
"We are thinking that the risk is you have a small bounce," said Dhiren Sarin, chief technical strategist Asia FX for Barclays Capital in Singapore, adding that the euro's rise against the Australian dollar the previous day produced some bullish technical signals.
India Dec palm oil imports to fall; soyoil up
NEW DELHI, Jan 12 (Reuters) - India's palm oil imports are likely to decline in December over the previous month as domestic oilseeds crushing peaked, but the fall is expected to reverse next month as local supplies run out, a Reuters survey showed on Thursday.
The other reasons for the fall are a weak rupee that has made imports costlier and a tendency of palm oil to solidify at lower temperatures. It is winter in India now.
GRAINS-US corn at 3-week low on supply surprise, soy rebounds
SINGAPORE, Jan 13 (Reuters) - Chicago corn slid to a three-week low , deepening losses after falling by its daily limit in the last session, while wheat traded near a four-week low, pressured by a U.S. forecast of higher-than-expected global supplies.
"I think there is upside potential in corn as the market looks oversold, there could be some bargain hunting," said Lynette Tan, analyst with Phillip Futures in Singapore.
More rain seen for drought-hit Argentine grains
BUENOS AIRES, Jan 12 (Reuters) - Rains are expected in the northern part of Argentina's grains belt over the week ahead as temperatures fall, relieving soy and corn crops racked by drought, the Buenos Aires Grains Exchange said Thursday.
Weeks of dryness have toasted grains fields in the world's No. 3 soybean- and No. 2 corn-exporting country, prompting crop estimate cuts and denting hopes that Argentina could replenish corn supplies depleted by a lacklustre U.S. harvest.
Peru coffee exports hit record $1.55 bln in 2011
LIMA, Jan 12 (Reuters) - Coffee exports from Peru reached a record $1.55 billion in 2011, up from the $860 million exported in 2010, the country's national council of coffee producers said on Thursday.
The Andean country's production increased by 29 percent to 6.8 million 46-kg bags of coffee in 2011 as investments in fertilizer and plantation management for small-scale farmers paid off, Council President Cesar Rivas Pena said.
Brazil sugar output down 7 pct this season
BRASILIA, Jan 12 (Reuters) - Sugar output in Brazil's main center-south cane region reached 31.2 million tonnes from the start of the season to Jan. 1, down 7 percent from this time a year ago, the sugar cane industry association Unica said on Thursday.
Brazil's center-south cane crush has now all but finished and only a handful of mills are still operating, pending the start of the next harvest around March, which some analysts hope will expand output after this season's weather-battered crop.
Chinese cotton imports offset bearish USDA report
Jan 12 (Reuters) - China's cotton imports soared in December and the country will soon issue another import quota of 1.1 million tonnes (5 million 480-lb bales), offsetting the bearish impact of a U.S. crop report.
The U.S. Agriculture Department's monthly supply/demand report on Thursday raised world 2011/12 end-of-season cotton stocks to 58.35 million bales from 57.67 million.
Brent rises above $111.50 on supply fears; debt sales support
SINGAPORE, Jan 13 (Reuters) - Brent crude rose above $111.50 a barrel, boosted by worries over supply disruption from Nigeria, while easing fears on the euro zone debt crisis after positive demand in Spanish and Italian debt sales supported sentiment.
"Iran is perhaps a longer-term issue, meaning that it is not going to cause an immediate supply disruption," said Victor Shum of energy consulting firm Purvin & Gertz.
India to buy Iran oil despite US sanctions -minister
NEW DELHI, Jan 12 (Reuters) - India will keep doing business with Tehran and sees no reason to seek a waiver from the United States that would protect buyers of Iranian oil from a fresh round of sanctions, a senior Indian cabinet minister said on Thursday.
"Why should we seek waiver from the U.S.? We have done business with Iran earlier and will continue to do business," the minister, who has knowledge of the matter but did not want to be named as the issue is confidential, told Reuters.
London copper slips, China buys slow before break
SHANGHAI, Jan 13 (Reuters) - London copper slipped in Asian trading, snapping three days of gains, as buying by Chinese consumers of the industrial metal slowed before the start of the week-long Lunar New Year holidays.
"Maybe European debt issues will exacerbate copper during the Lunar new year, so consumers are not purchasing a lot of cathode. They are very cautious, they will just take profits," Qu said.
Xstrata unit says to appeal Philippines' denial of mine permit
MANILA, Jan 13 (Reuters) - Global miner Xstrata Plc's Philippine unit said on Friday it was "extremely disappointed" with a government decision not to clear for now its planned $5.9 billion copper-gold Tampakan project, potentially the biggest in Southeast Asia.
Sagittarius Mines Inc (SMI), operator of the Tampakan project and partly owned by Australian miner Indophil Resources NL , will appeal to the Department of Environment and Natural Resources (DENR) to reconsider its decision, which it said contradicted the government's earlier stance that the national law was superior to local policies.
LME CEO firm on fee hike, sale opposition hardens
LONDON, Jan 12 (Reuters) - London Metal Exchange (LME) CEO Martin Abbott held firm on a decision to hike trading fees that has hardened members' opposition to the potential sale of the world's top metals marketplace.
High-level members of the 130-year-old exchange say that the trading fee hike announced last month is window dressing to enhance the LME's attractiveness for potential suitors by steeply raising revenues.
Vale shares fall as rains halt some Brazil shipments
SAO PAULO, Jan 12 (Reuters) - Shares of Vale, the world's largest iron ore producer, seesawed on Thursday as traders waited for more news about the company's decision to halt some iron ore shipments from Brazil.
Vale said late on Wednesday that heavy rain "created serious challenges to operations" in the state of Minas Gerais, the source of more than half its iron ore output. Rains tend to slow mining due to the risk of mudslides and accidents at open pit operations.
Poland's controversial mining tax gets key backing
WARSAW, Jan 12 (Reuters) - A key government committee in Poland has backed a proposed new mining tax after several ministries clashed over the controversial levy aimed at raising 1.8 billion zlotys ($511 million) for state coffers this year.
The bill, approved by the committee that prepares government legislation, must now receive final clearance from the government and parliament.
China aluminium smelters to keep output steady in Q1
HONG KONG, Jan 12 (Reuters) - Most of China's large aluminium smelters have no plans to cut production like the world's top global producers of the metal, with firm domestic prices encouraging steady output in the first quarter of 2012, smelter sources and analysts said on Thursday.
In the past week, Alcoa Inc and Norsk Hydro , said they planned to reduce output due to low prices, raising expectations that smelters in China, the world's top aluminium producer, will follow.
PRECIOUS-Gold falls on easing euro zone fears
SINGAPORE, Jan 13 (Reuters) - Gold prices eased as fears about the health of the global economy abated after successful debt sales by Spain and Italy encouraged investors to put their money in riskier assets.
"The recent headlines from the euro zone and the United States have not offered signs of essential change on the fundamentals of those economies," said Hou Xinqiang, an analyst at Jinrui Futures.
US Gold Corp sees gold price over $2,000 this year
NEW YORK, Jan 12 (Reuters) - U.S. Gold Corp Chief Executive Rob McEwen said he expects global financial worries to push gold prices above $2,000 an ounce this year and even higher in the next few years.
He also said major gold mining companies should increase dividends to attract investors. Shareholders currently are not getting the kind of returns they should expect with the gold price so high, he added.
METALS-London copper slips, China buys slow before break
SHANGHAI, Jan 13 (Reuters) - London copper slipped in Asian trading, snapping three days of gains, as buying by Chinese consumers of the industrial metal slowed before the start of the week-long Lunar New Year holidays.
"Maybe European debt issues will exacerbate copper during the Lunar new year, so consumers are not purchasing a lot of cathode. They are very cautious, they will just take profits," Qu said.
PRECIOUS-Gold falls on easing euro zone fears
SINGAPORE, Jan 13 (Reuters) - Gold prices eased as fears about the health of the global economy abated after successful debt sales by Spain and Italy encouraged investors to put their money in riskier assets.
"The recent headlines from the euro zone and the United States have not offered signs of essential change on the fundamentals of those economies," said Hou Xinqiang, an analyst at Jinrui Futures.
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