GLOBAL MARKETS-Shares steady, eyes on Portugal debt sale, Greece
TOKYO, Jan 18 (Reuters) - Asian shares and the euro steadied after sentiment improved on soothing economic data the day before, as focus returns to Europe with Portugal testing investor confidence in a debt sale and Greece resuming talks on its debt restructuring.
"After yesterday's rally, investors now shift their focus to talks on Greece, with a lot being unresolved," said Frances Cheung, senior strategist for Asia ex-Japan at Credit Agricole CIB in Hong Kong.
FOREX-Euro maintains buoyancy but faces resistance
TOKYO, Jan 18 (Reuters) - The euro drifted higher in Asia, kept aloft by short-covering after recent lows, but faced resistance ahead of a Portuguese debt auction later in the session.
"The euro's move up is a short-term correction to recent excessive pessimism, but its medium-term continuation is questionable," said Kimihiko Tomita, head of foreign exchange for State Street Global Markets in Tokyo.
Corn rises for 2nd day, soy dips on LatAm rain f'cast
SINGAPORE, Jan 18 (Reuters) - U.S. corn rose for a second straight session, with support from improved risk sentiment and tight global supplies, while soy slid on forecasts of rain in parts of the drought-hit South American grain belt.
"The weather is looking a little bit wetter over the next five days, especially over some of the most stressed areas in Argentina and southern Brazil," said Victor Thianpiriya, an agricultural commodity strategist at ANZ.
India allows rice exports beyond two million tonnes-govt
NEW DELHI, Jan 17 (Reuters) - India has allowed overseas sale of common rice beyond two million tonnes, officials said on Tuesday, removing a previous cap announced by Food Minister K. V. Thomas in September 2011.
"Our stocks are comfortable on a bumper harvest. So, we can continue with exports of rice and wheat," Thomas said on Tuesday. Ministry officials confirmed this removed the limit of two million tonnes.
Argentina's drought to keep punishing corn, soy
BUENOS AIRES, Jan 17 (Reuters) - Argentine corn and soy farms will suffer from hot weather and scant rains for the rest of this week, forecasters said on Tuesday, increasing worries that crop losses will eat into global supplies.
Argentina, which supplies about 20 percent of the world's corn exports and 12 percent of its soybeans, has been pounded for weeks by an unrelenting Southern Hemisphere summer sun.
Heavy rains relieve Brazil's parched No. 2 soy state
SAO PAULO, Jan 17 (Reuters) - For the next 10 days heavy rains will lash Parana, Brazil's No. 2 soybean growing state, soaking crops badly in need of moisture after a long drought, forecasters predicted Tuesday, but no rain was headed for dry Rio Grande do Sul.
Parana, a southern state, bore the brunt of a prolonged dry spell in what is usually a wet summer season due to the La Nina weather anomaly, which the U.S. Climate Prediction Center has said could last until May.
China's soybean imports to rise again- Oil World
HAMBURG, Jan 17 (Reuters) - China, the world's largest soybean buyer, is likely to raise soybean imports up to July 2012 after recent falls but large port inventories could hinder purchasing in the immediate future, Hamburg-based oilseeds analysts Oil World said on Tuesday.
The United States, Brazil and Argentina together exported 19.3 million tonnes of soybeans to China in Sept./Dec. 2011, up 1.1 million tonnes or 6 percent on the year, Oil World estimates.
Brent rises above $112 on weak dollar, demand growth hopes
SINGAPORE, Jan 18 (Reuters) - Brent crude rose above $112 as the dollar weakened and a slew of positive economic indicators, from China to the United States, eased demand concerns triggered by the debt crisis in Europe.
"Oil markets are still rallying on positive data, particularly from China, and expectations of more easing by the country to ensure steady growth," said Natalie Robertson, an analyst at ANZ. "Eyes are also on Europe as talks of a Greek default return. That's a factor weighing on markets.
Stainless steel production up 3.1 pct in Q3 2011-ISSF
LONDON, Jan 17 (Reuters) - Global crude stainless steel production grew 3.1 percent in the third quarter of 2011 compared with the same period one year earlier, recovering after a weak second quarter, a report from the stainless steel industry body showed on Tuesday.
This suggests 2011 production is likely to hit a new record high although the pace of growth has slowed significantly from the previous year.
China sets 5-year demand, output plans on base metals - report
SHANGHAI, Jan 17 (Reuters) - China will step up efforts to reduce overcapacity and energy consumption in its nonferrous metals industry and is aiming to keep its annual output of 10 major metals at 46 million tonnes by 2015, from 31.21 million tonnes in 2010, an industry website reported on Tuesday.
Based on the latest five-year development plan between 2011 and 2015 for the industry, China has forecast its total copper production to grow on average 7.3 percent per year to reach 6.5 million tonnes by 2015, compared with an actual output of 5.18 million tonnes in 2011, according to government plans posted on a website owned by the China Non-ferrous Metals Industry Association.
Copper steady before debt sales by euro zone nations
KUALA LUMPUR, Jan 18 (Reuters) - Copper was steady , after surging to its highest in more than two months in the previous session, as euro zone funding worries eroded investor confidence following upbeat economic data in China, Germany and the United States.
Three-month copper on the London Metal Exchange was at $8,227.50 a tonne, up 0.34 percent, by 0105 GMT. Prices have climbed 2.5 percent this week.
China sets 5-year demand, output plans on base metals - report
SHANGHAI, Jan 17 (Reuters) - China will step up efforts to reduce overcapacity and energy consumption in its nonferrous metals industry and is aiming to keep its annual output of 10 major metals at 46 million tonnes by 2015, from 31.21 million tonnes in 2010, an industry website reported on Tuesday.
Based on the latest five-year development plan between 2011 and 2015 for the industry, China has forecast its total copper production to grow on average 7.3 percent per year to reach 6.5 million tonnes by 2015, compared with an actual output of 5.18 million tonnes in 2011, according to government plans posted on a website owned by the China Non-ferrous Metals Industry Association.
Gold off one-month high; euro zone eyed
SINGAPORE, Jan 18 (Reuters) - Gold traded steady , off the one-month high hit in the previous session on improved global economic outlook, while investors shifted focus once again to the troubles of euro zone.
"There's considerable anxiety over Greece," said Nick Trevethan, Senior Commodity Strategist at ANZ in Singapore. "Together with the looming Chinese holiday, you've probably got a recipe for risk reduction."
METALS-Copper rises as investors focus on longer-term Chinese demand
KUALA LUMPUR, Jan 18 (Reuters) - Copper inched up after surging to its highest in more than two months in the previous session, as investors waved off a slowdown in China's housing sector, betting that demand for commodities will rebound later this year.
"China's housing sector is facing challenges right now but this industry will still contribute to greater commodity consumption this year," said Judy Zhu, a commodities analyst at Standard Chartered in Shanghai, who forecasts LME copper averaging $9,000 in the third quarter.
PRECIOUS-Gold off one-month high; euro zone eyed
SINGAPORE, Jan 18 (Reuters) - Gold traded steady off the one-month high hit in the previous session on improved global economic outlook, while investors shifted focus once again to the troubles of euro zone.
"There's considerable anxiety over Greece," said Nick Trevethan, Senior Commodity Strategist at ANZ in Singapore. "Together with the looming Chinese holiday, you've probably got a recipe for risk reduction."
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