Asian shares hit 2-month highs as mood positive
TOKYO, Jan 19 (Reuters) - Asian shares rose to a two-month high and the euro firmed after news that the International Monetary Fund was seeking to boost its resources to tackle the euro zone debt crisis helped ease worries about Europe's funding difficulties.
"Global growth environment may be not great but it is not disastrous either. Equities are pricing in a pretty bad environment, but the environment is not as bad as the prices suggest," he said.
FOREX-Euro tests upside as short-covering continues
TOKYO, Jan 19 (Reuters) - The euro pushed higher in Asia after overnight news that the International Monetary Fund wants to bolster its war chest to help tackle the euro zone debt crisis, but downbeat Australian jobs data rained on the Aussie's parade.
"The euro could target 90 yen within this year, but for now, everyone is underweight euro and covers short positions whenever there is good news about Europe," said Citibank Japan's chief foreign exchange strategist Osamu Takashima.
Corn, wheat rise from 1-month low; IMF move supports
SINGAPORE, Jan 19 (Reuters) - U.S. corn and wheat edged up, recouping some of last session's losses as an improved risk appetite following a move by the International Monetary Fund to tackle the European debt crisis lifted global markets.
"Corn and wheat are slightly higher today as the markets are tracking stronger crude oil prices and impressive data from the United States last night," said Ker Chung Yang at Phillip Futures in Singapore.
Malaysia's 2012 palm oil output seen up 2.3 pct-MPOB
KUALA LUMPUR, Jan 19 (Reuters) - Malaysia's 2012 palm oil production is expected to rise 2.3 percent to 19.3 million tonnes from 18.9 million tonnes the previous year as more estates come into maturity, an official from the country's industry regulator said on Thursday.
Malaysian Palm Oil Board official Ramli Abdullah said the impact of an aggressive replanting campaign in 2008 and 2009 will boost production as young oil palm trees reach maturity.
Brazil cocoa arrivals lag last season's by 15 pct
Jan 18 (Reuters) - Cocoa arrivals from Brazil's main producing state Bahia continued their seasonal decline in the last week, but were still above average for the time of year, data from Bahia Commercial Association showed.
Arrivals from other states shot up more than half in the last week, however, as producers sold some accumulated stocks, Bahia-based cocoa analyst Thomas Hartmann said. That may have been prompted by a sharp rise in farm gate prices last week.
Uganda duty-free sugar imports hurt sector -producers
KAMPALA, Jan 18 (Reuters) - Uganda's sugar producers said on Wednesday that mountains of unsold sugar had built up in the past three months after the government gave a temporary green light to imports of duty-free sugar designed to plug a supply deficit.
Wilberforce Mubiru of the Uganda Sugarcane Technologists Association (USCTA) said 12.5 percent of last year's estimated total output remained unsold.
Ukraine to boost maize output in 2012
KIEV, Jan 18 (Reuters) - Ukraine wants to increase its area under maize by 700,000 hectares in 2012, targeting a total area of 4.3 million hectares, Farm Minister Mykola Prysyazhnyuk said on Wednesday.
"We will be recommending increasing the area under maize by 700,000 hectares. This will be compensation for the loss of winter grain," he told journalists.
Brent rises above $111 on stocks draw, demand recovery
SINGAPORE, Jan 19 (Reuters) - Brent crude rose above $111 on a surprise draw in U.S. oil stocks and hopes of a recovery in demand as the International Monetary Fund (IMF) sought to boost its resources to help countries grapple with the euro zone crisis.
"For oil, the demand side is very positive, as we can see from the recent set of data. The United States is recovering steadily while Asian demand grows," said Tetsu Emori, a fund manager with Astramax Co. in Tokyo. "The supply side is worrying because of the tensions in Iran and very limited spare production capacity elsewhere.
Oil demand falling as recession fears mount-IEA
LONDON, Jan 18 (Reuters) - Oil demand is falling for the first time since the global economic crisis of 2008-2009, the International Energy Agency said, warning that mild weather, high oil prices and a rising likelihood of a global recession will depress demand in 2012.
Although worries about disruptions to Iranian oil exports have supported prices, consumption fell in the last quarter of 2011 year-on-year due to mild winter weather in the northern hemisphere and the overriding fears about an impending recession in the euro zone, the IEA said in its monthly report on Wednesday.
LME copper climbs to four-month high on IMF plan
KUALA LUMPUR, Jan 19 (Reuters) - London copper climbed to a four-month high, with trading boosted by news that the International Monetary Fund was seeking to raise money to tackle the euro zone debt crisis which has weighed down financial markets for months.
"The positive sentiments are back in the market," said Ker Chung Yang, an investment analyst at Phillip Futures in Singapore.
Gold up for 4th day on IMF funding hopes
SINGAPORE, Jan 19 (Reuters) - Spot gold edged higher , on course for a fourth session of gains, supported by hopes of increased funding from the International Monetary Fund to help tackle the euro zone debt crisis.
"The IMF funding talks are giving some support to metals," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "The market is also supported by fresh buying of some funds and physical demand.
China's banks lure man on the street to gold
SINGAPORE, Jan 19 (Reuters) - For Chinese shipping executive Ping Bo buying gold is the best way to protect his family's wealth and give his 10-year-old son a headstart into adulthood.
"For my son, the idea is that he will get a nice stash of gold that he can cash out when he turns 21 or when he gets married," said Ping, one of over 2 million people that have opened accounts in the past two years to accumulate gold at the Industrial and Commercial Bank of China (ICBC).
METALS-LME copper climbs to four-month high on IMF plan
KUALA LUMPUR, Jan 19 (Reuters) - London copper climbed to a four-month high with trading boosted by news that the International Monetary Fund was seeking to raise money to tackle the euro zone debt crisis which has weighed down financial markets for months.
"The positive sentiments are back in the market," said Ker Chung Yang, an investment analyst at Phillip Futures in Singapore.
PRECIOUS-Gold up for 4th day on IMF funding hopes
SINGAPORE, Jan 19 (Reuters) - Spot gold edged higher on course for a fourth session of gains, supported by hopes of increased funding from the International Monetary Fund to help tackle the euro zone debt crisis.
"The IMF funding talks are giving some support to metals," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong. "The market is also supported by fresh buying of some funds and physical demand."
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