FOREX-Dollar pressured as risk appetite improves
SINGAPORE, Feb 2 (Reuters) - The euro edged higher and the Australian dollar hit a five-month high on Thursday as risk sentiment improved after global manufacturing data allayed the market's worst fears about global growth.
Underscoring its broad retreat, the dollar hovered near a three-month low hit against the yen the previous day, and the U.S. currency also fell against emerging Asian currencies such as the Singapore dollar .
Euro, stocks firm on easing global growth concerns
TOKYO, Feb 2 (Reuters) - Asian shares, the euro and crude oil rose as encouraging manufacturing data soothed fears about the global economic fallout from the euro zone debt crisis, with a drop in European government debt yields also supporting sentiment.
"PMIs in the U.S., China, Germany are more resilient than expected, encouraging heavy money to finally step in as the holy combination of PMIs above 50 and loose monetary policy means buying risk," said Sebastien Galy, strategist at Societe Generale.
High demand whittled record canola crop-trade
WINNIPEG, Manitoba, Feb 1 (Reuters) - Strong export demand for canola chewed through much of Canada's record-large harvest of the oilseed last autumn, leaving year-end stocks slightly smaller than they were a year earlier, according to traders and analysts.
In a Reuters poll, eight traders and analysts estimate, on average, there were 9.1 million tonnes of canola in farm bins and grain elevators on Dec. 31 - down 3.5 percent from a year earlier.
US grains pull back after rally on Russia, cold snap
SYDNEY, Feb 2 (Reuters) - U.S. grain futures dipped onprofit taking in early Asian trade, retreating following a surge in the previous session as icy conditions in Europe threatened the winter wheat crop and Russia weighs up export curbs.
Chinese demand for U.S. soybeans increased this week for shipments through March. Brazilian soybeans were cheaper for shipment in April and beyond. Nearby Brazilian prices supported by strong demand and slow harvest pace and quality concerns due to rain in the north.
Brazil 11/12 soybean crop seen 71.9 mln T-Abiove
SAO PAULO, Feb 1 (Reuters) - Brazil's 2011/12 soybean crop that is now being harvested is seen at 71.9 million tonnes, down from a previous view earlier in the month of 74.6 million tonnes, the grain crushing industry association Abiove said on Wednesday.
Abiove said exports would also fall over the February-January commercial to 33 million tonnes from 34 million tonnes previously forecast.
Brazil CS sugar output slows as harvest ends
BRASILIA, Feb 1 (Reuters) - Sugar production in Brazil's center-south region slowed to a trickle during the first half of January, data from cane industry association Unica showed on Wednesday, as a disappointing harvest draws to a close.
The cane crush from the outset of the season on April 1 until Jan. 16 stood at 492.7 million tonnes, up from 492.2 million tonnes by Jan. 1, Unica said. Sugar production was barely changed from early January at 31.2 million tonnes.
Ukraine 2012 winter grain harvest may fall by 42-58 pct
KIEV, Feb 1 (Reuters) - Ukraine's harvest of winter grains could fall by 42-58 percent to between 10 and 14 million tonnes due to poor weather during sowing and wintering, the state weather forecaster said on Wednesday.
Tetyana Adamenko, head of the agricultural department of Ukraine's meteorological service, told Reuters that Ukrainian winter grains, which had suffered from a severe drought in July-November, now were hit by record frosts of minus 33 degrees Celsius (minus 27 Fahrenheit).
India vegoil imports seen rising as plantings fall
NEW DELHI, Feb 1 (Reuters) - India's rapeseed output is likely to drop by a quarter in the crop year ending June 30, meaning that vegetable oil imports by the world's top buyer could rise by about half a million tonnes in the import year ending Oct. 31, trade officials said.
The expected drop in rapeseed production reflects a likely decline in output in Rajasthan, the north Indian state that produces about half of the country's output.
India coffee exports fall 7.5 pct in Oct-Jan
MUMBAI, Feb 1 (Reuters) - Coffee exports from India fell 7.5 percent to 79,021 tonnes in October-January on lower stocks and rising local demand. Arrivals from the new crop in coming months are expected to stem the fall, though.
In value terms, the exports rose to $243.05 million from $218.91 million a year ago, the Coffee Board said in a statement.
Brent rises toward $112 on Iran, promising economic data
SINGAPORE, Feb 2 (Reuters) - Brent crude rose toward $112 a barrel, extending gains for a third day on persistent worries over supply from Iran, while upbeat global manufacturing data also boosted appetite for riskier assets.
"We've got a bullish bias and the Chinese PMI data was supportive of that," said Jonathan Barratt, chief executive of Barrattsbulletin.com.
China CNOOC aims to triple oil, gas production by 2030
BEIJING, Feb 2 (Reuters) - China National Offshore Oil Corp (CNOOC), parent of CNOOC Ltd , aims to double its oil and gas production by 2020 and triple it by 2030 against the level in 2010, Chairman Wang Yilin said.
CNOOC's oil and gas production from domestic fields in 2010 topped 50 million tonnes of oil equivalent. The company did not give overseas output figures for 2010.
LME copper slips on slow China demand, EU debt woes
SHANGHAI, Feb 2 (Reuters) - London copper slipped as gains in the past month kept Chinese buyers at bay and the euro zone debt crisis continued to weigh on sentiment, but upbeat global manufacturing data is expected to keep a floor under prices. "The market is digesting the supportive PMI numbers, which have confirmed that industrial activity looks considerably better compared to Q4 last year, but there's some uncertainty, especially over the funding stress in Europe," said Stefan Graber, a Credit Suisse Private Banking analyst based in Singapore.
Gold rises to 8-week high, firm euro supports
SINGAPORE, Feb 2 (Reuters) - Gold extended gains,rising to its highest level in nearly two months, as the euro firmed on upbeat global manufacturing data and expectations that a Greek debt deal to avoid a messy default was close at hand.
"Our near-term upside target is $1,780. We think that's going to be taken out within the next six weeks or so," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
Russia's 2011 gold output misses forecast
MOSCOW, Feb 1 (Reuters) - Russian firms produced 209.0 tonnes of gold in 2011, 3.6 percent more than in 2010, but below an earlier forecast, data published on Wednesday by the Gold Industrialists' Union industry lobby showed.
The union expected Russia to produce 211 tonnes of gold last year, up from 202 tonnes in 2010, of which 185 tonnes was expected to be mined.
METALS-LME copper slips on slow China demand, EU debt woes
SHANGHAI, Feb 2 (Reuters) - London copper slipped on Thursday as gains in the past month kept Chinese buyers at bay and the euro zone debt crisis continued to weigh on sentiment, but upbeat global manufacturing data is expected to keep a floor under prices.
Three-month copper on the London Metal Exchange inched down 0.38 percent to $8,408 a tonne by 0436 GMT, partly reversing gains from the previous session. The metal rose 9.5 percent in January, its biggest monthly increase in three.
PRECIOUS-Gold rises to 8-week high, firm euro supports
SINGAPORE, Feb 2 (Reuters) - Gold extended gains on Thursday, rising to its highest level in nearly two months, as the euro firmed on upbeat global manufacturing data and expectations that a Greek debt deal to avoid a messy default was close at hand.
Investors are now eyeing the release of U.S. weekly jobless claims data to gauge the health of the world's largest economy, after higher January factory activity was reported for China, the United States and Germany.
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