20120203 1608 Global Market & Commodities Related News.

Markets hold ranges before U.S. jobs data
TOKYO, Feb 3 (Reuters) - Asian shares and the euro fell as caution set in ahead of key U.S. jobs data, which will offer more clues over the state of the world's largest economy, while Greek debt restructuring talks dragged on and undermined sentiment.
"It does seem like there is a little bit of positioning ahead of tonight, it will be a big night for U.S. data and it will be a big influence on risk assets, the U.S dollar as well," said Stan Shamu, market strategist IG Markets.    

FOREX-Euro nudges lower after China data; U.S. jobs eyed
TOKYO, Feb 3 (Reuters) - The euro and the Australian dollar were slightly lower in Asia on Friday as a dip in Chinese non-manufacturing data weighed on sentiment ahead of a key jobs report in the United States.
China's non-manufacturing purchasing managers index fell to 52.9 in January from 56 the month before, prompting traders to lighten positions in risk currencies. That sent the euro to an intraday low of $1.3114 , while the Aussie nudged down 0.2 percent to $1.0675 .

U.S. grains sluggish in early trade
SYDNEY, Feb 3 (Reuters) - U.S. grains futures traded flat in Asia following a see-saw session overnight, where wheat retreated on prospects of improved weather in Europe.    The outlook for moderating weather in Europe this month, should provide some relief to the wheat crop after a blast of bitter cold weather this week.

Indonesia crude palm oil sales to Pakistan seen up
JAKARTA, Feb 3 (Reuters) - Indonesia's crude palm oil sales to Pakistan are expected to more than triple this year as a result of a cut in import duties imposed by Islamabad following a trade pact signed on Friday, the Pakistani ambassador said.
The preferential trade agreement (PTA), approved in September but formally signed on Friday, will result in Pakistan lowering its duty by 15 percent on crude palm oil from the world's top producer.

Balmy, snowless winter in Iowa feeding US Midwest crop worries
CHICAGO, Feb 2 (Reuters) - An unusually mild and mostly snowless winter across the upper U.S. Corn Belt - exactly the opposite of last year - is feeding concerns among farmers that soil moisture will fall short of what's needed for corn, wheat, soybeans and other crops this summer.
Experts say soil moisture reserves in some key growing areas of the upper Midwest are the driest they have been in three decades, with normal planting season times just 8 weeks away.

Argentine soy refreshed by ample rains-exchange
BUENOS AIRES, Feb 2 (Reuters) - Rainstorms have moistened drought-parched soy fields in key global food supplier Argentina and the showers are expected to continue over the days ahead, Buenos Aires Grains Exchange said on Thursday.
The South American country supplies nearly half the world's soymeal, used for animal feed, and soyoil, used for cooking and in the booming international biofuels sector. Argentina also supplies about 12 percent of global soybean exports, an important source of protein for an increasingly hungry planet.

Rains return to Brazil's parched southern soy belt
SAO PAULO, Feb 2 (Reuters) - After three months of drought in Brazil's southern soybean producing states, 10 days of widespread rain was expected to fall on the region that produces large amounts of soy, corn, wheat and rice, forecasters Somar said on Thursday.
Chicago soybean futures prices have been trading up since early December on concerns over how drought in Brazil, Argentina and Paraguay will effect production of more than half the world's output of the oilseed.

Russian grain exports seen at 1.4 mln T in Jan
MOSCOW, Feb 2 (Reuters) - Russia's grain exports probably amounted to about 1.4 million tonnes in January, slightly below previous expectations, a top Russian analyst said on Thursday.
"The January figure is likely to be around 1.4 million tonnes versus our expectation of 1.5 to 2 million," Andrei Sizov Sr, president and CEO of SovEcon agricultural analysts, said.

Vietnam's Jan coffee exports fell 39.5 pct y/y-govt
HANOI, Feb 2 (Reuters) - Vietnam exported an estimated 130,000 tonnes, or 2.17 million bags, of coffee in January, a drop of 39.5 percent from the same month last year, the government said on Thursday.
December coffee export volume was revised up to 156,000 tonnes from 150,000 tonnes estimated earlier, the government's General Statistic Office said in its monthly report.

Sugar demand so high Australia's QSL can't keep up
LONDON, Feb 2 (Reuters) - Australia's biggest exporter of raw sugar, Queensland Sugar Ltd (QSL), cannot keep pace with demand and sees potential to expand production, particularly in the north of the country, its acting chief executive officer, Greg Beashel, said.
"There is much more demand from customers for Australian sugar than we can currently supply," Beashel told Reuters in an emailed interview on Thursday.



Euro Coal-Rises with gas, power on cold
LONDON, Feb 2 (Reuters) - Freezing weather across much of Europe pushed up power, gas and coal prices on Wednesday, although no fresh trades were reported.
"It's been one of those days when all the energy markets are rising and coal has to follow," one European trader said.

New pricing may see India cut higher grade coal imports
NEW DELHI Feb 2 (Reuters) - India may need to import less high-quality coal as the government changes pricing to encourage Coal India , the world's biggest coal miner, to produce more of the grades needed to keep powering Asia's third largest economy.
India's state utilities are struggling to keep their turbines running as domestic coal supply has fallen short of targets and poor infrastructure hinders the transport of imported coal.

Brent steady above $112 on Iran tension, US jobs data eyed

SINGAPORE, Feb 3 (Reuters) - Brent crude held above $112 on supply concerns as reports of a growing possibility of Israel attacking Iran heightened already simmering tensions in the region, while caution set in ahead of key U.S. jobs data.
"The oil market is getting driven on a headline by headline basis coming out of the Middle East," Ben Le Brun, market analyst at OptionsXpress said in a report. "Investors are fearing the worst out of the Middle East."

China 2012 crude imports to grow slowest in 6 yrs -report
BEIJING, Feb 3 (Reuters) - China's net crude oil imports are expected to rise 5.9 percent this year, the slowest growth rate since 2006, on slowing consumption, local media quoted a report by top oil firm China National Petroleum Corp (CNPC) as saying on Friday.
Net crude imports in the world's second largest oil consumer are estimated at 266 million tonnes in 2012 versus 251.26 million tonnes last year, Beijing Times said quoting the CNPC report.


Iron Ore-Spot at 2-month high, slow buying activity
SINGAPORE, Feb 3 (Reuters) - Iron ore edged up to more than two-month highs and offer prices remained firm on Friday, reflecting efforts by some Chinese mills to gradually build stockpiles.
Chinese buyers slowly returned to the spot market this week after last week's Lunar New Year holiday, with many waiting for prices to stabilise before booking cargoes.

LME copper steady; heads for first weekly loss in four
SINGAPORE, Feb 3 (Reuters) - London copper futures steadied in a slow Asian session as investors exercised caution ahead of key U.S. employment data.
"I don't see any upside potential for prices in the short term. The Chinese are still not happy to buy copper with prices at current levels," said Bonnie Liu, analyst at Macquarie in Shanghai.

Peru copper, gold output down slightly in 2011
LIMA, Feb 2 (Reuters) - Production of all main metals fell in Peru in 2011 from the previous year, the mining ministry said on Thursday, as depleted reserves and lower ore grades hit the major global producer.
Peru, the world's No. 2 copper producer, yielded 1.2 million tonnes of the red metal in 2011, 0.96 percent less than in 2010. Output rose 6.49 percent in December, however.

Goldman metals traders to join Mercuria-sources
LONDON, Feb 2 (Reuters) - Two base metals traders who quit U.S. investment bank Goldman Sachs  will join Mercuria, one of the world's top five energy traders, two industry sources said on Thursday.
Sources told Reuters on Tuesday that Ben Green and Liam Brown had left Goldman, but gave no reasons.

Gold headed for 5th winning week; US data eyed
SINGAPORE, Feb 3 (Reuters) - Gold prices held steady , on course for a fifth straight week of gains, as investors awaited a key U.S. labour market report after upbeat jobless claims data in the previous session helped send spot gold to a two-month high.
"The Fed's promise to keep low rates and expectations on the third round of quantitative easing have raised hopes on increasing liquidity, which will continue to push gold higher," said Hou Xinqiang, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen.

METALS-LME copper steady; heads for first weekly loss in four
SINGAPORE, Feb 3 (Reuters) - London copper futures steadied in a slow Asian session on Friday as investors exercised caution ahead of key U.S. employment data.
The metal is heading for its first weekly loss after three straight weeks of gains as sluggish demand from top copper consumer China and worries about Greece's drawn-out debt deal took the steam out of last week's rally to a four-month high.  

PRECIOUS-Gold headed for 5th winning week; US data eyed
SINGAPORE, Feb 3 (Reuters) - Gold prices held steady on Friday, on course for a fifth straight week of gains, as investors awaited a key U.S. labour market report after upbeat jobless claims data in the previous session helped send spot gold to a two-month high.
Prices of bullion are up more than 12 percent so far this year, and the climb gathered pace last week after the U.S. Federal Reserve said it was likely to keep interest rates at ultra-low levels at least through 2014, putting pressure on the dollar.

China limits ship ban to Vale's mega vessels
HONG KONG/SINGAPORE, Feb 2 (Reuters) - China's ban on large ships is limited to Vale's  giant iron ore vessels, shipping sources said on Thursday, clearing up confusion in the maritime community as to whether new government regulations could cover other smaller ships. The China Shipowners Association provided more details on  the rules announced this week to bar dry bulk vessels and oil tankers that exceeded approved port capacities, a move by Beijing to protect the domestic shipping industry.


Asia Dry Bulk-Rates to hover near multi-yr lows on supply
SINGAPORE, Feb 2 (Reuters) - Rates for dry bulk carriers on key Asian freight routes are expected to hover near multi-year lows over the next week as an increase in trading activity fails to offset pressure from an ever expanding fleet, ship brokers said on Thursday.  The rate for panamax vessels travelling via the transpacific route tumbled to a three-year low of $4,974 on Wednesday from $5,915 last week as a supply glut continued to weigh on the market.

Baltic sea index slumps to 25-year low
LONDON, Feb 1 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell to a more than 25-year low on Wednesday as a slump in cargo business and a mounting glut of vessels battered sentiment.  
The overall index fell 18 points or 2.65 percent to 662 points, falling below the 663 point low hit on Dec. 5, 2008 during the financial crisis and its lowest since 1986.