Oil hurts stocks, Europe hopes underpin euro
TOKYO, Feb 27 (Reuters) - Asian shares fell as high oil prices raised concerns about global growth, while signs of fresh steps from the Group of 20 major economies to contain the euro zone debt crisis underpinned the euro.
"A rise in oil prices drags the economy and weighs on growth around the world," said Bob Takai, general manager of Sumitomo Corp's energy division.
FOREX-Yen hits 9-month low vs dollar, euro holds firm
SYDNEY/TOKYO, Feb 27 (Reuters) - The Japanese yen slid to a nine-month low against the dollar on Monday as the break of a key chart level triggered stop-loss selling, while the euro held firm ahead of a fresh injection of liquidity by the European Central Bank.
The Japanese currency has retreated in recent weeks following a surprise easing by the Bank of Japan, a fall in the country's current account surplus and a rise in short-term U.S. bond yields.
well above the Ichimoku cloud on daily charts, and breaching its 90-day moving average after having failed to do so decisively in three attempts this week.
U.S. soy, wheat up; corn drops on record f'cast
NEW DELHI, Feb 27 (Reuters) - U.S. soybean futures rose on robust demand from China, while wheat gained despite Friday's higher output forecast by the U.S. Department of Agriculture.
"There are a lot of orders for soybeans from China and most market participants believe the demand is going to be very strong in the days to come," said Jonathan Barratt, chief executive of BarrattBulletin, a Sydney-based commodity research firm.
Vietnam's 2012/2013 coffee output may fall 15-20 pct-Vicofa
HANOI, Feb 27 (Reuters) - Vietnam's coffee output from the next 2012/2013 crop may fall between 15-20 percent, hurt by the impact of rain on flowers and low yields provided by old trees, the Vietnam Coffee and Cocoa Association (Vicofa) said on Monday.
Vicofa did not provide any figures for its loss estimates, but it said in a statement that rain during the harvest in the Central Highlands caused early blossom and left "serious impact on output of the next 2012/2013 crop."
Vietnam's Feb coffee exports jump 38.9 pct y/y-Ag Min
HANOI, Feb 27 (Reuters) - Vietnam exported an estimated 200,000 tonnes, or 3.33 million bags, of coffee in February, a rise of 38.9 percent from a year ago, the Agriculture Ministry said on Monday, in line with market expectations.
But coffee shipments between last October and this month, the first five months of the crop year to September 2012, dropped 12 percent from the previous year to 570,500 tonnes, or 9.5 million bags, the ministry's data showed in its monthly report.
Vietnam's Jan-Feb rice exports down 26.6 pct y/y-Ag Min
HANOI, Feb 27 (Reuters) - Vietnam's rice exports in the first two months of 2012 dropped 26.6 percent from the same period of 2011 to an estimated 756,000 tonnes, the Agriculture Ministry said on Monday.
Rice-export revenue in January-February fell 16 percent from a year ago to an estimated $437 million, the ministry said in its monthly report.
Argentine farmers finish seeding soy, corn- gov't
BUENOS AIRES, Feb 24 (Reuters) - Argentine farmers have finished planting the 2011/12 soybean and corn crops, both of which suffered from a drought earlier in the season, the government said on Friday in its weekly crop report.
Argentina is one of the world's top exporters of corn, soybeans, soyoil and soymeal. The government forecasts soy production of 43.5 million to 45 million tonnes, and corn output of between 20.5 million and 22 million tonnes.
Argentine grains truck owners vow strike in March
BUENOS AIRES, Feb 24 (Reuters) - Owners of Argentine grain trucks vowed on Friday to strike starting March 19 to demand higher transport rates, a protest that could disrupt hauling during early corn and soy harvesting.
Argentina is one of the world's top exporters of corn, soybeans and soy products, most of which are moved to port by truck. Strike threats are common at this time of year as labor unions seek annual wage hikes.
Brazil plans $38 bln to finance ethanol to 2015
SAO PAULO, Feb 24 (Reuters) - Brazil's government plans to direct 65 billion reais ($38 billion) in subsidized credit toward the expansion of sugarcane ethanol production through 2015, the Agriculture Ministry said on Friday.
The financing is intended reverse the drop in output of ethanol in Brazil, which fell sharply last year due to poor investment in the sector. The government said it wants the biofuel to accounts for 50-55 percent of the gasoline market.
Brent slips, stays above $125 on supply concerns
SINGAPORE, Feb 27 (Reuters) - Brent crude edged lower and snapped five days of gains, but stayed near 10-month highs above $125 due to concerns over supply disruption as tension rose over Iran's disputed nuclear programme.
"Iran is the basis for the spike in oil prices," said Ben Le Brun, a Sydney-based markets analyst at OptionsXpress. "There seems to be some profit taking going on today, but prices are set to rise further as tensions over Iran don't look like they are going to subside anytime soon."
Oil price rise raises spectre of global recession
LONDON, Feb 26 (Reuters) - A jump in energy prices is jamming the slow-turning cogs of an economic recovery in the West, but that may be nothing compared to the economic shock an Israeli attack on Iran would cause.
Oil rose to a 10-month high above $125 a barrel on Friday, prompting responses from policymakers around the world including U.S. President Barack Obama, watching U.S. gasoline prices follow crude to push towards $4 a gallon in an election year.
LME copper slips, weaker global outlook weighs
SINGAPORE, Feb 27 (Reuters) - London copper futures fell for a third time in four sessions, hurt by a shaky outlook for industrial demand, with rising oil prices threatening a fragile global economy and Chinese consumption staying weak.
"The demand outlook isn't very good and it's mainly because of weak physical demand in China," said Grace Qu, analyst at CRU in Beijing.
Japan's Jan zinc exports up 49 pct on China
TOKYO, Feb 27 (Reuters) - Japan's exports of refined zinc surged 49 percent from a year earlier to 11,498 tonnes in January as shipments to China nearly tripled, customs-cleared data showed on Monday.
Exports to China jumped to 2,973 tonnes, up from 1,050 tonnes a year before, accounting for a quarter of Japan's total exports.
Japan Jan rolled copper output down 9.5 pct yr/yr
TOKYO, Feb 24 (Reuters) - Japan's rolled copper output fell 9.5 percent in January from a year earlier to a seasonally adjusted 63,637 tonnes, hit by sluggish demand from chip and electronics sectors, an industry body said on Friday.
It was the fourth straight month that output has plunged about 10 percent from a year earlier.
COLUMN-Steel sector; China to the rescue?
(Andy Home is a Reuters columnist. The opinions expressed are his own)
LONDON, Feb 24 (Reuters) - Global steel production is experiencing its sharpest contraction since the dark days of 2009, when the industry was gripped by the manufacturing freeze that followed the 2008 financial crisis.
Global output in January shrank by 8 percent year-on-year as the slowdown evident over the closing stages of 2011 accelerated and deepened.
Brazil steel sales up 5 pct; recovery seen waning
SAO PAULO, Feb 24 (Reuters) - Steel distribution companies in Brazil sold 5 percent more flat products in January than in the year-earlier period, an industry group said on Friday, signaling what is likely to be a short-lived recovery that loses momentum next month.
Distributors sold 356,600 tonnes of products last month, or about 9.8 percent more than in December, Sindisider, a group representing flat steel wholesalers, said in a report. The rise helped push inventory of flat steel products 0.3 percent down to 997,900 tonnes last month, from December.
Japan's Jan zinc exports up 49 pct on China
TOKYO, Feb 27 (Reuters) - Japan's exports of refined zinc surged 49 percent from a year earlier to 11,498 tonnes in January as shipments to China nearly tripled, customs-cleared data showed on Monday.
Exports to China jumped to 2,973 tonnes, up from 1,050 tonnes a year before, accounting for a quarter of Japan's total exports.
Japan Jan copper exports up 15 pct, China sales up 50 pct
TOKYO, Feb 27 (Reuters) - Japan's exports of refined copper rose 15 percent in January from a year earlier as sales of cathodes to China continued to increase at a fast pace, Ministry of Finance data showed on Monday.
Exports of refined copper -- which comprises cathodes, billet and others -- totalled 30,184 tonnes, though they were down from the previous month's 39,309 tonnes.
Gold slips as Europe concerns linger; oil supports
SINGAPORE, Feb 27 (Reuters) - Gold prices slipped , weighed by modest risk aversion across commodities as concerns about the euro zone remained, though high oil prices cushioned the slide.
"There is a softer turn across commodities after the G20 added to the risk anxiety," said Nick Trevethan, senior commodity strategist at ANZ in Singapore.
METALS-LME copper slips, weaker global outlook weighs
SINGAPORE, Feb 27 (Reuters) - London copper futures fell for a third time in four sessions on Monday, hurt by a shaky outlook for industrial demand, with rising oil prices threatening a fragile global economy and Chinese consumption staying weak.
Copper has risen more than 11 percent so far this year, but investors have been struggling to push it higher with poor demand from top copper consumer China and a debt-strained Europe countering upbeat U.S. economic data.
PRECIOUS-Gold slips as Europe concerns linger; oil supports
SINGAPORE, Feb 27 (Reuters) - Gold prices slipped on Monday, weighed by modest risk aversion across commodities as concerns about the euro zone remained, though high oil prices cushioned the slide.
Bullion prices rallied more than 3 percent last week, as investors took relief after Greece secured a bailout and expectations of further monetary easing boosted gold's appeal as a good inflation hedge.
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