Markets fall over Greece uncertainty, slowing growth
TOKYO, March 7 (Reuters) - Asian shares fell for the third day in a row as investors grew more risk averse, with renewed uncertainty over Greece's bailout and mounting worries about slowing global economies overshadowing support provided by ample liquidity.
"Markets are facing profit taking pressures, with prices having risen far more strongly than many anticipated this year," said Takao Hattori, senior investment strategist at Mitsubishi UFJ Morgan Stanley Securities in Tokyo.
Risk currencies on defensive on fresh Greece doubts
TOKYO, March 7 (Reuters) - Risk currencies were on the defensive while the Japanese yen held firm as doubts over whether Greece can pull together a bond swap deal with creditors prompted players to cut exposure to risky assets.
"I think we are at a watershed now. If the Greek debt swap goes well and the U.S. job data points to continued
recovery, then the market could return to the risk-on mood," said a trader at a Japanese bank.
COLUMN-Slower China growth won't curb commodity imports
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
SINGAPORE, March 6 (Reuters) - Is it time to turn bearish on China's commodity demand because the government has confirmed what everybody knew anyway, that economic growth will be slower in 2012?
Certainly some investors took news that this year's growth target had been lowered to 7.5 percent, an 8-year low, as a sell signal.
US wheat steadies, soy drops; economic worries weigh
SYDNEY, March 7 (Reuters) - U.S. wheat futures steadied, after posting its biggest daily percentage loss in nearly a month in the previous session, while soy and corn prices edged down as renewed economic concerns weighed on investor sentiment. Argentine dock workers are still on strike, preventing 150 grain ships from mooring in the country's main shipping hub of Rosario, a union official said.
Big crop to lift Australia wheat closing stocks 25 pct
CANBERRA, March 7 (Reuters) - Australia's record wheat harvest is forecast to leave the country with 10 million tonnes in closing stocks at the end of the marketing season in September, up 25 percent year-on-year, providing stiff competition to U.S. and Black Sea exporters.
With estimates of another large crop in 2012/13 (July-June), the nations' grain storage capacity and infrastructure is likely to come under pressure, industry officials and analysts said on the sidelines of an agriculture conference in Canberra on Wednesday.
Malaysia's response to Indonesia tax to drive palm oil-official
KUALA LUMPUR, March 6 (Reuters) - Malaysia, the word's No.2 palm oil producer, needs to address Indonesia's export tax changes to win back orders from the world's top supplier or stocks will rise and bring prices below 2,500 ringgit ($830), an industry official said on Tuesday.
Malaysia has been struggling to come up with a response to Indonesia's move to slash export tariffs for refined palm oil, which has boosted margins for its domestic processors and allowed them to offer discounts to overseas buyers.
Indian ministers to discuss cotton exports-textile secretary
NEW DELHI, March 6 (Reuters) - A panel of Indian ministers will meet on March 9 to discuss the issue of cotton exports, Textile Secretary Kiran Dhingra said on Tuesday.
India's farm minister has requested the prime minister to lift a ban on cotton exports announced this week, saying he had been kept in the dark about the decision.
China says has enough corn reserves; traders sceptical
BEIJING, March 6 (Reuters) - China will not need to import large amounts of corn this year as it has enough reserves, a senior official said on Tuesday, but traders said the world's second largest consumer was likely talking down prices ahead of a shopping spree.
Expectations that China will import some 4 million tonnes of corn in the 2011/12 crop year that began in October, on top of a record 2011 harvest, have steadily increased U.S. and domestic corn prices since late January.
Vietnam's 2012 rice exports to drop to 6.6 mln T-govt
HANOI, March 6 (Reuters) - Vietnam's rice exports are forecast to fall to 6.6 million tonnes in 2012, down 7 percent from last year, the Agriculture Ministry said on Tuesday.
Global rice trade in 2012 would fall 7 percent from last year to 32.8 million tonnes "due to lower import demand by leading importing countries such as Indonesia and Bangladesh", the ministry said in a report.
Oil World cuts Brazilian soybean crop forecast
HAMBURG, March 6 (Reuters) - Hamburg-based oilseeds analyst Oil World has cut its forecast of Brazil's 2012 soybean crop by 1.5 million tonnes to 68 million tonnes because of drought, it said on Tuesday.
Brazil's crop will be well down on the 75.3 million tonnes it harvested in early 2011. Global grain markets are awaiting a key U.S. Department of Agriculture forecast of Brazilian and Argentine crops on Friday, with lower South American harvests likely to transfer demand to the U.S.
Brent climbs above $122 on China demand, Iran concerns linger
SINGAPORE, March 7 (Reuters) - Brent crude climbed above $122 after China said it would boost energy imports this year while concerns persist over supply risks and Iran's nuclear program, despite the country's offer for talks with major powers.
"I think China's comments are a timely reminder that the Chinese and Asian economies are still growing strongly," said Ric Spooner, chief market analyst at CMC Markets. "Even though China's target growth rates are down for this year, it's still growing and that means more energy needs overall."
Brent climbs above $122 on China demand, Iran concerns linger
SINGAPORE, March 7 (Reuters) - Brent crude climbed above $122 on Wednesday after China said it would boost energy imports this year while concerns persist over supply risks and Iran's nuclear program, despite the country's offer for talks with major powers.
China's trade ministry said the country plans to boost energy imports in 2012, and will keep policies to ensure stable export growth, which it expects to improve in the second half of the year.
LME copper pauses after sell-off, caution stays
SINGAPORE, March 7 (Reuters) - London copper edged off two-week lows, after sliding more than 2 percent in the previous session, although the metal is still facing a downward pressure given a shaky outlook for global demand.
"The problem is many copper consumers are short of new orders so I don't expect the Chinese to buy aggressively even if the price falls below $8,000," she said.
Gold snaps 3-day loss, Greek debt fears linger
SINGAPORE, March 7 (Reuters) - Gold regained some ground as jewellers in Asia snapped up the metal after prices dropped 2 percent in the previous session, but investors were cautious because of lingering fears about a possible Greek default.
"Basically gold and other risky assets are all being lumped together. Nobody is really looking at individual fundamentals. They are just buying the dollar and pretty much selling everything else," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
India cuts railway freight on iron ore exports
MUMBAI, March 6 (Reuters) - India has reduced the railway freight on iron ore meant for exports by 16 percent effective Tuesday, an industry body official said, a move expected to help exporters who have come under pressure after an increase in export duty in January.
The new freight has been set at 2,425 rupees ($48.48) per tonne of iron ore, down 475 rupees from the previous freight cost, said H.C. Daga, vice president with the Federation of Indian Mineral Industries.
German steel industry stabilizes after weak Q4
DUESSELDORF, March 6 (Reuters) - Germany's steel industry has been stabilizing since the start of the year after prices declined in the last quarter of 2011, the German Steel Federation said.
"Since the start of the year, indications are growing the steel industry in Germany has stabilised," President Hans Juergen Kerkhoff told reporters in remarks for publication on Tuesday.
China nickel demand to drop on lower stainless steel output -trade
HONG KONG, March 6 (Reuters) - China's nickel consumption may drop in March and imports are likely to take a hit as stainless steel producers, the top users of the metal, cut output, traders and analysts said on Tuesday.
Fewer orders amid a weak Chinese property sector have prompted several stainless steel mills to lower production, eating into demand for the raw material -- refined nickel and nickel pig iron (NPI) which is a low-grade ferro-nickel in China made from laterite ore imports.
LME copper pauses after sell-off, caution stays
SINGAPORE, March 7 (Reuters) - London copper edged off two-week lows after sliding more than 2 percent in the previous session, although the metal is still facing a downward pressure given a shaky outlook for global demand.
"The problem is many copper consumers are short of new orders so I don't expect the Chinese to buy aggressively even if the price falls below $8,000," she said.
Gold snaps 3-day loss, Greek debt fears linger
SINGAPORE, March 7 (Reuters) - Gold regained some ground as jewellers in Asia snapped up the metal after prices dropped 2 percent in the previous session, but investors were cautious because of lingering fears about a possible Greek default.
"Basically gold and other risky assets are all being lumped together. Nobody is really looking at individual fundamentals. They are just buying the dollar and pretty much selling everything else," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
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