Shares recover on Greece bond swap hopes
TOKYO, March 8 (Reuters) - Asian shares recovered on Thursday on brightening prospects for Greece to secure a crucial bond swap to avoid a messy default and U.S. data suggesting a recovery in the labour market ahead of key jobs figures.
"Investors are cautiously following the risk-on momentum," said Goro Ohwada, president and CEO at Aino Investment Corp, a Japan-based fund of hedge funds, pointing to a belief by some investors that equities will remain supported in the lead-up to the U.S. presidential election.
FOREX-Yen hurt by Japan current account, Aussie down on jobs data
TOKYO, March 8 (Reuters) - The yen dipped against the dollar on Thursday in a knee-jerk reaction to data showing Japan's current account swung to a record deficit in January, while the Australian dollar fell on a weak jobs report that kept alive expectations of a rate cut.
Short-term players sold the Japanese unit after Tokyo posted its first current account deficit in three years. It came in at 437.3 billion yen ($5.41 billion) in January, above market estimates of 317.8 billion yen.
U.S. wheat recovers after big overnight drop
SYDNEY, March 8 (Reuters) - U.S. grain futures were mixed in early trade as wheat staged a modest recovery on Thursday after posting a sharp drop overnight ahead the USDA's crop report this week.
Traders adjusting positions ahead of USDA's monthly supply/demand report on Friday that is expected to show a decline in U.S. 2011/12 soy ending stocks.
Brazil Feb green coffee exports lowest since 2008
BRASILIA, March 7 (Reuters) - Brazil's shipments of green coffee fell to 1.91 million 60-kg bags in February compared with 2.47 million bags in the same month last year, coffee exporter association Cecafe said on Wednesday.
Brazil's 2011/12 coffee harvest was a smaller off-year in the biennial cycle which causes output to rise and fall from one year to the next. February's total exports were the lowest for that month since 2008, Cecafe data showed.
Wheat plantings seen higher in England/Wales-HGCA
LONDON, March 7 (Reuters) - The area planted to wheat in England and Wales by December 1, 2011 is estimated to have risen by 3 percent to 1.86 million hectares, the Home-Grown Cereals Authority said on Wednesday issuing results of a planting survey.
Rapeseed area climbed 6 percent to 698,000 hectares and winter barley rose 9 percent to 345,000 hectares.
China plans 100,000 T sugar plant in Niger
NIAMEY, Niger, March 7 (Reuters) - China's Sinolight said on Wednesday it plans to build a 100,000-tonne per year sugar refinery in Niger, a project that would allow the West African state to add value to its raw sugar cane production.
It would be the latest investment by a Chinese state-run firm in Niger, after China's CNPC helped make it Africa's newest oil producer in late 2011 and as China National Nuclear Corporation helps it develop a uranium mine.
Morocco's cereals crop may fall by half - state body
RABAT, March 7 (Reuters) - Morocco's cereals harvest this year will not reach half of last year's level, the head of a state-run agricultural research institute said on Wednesday, which would ratchet up the burden of imports on the country's frail balance of payments.
"This year will be very difficult for farming in Morocco ... It is the worst year as far as rainfalls are concerned since 2007," Mohamed Badraoui, head of the National Institute for Agricultural Research, told Reuters.
Argentine dock strike slows 20 grains ships -union
BUENOS AIRES, March 7 (Reuters) - More than 20 grains vessels were slowed along Argentina's rivers on Wednesday, according to dock workers on strike since last week to demand higher staffing of their shifts, a protest that could bog down key soy exports.
Sources in the SOMU labor union in the country's main agricultural shipping hub Rosario said the delays will continue as long as port authorities resist demands to put more workers on the job during busy docking shifts.
Morocco set for higher raw sugar imports in 2012
RABAT, March 7 (Reuters) - Morocco's domestic output of sugar beet and cane in 2012 may account for less than the 30 percent of domestic sugar needs they covered last year due to bad weather conditions, the head of the country's sole sugar refiner said on Wednesday.
"Last year, Cosumar relied for around 30 percent of its sugar production on the domestic production of beet and cane," Mohamed Fikrat, Chief Executive of private Cosumar told Reuters.
Brazil '12/13 CS sugar output seen up at 33 mln tonnes
SAO PAULO, March 7 (Reuters) - Brazil's 2012/13 center-south sugar cane crop that will begin crushing in weeks was forecast at 33 million tonnes of sugar, up 5.3 percent from 31.3 million tonnes this season, crop analysts Agroconsult said Wednesday in its first forecast.
Brazil's main cane crop will recover from its first drop in output in 11 years to reach 540 million tonnes, up 9 percent from 494 million this season that ended crushing in December.
Brent steady above $124 on Greece hopes, US jobs data
SINGAPORE, March 8 (Reuters) - Brent crude was steady above $124 a barrel on hopes that Greece would win enough creditor support to avoid a messy default, while promising jobs data from top oil consumer, the United States, also supported prices.
"There are still a lot of uncertainties on Greece ahead of today's deadline and the market is poised to move sharply up or down depending on what happens," said Ken Hasegawa, a Tokyo-based commodity sales manager at Newedge Japan.
India's NALCO sells 30,000 T alumina at $323/T
BHUBANESWAR, Orissa, March 7 (Reuters) - India's state-run National Aluminium Co Ltd (NALCO) sold 30,000 tonnes of alumina at close to $323 a tonne free-on-board via a tender, a senior company official told Reuters.
The alumina, which will be shipped this month, was purchased by a European trader, Nalco's commercial director Ansuman Das said on Wednesday.
China turns cautious on Aussie iron ore projects
MELBOURNE/SINGAPORE, March 8 (Reuters) - China's appetite for iron ore projects in Australia is shrinking fast as the billions of dollars they have sunk into mines, ports and railways fails to blunt the power of the sector's three giants.
This means Australia's junior miners can no longer take China for granted as a source of cheap funding to help cope with soaring costs, pushing back the likely date when the steelmaking raw material moves into surplus.
Indonesia changes rules on foreign mine owners
JAKARTA, March 7 (Reuters) - Indonesia will take more of the profits from its vast mineral resources by limiting foreign ownership of mines in a move likely to scare off new investment in the world's top exporter of thermal coal and tin.
Under new rules announced on the mining ministry's website, Southeast Asia's largest economy will require foreign companies to sell down stakes in mines and increase domestic ownership to at least 51 percent by the 10th year of production.
Copper ekes out gain in cautious market
SINGAPORE, March 8 (Reuters) - London copper rose marginally , underscoring caution among investors amid an uncertain global demand outlook, while top consumer China was also hesitant to snap up the metal aggressively unless prices fall sharply.
"Copper is grappling between two forces," said Natalie Robertson, analyst at Australia and New Zealand Bank.
Chile Feb copper export revenue falls to $3.4 bln
SANTIAGO, March 7 (Reuters) - Chile's copper export revenue totaled $3.369 billion in February, slipping nearly 20 percent from January's $4.168 billion, the central bank reported on Wednesday.
But the figure was 9.4 percent above revenue for February of last year, when the world's top producer reaped $3.079 billion in copper exports.
China 2012 copper demand to grow at least 6 pct - Tongling chair
BEIJING, March 7 (Reuters) - China's copper demand will grow by at least 6 percent in 2012 given the power sector's unflagging appetite for the metal, the chairman of the country's second-largest producer of the metal said on Wednesday.
The average price for copper this year would be about $8,500 per tonne, as higher production costs support prices, Wei Jianghong, chairman of Tongling Nonferrous Metals , told reporters on the sidelines of the National People's Congress, China's parliament in Beijing.
Gold holds onto gains, Greece hopes support
SINGAPORE, March 8 (Reuters) - Gold traded steady on Thursday, holding on to the first gains it scored so far this week, as fears about a messy default for Greece eased after signs it may be able to secure a crucial debt swap deal.
"Central banks are expected to take up the role of the main agent of stimulus, since distressed governments can't provide any help on the fiscal front," said a Singapore-based trader.
METALS-Copper ekes out gain in cautious market
SINGAPORE, March 8 (Reuters) - London copper rose marginally on Thursday, underscoring caution among investors amid an uncertain global demand outlook, while top consumer China was also hesitant to snap up the metal aggressively unless prices fall sharply.
Tight world supplies have helped fuel a 9 percent jump in copper prices this year, but investors are wary of pushing prices up further unless Chinese demand perks up.
PRECIOUS-Gold holds onto gains, Greece hopes support
SINGAPORE, March 8 (Reuters) - Gold traded steady on Thursday, holding on to the first gains it scored so far this week, as fears about a messy default for Greece eased after signs it may be able to secure a crucial debt swap deal.
Spot gold was little changed at $1,686.04 an ounce by 0327 GMT, standing above the 200-day moving average of around $1,678. Gold gained 0.6 percent on Wednesday following a 2-percent slide in the previous session.
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