Shares rise, investors see brighter US economy
TOKYO, March 19 (Reuters) - Asian shares edged higher and the dollar was firm against the yen with investors buoyed after the U.S. market hit an almost four-year high last week and with higher European stocks reflecting signs of growing "U.S. economic data continues to be solid," said Fujio Ando, senior managing director at Chibagin Asset Management in Tokyo.
"Confidence in the U.S. economy will push the Nikkei up to 10,200 even this week, although we will have to watch the housing data this week."
Yen net shorts surge, highest since April-CFTC
NEW YORK, March 16 (Reuters) - Currency speculators increased bets against the Japanese yen in the latest week to their highest in 11 months, according to data from the Commodity Futures Trading Commission released on Friday.
Yen net shorts surged to 42,380 contracts, their largest short bet since April last year, compared to last week's net short position of 19,358.
FOREX-Yen on the defensive, hits five-mth lows vs euro
SYDNEY/SINGAPORE, March 19 (Reuters) - The yen stayed on the defensive on Monday with the euro reaching a fresh five-month high against the Japanese currency, while the dollar nursed losses following a setback late last week.
The euro rose as high as 110.15 yen at one point on trading platform EBS, its highest level since late October. It later pared its gains and was last changing hands at 109.91 yen , steady from late U.S. trade on Friday.
China to reform, grow economy, IMF eyes freer yuan
BEIJING, March 18 (Reuters) - China cannot delay tough economic reforms, Vice Premier Li Keqiang said on Sunday, underscoring the top leadership's push for market-based change after the sacking last week of an ambitious provincial leader who wanted a bigger state role in the economy.
Li, widely expected to succeed Wen Jiabao as premier in a leadership transition that begins later this year, promised flexible policies to keep growth brisk and prices stable, with a focus on boosting domestic demand and pursuing structural reforms to make growth more stable and balanced.
US old-crop corn at 4-month top on Chinese demand hopes
SINGAPORE, March 19 (Reuters) - U.S. old-crop corn rose for a third straight session to its highest since November on expectations of more Chinese purchases, while soybeans were little changed, taking a breather after climbing to a six-month top.
"U.S. export sales and lower supplies from South America have had supportive influence for the entire oilseeds complex, including the palm oil," said Ker Chung Yang, an analyst at Phillip Futures in Singapore.
India's 2011/12 oilseed output up, rapeseed falls-trade body
NEW DELHI, March 18 (Reuters) - India's oilseed output rose 2.2 percent to 26.01 million tonnes in the current crop year, a leading trade body said on Sunday, with the main winter-sown rapeseed crop hit by adverse weather conditions, and suggesting edible oil imports might rise.
Output of rapeseed dropped by 12.6 percent to 6.03 million tonnes in the year to June 2012, said the Central Organisation for Oil Industry and Trade, which usually gives its estimate for the full year in mid-March after the crop has been harvested.
Argentina truck strike imminent, may disrupt corn, soy hauling
BUENOS AIRES, March 18 (Reuters) - Owners of Argentine grain trucks said on Sunday they would start an indefinite strike at midnight (0300 GMT) to seek higher transport rates, a protest that could disrupt hauling during early corn and soy harvesting.
Argentina, one of the world's top exporters of corn, soybeans and soy products, often sees strikes in March, when crop gathering begins and unions seek wage hikes.
US Corn Belt farmers resisting the urge to plant early
CHICAGO, March 16 (Reuters) - Shirt-sleeve weather this week across America's central grain belt tempted farmers to start planting corn early but expensive seeds and worries about insurance covering any sudden cold snap have kept crop planters out of fields.
"We've got a lot invested in this crop. We want to be careful," said central Illinois farmer Tim Seifert, who doesn't want to take the chance of seeing young corn seedlings hurt by an April frost.
Early-planted Argentine corn hit by Dec-Jan drought
BUENOS AIRES, March 16 (Reuters) - Early-planted corn in global No. 2 exporter Argentina was pummeled by a December-January drought, but later-seeded fields have since been enlivened by regular rains, the government said on Friday.
Dry, hot weather that blighted the Pampas during the dog days of the Southern Hemisphere summer chopped corn yields by 40 percent in the Bragado district of key agricultural province Buenos Aires, the Agriculture Ministry said in a report.
Ukraine to cut sugar output in 2012 - agency
KIEV, March 16 (Reuters) - Ukraine is likely to reduce its white sugar production by 14 percent to about 2 million tonnes in 2012 due to a smaller sowing area after a significant overproduction in 2011, Interfax news agency quoted a local sugar union as saying on Friday.
An official from Ukrtsukor sugar union was quoted as saying the area under sugar beet was likely to fall to 515,000 hectares this year from 544,000 hectares in 2011.
Brent crude holds above $126 on Iran, econ outlook
SINGAPORE, March 19 (Reuters) - Brent crude held above $126 a barrel, extending last Friday's gains, as prices were supported by continued concerns over a potential supply disruption from Iran and the prospect of a stronger U.S. economy lifting oil demand.
"It's a question of whether other producers can handle a significant supply disruption," said Ric Spooner, the chief market analyst with CMC Markets in Sydney. "The market is still building a risk premium into prices due to the potential difficulty
with Iran."
Tokyo Steel to raise April product prices by $24
TOKYO, March 19 (Reuters) - Japan's biggest construction steelmaker, Tokyo Steel Manufacturing Co , will raise prices in April by 2,000 yen per tonne for all its products except thick plates, to reflect higher prices in Asia and a weaker yen.
Japanese manufacturers' exports and the balance of demand and supply in the domestic steel market are improving fast after the yen weakened last week to an 11-month low against the dollar, Kiyoshi Imamura, sales director of Tokyo Steel, said.
China daily crude steel output up 13 pct in early March -CISA
SHANGHAI, March 19 (Reuters) - China's daily crude steel output stood at 1.898 million tonnes for the first ten days of March, surging 13 percent from the preceding period, data from the China Iron & Steel Association (CISA) said on Monday.
Steel demand has started to pick up in the world's top consumer in March amid a gradual recovery in construction activity, but buyers remain wary about a slowdown in economic growth, which may continue to weigh on the steel sector.
Shanghai copper drops on China demand worries
SINGAPORE, March 19 (Reuters) - Shanghai copper fell 0.7 percent, as indications of a weakening property market in China added to worries about demand from the top consumer of the metal.
"Copper prices at $8,500-$8,600 are purely a reflection of market liquidity but not real consumption," said Bonnie Liu, an analyst at Macquarie in Shanghai.
Australian iron ore shipping activity resumes after cyclone
PERTH, March 18 (Reuters) - Shipping operations at Australia's Port Hedland have resumed after a tropical cyclone that passed through the Pilbara iron ore belt weakened to below cyclone intensity and moved inland on Sunday.
Port Hedland, the region's largest iron ore terminal, closed the anchorage for 66 hours and the port for a total of 52 hours due to Tropical Cyclone Lua, which crossed the coast some 100 kms (60 miles) north in a sparsely populated area on Saturday afternoon, local time.
China daily crude steel output up 13 pct in early March -CISA
SHANGHAI, March 19 (Reuters) - China's daily crude steel output stood at 1.898 million tonnes for the first ten days of March, surging 13 percent from the preceding period, data from the China Iron & Steel Association (CISA) said on Monday.
Steel demand has started to pick up in the world's top consumer in March amid a gradual recovery in construction activity, but buyers remain wary about a slowdown in economic growth, which may continue to weigh on the steel sector.
Gold tracks oil higher, gains may be capped
SINGAPORE, March 19 (Reuters) - Gold rose more than half a percent after firm oil prices prompted safe haven buying from investors and speculators, while technical buying also resurfaced after bullion bounced from its weakest level in two monthS.
"You can see there's short-covering. I think it's technical. The upside will be at $1,675 to $1,680, and there will be some resistance there," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
METALS-Shanghai copper drops on China demand worries
SINGAPORE, March 19 (Reuters) - Shanghai copper fell 0.7 percent on Monday, as indications of a weakening property market in China added to worries about demand from the top consumer of the metal.
Chinese home prices fell in February from January for a fifth consecutive month and are expected to continue heading south in coming months.
A cooler property market not only depresses demand for base metals and steel as construction materials, but also dampens consumption from the home appliances sector, which is another key consumer of copper.
PRECIOUS-Gold tracks oil higher, gains may be capped
SINGAPORE, March 19 (Reuters) - Gold rose more than half a percent on Monday after firm oil prices prompted safe haven buying from investors and speculators, while technical buying also resurfaced after bullion bounced from its weakest level in two months.
But gains may be capped by worries that a plan by main consumer India to double its import duty could cause a temporary slip in purchases. Silver tracked gold higher, while platinum prices stayed at premiums to bullion on supply concerns.
No comments:
Post a Comment