Tuesday, March 20, 2012

20120320 1137 Global Market & Commodities Related News.

GLOBAL MARKETS-Asian shares inch up after US gains, dollar eases
SINGAPORE, March 20 (Reuters) - The dollar fell on Tuesday as easing fears about the threat posed to the euro zone by Greece diminished the U.S. currency's safe-haven appeal, while Asian shares crept higher following a rally on Wall Street.
"There has been an unwinding of short euro positions because the reasons for holding those positions have not materialised," said Douglas Borthwick, managing director of FX broker Faros Trading in Stamford, Connecticut.

COMMODITIES-Weak dollar drives broad rise; wheat dives
NEW YORK, March 19 (Reuters) - U.S. oil prices rose for a second straight session on Monday as a weak dollar provided an inflationary boost to a number of commodities. Wheat bucked the trend, tumbling on weather concerns.
"Iran as a supply risk is supporting prices and weaker demand, rising production and physical oversupply is weighing on prices, so it is keeping prices rather stable in this narrow range," said Carsten Fritsch, commodity analyst at Commerzbank in Frankfurt.

OIL-Brent dips, US oil rises on refinery problems
NEW YORK, March 19 (Reuters) - Brent crude prices edged lower on M onday on rising output from Saudi Arabia and Libya, while refinery problems helped push U.S. crude higher.
"Support off of broad based macroeconomic factors was again in evidence as the U.S. stock market is adding to recent gains and the euro was able to push higher," Jim Ritterbusch, president at Ritterbusch & Associates, said in a note.

Sudan eyes up to $1.5 bln with pipeline-backed sukuk
KHARTOUM, March 19 (Reuters) - Sudan aims to raise $1 billion to $1.5 billion this year with Islamic "sukuk" bonds that offer stakes in an oil pipeline, a move the African country hopes will draw more Gulf Arab investment to its debt market, a senior official said on Monday.
Sudan Financial Services Co., which issues Islamic bonds on behalf of the government, wants to offer the dollar-denominated sukuk within two months, General Manager Azhari Eltayeb Elfaki told Reuters.

NATURAL GAS-US natural gas ends up for 2nd day, more shorts cover
NEW YORK, March 19 (Reuters) - U.S. natural gas futures ended slightly higher on Monday for a second day, with shorts again covering on signs of technical support after prices held relatively steady last week despite mostly bearish fundamentals.
"Prices at these levels are probably a good opportunity for shorts to cover or end users to buy, but there are also some supportive fundamental factors," said Eric Bickel, analyst at Summit energy in Kentucky.

EURO COAL-Coal seeks direction, China looks bearish
LONDON, March 19 (Reuters) - Prices of prompt physical coal were largely unchanged on Monday as it struggled to find direction from its own fundamentals or from other markets, traders and utilities said.
"It's been illiquid, no demand for the front months but no real appetite to sell it either, and no direction from oil, currency or power today," one utility source said

No comments: