Asian shares fall, led by China; euro steady
SINGAPORE, March 20 (Reuters) - Asian shares slipped, dragged down by losses in Hong Kong and Shanghai, while the euro held near its highest level in a week after an orderly auction of Greek default insurance eased fears about the threat to the single currency posed by Greece.
"Momentum is clearly stalling right now and in need of distinct signals, whether it be U.S. housing data pointing to a stable recovery or stronger indications of policy easing in China," said Kim Se-joong, an analyst at Shinyoung Securities in Seoul.
FOREX-Dollar hovers near one-week low; Aussie dips
SINGAPORE, March 20 (Reuters) - The dollar hovered near a one-week low against a basket of currencies on Tuesday, but recent signs of improvement in the U.S. economy and rising Treasury yields were likely to lend it some support.
The dollar index stood at 79.497, having regained a bit of ground after dipping to 79.354 on Monday, its lowest level since March 9. One possible support level lies roughly around 79.30, its 100-day moving average.
FX COLUMN-Better U.S. outlook may see dollar outpace euro, yen
--Neal Kimberley is an FX market analyst for Reuters. The opinions expressed are his own--
LONDON, March 19 (Reuters) The dollar may be in for a period of sustained strength as the foreign exchange market recognises the relative strength of the U.S. economy.
The Federal Reserve's Open Market Committee last week upgraded its economic outlook, removing a number of caveats from the statement issued after its January meeting.
Wheat falls for 2nd day on US weather; corn, soy ease
SINGAPORE, March 20 (Reuters) - Chicago wheat extended losses, sliding more than 1 percent as forecasts of crop-friendly weather in the U.S. Plains boosted supply prospects.
"Warm temperatures and scattered rain in the U.S. are promoting rapid development of the winter wheat crop," said Luke Mathews, commodities strategist at Commonwealth Bank of Australia. "Forecast relief to dryness in southwest Europe and w estern Canada is also weighing on values."
Argentine truckers strike as soy harvest starts
BUENOS AIRES, March 19 (Reuters) - Argentina's truckers have called an indefinite strike to demand higher pay rates, parking their rigs in protest just as exporters were counting on them to haul freshly harvested soybeans to port.
Grains powerhouse Argentina is the world's No. 1 supplier of soyoil, a feedstock for the booming international biofuels sector. It is also a top soybean and corn exporter.
I.Coast patchy rains raise cocoa mid-crop concerns
ABIDJAN, March 19 (Reuters) - Patchy rains and hot weather last week in Ivory Coast's principal cocoa growing regions have raised concerns over the top grower's April-to-September mid-crop development, farmers and analysts said on Monday.
The weather has been in focus in Ivory Coast after a prolonged dry season from mid-November to late February cut expectations for a healthy crop and harvest.
Morocco halts barley import duties until end 2012-traders
PARIS, March 19 (Reuters) - The Moroccan government has suspended import duties on barley until Dec. 31 to ensure adequate supplies to its domestic market in the face of a growing drought, European traders said on Monday.
Morocco, which halted barley import duties on March 15, is bracing for a drop in this year's cereals harvest, as well as other crops, after a shortage in rainfalls and a prolonged cold spell hurt farming.
Zambia commercial farmers cut maize production
LUSAKA, March 19 (Reuters) - Commercial maize production in Zambia will fall by about 80 percent in the 2011/2012 season compared with the previous crop season after farmers turn to more lucrative cash crops, the farmers' union said on Monday.
Zambia's commercial maize farmers produce a fraction of the national output compared to small-scale farmers.
Zimbabwe writes off a third of maize crop, deficit looms
HARARE, March 19 (Reuters) - Zimbabwe faces a huge grain deficit this year after a third of the current maize crop was written off due to a prolonged dry spell, state media reported on Monday.
The southern African country, once a regional bread basket, has struggled to feed itself since 2000 when President Robert Mugabe embarked on the seizure of white-owned commercial farms to resettle landless blacks.
India seals deals to export 60,000 T sugar to Iran
NEW DELHI, March 19 (Reuters) - Indian traders have struck deals to export 60,000 tonnes of raw sugar to Iran for March-April delivery, three trade sources said on Monday, marking their first sales of the sweetener to Tehran since western sanctions were tightened at the start of 2012.
The exports are within the ceiling of two million tonnes of sales already allowed by New Delhi under the open general licence (OGL) scheme.
Brent falls near $125 on Libyan supply, China fuel hike
SINGAPORE, March 20 (Reuters) - Brent crude fell towards $125 a barrel as global supply concerns eased and a hike in Chinese fuel prices sparked fears of lower energy demand in the world's no.2 oil consumer.
"The move might sap demand growth. Higher prices tend to discourage wasteful consumption," said Gordon Kwan, head of energy research at Mirae Asset Management in Hong Kong.
Copper slips on low China buys; Greek boost fades
SINGAPORE, March 20 (Reuters) - London copper turned negative as support began to fade from an orderly auction of Greek default insurance that boosted the euro, while bleak demand expectations from Chinese copper consumers discouraged buys.
"In the last week copper prices have stabilized around $8,500 a tonne, but it's really moving nowhere and facing strong overhead resistance," she said.
India's NALCO puts out export tender for 6,000T aluminum
BHUBANESWAR, India, March 20 (Reuters) - India's state-run National Aluminium Co (NALCO) has issued a tender to export 3,000 tonnes each of aluminium ingots and aluminium sows, Ansuman Das, commercial director at NALCO, said on Tuesday.
The last date for submission of bids is March 26. The metals would be shipped in batches from April to June, he told Reuters.
Glencore says Philippine copper unit to restart mid-yr
MANILA, March 20 (Reuters) - The Philippines' only copper smelter and refinery owned by a unit of Glencore International will resume copper processing by around middle of this year, six months after a fire halted its operations, a company official said on Tuesday.
Philippine Associated Smelting and Refining Corp (PASAR), majority owned by Swiss commodities giant Glencore, shut in January after a fire razed its facility in the central Leyte province, destroying anti-pollution devices.
US sets duties on steel wheels from China
WASHINGTON, March 19 (Reuters) - The United States on Monday set large punitive duties on imports of steel wheels from China that it said were unfairly priced and subsidized, in the latest sign of trade tension between the world's two biggest economies.
The U.S. Commerce Department said Chinese producers were selling the steel wheels at prices 44.96 percent to 193.54 percent below fair value.
BHP Billiton sees China iron ore demand flattening
PERTH, March 20 (Reuters) - Australian iron ore miners, key beneficiaries of China's modern-day industrial revolution, on Tuesday signaled demand growth was finally slowing in response to Beijing's moves to cool its economy.
BHP Billiton , the world's biggest miner, said it was seeing signs of "flattening" iron ore demand from China, though for now it was pushing ahead with ambitious plans to expand production.
Australia imposes mining tax after two-year battle
CANBERRA, March 19 (Reuters) - Australia's parliament passed laws for a new 30 percent tax on iron ore and coal mine profits on Monday after a bruising two-year battle with mining companies, in a major victory for Prime Minister Julia Gillard and her struggling minority government.
The tax will affect about 30 companies, including global miners BHP Billiton, Rio Tinto and Xstrata, and aims to raise about A$10.6 billion ($11.2 billion) in its first three years.
Gold edges down, positive US outlook dents demand
SINGAPORE, March 20 (Reuters) - Gold edged lower as a brightened U.S. economic outlook dented its safe-haven appeal, while a buoyant equity market also prompted investors to take money out of bullion.
"Investors are looking at other investment options, as they are less concerned about economic growth and more wanting to hop on the equity rally, which clearly works against some of the reasons why people buy gold," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.
METALS-Copper slips on low China buys; Greek boost fades
SINGAPORE, March 20 (Reuters) - London copper turned negative on Tuesday as support began to fade from an orderly auction of Greek default insurance that boosted the euro, while bleak demand expectations from Chinese copper consumers discouraged buys.
Three-month copper on the London Metal Exchange fell 0.41 percent to $8,535 per tonne by 0314 GMT, having taken aim at $8,600 earlier in the session.
PRECIOUS-Gold edges down, positive US outlook dents demand
SINGAPORE, March 20 (Reuters) - Gold edged lower on Tuesday as a brightened U.S. economic outlook dented its safe-haven appeal, while a buoyant equity market also prompted investors to take money out of bullion.
The expectations of further monetary easing worldwide amid a sluggish growth outlook had boosted investment in gold as a hedge against inflation, sending cash gold prices up as much as 14 percent this year to near $1,800 an ounce.
Pollution the big barrier to freer trade in rare earths
BEIJING/SYDNEY, March 19 (Reuters) - Tackling pollution, not freeing up trade, is regarded as the solution to a global shortage of rare earths, the metals that are the building blocks of the 21st century.
The United States, Europe and Japan have lodged a formal trade complaint against China, the world's monopoly supplier of rare earths, accusing it of choking exports of the metals, used in advanced technologies from computer screens to hybrid cars.
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