Asian shares rose, retaining positive momentum as the Federal Reserve reassured markets that it will keep its very accommodative stance to support growth, while optimism grew over strong quarterly corporate earnings. U.S. stocks rallied on Wednesday, with Apple's surge giving the Nasdaq its biggest gain of the year, while the Fed chairman reassured markets that the central bank would do more if necessary to lift the economy.
The U.S. dollar floundered at three-week lows against a basket of major currencies, after the Federal Reserve did little to alter the perception that the central bank will be deeply committed to a dovish policy stance.
FOREX-Dollar near 3-week low as it falls prey to dovish Fed
TOKYO, April 26 (Reuters) - The U.S. dollar floundered at three-week lows against a basket of major currencies on Thursday, after the Federal Reserve did little to alter the perception that it remained deeply committed to a dovish policy stance.
"Despite its projections that GDP growth will pick up, the FOMC expects unemployment to remain well above target by the end of 2014. This means that there is scope for further monetary easing down the road, especially if the recovery falters," said Philip Marey, strategist at Rabobank.
Morocco wheat harvest seen falling to near 3 mln T
Morocco's wheat harvest should stand at around 3 million tonnes this year, including 2 million tonnes of soft wheat, down sharply from a year earlier, the head of the country's agriculture industry group said on Wednesday.
U.S. soybeans slid half a percent as the market took a breather after rallying to its highest in almost four years on the back of further crop losses in South America and strong Chinese demand.
Brazil '12/13 sugar output seen up at 37.8 mln T-Job Economy
Brazil's total sugar output for the 2012/13 harvest, which will kick off in coming days, will reach 37.8 million tonnes, up from 36.2 million tonnes the season that ended in March, local sugar analysts Job Economy said on Wednesday.
Brent crude was steady around $119 a barrel, as optimism over a recovery in the U.S economy offset easing concerns of a disruption in Iranian oil exports and high U.S. crude stocks.
Japan's crude imports from Iran drop 6.3 pct y/y in March
Japan's customs-cleared crude imports from Iran fell 6.3 percent in March from a year ago, amid tightening Western sanctions that make it difficult to do business with the Islamic Republic.
China Aviation Oil seeks up to 1.4 mil barrels jet fuel -trade
China Aviation Oil (Singapore) is seeking up to 1.4 million barrels of jet fuel for May and June, with a slight spike in purchases in May, industry sources said.
Japan imports LNG from Belgium for 1st time
Japan, the world's top user of liquefied natural gas (LNG), in March imported LNG for the first time from Belgium, customs-cleared data from the Ministry of Finance showed on Thursday.
COLUMN-China's copper imports; should we be worried?
--Andy Home is a Reuters columnist. The opinions expressed are his own--
LONDON, April 25 (Reuters) - The intensity of China's appetite for imported copper is once again the defining feature of the global market.
Chinese buyers' absence from the spot market is all too evident.
The arbitrage between Shanghai and London has been deeply import-negative for many weeks. Physical premiums for metal in Shanghai have been soft, lower indeed than those for metal in recessionary Western Europe.
China daily steel output above 2 mln T in mid-April - CISA data
China's daily crude steel output remained above 2 million tonnes tonnes in the second 10 days of April, industry data showed on Thursday, as steelmakers sustained high output amid a seasonal rebound in demand.
China to close 8.5 mln tonnes of steel, copper capacity in 2012
BEIJING, April 26 (Reuters) - China aims to shut down 7.8 million tonnes of steelmaking capacity and 700,000 tonnes of copper smelting capacity this year, the industry ministry said on Thursday, as part of its efforts to reduce pollution.
The Ministry of Industry and Information Technology said in a statement that it also aims to close 270,000 tonnes of aluminium capacity in 2012.
LME proposes warehouses deliver 60 tonnes tin, nickel
The London Metal Exchange is proposing that warehousing companies ensure their minimum daily nickel and tin deliveries are at least 60 tonnes, the exchange said on Wednesday.
London copper edged lower, unimpressed by the U.S. Federal Reserve's reassurance on the chance of more monetary stimulus, as the market was torn between a lackluster picture of demand from top consumer China and a squeeze in London.
Gold held above $1,644 after the U.S. Federal Reserve's meeting on interest rates offered few surprises, but gains in equities and expectations the central bank could do more if necessary to lift the economy may eventually spur buying from investors.
METALS-London copper edges down, shrugging off Fed comments
SINGAPORE, April 26 (Reuters) - London copper edged lower unimpressed by the U.S. Federal Reserve's reassurance on the chance of more monetary stimulus, as the market was torn between a lackluster picture of demand from top consumer China and a squeeze in London.
"Bernanke's comments on the possibility of QE3 (the third round of quantitative easing) is biased towards being bullish for copper, but its effect is rather limited after the prospects of more QE have been diminishing over the past month or two," said Fang Junfeng, an analyst at Shanghai CIFCO Futures.
PRECIOUS-Gold stuck in range after Fed, equities curb losses
SINGAPORE, April 26 (Reuters) - Gold held above $1,644 after the U.S. Federal Reserve's meeting on interest rates offered few surprises, but gains in equities and expectations the central bank could do more if necessary to lift the economy may eventually spur buying from investors.
"I think going forward, gold will probably trade in the direction of where the macro-economy is going. If we hear fresh news from the euro zone that the debt crisis is reemerging, then we could see some safe have demand," said Lynette Tan, an analyst with Phillip Futures.
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