Thursday, May 3, 2012

20120503 1555 Global Market & Commodities Related News.

Asian shares slipped and the euro languished near a 2-week low after disappointing economic data from both sides of the Atlantic rekindled concerns about the strength of global growth.

The S&P 500 and the Dow edged lower o n W ednesday as data showed that private sector hiring fell far more than expected in April, sparking concerns that Friday's U.S. jobs report will also disappoint investors.

FOREX-Euro and kiwi retreat on weak data; ECB eyed
SINGAPORE/SYDNEY, May 3 (Reuters) - The euro wallowed near two-week lows against the greenback on Thursday, having fallen sharply overnight on the back of more depressing economic news out of Europe that has put the spotlight on the central bank's policy meeting later in the day.
"It seems too early for another wave of easing, but that is where the risks are skewed. The outcome is continued downward pressure on EUR/USD," said Sebastian Galy, strategist at Societe General.

Chicago corn and wheat rose around half a percent, as grain markets took a breather after suffering their biggest decline in more than three months in a selloff sparked by prospects of bumper U.S. crops.

Vietnam cuts 2012 rice export forecast to 5.4 mln T
Vietnam's 2012 rice exports will decline by a quarter from last year to 5.4 million tonnes, the Agriculture Ministry said on Thursday, basing its forecast on lower first-quarter sales.

China inks Argentine corn deal but exports blocked
Argentina will not export corn to China until a deal is reached over the genetically modified crops, which are favored by farmers in the South American country but currently barred by Beijing, an industry group said on Wednesday.

Unlimited India sugar exports to lure bargain hunters
India's decision to allow unlimited sugar exports into an already oversupplied market is likely to keep prices at hovering at one-year lows, but it could prove a sweet deal for buyers looking for bargains, dealers said on Thursday.

The euro wallowed near two-week lows against the greenback, having fallen sharply overnight on the back of more depressing economic news out of Europe that has put the spotlight on the central bank's policy meeting later in the day.

Brent crude steadied above $118 a barrel, reflecting caution among investors ahead of a key U.S. employment report after dismal data from the United States to Europe renewed doubts about the state of the global economy.

Goldman declines comment on iron ore trading plans
LONDON, May 2 (Reuters) - Goldman Sachs  declined to say whether it was scaling back its iron ore business after a source close to its London-based operations said its leading trader had gone back to trading coal alongside iron ore in the last two months.
Jeremy Peters, who previously worked on Goldman's coal derivatives desk, started to trade iron ore derivatives when Goldman Sachs entered this market in early in 2011, quickly becoming one of the top ten players in this small but growing sector.

Italy steel exports up, imports down in Jan-Feb
MILAN, May 2 (Reuters) - Steel exports from Italy, the European Union's No. 2 producer after Germany, rose 10 percent year-on-year to 2.997 million tonnes in the first two months of 2012, and imports dropped 29.7 percent, data from industry body Federacciai showed on Wednesday.
Steel imports, about 62 percent of which came from other EU countries in the January-February period, fell to 2.249 million tonnes in the first two month of 2012, data published on Federacciai's website showed.

China steel mills too big to fail - or succeed
HANCHENG, China, May 3 (Reuters) - In a ramshackle township in northwest China's Shaanxi province, red Communist Party banners call on a nearby steel mill's workers to seek "progress" and avoid making "backward steps".
The slogans demonstrate the hybrid nature of China's floundering steel sector, which as it tries to serve the twin masters of the state and the market has seen margins plummet and racked up a mountain of debt.

Copper experts hike 2012 price forecast-Chile Cochilco
SANTIAGO, May 2 (Reuters) - Copper market experts have hiked their 2012 price forecasts to $3.84 per lb on expectations for a mild recession in the euro zone, reduced likelihood of a global financial crisis and a soft landing in China, Chile's state copper commission Cochilco said on Wednesday.
A Cochilco poll of 21 specialists produced an average copper price of $3.84 per lb this year, compared with an average forecast of $3.62 per lb from a survey conducted in November.

London copper ticked down amid thin volumes, after posting its biggest daily drop in more than a week in the previous session as disappointing economic data from both sides of the Atlantic dented the outlook for demand.

Gold remained under pressure after disappointing data from both sides of the Atlantic fueled concerns about global growth, while investors awaited a rate decision by the European Central Bank later in the day for more trading cues.

METALS-London copper ticks down; bleak economic data weighs
SHANGHAI, May 3 (Reuters) - London copper ticked down on Thursday amid thin volumes, after posting its biggest daily drop in more than a week in the previous session as disappointing economic data from both sides of the Atlantic dented the outlook for demand.
"Prices are hardly moving today. Until we get clearer trading cues, we should expect copper prices to fluctuate within small ranges while prices consolidate," a Qingdao-based trader said.

PRECIOUS-Gold under pressure from weak data; ECB eyed
SINGAPORE, May 3 (Reuters) - Gold remained under pressure on Thursday after disappointing data from both sides of the Atlantic fueled concerns about global growth, while investors awaited a rate decision by the European Central Bank later in the day for more trading cues.
"With the euro zone debt crisis threatening to flare up again, we can see some pressure on gold if the dollar rises," said Lynette Tan, an analyst at Phillip Futures in Singapore.

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