Wednesday, May 9, 2012

20120509 1613 Global Market & Commodities Related News.

Shares, gold and oil fell and the euro remained pressured as Greece struggled to form a government two days after an election, heightening the risk that a hard-won bailout deal could be scrapped. U.S. stocks ended lower on Tuesday after political developments in Greece fanned concerns about Europe's fiscal health, but a late rally helped indexes cut losses to close well above  lows.

The euro fell close to a recent three-month low, on worries that political uncertainty in Greece and a French leadership change may undermine austerity plans key to tackling the euro zone's debt crisis.

FOREX-Euro falls as political risks weigh, nears 3-mth low
SINGAPORE, May 9 (Reuters) - The euro fell close to a recent three-month low on Wednesday, on worries that political uncertainty in Greece and a French leadership change may undermine austerity plans key to tackling the euro zone's debt crisis.
"One issue is whether this will cause investors to shun risk globally, or be viewed as the euro's problem alone and just lead to weakness in the euro," said Koji Fukaya, director of global foreign exchange research for Credit Suisse Securities in Tokyo.

U.S. soybeans fell for a third consecutive session, while corn and wheat ticked lower, amid a broad-based weakness in financial markets which was triggered by escalating fears about Greece's political crisis.

Australia says wheat exports drop 13 pct in March
Australian wheat exports fell 13 percent in March from February, when exports hit a nine-year high, government data showed on Wednesday.

Indonesia sees 2012 processed cocoa bean exports at 380,000 T
Indonesia estimates that exports of processed cocoa beans this year will total 380,000 tonnes, up from 249,188 tonnes in 2011, Sindra Wijaya, executive director of the Indonesian Cocoa Industry Association (AIKI) said on Wednesday.

Colombia coffee output up for first time in a year
Colombia's coffee production rose 11 percent in April versus the same month last year, after 12 months of declines due to heavy rains that had battered coffee crops, the growers federation said on Tuesday.

Argentine grains port workers threaten pay strike
Workers at leading grains export ports in Argentina will go on strike on Thursday and blockade soy-crushing plants unless their minimum wage is hiked to reflect brisk inflation, a union spokesman said on Tuesday.

Brent crude slipped towards $112, maintaining its downtrend for a sixth session, as political uncertainty in the debt-laden euro zone and rising oil stocks in the United States revived worries about fuel demand.

US crude stocks seen rising, Cushing stocks up
U.S. crude oil stockpiles were expected to have increased for a seventh straight week last week as inventories in Cushing, Oklahoma continued to build ahead of the Seaway pipeline reversal, an extended Reuters poll showed on Tuesday.  

Brazil oil output falls in March for second month
Brazilian output of oil and natural gas fell 5 percent in March from February, the second straight month-on-month decline and the lowest monthly average in seven months, Brazil's oil regulator, the ANP, said in a statement.

India's April Iran oil imports plunge 34 pct vs March-trade
India's crude oil imports from Iran declined by about 34 percent in April compared with March, deeper than expected and the first evidence of New Delhi implementing cuts in supplies from the sanctions-hit nation under annual deals that began last month.

Promising start for China iron ore trading platform
An Australian cargo was among three sold via China's first physical iron ore platform on Tuesday, a promising start for the electronic trading system, although traders say volumes must rise before the platform can create price benchmarks.  

US aluminum premiums soar to record above 10 cts/lb
Benchmark U.S. Midwest spot aluminum premiums rose above 10 cents a lb for the first time as a persistently strong spread between cash and forward prices on the London Metal Exchange continued to tie up the metal in the warehouses.

London copper futures fell, extending losses after hitting two-week lows near $8,000 a tonne in the previous session, weighed down by worries about the impact of political turmoil in Greece and the euro zone debt crisis.  

Gold dropped to a four-month low, pressured by a weaker euro as investors fretted about the political upheavals in Greece that threaten to sink the country into chaos and endanger the euro zone's efforts to end the debt crisis.

METALS-Copper rebounds off $8,000; capped by Europe worries
SHANGHAI, May 9 (Reuters) - London copper futures fell on Wednesday, extending losses after hitting two-week lows near $8,000 a tonne in the previous session, weighed down by worries about the impact of political turmoil in Greece and the euro zone debt crisis.
"The Greek and French elections added a bearish tone to the day as the new leaderships present a threat to the euro zone's unity in managing its debt crisis," said a Qingdao-based trader.

PRECIOUS-Gold dips to 4-month low on Greece uncertainty
SINGAPORE, May 9 (Reuters) - Gold dropped to a four-month low on Wednesday, pressured by a weaker euro as investors fretted about the political upheavals in Greece that threaten to sink the country into chaos and endanger the euro zone's efforts to end the debt crisis.
"The situation is Europe is difficult, but what's happening is that anything that's slightly tainted with risk is being sold, even though the real risk associated with that product is less than one could justify by its price movements," said Nick Trevethan, senior metals strategist at ANZ in Singapore.

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