Markets extended gains in Asia with investors hunting for bargains in shares beaten down to 2012 lows late last week, as hopes grew that Europe could agree on fresh action to tackle its debt crisis while promoting growth. U.S. stocks rose more than 1 percent on Monday, with the S&P 500 snapping a six-day losing streak in a rebound from equities' biggest weekly drop in almost six months, but Facebook slumped in its second session after a disappointing debut.
The euro's rebound from four-month lows stalled on Tuesday, failing to break above a technical resistance, though traders said selling could be limited at least until an informal meeting of European leaders this week.
FOREX-Euro rebound stalls, focus shifts to EU summit
TOKYO, May 22 (Reuters) - The euro's rebound from four-month lows stalled on Tuesday, failing to break above a technical resistance, though traders said selling could be limited at least until an informal meeting of European leaders this week.
Traders have been reducing their massive bets against the common currency in the past couple of days, taking note of prospects - however slender - that EU leaders may agree measures to bolster investor confidence in the euro zone on Wednesday.
U.S. wheat slid 1.2 percent coming off an 8-1/2 month high hit in the previous session, as the market took a breather from a six-day rally sparked by crop-threatening dry weather in the United States and Russia.
Brent crude held steady near $109 awaiting the results of two meetings to tackle Europe's debt crisis and Iran's nuclear programme, which could determine the future of global oil demand and supply.
Iraq turns to U.S. drones to protect oil platforms
Iraq is buying unmanned drones from the United States to help protect its southern oil platforms as the OPEC nation ramps up production after the withdrawal of the last American troops, U.S. and Iraqi officials said on Monday.
China's Iran oil imports rebound on month, down on year
China's crude oil imports from Iran rebounded more than 50 percent in April from March after resolving pricing disputes over term contracts, but shipments fell nearly a quarter from a year ago, with Saudi Arabian supplies helping to plug the gap.
Xstrata sees China copper demand rebounding
Chinese demand for copper is likely to improve in the second half, the head of Xstrata's copper unit said on Tuesday, as the miner pledged to lift output by about 60 percent over three years after some rivals have put the brakes on expansion.
Global steel output sluggish; market outlook weak
Global and Chinese crude steel production growth was sluggish in April, data from an industry body showed, and could slow further in the next few months as steelmakers tackle weaker demand and falling prices in what should be the most active period of the year.
COLUMN-Financiers' lifeline to aluminium producers
(Andy Home is a Reuters columnist. The opinions expressed are his own)
LONDON, May 21(Reuters) - Global production of aluminium edged up by 131,000 tonnes annualised in April, according to figures released this morning by the International Aluminium Institute (IAI) and the China Nonferrous Metals Industry Association (CNIA).
A 212,000-tonne increase in annualised production in China offset a modest 73,000-tonne decrease in the rest of the world.
Aluminium premiums highest in 2 years on tight supply
LONDON, May 21 (Reuters) - A supply shortage from aluminium producers and incentives paid by warehouses for material has lifted aluminium premiums to their highest in almost two years, with traders expecting them to remain at elevated levels for the coming months.
Traders said customers are buying on a hand-to-mouth basis, taking delivery of material for immediate needs, while avoiding booking contracts for next quarter in the hope that premiums could drop.
Alcan seeks record high aluminium premium from Japan buyers-sources
TOKYO, May 21 (Reuters) - Rio Tinto Alcan has written to Japanese buyers asking them to pay a record premium of $200 per tonne for July-September primary aluminium shipments, citing tight supplies, two sources directly involved in the talks said on Monday.
That compares with average premiums of $121-$122 paid over the London Metal Exchange cash price in the current quarter. Buyers pay a premium in addition to the LME cash price to cover freight and insurance and to reflect regional supply and demand.
Xstrata sees China copper demand rebounding
SYDNEY, May 22 (Reuters) - Chinese demand for copper is likely to improve in the second half, the head of Xstrata's copper unit said on Tuesday, as the miner pledged to lift output by about 60 percent over three years after some rivals have put the brakes on expansion.
Charlie Sartain said the company had earmarked roughly $7 billion to beef up its copper division, mainly in Chile, Peru and Argentina, and also in Australia.
Global steel output sluggish; market outlook weak
LONDON, May 21 (Reuters) - Global and Chinese crude steel production growth was sluggish in April, data from an industry body showed, and could slow further in the next few months as steelmakers tackle weaker demand and falling prices in what should be the most active period of the year.
Global steel production rose by only 1.2 percent in April compared with the same month last year, to 128 million tonnes, according to data released on Monday by the World Steel Association (Worldsteel).
London copper futures touched a one-week high buoyed just above $7,800 by bargain hunters betting on European and Chinese leaders taking steps to reinvigorate their economies.
Gold inched lower after failing to break above $1,600 an ounce, as investors await a European Union summit later in the week at which leaders will try to agree on action to solve the region's debt crisis.
METALS-LME copper gains for third day on EU summit hopes
SHANGHAI, May 22 (Reuters) - London copper futures touched a one-week high on Tuesday, buoyed just above $7,800 by bargain hunters betting on European and Chinese leaders taking steps to reinvigorate their economies.
Uncertainty about the euro zone and the overall global economy are however likely to cap copper's gains. The metal is on track to lose over 7.5 percent this month, sharply cutting its year-to-date gains to around 2 percent from as much as 15 percent in February.
PRECIOUS-Gold stalls below $1,600/oz; EU summit eyed
SINGAPORE, May 22 (Reuters) - Gold inched lower on Tuesday after failing to break above $1,600 an ounce, as investors await a European Union summit later in the week at which leaders will try to agree on action to solve the region's debt crisis.
Gold made attempts to break above the key resistance level at $1,600 in the past two days but failed, and has since been drifting around $1,590 as investors remained cautious when the fate of Greece and euro zone remains in limbo.
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