Wednesday, May 23, 2012

20120523 1126 Global Market & Commodities Related News.

GLOBAL MARKETS-Shares retreat as caution replaces hopes before EU summit
TOKYO, May 23 (Reuters) - Asian shares retreated on Wednesday as hopes for fresh measures to tackle euro zone debt
faded and caution set in ahead of a meeting of European leaders, with renewed fears Greece would leave the euro bloc dampening appetite for riskier assets. "We doubt that Wednesday evening's EU summit will result in many ground-breaking concrete agreements," Barclays Capital analysts said in a research note, adding that European policymakers have agreed to put more weight on growth but have not formed a consensus on how to achieve it.

Commodities will take time to respond to China growth
(Clyde Russell is a Reuters market analyst. The views expressed are his own)
LAUNCESTON, Australia, May 22 (Reuters) - Can the disappointment over China's softening commodity demand in April be simply washed away with a few comments that the authorities intend to bolster infrastructure spending?
It would seem simplistic to think so but commodity prices have generally responded favourably, or for the most part stopped declining, after a state-backed newspaper said the world's largest commodity buyer will fast track project approvals

COMMODITIES-Corn, other crops tumble; CRB near 20-month low
NEW YORK, May 21 (Reuters) - Commodities resumed their sharp fall on Tuesday, with a key sector index nearing 20-month lows, as agricultural futures chalked up huge declines and oil and metals sagged due to a strong dollar and weakened demand outlook. "We are pressured by currency weakness in producing countries and the stronger dollar," said James Kirkup, head of sugar brokerage at ABN AMRO Markets in London.

OIL-Oil falls as Iran talks progress, euro worries continue
NEW YORK, May 22 (Reuters) - Oil prices fell on Tuesday as signs of a deal between the U.N. nuclear watchdog and Iran on Tehran's nuclear program eased fears of oil supply disruptions, while the euro zone debt crisis continued to threaten economic growth."There is perception that Iranians are more agreeable at this point to slowing down its nuclear efforts, but they still have to show some concrete action regarding their nuclear program to justify such hopes," said Gene McGillian analyst at Tradition Energy.

US crude stocks rise, gasoline falls - API
NEW YORK, May 22 (Reuters) - U.S. crude stocks rose last week but gasoline inventories fell sharply, data from the American Petroleum Institute (API) showed on Tuesday.
U.S. crude oil inventories rose 1.5 million barrels in the week to May 18, compared with analyst expectations in a Reuters poll for a rise of 1 million barrels, the API said.

Japan April LNG imports climb over year after Fukushima
TOKYO, May 23 (Reuters) - Japan, the world's top importer of liquefied natural gas, imported 6.9 million tonnes of LNG in April, up 14.9 p e rcent from the previous year, reflecting a rise in gas-fired power generation after the Fukushima nuclear crisis.
Customs-cleared crude oil imports rose 12.9 percent from the same month a year earlier to 19.2 million kilolitres (4.0 million bpd), preliminary data from the Ministry of Finance showed on Wednesday.

NATURAL GAS - Weather support lifts US natural gas futures 4 pct
NEW YORK, May 22 (Reuters) - U.S. natural gas futures ended sharply higher on Tuesday, boosted by signs of a tighter supply-demand balance and warmer weather forecasts into early June that should force homes and businesses to crank up air conditioners."I think people are lowering expectations for (Thursday's EIA) inventory build, and there's some (warm) weather coming," Gelber & Associates analyst Pax Saunders told Reuters.

Euro Coal-Prices dip, Jly S.African trades at $93.10
LONDON, May 18 (Reuters) - European prompt physical coal prices dipped again by $1-2 on Friday, drawing some buying interest although most market participants are increasingly bearish about coal's near-term price outlook. "There is still U.S. coal being offered but the last thing anybody wants is more coal because who would you sell it to?," one European trader said.

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