Friday, June 15, 2012

20120615 1637 Global Market & Commodities Related News.

Asian shares rose as traders placed modest bets that central banks will unleash further monetary stimulus measures, but volumes were razor-thin amid fears that Sunday's Greek election could trigger market turmoil.U.S. stocks jumped on Thursday after news major central banks are preparing coordinated action if the results of Greek elections this weekend lead to turmoil in financial markets.

The euro held firm against the U.S. dollar reflecting  hopes of central bank action to counter potential fallout from Sunday's crucial election in Greece, and after disappointing U.S. economic data.

FOREX-Euro holds firm on hopes of central bank action, soft US data
TOKYO, June 15 (Reuters) - The euro held firm against the U.S. dollar, reflecting  hopes of central bank action to counter potential fallout from Sunday's crucial election in Greece, and after disappointing U.S. economic data.
G20 officials told Reuters that central banks from major economies stand ready to take steps to stabilize financial markets by providing liquidity and preventing a credit squeeze if the Greek election result roils markets.

US Grain Exports-Corn sales fall to 11-week low
U.S. corn export sales tumbled to an 11-week low last week, with purchases for shipment in the current season the lowest for the marketing year, as prices soared more than 8 percent, traders said following a weekly U.S. Department of Agriculture report.

Brazil's early sugar output washed out by rain
An unusually wet May for the world's biggest sugar cane belt in center-south Brazil slowed the output of sugar early in this harvest season, industry association Unica said on Thursday.

Argentina's key soy harvest slowed by rain-exchange
Argentine farmers have gathered nearly all 2011/12 soybeans but final harvesting is being slowed by heavy rains in areas parched by drought earlier in the season, a leading grains exchange said on Thursday.

Ivorian cocoa mid-crop seen short, main crop early
Ivory Coast's western cocoa region of Soubre will see a short mid-crop harvest this year due to an extended dry season, but abundant rainfall since early April is likely to produce an early start to the 2012/2013 main crop, farmers said on Thursday.

China think-tank cuts 2012 winter wheat estimate on disease
China's official grain think-tank has lopped about 2 percent off its estimate of 2012 winter wheat output in the world's largest producer and consumer of the grain, where widespread damage from a fungus disease looks set to spur imports.

Brazil grain industry raises '11/'12 soy estimate
Brazil's grain industry association Abiove said on Thursday it estimates the 2011/12 soybean crop that finished harvest in May at 66.2 million tonnes, up slightly from the 65.9 million tonnes forecast in April.

Chicago wheat extended gains from the previous session, after China's official think-tank revised down the nation's winter crop estimates, raising the prospect of higher imports by the world's biggest producer and consumer of the grain.

Euro Coal-S.African hits fresh low, comes to Europe
LONDON, June 14 (Reuters) - South African prompt physical coal prices traded at the lowest level since February 2010 on Thursday, $81.65 a tonne FOB, as oversupply continued to weigh on the market.
South African prompt cargoes are being sold into Europe for the first time in months because freight rates are so low and European buyers are seen as more reliable counterparties than some who have recently defaulted or re-negotiated prices in Asia, traders and utilities said.

German hard coal imports seen down 7 pct in 2012
DUISBURG, Germany, June 14 (Reuters) - German imports of hard coal are likely to fall by seven percent year-on-year to 45 million tonnes in 2012, importers said on Thursday, citing the euro zone's economic crisis and competition from a rising share of renewable energy in power generation.
The likely total this year would be down by 3.4 million tonnes from 48.4 million in 2011, said importers group VDKI at its annual news conference.

India took 1.4 mln T S.Africa coal in May, down m/m
LONDON, June 13 (Reuters) - South Africa exported 4.6 million tonnes of thermal coal in May with Asia including India taking 3.6 million tonnes and the rest going to Atlantic markets, exporters said.
India imported 1.4 million tonnes of coal from South Africa's Richards Bay Coal Terminal (RBCT), down from 1.6 million in April.

Brent futures rose towards $98 extending gains after producer group OPEC agreed to keep its output target unchanged for the second half of the year, although uncertainty surrounding Europe's debt crisis capped further advances.

OPEC hopes Saudis will cut to output target
OPEC left oil output limits on hold on Thursday, powerless to do anything other than hope top producer Saudi Arabia scales back supplies unilaterally soon to stem a $30 slide in prices.

India seeks more oil from OPEC members except Iran
India is seeking extra oil supplies from OPEC members Saudi Arabia, Qatar and Algeria, as the country, already cutting its dependence on sanctions-hit Iran, works to secure additional barrels to feed its expanding refining capacity.

Iron Ore-Spot prices extend gains despite slow China steel mkt
SINGAPORE, June 15 (Reuters) - Price offers for Australian and Brazilian iron ore cargoes in top market China rose, as benchmark rates stretched gains to a fifth day, with traders betting on more price rises while mills were hesitant to buy more amid slow steel demand.
Iron ore has gained 2.5 percent so far this week, while Chinese steel prices are nearly flat, underscoring a divergence between markets that are typically closely linked.

Stainless steel output shrinks in Q1-ISSF
Global stainless steel production fell by 2.8 percent in the first quarter of the year, with an output reduction in all regions, according to a report from industry body ISSF, as producers battle overcapacity and sluggish demand.

Copper market tight, China demand strong-Xstrata
The copper market is tight and demand from top metals consumer China is strong, the head of Xstrata's  copper unit Charlie Sartain said on Thursday, as Europe's crisis and fears of a slowdown in the Asian giant spook markets.

S.Korea to launch copper ETF in July to boost stocks
SEOUL, June 15 (Reuters) - South Korea will start a copper-backed exchange-traded-fund (ETF) in July to boost its stockpiles of the industrial metal and help curb inflation in Asia's fourth-largest economy, finance ministry said on Friday.
Next month's listing means a few month of delay as the state-run Public Procurement Service (PPS) had said earlier it would launch the ETF by the first quarter of 2012.

Copper prices rose and were on track to post their first weekly rise in seven weeks, helped by reports that major central banks are poised to inject liquidity should the results of weekend elections in Greece unleash havoc in financial markets.

Gold edged up extending its winning streak to a sixth session as sluggish U.S. data boosted hopes for monetary easing, while investors were looking to a key vote in Greece on weekend that threatens to break up the euro zone.

METALS-Copper on course to end 6-week losing streak; Greece eyed
SHANGHAI, June 15 (Reuters) - Copper prices rose and were on track to post their first weekly rise in seven weeks, helped by reports that major central banks are poised to inject liquidity should the results of weekend elections in Greece unleash havoc in financial markets.
Such a move could help boost demand for industrial metals, although optimism was tempered by disappointing jobs data from the United States that added to fears that a recovery in the world's largest economy may be slowing.

PRECIOUS-Gold edges up on weak US data; caution on Greece
SINGAPORE, June 15 (Reuters) - Gold edged up, extending its winning streak to a sixth session as sluggish U.S. data boosted hopes for monetary easing, while investors were looking to a key vote in Greece on weekend that threatens to break up the euro zone.
For a second day in a row, data pointed to a slower U.S. recovery, opening the door wider for the U.S. Federal Reserve to launch more stimulus, which would help burnish gold's appeal as an inflation hedge.

Smaller vessels drive Baltic index up
June 14 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose for a fifth straight session on Thursday as a spurt in Atlantic activity boosted rates for smaller vessels.
The overall index, a gauge of the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, rose 10 points or 1.11 percent to 912 points.

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