The euro surged 1.1 percent, poised for its biggest daily jump in eight months, after European leaders agreed to emergency action to lower borrowing costs of Italy and Spain and to create a single supervisory body for euro area banks.
FOREX-Euro rallies most in 8 mths on bond support for Italy, Spain
TOKYO, June 29 (Reuters) - The euro surged 1.1 percent, poised for its biggest daily jump in eight months, after European leaders agreed on Friday to emergency action to lower borrowing costs of Italy and Spain and to create a single supervisory body for euro area banks.
A summit of the 17-nation currency zone agreed that its rescue funds could be used to stabilise bond markets without forcing countries that comply with EU budget rules to adopt extra austerity measures or economic reforms.
Chicago corn bounced back on Friday, rising for five out of six sessions as a severe drought in the U.S. Midwest curbs yields of what was once estimated to be a record-large crop.
Argentina farmers plant wheat, weather helps
Argentine wheat farmers have planted nearly half the area forecast for the 2012/13 crop, and seedlings are off to a good start due to favorable weather, the Buenos Aires Grains Exchange said on Thursday.
U.S. crops cook under Midwest heat dome
Stifling heat and bone dry conditions will persist across the center the U.S. Midwest for at least the next 10 days, adding more stress to young corn and soybean plants already suffering from a lack of rain, agricultural meteorologists said on Thursday.
Australia sugar exports face delays due to rains
Australia's sugar exports may be delayed after rain pushes back cane harvesting in Queensland state and disrupts crushing operations in about half the 24 sugar mills in the world's third-largest raw sugar exporter.
Brazil, India to add 10 mln t sugar output by 2020
The world's top two sugar producers, Brazil and India, will add more than 10 million tonnes to global production by 2020, in a drive to keep pace with rising demand in Asia, a senior economist said on Thursday.
Brent oil rose more than a dollar to above $92 per barrel after European leaders agreed on steps to tackle the region's intractable crisis in a move that could lift the global economy and fuel demand, while supply disruptions also aided.
US April oil demand down 1.77 pct from year ago-EIA
U.S. oil consumption in April was weaker than expected, the U.S. government said on Thursday, but after months of declines there are signs oil demand may finally be leveling off.
Euro Coal-S.African tightness boosts prices by $1/T
LONDON, June 27 (Reuters) - Prompt South African FOB physical coal prices rose by around $1.00 on Wednesday as traders bought to cover short positions amid tight supply for July and August cargoes.
"Supply is extremely tight for July, you can't find anything from South Africa, nobody is willing to sell and August is looking like it'll be just as tight," one European trader said.
ASIA COAL-Coal prices rebound toward $89/T
SHANGHAI, June 27 (Reuters) - Prompt Australian thermal coal prices rebounded toward $89 a tonne during the week, bolstered by expectations of more production cuts and as traders bought to cover short positions for the third quarter.
"There is some buying interest from China but they are still bidding very low prices. The overall fundamentals haven't changed; there is still a lot of coal around and the Chinese are still trying to defer and re-negotiate prices," said a Singapore-based trader.
Iron ore developers turn to unconventional backers
LONDON, June 28 (Reuters) - Iron ore mine developers are turning to unconventional finance providers as many banks withdraw support on likely medium-term price weakness, according to an executive at Sweden-based Nordic Iron Ore.
Benchmark iron ore rose to almost $200 per tonne in early 2011, supported by tight supply and booming demand in top consumer China.
EU steel industry in terminal decline - sector chief
BRUSSELS, June 28 (Reuters) - The European Union's steel industry may need to shut three quarters of its capacity in the next two decades because of declining demand, rising costs and cheap imports, a European sector chief said on Thursday.
"It is foreseeable in the next 10, 15, 20 years, at least for normal grade steel, that production in Europe will not be competitive any more," Wolfgang Eder, president of European steel industry body EUROFER told Reuters in an interview.
Iron Ore-Spot prices fall, mills' appetite weak
SHANGHAI, June 29 (Reuters) - Spot prices for iron ore cargoes to China fell as buying interest from steel mills remained tepid, with data showing a fall in industrial profits for a second straight month underlining slower domestic growth.
"Traders sealed deals (to buy iron ore) but have found it difficult to sell on market as mills are not buying," said a Shenzhen-based iron ore trader.
EU steel industry in terminal decline - sector chief
BRUSSELS, June 28 (Reuters) - The European Union's steel industry may need to shut three quarters of its capacity in the next two decades because of declining demand, rising costs and cheap imports, a European sector chief said on Thursday.
"It is foreseeable in the next 10, 15, 20 years, at least for normal grade steel, that production in Europe will not be competitive any more," Wolfgang Eder, president of European steel industry body EUROFER told Reuters in an interview.
Japan's May zinc exports up 68 pct yr/yr
TOKYO, June 28 (Reuters) - Japan's May zinc exports to Asia rose 68 percent from a year earlier as smelters resumed work following earthquake-related closures last year.
Taiwan is the biggest buyer of refined zinc from Japan last month, totalling 2,120 tonnes and up 11 percent from a year earlier, customs-cleared trade data showed on Thursday. Among other importers are Indonesia, up 44 percent at 1,941 tonnes, and China, up 69 percent at 1,170 tonnes.
Japan's May imports of Indonesia nickel ore jump
TOKYO/JAKARTA, June 28 (Reuters) - Japanese imports of nickel ore from Indonesia jumped 80 percent from a year earlier in May, government data showed on Thursday, as importers rushed to buy ahead of expected disruptions to shipments by suppliers in coming weeks.
The Indonesian government in May ordered all miners to submit plans to build local smelters or process ore domestically by 2014, when a total ban on raw mineral exports kicks in. It also imposed a tax of 20 percent on ore exports.
Japan July-Sep crude steel demand seen up slightly yr/yr
TOKYO, June 28 (Reuters) - Demand for crude steel in Japan is expected to rise 0.6 percent in the third quarter from a year ago, the trade ministry said, as appetite from the construction sector picks up following last year's earthquake.
Demand for crude steel in Japan, the world's No.2 producer of the construction material, is seen at 27.1 million tonnes for the July-September quarter, the ministry estimated, based on a survey of steelmakers and inventory levels at the end of June.
Japan May copper exports to China double
TOKYO, June 28 (Reuters) - Japan's exports of copper cathode to China continued to increase at a robust pace in May, reflecting strong appetite for the metal from the world's biggest consumer, customs data from the Ministry of Finance showed on Thursday.
Japan's exports to China nearly doubled to 17,014 tonnes during the month from 8,645 tonnes a year earlier, helping to push up Japan's overall refined copper exports, including billet and other products, by 94 percent to 46,124 tonnes.
Indonesia needs 1,500 MW for new smelters -Chamber of Commerce
JAKARTA, June 28 (Reuters) - Indonesia has received 167 proposals from companies planning to build smelters to meet new government mineral export rules but only 40 are likely to go ahead, a senior official from the Chamber of Commerce and Industry (Kadin) said on Thursday.
"There are 167 (mining companies) that have registered, but ... only 40 will likely be able to afford to build smelters, if the smaller companies work together," Bambang Sujagad, the chamber's deputy chairman of industry, research and technology, told Reuters.
London copper rose more than 2 percent after European leaders agreed to create a single supervisory body for euro zone banks and allow them to be recapitalised without adding to government debt, easing fears over Italy and Spain.
Indian gold imports to pick up in July-Dec
India's gold imports could pick up in the second half of 2012 if record prices ease but annual volumes will still fall about 30 percent after a tax hike, which could crimp demand until 2014, the head of Mumbai's gold trade association said.
Gold rose more than 1 percent , tracking a surge in the euro after European leaders agreed on the recapitalisation of banks without boosting government debt, helping ease fears over the region's debt crisis.
METALS-LME copper rises toward $7,500/T on EU bond support
SHANGHAI, June 29 (Reuters) - Copper rose on Friday after European leaders agreed to create a single supervisory body for euro zone banks and allow them to be recapitalised without adding to government debt, easing fears of spiralling debt in Italy and Spain.
The move prompted a surge in other riskier assets, including Asian shares and the euro, as it surprised many who had not expected the summit of regional leaders to produce any substantive measures to stem the bloc's spreading debt crisis.
PRECIOUS-Gold rises on EU pledge, but eyes worst quarter in 8 yrs
SINGAPORE, June 29 (Reuters) - Gold rose more than 1 percent on Friday, tracking a surge in the euro after European leaders agreed on the recapitalisation of banks without boosting government debt, helping ease fears over the region's debt crisis.
But heavy losses over the past three months mean gold is still on track to post its worst quarter since 2004, as a growing global economic slowdown from Europe to China pushed investors to safer havens such as the dollar.
Baltic shipping index up on higher capesize rates
June 28 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose on Thursday, as higher capesize rates offset the continued softer performance in the panamax segment.
"Bunker prices have stabilized at lower levels and the freight market has seemed to have stabilized, with the exception of the Atlantic, which is dismal. The usual large operators have continued to turn over their fleets at stable rates," ship broker Fearnleys said in its weekly note.
Asia dry-bulk rates to edge up on China demand
SINGAPORE, June 28 (Reuters) - Rates for large dry-bulk carriers on key Asian freight routes are expected to edge up next week due to a revival of trading activity from China, but ample vessel supplies will limit gains, ship brokers said on Thursday.
"The anticipated increase in activity finally materializes," said broker firm Marex Spectron. "There should be a similar level of activity on Thursday as the current programme is still slightly lagging behind but...any rise in rates will be modest."
POLL-Key freight index to rise 35 pct in H2 on China
SINGAPORE, June 28 (Reuters) - The Baltic Exchange's Dry Index, an indicator of global economic activity, will rebound by 35 percent in the second half of 2012 versus the last six months on a recovery in Chinese iron ore and coal demand, a Reuters poll showed on Thursday.
The euro debt crisis, slowing economic growth in China, and an oversupplied global fleet have battered the shipping industry in the first half of this year, driving down the benchmark index by around 45 percent from H2 2011.
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