Thursday, June 7, 2012

20120607 1616 Global Commodities Related News.

Asian shares hit one-week highs and commodity prices and the euro firmed, on signs that Europe was dealing urgently with Spain's banking crisis and that the United States could embark on fresh monetary stimulus. U.S. stocks jumped on Wednesday, giving the S&P 500 its best day since December, as talk of a rescue of Spain's troubled banks and hopes for more monetary stimulus sparked a rebound from recent selling.

The euro held firm against the dollar as vague hopes of more policy action, both in Europe and the United States, led short-term players to wind back their bets against the currency.

FOREX-Euro firm on policy hopes, Aussie jumps on jobs data
TOKYO, June 7 (Reuters) - The euro held firm against the dollar, as vague hopes of more policy action, both in Europe and the United States, led short-term players to wind back their bets against the currency.
Also boosting risk sentiment in general, the Australian dollar shot up to a three-week high following surprising strength in Australian employment data.

U.S. corn edged up to a two-week high gaining for three out of four sessions, while soy rose for a third consecutive day as growing hopes for monetary easing and the rescue of Spain's troubled banks boosted risk sentiment.

Argentine farmers begin anti-government strike
Argentine farmers halted grains sales on Wednesday at the start of a one-week strike over government farming policy that has revived long-standing tensions in the countryside and raised global supply concerns.

Ghana cocoa crop likely well below target-Cocobod
Ghana's cocoa production is likely to be around 850,000 tonnes this season, well below its target of 950,000 tonnes, due to dry weather and a fall in prices, the head of regulator Cocobod said in an interview.

Brazil expects clearance soon to export corn to China
Brazil should soon secure clearance to ship corn to China, which is expected to become one of the world's biggest importers of the grain, Brazil's agriculture ministry said.

Rains improve crops in Russia's parched south
Heavy rains in Russia's southern breadbasket in the past two weeks have halted damage to crops from a late spring drought and the yield outlook could improve if favourable weather lasts through the harvest, the state crop weather forecaster said.

Brent crude rose holding above $100 per barrel on expectations the United States will introduce measures to boost its economy and European policymakers may rescue ailing Spanish banks - both reviving hopes oil demand growth would recover.

Copper rose 0.6 percent on cautious optimism that European leaders were seeking a solution for ailing Spanish banks and as hopes rise for that the U.S. central bank will introduce measures to boost its economy.

China suspends plan to export refined copper -sources
HONG KONG, June 6 (Reuters) - Chinese smelters and merchants have suspended a plan to export 200,000 tonnes of refined copper cathode to LME warehouses in Asia, after just over half that amount was shipped out in recent weeks, sources at smelters said on Wednesday, in a move likely to ease pressure on copper prices.  Traders had flagged that the rare hefty exports from the world's top copper consumer would boost copper stocks in warehouses monitored by the London Metal Exchange (LME) in Asia in June after thousands of tonnes were landed there in May.

Gold inched up and hovered near one-month highs, with investors hoping the U.S. central bank will take action to stimulate the world's biggest economy and shield it from the fallout of the euro zone debt crisis.

METALS-Copper rises on hopes of Spain rescue, US stimulus
SHANGHAI/SINGAPORE, June 7 (Reuters) - Copper rose, spurred by optimism that Europe is seeking a way to solve Spain's banking crisis and that the United States will launch measures to boost its economy, helping brighten the outlook for raw material demand.
Copper has fallen 15 percent from this year's peak of $8,765 touched in February because economic worries from China to Europe and the United States have raised concern that demand for commodities such as copper would drop.

PRECIOUS-Gold edges up ahead of Bernanke testimony
SINGAPORE, June 7 (Reuters) - Gold inched up and hovered near one-month highs, with investors hoping the U.S. central bank will take action to stimulate the world's biggest economy and shield it from the fallout of the euro zone debt crisis.
Spot gold  gained 0.2 percent to $1,620.16 an ounce by 0302 GMT, not too far off the one-month high of $1,640.50 reached in the previous session.

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