Asian shares slipped and European stock index futures pointed to a lower open as sentiment stayed cautious with the focus now on U.S. jobs data due later in the day. U.S. stocks edged down on Thursday as economic stimulus measures by major central banks failed to excite investors.
The euro languished at five-week lows against the greenback and record troughs versus commodity currencies such the Australian dollar as markets were underwhelmed by the European Central Bank's latest attempt to bolster the area's economy.
FOREX-Euro nurses hefty losses, U.S. jobs data in focus
TOKYO/SYDNEY, July 6 (Reuters) - The euro languished at five-week lows against the greenback and at record troughs versus commodity currencies such the Australian dollar as markets showed themselves thoroughly uninspired by the European Central Bank's latest attempt to bolster the EU economy.
"The euro dropped on the ECB, but other risk assets have underperformed in the second half of the week too, as some think that job figures may come in stronger than expected and diminish chances of more quantitative easing by the Fed," said Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
Chicago corn slid almost 2 percent after recent steep gains, although prices were set for their biggest three-week rally in 3-1/2 years, sparked by the worst U.S. Midwest drought in nearly a quarter century.
Brazil corn output to jump as U.S. crop suffers
Brazil boosted its corn harvest estimate by 2.5 percent to a record 69.48 million tonnes, a welcome increase as a heat wave threatens United States grains.
U.S. House farm bill cuts $35 bln, boosts crop supports
With time running out for a new U.S. farm law, agriculture leaders in the House of Representatives insisted on keeping traditional farm subsidies that the Senate wants to kill and called for big cuts in food stamps for the poor.
Brazil customs dispute boosts checks on exports
Brazilian customs officials are stepping up inspections on goods leaving through the country's ports to pressure the government to address their wage hike demands, their union said, but the action was having only minimal effect on commodities shipments.
US ethanol output falls to 10-month low, drought darkens outlook
U.S. ethanol production dropped to its lowest level in 10 months last week as dwindling pre-harvest corn stocks crushed profit margins, while a deepening drought in the Midwest threatens to extend the pain into next year.
Crude futures fell more than $1 to stand below $100 per barrel as stimulus moves by central banks failed to allay investor concerns about demand, although supply worries stemming from a labour dispute in Norway are expected to check losses.
Vale ships 300,000 T iron ore pellets to India cos-source
Brazil's Vale SA , the world's largest iron ore producer, has shipped about 300,000 tonnes of iron ore pellets to major Indian steel makers so far in 2012, a company source said.
LME iron ore ambitions at risk after steel failure
LONDON, July 5 (Reuters) - Traders are not likely to take notice of the London Metal Exchange's plans for a new iron ore contract after widespread disappointment over its handling of steel billet futures and while competition is strong from other exchanges.
The Hong Kong stock exchange , which agreed to buy the London Metal Exchange last month, said it had an ambitious expansion programme in mind for the LME, including the introduction of a new iron ore contract that would take advantage of China's insatiable appetite for the vital industrial material.
Chinese banks resume loans, cut rates to some steel traders
SHANGHAI, July 6 (Reuters) - A growing number of Chinese banks have agreed to resume lending to some of the country's steel traders after the cash-strapped firms made a joint appeal to banks earlier last month, industry sources said on Friday.
Chinese banks had clamped down on new lending to steel traders since April after the country's regulator warned of rampant illicit borrowing to speculate in other sectors such as property and stocks.
Use of copper in financing loses allure in China
Chinese companies are cutting the use of copper as collateral for loans, a common practice in the country to get round curbs on credit in the past year, after a key rate used for short-term loans fell below 5 percent last month, traders said on Thursday.
Copper fell, in step with most commodities, as moves by China, the euro zone and Britain to loosen monetary policy to boost growth spooked investors who saw the measures as a sign of growing alarm about the global economic slowdown.
Gold remained on track for a second straight week of gains , though it was little changed from the day before as investors waited for more U.S. jobs data to help gauge the health of the world's top economy and provide trading cues.
METALS-Copper weakens on caution over demand outlook
SHANGHAI, July 6 (Reuters) - Copper fell, in step with most commodities, as moves by China, the euro zone and Britain to loosen monetary policy to boost growth spooked investors who saw the measures as a sign of growing alarm about the global economic slowdown.
"Today's markets show that investors are starting to be unmoved by monetary easing policies in this uncertain global economic environment," said Great Wall Futures analyst Li Rong.
PRECIOUS-Gold steady before US jobs data, 2nd wk of gains likely
SINGAPORE, July 6 (Reuters) - Gold remained on track for a second straight week of gains, though it was little changed from the day before as investors waited for more U.S. jobs data to help gauge the health of the world's top economy and provide trading cues.
"People are concerned that tonight's non-farm payrolls figures might be better than expected, which will decrease the chances of quantitative easing by the Fed - bad news for gold," said Yuichi Ikemizu, head of commodity trading, Japan, Standard Bank.
Iron Ore-Shanghai rebar slips on China growth worry
SINGAPORE, July 6 (Reuters) - Shanghai steel futures fell on Friday, snapping a three-day rise, after China's second rate cut in less than a month raised concern of a sharper economic slowdown that is hurting demand in the world's top steel market.
"People are worried that the GDP data next week will be much lower than expected," said an iron ore trader in Shanghai. "Also a rate cut will push up demand, but the effect will not be felt quickly."
Baltic Index buoyant on firm vessel demand
July 5 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose on Thursday as strong cargo demand flared up rates for capesize and panamax vessels.
"With a slow end to last week and slow start to this one, the Atlantic basin has finally got a more positive feel with some positional tightness and very few ballasters arriving in the next few weeks," ship broker Fearnleys said in its weekly note.
Baltic commits to ship futures screen despite slump
LONDON, July 5 (Reuters) - The Baltic Exchange remains committed to its money-losing central electronic trading platform for dry freight derivatives, confident that it will grow despite a shipping market slump, exchange officials said on Thursday.
In June 2011, it began providing the first central marketplace for freight forward agreements (FFAs), which allow a buyer to take a position on freight rates at a point in the future.
S.Korea ship classifier defends Iran marine work
LONDON, July 5 (Reuters) - A South Korean ship classification society on Thursday sidestepped calls from a U.S. lobby group to halt its verification work in Iran, saying it was concerned that vessel safety and marine environment protection could be compromised by political issues.
Without verification from such bodies, ships are unable to call at international ports.
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