FOREX: The euro hovered near a two-year low after Moody's cut Italy's credit rating, while the Australian dollar rose as China's second-quarter growth met expectations.
FOREX-Aussie up after China GDP; Italy downgrade weighs on euro
SINGAPORE, July 13 (Reuters) - The euro hovered near a two-year low versus the dollar on Friday after Moody's cut Italy's credit rating, while the Australian dollar rose as China's second quarter growth met expectations.
The Australian dollar rose 0. 3 percent to $1.01 69 , boosted by data showing that China's economy grew 7.6 percent in the second quarter from a year earlier. China's economic health is always a key Australian dollar driver because China is Australia's single largest export market.
China Q2 GDP growth 7.6 pct, slowest in 3 years
China's economy grew 7.6 percent in the second quarter of 2012 from a year earlier, its slowest pace in three years, confirming expectations of a downward trajectory that leaves full-year growth on course for its softest showing since 1999.
US jobless claims fall as plants put off retooling
The number of Americans signing up for new jobless benefits fell to a four-year low last week but an unusual pattern for summer factory shutdowns suggested layoffs might pick up again in coming weeks.
Economic slowdown could cap oil prices, IEA says
Global economic slowdown could put a lid on oil prices but there is a risk "nasty supply surprises" could reignite a market rally, the International Energy Agency said on Thursday.
Chicago corn rose for a second straight day, extending its drought-driven rally over four weeks to 45 percent, with little relief expected for the crop which has been hit by the worst drought in the U.S. grain belt in 25 years.
Drought parches more of US Midwest, crops suffer
The worst drought in a quarter century tightened its grip on the Midwestern United States over the past week as sweltering temperatures and scant rainfall punished corn and soybean crops across the region, a report from climate experts said Thursday.
OIL: Brent crude held steady above $100 a barrel as supply disruptions in the North Sea and Iran offset concern over lower fuel demand in China, whose economy grew in the second quarter at its slowest in three years, roughly in line with market expectations.
Euro Coal-S.African prices fall $1-3/T
LONDON, July 12 (Reuters) - South African physical prompt coal prices dropped by $1 to $3 a tonne on Thursday, pulled lower by heavy selling in the swaps market, while buyers stayed on the sidelines.
South African bids fell by around $3 to $82-$83 a tonne FOB, a level close to the two-year low of $81.13 reached in mid-June.
"A support level is going to be found soon. We're close to it now and I don't think there's much room to fall," one European trader said.
Asia Coal-Prices fall to near $88/T on weak China demand
SINGAPORE, July 12 (Reuters) - Prompt Australian thermal coal prices fell to near $88 a tonne during the week, pressured by weak demand in China, industry experts said on Thursday.
Australia's Newcastle spot index for the week closed at $88.26 per tonne on Thursday, down more than 2 percent from last week's $90.60, according to data provided by online trading platform globalCOAL.
China alumina imports seen strong in H2 at 2.5 mln T
HONG KONG, July 12 (Reuters) - China is likely to import at least 2.5 million tonnes of alumina in the second half of 2012, matching record high purchases so far this year, as domestic prices for the aluminium raw material remain above import costs, industry sources said.
China is the world's top aluminium producer. It used to be the world's leading alumina importer until last year, when local refineries boosted production.
China June daily steel output second highest on record
SHANGHAI, July 13 (Reuters) - China's average daily crude steel output hit 2.007 million tonnes in June, its second highest on record, as steel mills shrugged off slowing economic growth in the world's top steel-producing country in order to maximise market share.
Sluggish economic growth in China hurt steel demand throughout the first half of this year, but steel mills have kept utilisation rates high throughout June in a bid to maintain their thin profits.
China's Baosteel cuts main steel product prices for August
SHANGHAI, July 12 (Reuters) - China's biggest listed steelmaker, Baoshan Iron & Steel , will cut August prices of its main products by 4.6 percent to 5.6 percent, after its first reduction in 2012 this month, suggesting the company lacks confidence in the market near-term.
Baosteel's pricing decisions are generally regarded as a bellwether for the industry. While demand generally weakens in China's hot summer months as construction projects slow, sluggish economic growth and a fragile global economy are putting particular pressure on the company this year.
BASE METALS: London copper edged down as investors closed positions on caution ahead of data on China's second-quarter growth that markets fear could be its slowest in more than three years.
PRECIOUS METALS: Gold traded nearly flat, but remained on course for a second consecutive week of losses as worries about the euro zone debt crisis and the absence of stimulus measures in the United States buoyed the dollar and its safe haven appeal. Spot gold was little changed at $1,570.14 an ounce, heading for a weekly decline of 0.8 percent.
METALS-Copper steady after China GDP data shows slowing growth
SHANGHAI, July 13 (Reuters) - Copper steadied on Friday after briefly hitting a one-week high as investors digested the news that China's economy grew at its slowest pace in three years in the second quarter, boding ill for demand for industrial metals from the world's top consumer.
Three-month copper on the London Metal Exchange rose to $7,605.50 per tonne, its highest since July 6, but pared gains afterwards, trading 0.3 percent up at $7,575 per tonne by 0411 GMT, on track for a slight 0.6 percent gain for the week.
PRECIOUS-Gold headed for 2nd losing week as dollar firms
SINGAPORE, July 13 (Reuters) - Gold traded nearly flat on Friday, but remained on course for a second consecutive week of losses as worries about the euro zone debt crisis and the absence of stimulus measures in the United States buoyed the dollar and its safe haven appeal.
Gold edged slightly higher right after China released its second-quarter growth data, which showed the world's second-largest economy grew at the slowest pace since early 2009 but may have stabilised.
Iron Ore-Shanghai rebar eyeing worst week since May
SINGAPORE, July 13 (Reuters) - China steel futures steadied on Friday, but were headed for their biggest weekly loss in nearly two months, reflecting persistently sluggish demand that is expected to keep spot iron ore prices under pressure.
China, the world's top steel consumer and producer, grew at its slowest pace in three years in the second quarter, at an annual rate of 7.6 percent.
Asia Dry Bulk-Panamax rates to edge up on China demand
SINGAPORE, July 12 (Reuters) - Rates for panamax ships on key Asian dry bulk freight routes are expected to edge up next week as Chinese demand for transpacific shipments recover from last month's lull, ship brokers said on Thursday.
In the panamax market, the rate for vessels travelling via the transpacific route surged 15 percent to a two-month high of $8,359 a day on Wednesday from $7,255 last week. The market has rebounded more than 70 percent since hitting a three-year low of $4,895 last month.
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