GLOBAL MARKETS: Asian shares inched higher, helped by improving Chinese manufacturing data, but the euro remained under pressure as surging Spanish borrowing costs stoked fears that the euro zone's fourth-largest economy will be forced to seek a bailout. European stocks were set to open mixed following a sharp two-session drop, with data showing rising manufacturing output in top metals consumer China set to provide support to commodity-related shares, while Moody's warning on Germany's credit rating was set to weigh on the country's stock market. U.S. stocks fell for a second straight session on Monday, as Spain appeared closer to needing a national bailout and poor corporate results weighed on the market.
China flash PMI at 5-mth peak on output bounce
China's flash factory purchasing managers index rose in July to its highest level since February, boosted by a pick up in output and signs of improvement in new export orders that offered relief to struggling financial markets.
FOREX: The euro steadied against the yen and the U.S. dollar in Asia, as investors' risk appetite perked up after data showed signs of improvement in China's manufacturing output.
FOREX-Euro steadies after China PMI, Aussie perks up
TOKYO, July 24 (Reuters) - The euro steadied against the yen and the U.S. dollar in Asia on Tuesday, as investors' risk appetite perked up after data showed signs of improvement in China's manufacturing output.
China's manufacturing output in July grew at its fastest pace in nine months which offered some relief amid mounting worries that Spain, the euro zone's fourth-largest economy, may need to seek a bailout.
Some US crops get welcome drink amid devastating drought
Rain will fall early this week in the northern U.S. Midwest, with from 1 to 2 inches expected across a broad parched swath of corn and soybean land roughly north of Interstate 80, an agricultural meteorologist predicted Monday.
GRAINS: Chicago corn slipped more than 2 percent and soybeans slid more than 3 percent, extending losses from the previous session, on forecasts for rains over some regions of the drought-hit U.S. Midwest.
POLL-US crude stocks forecast flat, gasoline lower
U.S. commercial crude oil stockpiles were forecast unchanged for the week to July 20 as a fall in imports was offset by lower utilization rates, while gasoline inventories were forecast to have dipped slightly, a preliminary Reuters poll showed on Monday.
OIL: Brent crude climbed above $104 per barrel as China, the world's top energy consumer, showed signs of improvement in its economy though fears of a Spanish bailout curbed gains.
Indonesia June exports of nickel, copper ore slump - govt
JAKARTA, July 24 (Reuters) - Indonesia's June exports of nickel and copper ores and concentrates slumped up to 90 percent, trade ministry data said on Tuesday, showing that new government mining rules have hurt shipments from a major metals supplier to China.
Exports of nickel ore, a raw material used in the production of stainless steel, dropped to 572,106 tonnes in June, down 80 percent from 2,851,924 tonnes in May, the data showed.
China's BOCI to trade on the LME from July 25
LONDON, July 23 (Reuters) - BOCI Global Commodities, a unit of the Bank of China , will begin trading and clearing as an associate member of the London Metal Exchange (LME) later this week, the exchange said on Monday.
BOCI Global Commodities will commence operations as a Category 2 member of the exchange from July 25. Category 2 members, or associate broker clearing members, are able to trade on the LME's electronic platforms and the telephone market but may not trade in the ring.
London Metal Exchange takeover vote a close call -survey
LONDON, July 23 (Reuters) - With the fate of the world's largest metals marketplace due to be decided in two days, London Metal Exchange shareholders are taking the 1.4 billion pound ($2.2 billion) decision on a sale to Hong Kong stock exchange down to the wire.
A Reuters survey showed that while half of respondents were clearly in favour of the deal, some smaller industrial users of metals such as copper, aluminium and nickel were against or had not made up their minds and, crucially, some heavyweight stakeholders were still undecided.
COLUMN-Global steel output still running too hot
--Andy Home is a Reuters columnist. The opinions expressed are his own--
LONDON, July 23 (Reuters) - Global steel production fell by 0.1 percent year-on-year in June, according to the latest figures from the World Steel Association.
The negative headline figure was the culmination of a trend of slowing growth that has been apparent since March of this year.
London Metal Exchange takeover vote a close call –survey
With the fate of the world's largest metals marketplace due to be decided in two days, London Metal Exchange shareholders are taking the 1.4 billion pound ($2.2 billion) decision on a sale to Hong Kong stock exchange down to the wire.
China's BOCI to trade on the LME from July 25
BOCI Global Commodities, a unit of the Bank of China , will begin trading and clearing as an associate member of the London Metal Exchange later this week, the exchange said on Monday.
BASE METALS: London copper rose on short covering ahead of the release of data on Chinese factory activity, rebounding from a near one-month low in the prior session on worries that Spain's debt problems will undermine global demand for metals.
PRECIOUS METALS: Gold held steady above a 1-1/2 week low near $1,560 an ounce hit in the previous session, although deepening worries on the euro zone debt crisis kept prices under pressure.
METALS-Copper up on China PMI data; euro zone crisis to cap gains
SHANGHAI, July 24 (Reuters) - London copper rebounded on Tuesday after better-than-expected July manufacturing output in top metals consumer China temporarily offset investor worries that Spain's debt problems would undermine global demand for metals.
The HSBC Flash China manufacturing purchasing managers index (PMI) rose to 49.5 in July from 48.2 in June, growing at the fastest pace in nine months and nearing the 50 level that divides expansion from contraction.
PRECIOUS-Gold steady but euro zone worries weigh
SINGAPORE, July 24 (Reuters) - Gold held steady on Tuesday above a 1-1/2 week low near $1,560 an ounce hit in the previous session, although deepening worries on the euro zone debt crisis kept prices under pressure.
Concerns about Spain's finances were rekindled after a number of regions in the country sought help from Madrid, while Moody's Investors Service changed its outlook for Germany, the Netherlands and Luxembourg to negative from stable.
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