20121012 1609 Global Markets & Commodities Related News.

STOCKS: Asian stocks steadied, but were on course for a losing week as worries about weak corporate earnings and slowing global economic growth limit the appeal of riskier assets. European stocks opened lower as expectations for a weak earnings season and lingering uncertainty about Spain's debt crisis kept investors on the back foot after healthy gains in the previous session. U.S. stocks ended flat on Thursday after gains brought by a sign of improvement in the labor market were erased in part by a drop in Apple shares after a legal setback in a court ruling. (Reuters)

FOREX: The euro steadied after snapping a three-day decline the day before when the International Monetary Fund said indebted euro zone economies should have more time to cut budget deficits, while the yen was capped as risk aversion eased. (Reuters)

FOREX-Euro steadies, yen weighed as risk aversion eases
TOKYO, Oct 12 (Reuters) - The euro steadied on Friday after snapping a three-day decline the day before when the International Monetary Fund said indebted euro zone economies should have more time to cut budget deficits, while the yen was capped as risk aversion eased.
Markets are stuck in ranges as investors continue to wait for Spain, the euro zone's fourth-largest economy gasping under the weight of huge public deficit, to request a bailout and activate the European Central Bank's new scheme aimed at easing the refinancing pains of highly-indebted euro zone countries.

U.S. jobless claims fall to lowest in 4-1/2 years (Reuters)
The number of Americans filing new claims for jobless benefits slid last week to the lowest level in more than four and a half years, according to government data that may provide a boost to President Barack Obama a month before voters go to the polls.

World corn stocks tighten on smaller U.S., EU crops (Reuters)
U.S. and world corn stocks will be tighter than expected well into 2013 and drought has cut the wheat crop in leading exporter Australia, the U.S. government forecast, driving up futures as world farm ministers prepare to meet on high food prices.

GRAINS: Chicago corn and wheat eased but the grain markets are on track for biggest weekly gain in almost three months, buoyed by a U.S. government forecast of tighter global supplies.  (Reuters)

BP to export U.S. crude to Canada, Shell seeks permit (Reuters)
Oil major BP Plc has secured U.S. government permission to ship U.S. crude oil to Canada, and Royal Dutch Shell has applied for an export license, as rising production in the world's top oil consumer upends global energy flows.

North Sea oil output to fall, supporting Brent (Reuters)
North Sea crude oil output from 12 production streams is set to fall by about 1 percent in November as oilfields return from maintenance more slowly than expected, adding a source of support for Brent oil prices.

OIL: Brent crude hovered around $115 a barrel, trading near four-week highs and on course for its biggest weekly gain in two months, supported by tensions between Turkey and Syria, lower output at North Sea oilfields and upbeat U.S. data. (Reuters)

Striking S.African gold miners reject pay offer (Reuters)
Striking gold miners in South Africa have rejected the industry's latest wage offer, a trade union said on Thursday, dimming hopes that strikes that have led to dozens of deaths and paralysed the sector could end soon.

Nickel production to outstrip consumption in 2012/13-INSG
LONDON, Oct 11 (Reuters) - World primary refined nickel production is likely to outstrip consumption this year and next as new capacity comes online and projects ramp up, the International Nickel Study Group (INSG) said on Thursday.
Production of nickel, this year is expected to reach 1.69 million tonnes, and will possibly increase to 1.78 million tonnes in 2013. Consumption is estimated at around 1.64 million tonnes this year, and 1.71 million next year.

Barclays lowers aluminium price forecasts
Oct 11 (Reuters) - Barclays lowered its aluminium price forecasts on Thursday citing its expectation that aluminium would be the weakest performing base metal over the coming quarters.
The investment bank reduced its aluminium price forecast for the fourth quarter to $1,950 a tonne from $2,150 previously.

China smelters to boost spot alumina imports in 2013 -trade
HONG KONG, Oct 11 (Reuters) - China's aluminium smelters are expected to step up imports of spot alumina next year to skirt more expensive term deals, industry sources said on Thursday, in a move that could boost spot prices of the raw material in Asia.
Chinese smelters have received term alumina offers for 2013 at 15.5-16.5 percent of London Metal Exchange aluminium prices, free on board, higher than 15.2-15.5 percent they paid for 2012 shipments, smelter sources and traders said.

Copper risks correction on China housing-Goldman
SINGAPORE, Oct 11 (Reuters) - Copper prices should be underpinned by house completions in top metals consumer China until late next year, but could post a sharp correction when a boom in house construction fizzles out in 2014, Goldman Sachs said.
The social house building boom in China, spurred by massive government spending after the 2009 financial crisis, will result in a raft of completions next year, it said in a report.

BASE METALS: London copper slipped, and was set for a 1 percent weekly loss, on worries about sluggish economic growth while traders waited for China's trade data over the weekend to gauge the economic health of the world's top metals consumer. (Reuters)

PRECIOUS METALS: Gold was little changed after gaining in the previous session when the dollar eased from a one-month high, although it remained on target for its biggest weekly drop in two months.  (Reuters)

METALS-Copper down, eyes weekly loss on growth worries
SINGAPORE, Oct 12 (Reuters) - London copper slipped on Friday, and was set for a 1 percent weekly loss, on worries about sluggish economic growth while traders waited for China's trade data over the weekend to gauge the economic health of the world's top metals consumer.
Three-month copper on the London Metal Exchange  edged down 0.4 percent to $8,205 a tonne by 0424 GMT, reversing small gains in the previous session when prices rebounded after hitting their lowest in two weeks at $8,105 a tonne.

PRECIOUS-Gold flat, but headed for biggest weekly loss in 2 months
SINGAPORE, Oct 12 (Reuters) - Gold was little changed on Friday after gaining in the previous session when the dollar eased from a one-month high, although it remained on target for its biggest weekly drop in two months.
Gold has been fluctuating between $1,760 and $1,780 so far this week, with no fresh catalysts to drive it from that range, after stimulus measures by central banks pushed prices near $1,800 earlier this month.


Iron ore steady, but headed for best week in a month
SINGAPORE, Oct 12 (Reuters) - Spot iron ore prices in top importer China steadied after a rally earlier this week spurred caution among buyers worried demand in the world's top steel consumer might not rebound significantly.
But iron ore is up 11 percent so far for the week, its best showing in a month after prices surged earlier this week as Chinese steel mills replenished stockpiles after a week-long holiday.

Shanghai steel falls on demand doubts, iron ore at 11-week top
SINGAPORE, Oct 11 (Reuters) - Shanghai steel futures fell over 1 percent on Thursday after a three-day climb as the outlook for Chinese demand remained hazy despite recent gains in prices, while iron ore hit its highest since July as mills continued to replenish stockpiles.
Iron ore prices have surged 13 percent between Monday and Wednesday after the Chinese snapped up spot cargoes to boost run-down inventories following a week-long break.

Asia Dry Bulk-Cape rates to decline on China demand worries
SINGAPORE, Oct 11 (Reuters) - Rates for capesize vessels on key Asian dry bulk freight routes are likely to decline over the next week on concerns that Chinese steel mills will slow their purchases of seaborne iron ore, ship brokers said on Thursday.
In the capesize market, benchmark rates from Australia to China dropped to $8.350 a tonne on Wednesday, down more than 7 percent from a nine-month high of $9.018 on Friday.

Baltic index flat as capesize rates down
Oct 10 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, remained flat on Wednesday as lower rates for capesizes continued to offset rising panamax rates.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, remained at 875 points.

Strong iron ore, coal fixtures drive Baltic index
Oct 11 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose on Thursday on increased demand for coal and iron ore fixtures.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, rose 3.2 percent to 903 points.