Wednesday, October 24, 2012

20121024 1624 Global Markets & Commodities Related News.

STOCKS: European stock index futures pointed to a higher open while Asian shares limited losses after manufacturing data from China suggested that a recovery in the world's second-biggest economy was strengthening. U.S. stocks fell on Tuesday, driving the Dow industrials to the biggest drop since June 21, as weak results from index members DuPont and United Technologies showed profit growth is slowing. (Reuters)

FOREX: The dollar hovered near a three-month high versus the yen, supported by hopes for more Bank of Japan monetary easing, while the Australian dollar rose as traders trimmed back bets for its central bank to cut interest rates next month. (Reuters)

China making slow, steady economic recovery -surveyBEIJING, Oct 24 (Reuters) - China's economy is making a slow, steady recovery from its weakest period of growth in three years, a survey of purchasing managers signalled on Wednesday, with new orders and output at their highest in months.
The lacklustre nature of the rebound revealed by the HSBC Flash Manufacturing Purchasing Managers Index (PMI) though comes in its headline reading of 49.1 points for October - a three month high, but still below the 50-point mark that separates expanding from shrinking business activity.

Fed to keep buying bonds despite firmer U.S. growth (Reuters)
The U.S. Federal Reserve appears intent to stick to its bond-buying stimulus on Wednesday, having already indicated it would take more than a modest show of economic strength for policymakers to begin taking their foot off the gas.

US futures regulator unveils customer fund protection plan (Reuters)
U.S. futures regulators unveiled a proposal on Tuesday to strengthen protections for customer money, a move designed to bolster confidence in the wake of the high-profile failures of brokerages MF Global and Peregrine Financial Group.

GRAINS: Chicago soybeans edged higher, rising for six out of the last seven sessions as the market was buoyed by strong demand and tightening supplies as U.S. farmers hold back freshly harvested crops.Corn eased for a third day in a row on lacklustre demand for U.S. supplies, while wheat slid 0.3 percent with losses being capped by concerns over production in top exporting nations. (Reuters)

Brazil corn exports beat annual record, to surpass Argentina (Reuters)
Brazil's 2012 corn exports have already surpassed an annual record and the country could replace Argentina as the world's second-largest exporter of the grain this year, according to government data and local analysts.

Iran says may stop oil sales if sanctions tighten (Reuters)
Iran said on Tuesday it would stop oil exports if pressure from Western sanctions got any tighter and that it had a "Plan B" contingency strategy to survive without oil revenues.

OIL: Brent crude futures climbed more than $1 to over $109 a barrel, snapping a six-day losing streak after economic data from China suggested a gradual recovery in the world's No. 2 oil consumer. (Reuters)

Euro Coal-Prices fall $1/T with oil
LONDON, Oct 23 (Reuters) - Prompt physical coal prices dropped by up to $1.00 a tonne on Tuesday in line with oil's $2 a barrel fall on concerns about slowing economic growth and the eurozone debt crisis.

Brent crude futures fell more than $2 to the 100-day moving average on Tuesday.
India's H1 2012/13 coal imports jump 18 pct y/y-ministry
NEW DELHI, Oct 23 (Reuters) - India's thermal and coking coal imports rose 18 percent to 63.98 million tonnes in April to September from a year ago, coal ministry figures provided by an official showed, as local supplies continued to lag galloping demand.
Asia's third-largest economy imported 102.853 million tonnes of thermal and coking coal in the 2011/12 fiscal year, jumping nearly 50 percent from a year earlier, the figures given to Reuters on Tuesday showed.

BASE METALS: London copper rebounded from a six-week low on signs of growth recovery in top consumer China, although gains are likely to be capped as investors wait to hear from the U.S. Federal Reserve which ends a policy meeting later in the day. (Reuters)

PRECIOUS METALS: Gold nudged up as bargain hunters and buyers from top consumer India reappeared after prices dropped to their lowest in more than a month and the U.S. dollar retreated, but worries about the global economy could cap gains. (Reuters)

METALS-Copper rebounds from 6-wk low on China optimism

SHANGHAI, Oct 24 (Reuters) - London copper rebounded from a six-week low on signs of growth recovery in top consumer China, although gains are likely to be capped as investors wait to hear from the U.S. Federal Reserve which ends a policy meeting later in the day.
"London copper is buoyed by today's PMI numbers, but Shanghai copper was mainly held back from further gains by a still-sluggish Chinese copper physical market," said Orient Futures analyst Andy Du.

PRECIOUS-Gold pares early gains; holds near 7-week low
SINGAPORE, Oct 24 (Reuters) - Gold trimmed gains after early bargain hunting tapered off and worries about the global economy resurfaced, but festive demand from top consumer India could help shore up prices.
"Of course, towards $1,700 you can see some support over there. I think the most important thing is the U.S. election," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.

Global crude steel output flat in Sept, China edges up
LONDON, Oct 22 (Reuters) - Global crude steel production in September was little changed from a year earlier, World Steel Association (Worldsteel) data showed on Monday, with China raising production slightly while western producers held back output in the face of weak demand.
Output of steel, used in automaking and construction, was 123.63 million tonnes in September versus 123.62 million a year earlier, Worldsteel figures showed.

Baltic index up on Chinese iron ore demand
Oct 23 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, rose on Tuesday as rates for larger capesizes remained strong on Chinese iron ore demand.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, rose 6.94 percent to 1,109 points.

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