Wednesday, November 21, 2012

20121121 1624 Global Markets & Commodities Related News.

STOCKS: European stock index futures pointed to a dip and Asian shares fell on fresh worries over Greece after international lenders failed to reach a deal for the payment of a new tranche of aid to the debt-stricken country. Wall Street halted its two-day rally on Tuesday, after Federal Reserve Chairman Ben Bernanke said the central bank lacks tools to cushion the U.S. economy from the impact of the "fiscal cliff." (Reuters)

FOREX:-Dollar rises to 7-1/2 month high vs the yen
The dollar extended gains against the Japanese yen  to hit a 7-1/2 month high after Japan exports fell for a fifth month running in October, adding to recession worries and speculation of more monetary easing.
The dollar rose to 82.12 yen  its highest since early April and breaking past a reported option barrier at 82 yen. Traders cited more stop-loss buy orders above 82.15 yen.

Euro zone, IMF fail to strike Greek debt deal (Reuters)
Greece's international lenders failed for the second week running to agree how to get the country's debt down to a sustainable level and will have a third go at resolving their most intractable problem in six days' time.

Bernanke sees good 2013 if U.S. 'fiscal cliff' avoided (Reuters)
Federal Reserve Chairman Ben Bernanke said on Tuesday that 2013 could be a "very good year" for the U.S. economy if politicians can strike a quick deal to avoid the so-called fiscal cliff.

GRAINS: U.S. soybeans eased, inching down after two consecutive sessions of gains fuelled by forecasts of lower production in South American and a rebound in Chinese demand. Wheat was little changed, holding gains made in the last two sessions as dry weather in the U.S. Plains continued to hurt the winter crop, while corn was largely unchanged after rising for three days. (Reuters)

POLL-US crude, gasoline inventories seen higher, distillates off (Reuters)
U.S. crude oil and gasoline inventories were forecast to have increased last week while distillate stockpiles were seen down on higher heating oil demand, an expanded Reuters poll of seven analysts showed on Tuesday.

OIL: Brent crude traded slightly below $110 per barrel after an early rise spurred by fears of supply disruption from the Middle East, as clashes raged between Palestinians and Israelis despite overnight truce talks. (Reuters)

Ivory Coast to tax exported cocoa products based on bean weight (Reuters)
Ivory Coast has decided to levy an export tax on semi-finished cocoa products based on their equivalent weight in beans, according to a government decree seen by Reuters on Tuesday.

World copper market in 522,000 T deficit Jan-August -ICSG (Reuters)
The world refined copper market was in a 522,000 tonne deficit from January to August, the International Copper Study Group (ICSG) said on Wednesday.

BASE METALS: London copper slipped for a second day as comments by the Federal Reserve Chairman renewed U.S. "fiscal cliff" worries, while traders moved to the sidelines ahead of global manufacturing figures later this week. (Reuters)

PRECIOUS METALS: Gold traded steady, lacking conviction to move out of its recent trading range as investors eye truce talks over Gaza and discussions on how to avert a fiscal crisis in the world's top economy. (Reuters)

LME aluminium stocks hit record 5.17 mln tonnes
LONDON, Nov 20 (Reuters) - Inventories of aluminium registered by the London Metal Exchange (LME) rose on Tuesday to an all-time record of 5.17 million tonnes in a market with a structural surplus.
Stocks have surged since the 2008 financial crisis as banks spotted money making opportunities from financing deals that effectively locked material in warehouses and as top producer China kept churning out metal as it subsidised loss-making plants to save jobs.

China leads global steel output rise in October
LONDON, Nov 20 (Reuters) - Global crude steel output rose year-on-year in October, as a sharp increase in China's production outweighed a drop in output in Europe and the United States where demand remains weak, data from the World Steel Association (Worldsteel) showed on Tuesday.
Output of steel, used in automaking and construction, was 126.15 million tonnes in October versus 124.55 million a year earlier, representing a rise of 1.3 percent, Worldsteel figures showed.

China daily crude steel output rises 1.6 pct in early Nov -industry data
SHANGHAI, Nov 20 (Reuters) - China's average daily crude steel output rose 1.6 percent to 1.957 million tonnes for the first ten days of November from the preceding period, industry data showed on Tuesday, as large mills lifted output on a recent rally in steel prices.
Large steelmakers in the world's top steel producer boosted output in the period to 1.638 million tonnes per day, up by around 8 percent from Oct. 21-31, data from the China Iron & Steel Association (CISA) seen by Reuters showed.

Iron ore hits 2-week low on softer China steel market
SINGAPORE, Nov 21 (Reuters) - Iron ore hit two-week lows as softer Chinese steel prices trimmed demand for the raw material, although further losses in    spot iron ore rates may be limited with Beijing's steel production still in full swing.
Buying interest for iron ore has slowed after weeks of restocking by Chinese mills, but a further drop may also draw some buyers back into the market.

METALS-Copper slips on U.S. fiscal cliff fears
SINGAPORE, Nov 21 (Reuters) - London copper slipped for a second day after a warning by Federal Reserve Chairman Ben Bernanke renewed worries about the U.S. budget crisis, and as traders moved to the sidelines ahead of global manufacturing data due out this week.
"Over the next four months China's economy is looking better than it was four months ago," said Matt Fusarelli, an analyst at Australia-based consultancy AME Group.

PRECIOUS-Gold steady; eyes on US fiscal woes, Mideast tension
SINGAPORE, Nov 21 (Reuters) - Gold traded steady lacking conviction to move out of its recent trading range as investors eye truce talks over Gaza and discussions on how to avert a fiscal crisis in the world's top economy.
"Gold seems well supported towards the $1,700 level, and the longer-term story hasn't changed much," said Nick Trevethan, senior commodity strategist at ANZ in Singapore, adding that continuously robust demand from China and official sector buying will help support bullion prices.

Higher panamax rates perk up Baltic sea index
Nov 20 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose on Tuesday primarily driven up by the higher panamax rates.  
The overall index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 12 points or 1.14 percent to 1,066 points.  

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