Wednesday, November 28, 2012

20121128 1606 Global Markets & Commodities Related News.

STOCKS: Asian shares ended a seven-day winning streak as investors fretted that a lack of progress in talks on U.S. budget woes risked putting the world's largest economy into recession, dragging down global growth with it. European stocks are set to open slightly lower retreating for only the second time in eight sessions, as comments from U.S. Senate Majority Leader Harry Reid on the lack of progress in budget talks prompt investors to book recent gains. U.S. stocks slid on Tuesday. (Reuters)

FOREX-Yen jumps, euro drops on US fiscal fear, Greece debt doubt
TOKYO, Nov 28 (Reuters) - The yen soared and the euro moved away from the previous session's one-month high against the dollar in Asian trading Wednesday as investors' relief about a new debt target for Greece turned to unease over the looming U.S. fiscal crisis.    
"Worries about the U.S. fiscal cliff have increased, while the effects of the 'Abe trade' have faded for now," said Masashi Murata, senior forex strategist at Brown Brothers Harriman.  "The market wants to see what the Bank of Japan actually does," he said.

Obama promotes tax agenda, U.S. Congress in stand-off (Reuters)
President Barack Obama on Tuesday launched a public relations push for his bid to raise taxes on wealthy Americans, but U.S. lawmakers remained deadlocked over dramatic, year-end tax increases and spending cuts known as the "fiscal cliff."

CNOOC, Nexen reapply for U.S. deal approval (Reuters)
China's state-owned CNOOC Ltd and its Canadian takeover target Nexen Inc have withdrawn and resubmitted an application for U.S. approval of their $15.1 billion deal, as Canada gets close to its decision on whether to approve the transaction.

GRAINS: Chicago wheat futures fell, as traders locked in profits after steep gains of nearly 3 percent in the previous session triggered by a sharply reduced assessment of the crop in the U.S. Plains.  (Reuters)

India's 2013 wheat exports seen at 3 mln T (Reuters)
Exports of wheat by India, the world's second-largest producer, could reach 3 million tonnes from government stocks in 2013, an official of a state-run trading firm said on Wednesday, adding that the country had sold 1 million tonnes since April.

Euro Coal-market rises on tighter supply outlook for early 2013
LONDON, Nov 27 (Reuters) - Physical coal prices for delivery early in 2013 rose in value on Tuesday as supplies were expected to tighten at the beginning of next year, analysts said.
South African cargoes for delivery in February traded at $90.75, up a dollar since Monday, and March cargoes were traded at $91.75 a tonne.

Iraqi Kurdish oil exports down 'significantly'-sources (Reuters)
Oil exports from Iraq's Kurdistan region were reduced "significantly" on Tuesday, industry sources said.

OIL: Brent oil rose near $110 per barrel on after hitting a one-week low in the previous session, but gains were capped as investors nervously eyed talks to head off a looming fiscal disaster in the United States, the world's top oil consumer. (Reuters)

Italy races to save ILVA plant as workers storm factory (Reuters)
Workers stormed Europe's biggest steel plant ILVA, which faces closure over allegations of an environmental disaster, as Italy's government raced to save 20,000 threatened jobs.

BASE METALS: London copper slipped, retreating from a three-week high in the previous session as concerns resurfaced over fiscal troubles in the United States, though signs of an economic revival in top consumer China cushioned prices. (Reuters)

PRECIOUS METALS: Gold edged lower, extending its losses to a third day, as the euphoria over a Greek debt deal fizzled and investors shifted their focus to U.S. negotiations.  (Reuters)

China daily steel output falls 0.25 pct in mid-Nov -CISA
BEIJING, Nov 27 (Reuters) - China's steel mills produced 1.952 million tonnes of crude steel a day over the Nov. 11-20 period, down 0.25 percent from the previous 10 days, data from the China Iron and Steel Association (CISA) showed on Tuesday.
Chinese steel output normally peaks in October before slowing over the winter months as construction activity in northern regions comes to a halt, but so far production is holding relatively firm, said Qiu Yuecheng, an analyst with Xiben New Line Co Ltd, a steel trading platform in Shanghai.

China copper cathode consumption growth to slow in 2013 -execs
SHANGHAI, Nov 28 (Reuters) - Consumption of copper cathode is likely to grow more slowly in  China in 2013, cooling further after the pace of growth looks set to drop by at least a third this year, senior metals executives said on Wednesday.
Demand for industrial metals such as copper has weakened this year as China's economic growth slows, largely due to a decline in manufacturing activity in its main export market Europe.

METALS-LME copper slips as US fiscal cliff worries resurface
SINGAPORE, Nov 28 (Reuters) - London copper slipped retreating from a three-week high in the previous session, as concerns resurfaced over fiscal troubles in the United States but signs of an economic revival in top consumer China cushioned prices.
"There's still a lot of concern around the 'fiscal cliff', also Europe isn't out of the woods yet," said Natalie Robertson, an ANZ commodity analyst based in Melbourne.

PRECIOUS-Gold extends losses as investors eye US fiscal talks
SINGAPORE, Nov 28 (Reuters) - Gold edged lower on Wednesday, extending its losses to a third day, as the euphoria over a  Greek debt deal fizzled and investors shifted their focus to  U.S. negotiations to avert a looming fiscal disaster in the  world's largest economy.
"We may see gold consolidate or correct a bit in the short  term as the market lacks incentives after the Greek deal, while  the dollar appears supported," said Li Ning, an analyst at  Shanghai CIFCO Futures.

Panamax activity keeps Baltic Index up
Nov 27 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose on Tuesday helped by slightly higher rates for panamax ships. 
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, rose 0.27 percent to 1,097 points.

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