Monday, December 17, 2012

20121217 1603 Global Markets & Commodities Related News.

STOCKS: European stock index futures pointed to a higher open and Japan's Nikkei average climbed to an 8-1/2-month high after a landslide victory by Japan's Liberal Democratic Party sparked recovery hopes for the world's third biggest economy. U.S. stocks fell on Friday as another slide in Apple took a toll and investors unloaded some shares because of the uncertainty surrounding the "fiscal cliff" negotiations. (Reuters)

FOREX-Yen skids to 20-mth low vs dollar after Japan LDP victory
TOKYO/SYDNEY, Dec 17 (Reuters) - The yen slumped to its lowest in over a year-and-a-half against the U.S. dollar as part of a broad skid after Japan's conservative Liberal Democratic Party, which is committed to aggressive monetary easing, won a landslide victory.  
"What remains to be seen is what policies will come next. There is no mistake that Abe had clearly spoken out for steps against deflation," said Kimihiko Tomita, head of foreign exchange for State Street Global Markets in Tokyo.

Boehner opens door to tax hikes, shifts US fiscal cliff talks (Reuters)
The first real movement in the "fiscal cliff" talks began on Sunday, with Republican House Speaker John Boehner edging slightly closer to President Barack Obama's key demands as they try to avert the steep tax hikes and spending cuts set to take effect unless Congress intervenes by Dec. 31.

GRAINS: Chicago soybeans hit a six-week top, stretching their gains into a fourth straight session after data showed last month's U.S. soy crush was the most in almost three years, while talk of purchases by top consumer China also supported prices. Corn slid, having touched a one-week high earlier in the session, while wheat tracked lower. (Reuters)

Argentina soy crop seen at 53 mln tonnes-Rosario exchange (Reuters)
Argentina's 2012/13 soybean harvest is seen at 53 million tonnes while corn production should reach 24 million tonnes, the Rosario grains exchange said on Friday in its first output forecasts for these crops.

OIL: Brent crude held steady above $108 a barrel, drawing support from a brighter economic outlook for top energy consumer China, although investors remained skittish as U.S. talks to avert a year-end "fiscal cliff" dragged on. (Reuters)

BASE METAS: London copper was steady, consolidating from a five-week winning streak on signs of reviving growth momentum in top consumer China, while tentative progress on the U.S. "fiscal cliff" helped warm investor sentiment towards metals. (Reuters)

PRECIOUS METALS: Gold edged lower, extending losses to a third straight session, as slowing trade ahead of the year-end holidays responded little to the latest progress in the U.S. budget talks. (Reuters)

METALS-Copper edges up as China revival, US hopes support
SINGAPORE, Dec 17 (Reuters) - London copper edged up after a five-week winning streak, on signs of reviving growth in top consumer China and tentative progress in U.S. "fiscal cliff" talks that helped warm investor sentiment towards metals.
"There was some pretty good momentum over the weekend in the fiscal cliff negotiations. I don't think there are many people expecting the negotiations to blow up," said metals analyst Ivan Szpakowski at Credit Suisse in Singapore.

PRECIOUS-Gold edges down; extends losses to third day
SINGAPORE, Dec 17 (Reuters) - Gold edged lower extending losses to a third straight session, as trade slowed ahead of the year-end holidays and investors showed little response to the latest progress in U.S. budget talks.
"Participation is really low right now," said a Hong Kong-based trader. "It hasn't been a very exciting year for most people and I don't think they want to stick around for the last week and a half. People want to put away everything before starting on a totally clean slate in 2013."

Baltic Index down on weak capesize, panamax rates
Dec 14 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Friday as capesize and panamax rates continued their losing streak.
The overall index, which reflects daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 1.88 percent to 784 points. The index has dropped about 16 percent this week.

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