China 2010 corn, sugar imports surge; soyoil down -CCS
BEIJING, Jan 19 (Reuters) - China imported 1.573 million tonnes of corn in 2010, a rise of 1,762 percent from 2009 while sugar imports jumped 66 percent on year to 1.77 million tonnes, according to data supplied by CCS ( China Customs Statistics) Information Center.
In 2010, China imported 44 percent less soyoil, or 1.34 million tonnes, while palmoil imports fell 15.6 percent to 4.31 million tonnes, figures showed.
Gold poised for third day of gains; platinum at 30-mth high
SINGAPORE, Jan 19 (Reuters) - Spot gold was on course for a third consecutive day of gains, supported by dollar weakness and physical buying, while platinum hit a 30-month high, buoyed by an improved economic outlook.
"It looks like gold is following the euro, which had a relatively strong run overnight," said Darren Heathcote, head of trading at Investec Australia, adding that the dollar weakness was expected to continue supporting gold prices.
Asian shares rise on Wall St gains, euro edges up
SINGAPORE, Jan 19 (Reuters) - Asian stocks rose, taking a cue from Wall Street gains and on hopes for more robust U.S. earnings, while the euro edged back towards a one-month high hit the previous day.
"After Google reports tomorrow investors will shift their focus back to Tokyo companies," said Hiroaki Osakabe, a fund manager at Chibagin Asset Management.
OIL: Crude extends fall on pipeline restart, OPEC
TOKYO, Jan 19 (Reuters) - U.S. crude futures extended declines on Wednesday, pressured by the restart of the Trans Alaska Pipeline and as the International Energy Agency said OPEC may have quietly raised production in response to prices nearing $100.
Alaska's main oil pipeline should restore shipments to its normal rate of 630,000 barrels per day in under a week from around 510,000 bpd, after its recent shutdown due to a leak, the operator said on Tuesday.
GLOBAL MARKETS: Grains jump on weather; others edge up on dollar
NEW YORK, Jan 19 (Reuters) - Corn and wheat prices jumped on Tuesday on dry crop weather in Argentina and the U.S. Plains, while other commodities saw modest gains on support from a weaker dollar.
"To break into new highs, you're going to need some type of fundamental impetus and today, you just don't have it," said Michael Gross, a commodity futures analyst at Optionsellers.com in Tampa, Florida.
POLL-US crude stocks seen down on Alaske pipeline shutdown
NEW YORK, Jan 17 (Reuters) - U.S. crude oil inventories were forecast to have fallen last week as the shutdown of the Trans Alaska Pipeline System due to a leak forced producers to curb output, a Reuters poll of analysts showed on Tuesday.
The average forecast in the preliminary poll of eight analysts called for a 300,000 barrel decline for the week to Jan. 14. The poll was taken ahead of weekly industry and government data this week, a day later than usual due to Monday's holiday.
Alaska oil pipe seen at normal rates in 5-7 days
ANCHORAGE, Jan 18 (Reuters) - Alaska's main oil pipeline should restore shipments to its normal rate of 630,000 barrels per day in under a week after its recent shutdown due to a leak, a spokeswoman for operator Alyeska said on Tuesday.
The pipeline, which resumed shipments on Monday following the installation of a bypass around the leaky section, was transporting around 510,000 bpd as of Tuesday.
COLUMN-Fed hits its 3rd mandate: rising shares - James Saft
James Saft is a Reuters Columnist. The opinions expressed are his own
HUNTSVILLE, Ala, January 18 (Reuters) - Apparently not satisfied with being unable to fulfill its duel target of price stability and maximum employment the Federal Reserve has set itself a third mandate: higher asset prices.
Speaking on CNBC at a Federal Deposit Insurance Corporation-sponsored forum on small business lending last week, Fed Chairman Ben Bernanke was asked how, in essence, his $600 billion quantitative easing programme could be called a success when interest rates and commodity prices had actually risen in response."We see the economy strengthening, its gotten better over the last three or four months, a 3-4 percent growth number for 2011 seems reasonable," he said.
Indian finance firms eager for commodity options trade
MUMBAI, Jan 18 (Reuters) - Indian finance service firms hope the embattled government has enough reform zeal to pass a bill to allow commodity options trade, enabling them to offer more tools to hedge exposure to raw material costs.
Multi-national firms like PepsiCo Inc and Coca-Cola Co are major buyers of sugar in India and also close trackers of exchange rates and other costs like freight that can be indexed. Domestic sugar buyers like ice cream and sweets maker Kwality Dairy Ltd are also keen to hedge costs.
US senators threaten currency bill ahead of Hu visit
WASHINGTON, Jan 17 (Reuters) - A group of U.S. senators, on the eve of Chinese President Hu Jintao's arrival in the United States, said it was vital that Congress pass legislation to get tough with China over its currency practices.
"There's no bigger step we can take to preserve the American dream and promote job creation, particularly in the manufacturing sector ... than to confront China's manipulation of its currency," Democratic Senator Charles Schumer said.
Funds' commodity holdings could hit $500 billion
LONDON/NEW YORK, Jan 18 (Reuters) - Commodity investments could near half a trillion dollars by the end of 2011 as the return of $100 oil and a broad-based rally heighten interest in the asset class to levels not seen since 2008.
But the wave of money now hitting commodities is more sophisticated and discerning than its predecessor three years ago. Investors are increasingly looking for active management rather than 'buy-and-hold' plays, which left many counting their losses after the financial crisis hit.
PRECIOUS-Gold gains as euro rally gathers pace
LONDON, Jan 18 (Reuters) - Gold rose for a second day on Tuesday, buoyed by a fall in the dollar and a stream of demand from key Asian consumers, along with a degree of uncertainty over a permanent resolution to Europe's debt crisis.
Gold has fallen by more than 3 percent this month, under pressure from investors eager to cash in on the 30-percent price gain of 2010 and also from a waning need for safe-haven assets as data paints a picture of a more robust global economy.
FOREX-Euro buoyed by sovereign demand, strong German data
LONDON, Jan 18 (Reuters) - The euro rose on Tuesday on buying by sovereign funds and after an influential German survey pointed to robust growth in Europe's largest economy, pushing euro zone debt concerns into the background.
The euro rose more than 1.0 percent at $1.3430, extending earlier gains made on demand from Middle East accounts and reports that Russia was considering buying euro zone debt.The ZEW's headline economic sentiment indicator surged to 15.4 points in January from 4.3 points in December, racing past forecasts for a reading of 6.8.
Wheat up 1 pct on demand, soy pressured by Argentine rains
SINGAPORE, Jan 18 (Reuters) - U.S. wheat rose around 1 percent buoyed by strong purchases of the grain led by Algeria which snapped up 600,000 tonnes in a tender, while corn climbed to a 2-1/2 year high on prospects of tightening global supplies.
"The wheat market is supported by pretty strong exports overnight which is contributing to a firmer tone."
World stocks at new high, euro up on debt hopes
LONDON, Jan 18 (Reuters) - World stocks hit a fresh 28-month high while the euro climbed on hopes for an easing of the euro zone debt crisis.
"Players are not too keen to push the euro much lower," said Paul Mackel, director of currency strategy at HSBC.
Alaska oil pipe restarts
ANCHORAGE, Alaska, Jan 18 (Reuters) - Alaska's crude oil pipeline resumed operations on Monday, restoring the flow of about 12 percent of U.S. oil production nearly a week and a half after the line was shut due to a leak.
A bypass line to circumvent the leak was completed earlier on Monday and operators are expecting to ramp up throughput to 500,000 barrels per day (bpd) within 24 hours, Alyeska Pipeline Service Co said in a statement.
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