Euro near multi-month highs before ECB; Nikkei up
SINGAPORE, April 7 (Reuters) - The euro clung near a 14-month high against the dollar ahead of an expected euro zone interest rate rise on Thursday, while gold held close to a record scaled on the back of the U.S. currency's weakness and inflation worries.
"The yen has been falling on expectations of diverging monetary policies between Japan, the United States and the euro zone," said Bank of Tokyo-Mitsubishi UFJ analyst Teppei Ino.
Oil slips below $122 on concern high prices crimping demand
SINGAPORE, April 7 (Reuters) - Brent crude dipped in Asian trade after five straight days of gains, slipping below $122 a barrel on concern that rising prices will hurt demand from the United States and China, the world's two largest oil consumers.
"U.S. demand will be challenged as higher retail prices and little wage growth lead to a rising burden of gasoline spending in U.S households' budget and disposable income," Harry Tchilinguirian, head of commodity markets strategy at BNP Paribas, said in an overnight note.
Corn stays near record peak, U.S. data eyed
SYDNEY, April 7 (Reuters) - Chicago corn futures steadied near record highs, as thin U.S. stocks and expectations of firm Chinese demand kept declines in check ahead of key U.S. data later this week.
"Corn prices will certainly remain elevated until the U.S. finds a way to ration demand" to deal with tight supplies, said Victor Thianpiriya, agricultural commodity analyst at ANZ in Melbourne.
Palm oil body criticises Malaysia's IOI for environment, social damage
KUALA LUMPUR, April 7 (Reuters) - An industry body for eco-friendly palm oil has censured Malaysia's second largest palm oil planter, IOI Corp , alleging it has drained peatlands and felled forests on Borneo island to expand and that it could face further sanctions.
The censure follows complaints by green groups over IOI's environmental practices in the Malaysia's Borneo state of Sarawak, including a protracted land dispute with a local community.
Brazil soy yields, area point to record output-govt
SAO PAULO, April 6 (Reuters) - Brazil's soybean crop surged deeper into record territory in the government's seventh forecast, as improved yields and greater planted area more than offset losses due to excess rains in some states.
Brazil's 2010/11 soybean crop is seen at a record 72.2 million tonnes, up sharply from a forecast of 70.3 million tonnes in March, government crop supply agency Conab said on Wednesday.
Mexico sees record 10/11 sugar exports on US demand
MEXICO CITY, April 6 (Reuters) - Mexico sugar exports will soar to record highs this season as cane growers and millers aim to meet increased demand from the United States, which is expecting a supply squeeze.
Carlos Blackaller, head of the national cane growers union, said sugar exports in the 2010/11 growing year would reach 1.3 million tonnes, slightly above U.S. Department of Agriculture (USDA) forecasts of 1.232 million tonnes.
Brazil cocoa arrivals slow in lull between harvests
SAO PAULO, April 6 (Reuters) - Brazil's cocoa arrivals eased in the last week and are unlikely to pick up much until the mid-crop harvest gets under way in May, cocoa analyst Thomas Hartmann said.
Total Brazilian cocoa arrivals, including imports, reached 3.95 million 60-kg bags from May 1, 2010 to April 3, up 16 percent from that same period in the last season, data from the Bahia Commercial Association showed.
Copper eases in London, up in Shanghai; Rio bullish on demand
SINGAPORE, April 7 (Reuters) - Copper prices edged lower in London, while Shanghai futures rose 0.4 percent, with sentiment underpinned after Rio Tinto said it expected a market deficit of half a million tonnes in 2011 and shortages through 2013.
U.S. February aluminum production up 7.2 pct yr/yr
NEW YORK, April 6 (Reuters) - The annual rate of primary U.S. aluminum production rose 7.2 percent to 1,819,290 tonnes in February, up from 1,697,850 tonnes in February 2010 and 1.9 percent higher than January's annual rate of 1,784,850 tonnes, the Aluminum Association said in its latest report.
Actual production for February came to 139,562 tonnes, up from 130,246 tonnes in February 2010 but a decline from the 151,590 tonnes produced in January, the association said.
Gold slips from record; ETF holdings lowest since May
SINGAPORE, April 7 (Reuters) - Gold ticked lower to hover below a record on Thursday ahead of an expected euro zone interest rate hike, while ETF holdings dropped to their lowest in almost a year as investors shifted some of their money into other markets.
"Moms and dads are moving out, out of gold and into the equities. But our expectations for gold moving higher has more to do with inflationary concerns, I think, particularly in China," said Jonathan Barratt, managing director of Commodity Broking Services.
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