Asia stocks largely unchanged, yen resumes fall
SINGAPORE, April 13 (Reuters)- - Asian stocks were nearly unchanged on Wednesday, as profit taking in resource-related shares was offset by gains in technology shares.
"Investors seem to remain uncertain about what to buy as they are not sure how pessimistic or optimistic companies will be about their forecasts after the quake," said Yumi Nishimura, a senior market analyst at Daiwa Securities.
High oil denting demand in fragile world economy
LONDON/WASHINGTON, April 12 (Reuters) - High oil prices are beginning to putting the brake on the rapid pace of global economic growth and erode demand for fuel, a leading energy agency said on Tuesday in a report that added to a steep selloff in crude oil prices.
Oil prices have jumped 25 percent in the past three months to reach $127 a barrel on Monday, their highest in over two-and-a-half years, restarting a long rally driven in part by strong demand from rapidly growing emerging economies.
Goldman rocks oil for second day, sees $105 Brent
NEW YORK, April 12 (Reuters) - Goldman Sachs rocked oil markets for a second day Tuesday by calling for a nearly $20 fall in Brent crude oil , saying speculators had pushed prices ahead of fundamentals.
It was the second warning of a steep market reversal from the long-term commodity bull in as many days. On Monday, Goldman recommended clients close a trade heavily weighted towards U.S. crude futures.
Saudi cuts oil production on weak demand -sources
DUBAI/KHOBAR, Saudi Arabia, April 12 (Reuters) - Top oil exporter Saudi Arabia has quietly cut production by around 500,000 barrels per day (bpd), two Saudi-based industry sources said, from its output increase in March when it offset lost Libyan crude.
The kingdom produced 9-9.2 million bpd during at least part of March, a third industry source said.
U.S. soy rises, corn steady after steep losses
SINGAPORE, April 13 (Reuters) - U.S. soy rose 0.6 percent on Wednesday, regaining some ground after a steep decline in the last session triggered by advise from Goldman Sachs to take profits in commodities, while corn was steady, supported by tight supplies and strong demand.
"It is possible that today we see some moderation in risk aversion of last night," said commodity strategist Luke Matthews of the Commonwealth Bank of Australia.
Tanzanian coffee prices fall on poor quality
DAR ES SALAAM, April 12 (Reuters) - Tanzania's coffee prices fell at last week's auction due to poor quality produce as farmers in the east African nation sell their last remaining harvests of the season, traders said on Tuesday.
A few bags of top-grade coffee continued to fetch record high prices, but most of the coffee on offer was of low quality.
Brazil, Philippines to export more sugar to U.S.
NEW YORK, April 12 (Reuters) - Top sugar producer Brazil and the Philippines will be allowed to export more sugar to the United States to offset a shortage caused by a hard freeze which struck the cane crop in Florida.
The U.S. Agriculture Department announced on Monday it was reassigning 294,835 tonnes originally allocated to domestic producers to countries exporting sugar to the United States.
Cocoa groups hope for quick restart Ivorian trade
LONDON, April 12 (Reuters) - Cocoa industry groups on Tuesday welcomed a call for peace by top grower Ivory Coast's internationally recognised president, Alassane Ouattara, and said they hoped for a swift resumption of trade.
"We also welcome the EU decision to lift the EU sanctions on the ports of Abidjan, San Pedro, and the CGFCC (Coffee and Cocoa Trade Management Committee)," said a joint statement from the European Cocoa Association and the Federation of Cocoa Commerce.
China sells 131,720 T feed wheat, weekly corn offer lower
BEIJING, April 12 (Reuters) - The central government sold 131,720 tonnes of state reserves of low quality wheat for animal feed production to ease tight corn supplies, while reducing the volume of corn offered at weekly auctions by as much as 64 percent.
The feed wheat, from a total of 306,098 tonnes offered on Tuesday, was sold at an average of 1,823 yuan ($278.828) per tonne, 2 percent higher than last week's price, reflecting interest from feed mills.
Shanghai copper falls on Japan crisis, China concerns
SINGAPORE, April 13 (Reuters) - Shanghai copper fell nearly 1 percent on Wednesday, tracking London's 2.3 percent drop in the previous session, as investors weigh strong fundamentals against short-term demand headwinds in quake-hit Japan and top consumer China.
"Copper lacks momentum but won't fall much as lower prices attract buyers," said Li Ye, an analyst at Minmetals Futures.
Gold regains strength after fall; ETF holdings slip
SINGAPORE, April 13 (Reuters) - Gold bounced higher on Wednesday after posting its biggest fall in a month in the previous session, shrugging off falls in exchange traded fund holdings and gaining support on inflation concerns in major gold buyer China.
"You can say that we're going through a consolidation phase. Physical demand is still certainly out there," said Jonathan Barratt, managing director of Commodity Broking Services.
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