Dollar near 3-year lows on Fed view, stocks rise
HONG KONG, April 27 (Reuters) - The U.S. dollar plumbed a near 3-year low against other major currencies on Wednesday before a Federal Reserve decision that is expected to reinforce an ultra-easy policy stance and drive more capital to buoyant emerging Asian stock markets.
"Focus will be on the inaugural press conference and whether Bernanke is shifting along the dove-hawk scale," said Michael Sneyd, analyst at Societe Generale.
U.S. wheat extends losses, corn dips on Fed uncertainty
SINGAPORE, April 27 (Reuters) - U.S. wheat futures lost more ground on Wednesday, dropping almost 1 percent, while corn fell half a percent, ending a three-day rising streak on uncertainty ahead of a Federal Reserve news conference later in the day.
"There is uncertainty before the Fed press conference which is likely to affect the entire commodities complex," said Ker Chung Yang, an analyst at Phillip Futures in Singapore.
Russian wheat exports loom, may pressure prices
SINGAPORE, April 26 (Reuters) - Russia is likely to resume wheat exports later this year which will add to the global surplus of the grain, putting pressure on international prices, a U.S.-based agriculture consultant said on Tuesday.
Russia, typically the world's third largest wheat exporter, banned overseas grain sales last year after a devastating drought ravaged the Black Sea region, pushing wheat prices higher on the benchmark Chicago Board of Trade.
Brazil cocoa arrivals up 12 pct from year ago
BRASILIA, April 26 (Reuters) - Deliveries of cocoa to warehouses from the main growing regions in Brazil were up 12 percent from a year ago, with just one week left before the 2010/11 season ends, Bahia Commercial Association data showed on Tuesday.
Cocoa deliveries have slowed to a trickle in the lull between the end of the main crop and the start of the forthcoming mid crop which should begin harvesting in May or June depending on the region.
Morocco ends soft wheat imports as local crop surges
MEKNES, Morocco, April 26 (Reuters) - The Moroccan government has wrapped up its soft wheat imports a month ahead of schedule and will rely on a local cereals harvest it expects to rise by 18 percent, its top farming official said on Tuesday.
Speaking on the sidelines of a farming conference in the central city of Meknes, Agriculture Minister Aziz Akhennouch also told Reuters the agriculture-reliant economy "could add a few points of extra growth", after the announcement of a cereals harvest forecast of 8.8 million tonnes this year.
Ivory Coast cocoa trade, banking poised to restart
ABIDJAN, April 26 (Reuters) - Ivory Coast's cocoa and banking sectors are set to resume operations within days, officials said on Tuesday, signalling big steps toward restoring normality in the conflict-torn West African state.
A violent post-election power struggle paralyzed the economy of the world's top cocoa grower for months, leaving Ivorians to scramble for daily survival in the midst of heavy combat and sending shockwaves through global cocoa markets.
Crude futures fall ahead of Fed meet; dollar supports
SINGAPORE, April 27 (Reuters) - Crude futures fell on Wednesday as investors waited for details of the U.S. Federal Reserve's assessment of the economy and its monetary policy stance, while a weak dollar provided support.
"Investors are being very cautious ahead of the Fed meeting and prices are drawing support from a weak dollar," said Serene Lim, an analyst at ANZ. "Oil will continue to trade in this range till the outcome of the Fed meeting is known at least."
Obama adviser: Oil subsidies could go to trim deficit
WASHINGTON, April 26 (Reuters) - White House economic adviser Gene Sperling on Tuesday said subsidies to the oil and gas industry could be used for deficit reduction, and he said high fuel prices were not derailing U.S. economic recovery.
Sperling's comments were part of a broad push by the Obama administration to show it is tackling high gasoline prices that are weighing on consumers and threatening President Barack Obama's chances of re-election in 2012.
Obama urges oil producers to increase output
WASHINGTON, April 26 (Reuters) - President Barack Obama on Tuesday urged world oil producers to lift crude output, as he sought to deflect public anger over high gasoline prices that has hurt his popularity among voters.
U.S. motor fuel prices have become a heated political issue after pushing toward $4 a gallon. Gasoline futures hit 33-month highs on Tuesday.
Obama urges repeal of oil, gas tax breaks
WASHINGTON, April 26 (Reuters) - President Barack Obama, acknowledging high gasoline prices could sap the U.S. economy, on Tuesday urged Congress to end tax breaks for oil and gas companies and called on Republicans to back his plan.
But Republicans said the plan would "raise taxes and increase the price at the pump," indicating they opposed such action.
U.S. steelmakers see improved second quarter
NEW YORK, April 26 (Reuters) - Two major U.S. steelmakers reported contrasting quarterly results on Tuesday, but both gave positive outlooks for the industry as improving economic conditions boost demand and prices.
U.S. Steel Corp stock fell 4 percent to close at $49.72 as it reported a wider-than-expected loss in the first quarter, while AK Steel's shares rose 6.3 percent to $16.96 as its results beat Wall Street estimates.
Silver's versatility to help sustain rally
SINGAPORE, April 26 (Reuters) - Silver's near record high has done little to deter investors' interest in the metal, while demand from the industrial sector should ensure the rally isn't a temporary phenomenon.
A rush to buy physical silver this week, as prices came within cents of a record fix of $49.48 an ounce seen in 1980, shows that the metal's bright outlook could offset fears about a possible surplus this year.
LME copper eases, shrugs off weak dlr but Fed worries
SINGAPORE, April 27 (Reuters) - London copper extended losses on Wednesday, under pressure from a softer technical outlook, uncertainty ahead of a Federal Reserve news conference and weak data on the Japanese economy.
"I think the price direction of copper at the moment is driven by risk aversion in the market, which supports precious metals but compresses base metals and other riskier assets," Chen Xin Yi, Associate vice president at Barclays Capital said.
Japan March copper exports fall 16 pct yr/yr
TOKYO, April 27 (Reuters) - - Japan's refined copper exports fell 16 percent in March from a year earlier to 50,258 tonnes for a sixth straight month of year-on-year declines, although the pace was slowing, Ministry of Finance data showed on Wednesday.
Demand for copper, used in utensils, construction materials and computer chips, is often seen as a gauge of economic activity.
Indonesia's Timah says tin output may rise 5 pct this year
PANGKAL PINANG, Indonesia, April 26 (Reuters) - Production at Indonesia's state-owned Timah , the world's largest integrated tin miner, may rise 5 percent this year as the firm prepares to use a new dredging boat, the CEO said on Tuesday.
Timah said its current production forecast was 40,000 to 50,000 tonnes, Chief Executive Wachid Usman said at a tin conference.
Gold inches up, silver rebounds as Fed decision looms
SINGAPORE, April 27 (Reuters) - - Silver rebounded on Wednesday from sharp falls in the previous session and gold inched upwards as investors cautiously awaited the conclusion of the U.S. Federal Reserve's policy meeting while feeble sentiment in the dollar lent support.
"The market is a bit mixed ahead of the Fed meeting, which will influence the move of the dollar and precious metals," said Peter Fung, head of dealing at Wing Fung Precious Metals based in Hong Kong.
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