Equities down but not out on U.S. soft patch
SINGAPORE, June 2 (Reuters) - Asian stocks fell on Thursday, with a steady stream of weak U.S. data putting a damper on risk taking ahead of Friday's payrolls report, though valuations will probably in the near term limit a big decline in global share prices.
"U.S. shares needed a correction of their recent steep gains. Japanese shares will be capped for now but cheap valuations will give the market support," said Ryota Sakagami, strategist at Nomura Securities in Tokyo.
Brent oil falls on weak U.S. data, OPEC eyed
SINGAPORE, June 2 (Reuters) - Brent and U.S. crude oil declined for a second day on Thursday on a surprise gain in U.S. crude stocks, weak jobs data in the world's top crude importer and a report that OPEC will meet next week to discuss a 1.5 million barrels per day (bpd) output increase.
"We have negative economic news of various types that led to not only to this fall (in prices) but also the stock market," said John Vautrain of consulting firm Purvin & Gertz.
China urges more coal imports to keep lights on
BEIJING, June 1 (Reuters) - China will encourage coal imports and urge miners to boost output to increase supplies to power plants, China's economic planning agency said on Wednesday, as the world's largest energy consumer tackles its worst power shortages in seven years.
Despite its massive electricity generating capacity, China is facing power shortages because power producers are forced to accept a low fixed price for the electricity they supply to the grid, economists say. With high coal costs, many power firms prefer to cut output rather than incur losses.
OPEC to consider up to 1.5 mln bpd output hike-EIG
NEW YORK, June 1 (Reuters) - OPEC will discuss increasing oil output by up to 1.5 million barrel per day (bpd) when it meets next week, industry publisher Energy Intelligence reported late on Wednesday, citing OPEC sources and delegates.
A formal production hike would run counter to expectations that the Organization of the Petroleum Exporting Countries (OPEC) would hold fire at its June 8 meeting, opting not to bow to Western pressure to officially raise output even as some of its members have acted independently to pump more crude.
US bill would allow $500 mln emergency oil sale
WASHINGTON, June 1 (Reuters) - A request by the Obama administration to sell $500 million in crude from the U.S. emergency oil stockpile was included in a spending bill released on Wednesday by the House Appropriations Committee, with a spring 2012 deadline to sell the crude.
The Energy Department has to inspect and possibly repair some of the underground caverns that hold the 727 million barrels of oil in the U.S. Strategic Petroleum Reserve. Part of the oil has to be removed from the caverns so the inspections can be carried out, according to the department.
Corn dips on planting hopes, wheat steady after selloff
SINGAPORE, June 2 (Reuters) - Chicago corn fell around half a percent on Thursday, while soybeans were little changed on forecasts of dry weather boosting prospects for U.S. Midwest plantings, which have been delayed by excessive rains.
"Limiting gains in corn was a dry weather outlook for the corn belt which should boost the pace of sowing this week to close to 97 percent," ANZ said in a report.
China 2011 cotton planting area seen up 6.6 pct on yr -assn
BEIJING, June 2 (Reuters) - China's cotton planting area this year is expected to rise 6.6 percent from 2010, said China Cotton Association on Thursday.
Total cotton area is estimated at 5.472 million hectares, said the association in a statement published on its website, adding that cotton planting is nearly complete.
Brazil soy exports rise in May vs April - govt
SAO PAULO, June 1 (Reuters) - Brazilian exports of soybeans rose in May from April, contributing to the strongest monthly trade surplus so far in 2011, trade ministry data showed on Wednesday.
Brazil finished harvesting a record soybean harvest of roughly 72 million tonnes in May.
Brazil CS sugar output view may fall more -Raizen
PIRACICABA, Brazil, June 1 (Reuters) - Sugar and ethanol output in Brazil's center-south could fall from current forecasts unless cane's sugar content picks up as the harvest advances, the country's largest cane group, Raizen, said on Wednesday.
Raizen said sugar output could fall to as low as 31.1 million tonnes compared with a current industry estimate of 34.6 million. Ethanol production could fall slightly to 25.2 billion liters, below the current industry estimate of 25.5 billion.
Linn Group lowers US corn, soy plantings f'casts
CHICAGO, June 1 (Reuters) - The Linn Group on Wednesday lowered its forecast of U.S. 2011 corn plantings to 87.233 million acres, from its May 18 estimate of 89.538 million.
The Chicago commodity research and brokerage firm also cut its estimate of U.S. 2011 soybean plantings to 74.894 million acres, from its mid-May estimate of 75.094 million.
Russia c.bank, grains lobby urge export limits
MOSCOW, June 1 (Reuters) - Russia should consider introducing export limits on grain linked to domestic prices through a system of floating import duties, its central bank governor and an industry lobby said on Wednesday.
"To soften the effect on domestic prices of the end of the ban we could temporarily, say for one year, introduce a mechanism of floating" tariffs, RIA quoted central bank governor Sergei Ignatyev as saying.
LME copper extends losses on dimming US economic outlook
SINGAPORE, June 2 (Reuters) - London copper fell on Thursday, extending the previous session's losses, under pressure from disappointing manufacturing and jobs data from the United States, which heightened anxiety that the global economic recovery may hit a soft spot.
"It's the usual story -- people get a bit wobbly when they think China is slowing. But these numbers are right in the sweet spot for a perfect soft landing, and should be seen as positive," a trader in Singapore said.
Philippines sees 2011 metallic mineral output value up 24 pct
MANILA, June 2 (Reuters) - The Philippines is forecast to produce 137.6 billion pesos ($3.2 billion) worth of precious and base metals this year, up 24 percent from 2010, with higher world prices encouraging miners to ramp up output, a state agency said.
Output volumes for most metals, excluding gold, were projected to rise by double digits the Mines and Geosciences Bureau (MGB) said in a statement.
Gold steady on Greek crisis, US growth concerns
SINGAPORE, June 2 (Reuters) - Spot gold prices held steady on Thursday, after rising to a one-month high in the previous session when Moody's downgrading of Greece and weak U.S. economic data sent some investors to seek a safe-haven in bullion.
"We've recently seen a lot of worse-than-expected economic data," said Ong Yi Ling, an analyst at Phillip Futures, "The economic uncertainty will keep gold underpinned."
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