China data boosts stocks, Aussie dollar
SINGAPORE, July 13 (Reuters) - Asian stocks, metals, and the Australian dollar jumped on Wednesday after Chinese economic growth data soothed some worries over a global slowdown at a time when euro zone debt worries are also deterring investors.
"With GDP growth slowing to a more sustainable pace of just over 8 percent annualised in the first-half of the year, the monetary authorities should be encouraged that the tightening over the past year has been effective," said George Worthington, economist at IFR in Sydney.
US trade gap surges to nearly 3-year high on oil
WASHINGTON, July 12 (Reuters) - The U.S. trade gap widened sharply in May to its highest level in nearly three years as surging oil prices helped push imports to a near record and exports fell slightly from April's all-time high.
The trade deficit totaled $50.2 billion, the highest since October 2008, and well above the consensus estimate of $44 billion from Wall Street analysts surveyed before the report, a Commerce Department report showed on Tuesday.
US corn near 2-wk top on tight supplies, wheat dips
SINGAPORE, July 13 (Reuters) - Chicago corn futures were steady on Wednesday after climbing 4 percent to a two-week high in the previous session, buoyed by a U.S. government report which forecast surprisingly small corn stocks.
"The wheat is definitely better supplied than what corn is and today's action is more to do with profit-taking after 5 percent rally," said Adam Davis, a senior commodity analyst at Melbourne-based fund Merricks Capital.
Indonesia allocates 9 trillion rupiah to revamp sugar mills-paper
JAKARTA, July 13 (Reuters) - Indonesia, Southeast Asia's largest sugar consumer, has allocated around 9 trillion rupiah ($1.05 billion) to revitalise its ageing sugar mills, Investor Daily reported on Wednesday, quoting deputy agriculture minister.
"So far, only 1.5 trillion rupiah have been utilised, so there are many mills which have not been revitalised yet," Bayu Krisnamurthi was quoted as saying during a visit to East Java on Tuesday.
China 2011 wheat output seen up 1.4 pct at 116.79 mln T-CNGOIC
BEIJING, July 13 (Reuters) - China will likely harvest a total of 116.79 million tonnes of wheat this year, up 1.4 percent from last year, despite earlier concerns over drought damage to winter crop, according to the lastest estimate by an official think-tank.
China National Grain and Oils Information Centre (CNGOIC) revised upward the country's wheat output after the National Bureau of Statistics said the country's winter wheat, which accounts for a majority of the wheat harvest, was two percent higher than last year at 110.79 million tonnes.
World 2010/11 coffee output revised up to 133.3 mln bags-ICO
HANOI, July 13 (Reuters) - World coffee production in the current 2010/2011 crop reached 133.3 million bags, a rise of 8.2 percent from the previous crop year, the International Coffee Organization said, revising up slightly an earlier estimate.
While output from Africa, Mexico and Central America were revised down from ICO's May report, the London-based coffee body raised estimates for Asia, Oceania and South America, based on member information, its June report seen on Wednesday showed.
Storms knock down wide swath of US corn acres
CHICAGO, July 12 (Reuters) - Severe thunderstorms that ripped across the U.S. Midwest on Monday may have destroyed up to 550,000 acres of corn, although 100,000 to 275,000 acres was more likely, an agricultural meteorologist said Tuesday.
The U.S. National Weather Service said the storms produced straight-line winds in excess of 70 miles per hour (113 km per hour), with winds peaking at 110 to 130 mph in Garrison and Vinton, Iowa.
Brazil to add sugar mills slowly -Rabobank
SAO PAULO, July 12 (Reuters) - Top producer Brazil is expected to add new sugar milling capacity slowly, in part due to high costs, signalling tightness in the sugar market in the medium term, a senior Rabobank analyst said on Tuesday.
Due to its favourable agro-climate and extensive untapped land, Brazil has been seen as the best prospect to boost sugar production and meet growing world demand for the sweetener.
Oil drops on U.S. inventory gains, euro zone debt woes
SINGAPORE, July 13 (Reuters) - Oil dropped on Wednesday, after a surprise gain in U.S. crude inventories and the downgrade of Ireland's credit rating reinforced views of a well-supplied market and a deteriorating demand outlook.
"The oil supply-demand balance is not really tight," said Tetsu Emori, a fund manager at Tokyo-based Astmax Co Ltd.
U.S. sees lower global oil demand growth next 2 years
WASHINGTON, July 12 (Reuters) - Global oil demand will grow less than previously forecast this year and in 2012 due to a more moderate economic recovery and higher fuel prices, the top U.S. energy forecasting agency said on Tuesday.
In its new monthly outlook, the U.S. Energy Information Administration cut its forecast for 2011 world oil demand growth by 270,000 bpd to a 1.43 million-bpd increase this year. Oil demand in 2012 will rise 1.58 million bpd, about 10,000 bpd lower than the agency forecast last month.
year.
Ivorian cotton ginners raise output forecast
DAKAR, July 12 (Reuters) - The Ivory Coast ginners' association on Tuesday raised its forecast for 2011-12 cotton output, forecasting it would rise by more than 25 percent from a year ago to 220,000 tonnes due to improved security, high farmgate prices and good weather.
The cotton sector revised its forecast made in May, when it said after a first assessment that the West African country would produce 216,000 tonnes, from 175,000 tonnes a year ago.
Oil release could erase euro's rate support
LONDON, July 12 (Reuters) - A release of strategic oil reserves by the International Energy Agency could eat away the euro's favourable interest rate differentials over the U.S. dollar by subduing crude prices in the near term and easing inflationary pressures.
Currencies of oil-exporting countries such as the Canadian dollar and the Norwegian crown could also suffer while the high-yielding, commodity-linked Australian dollar , if lower energy prices reduce the need for central banks that target inflation to raise interest rates.
Saudi oil output 9.8 mln bpd in June-Gulf delegate
DUBAI, June 12 (Reuters) - Saudi Arabia produced more than 9.8 million barrels of oil per day in June, a senior OPEC Gulf delegate told Reuters on Tuesday, in a sign the world's largest crude exporter sharply raised output despite an emergency stock release by consumer nations.
Production of 9.8 million barrels per day (bpd) would mark the highest monthly figure this year and an increase of as much as 900,000 bpd from the previous month based on a Reuters survey of May output.
China's daily June crude steel output hits record
SHANGHAI, July 13 (Reuters) - China's daily crude steel output hit a record 1.998 million tonnes in June, up 2.8 percent from May, data from the National Bureau of Statistics showed on Wednesday.
June output was 59.93 million tonnes, 11.9 percent higher from the same period last year.
Copper up on China GDP, hopes of QE3
SHANGHAI, July 13 (Reuters) - London copper rose on Wednesday, supported by better-than-expected Chinese growth data and hopes of further monetary policy easing by the U.S. Federal Reserve.
"The better-than-expected Chinese data is lending support to sentiment today but I feel that the main driver for copper is the paring of the dollar's strength from yesterday's high," said Shanghai CIFCO Futures analyst Zhou Jie.
China June refined copper output at record 477,000 tonnes
HONG KONG, July 13 (Reuters) - China's production of refined copper hit a monthly record of 477,000 tonnes in June after posting a 3.3 percent monthly fall to 439,000 tonnes in May, data from the National Bureau of Statistics showed on Wednesday.
Primary aluminium output hit a fresh record of 1.591 million tonnes in June from the previous record 1.536 million tonnes in May due to new capacity.
Australia's ERA Q2 uranium output slides, ups 2011 guidance
SYDNEY, July 13 (Reuters) - Australian uranium miner Energy Resources of Australia on Wednesday reported an 84 percent drop in second-quarter production from three months earlier, blaming voluntary interruptions in production due to safety concerns on flooding, but lifted its full-year production guidance.
The 68 percent-owned subsidiary of Rio Tinto , typically supplying 10 percent of the world's uranium, said it produced 83 tonnes of uranium oxide in the second quarter against 518 tonnes in the first quarter.
Gold steady after 7-day winning run, euro zone eyed
SINGAPORE, July 13 (Reuters) - Spot gold was steady on Wednesday, holding on to its 5-percent gain in the past seven sessions as growing fears of a euro zone debt contagion burnished bullion's safe-haven appeal.
"Investors are really fearful that the debt crisis will spread to nations beyond Greece," said Ong Yi Ling, an analyst at Phillip Futures.
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