Gold shines on a gloomy day as risk aversion spreads
HONG KONG, July 18 (Reuters) - Gold and the Swiss franc hit record highs on Monday while equities and the euro tumbled as the lack of any breakthrough to the escalating debt crisis in the euro zone and the United States sapped demand for risky assets.
"Investors are gradually losing confidence as the U.S. debt ceiling date nears and even though we expect a last-minute deal to materialise, this kind of behaviour is making markets very nervous," said Adrian Foster, head of financial markets research -Asia Pacific at Rabobank International in Hong Kong.
US corn falls over 1 pct, wheat down on Russian supplies
SINGAPORE, July 18 (Reuters) - U.S. corn slid more than 1 percent on Monday, weighed down by concerns over U.S. and European debt, after strong gains last week on forecasts of hot weather which could threaten crop yields.
"The dollar is trading higher and that seems to be playing out so far today," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.
Herakles lands $350 mln Cameroon palm oil deal
YAOUNDE, July 17 (Reuters) - New York-based agricultural company Herakles Farms will develop some 60,000 hectares of oil palm plantations in Cameroon's south-west region, project manager Delilah Rothenberg told Reuters in an interview.
"We are developing approximately 60,000 hectares of oil palm plantation, and expect the total capital costs to be about $350 million, to be invested over several years," she said of the result of a land lease deal signed with the government.
China's autumn grain harvest to be "satisfactory" -media
SHANGHAI, July 16 (Reuters) - China is expecting a "satisfactory" harvest of autumn grains provided there are no major natural disasters, an official with the country's economic planning agency said, according to state media reports on Saturday.
Analysts and grain traders are watching for signs of whether China will increase its imports of corn and other grains to add to its stockpiles, after buying as much as 5 million tonnes of corn since March.
China buys 10 pct of Vietnam sugar sales, to take more-report
HANOI, July 16 (Reuters) - China has bought around 100,000 tonnes of Vietnamese sugar, nearly 10 percent of the country's sales from its latest crushing season, and imports are expected to continue in coming months, a state-run newspaper reported on Saturday.
"Inflation in China has now shown signs of easing, so sugar exports are likely to rise in the time ahead," the official Tuoi Tre (Youth) newspaper quoted experts as saying at an industry meeting that reviewed sugar production.
Brazil coffee stocks 4 mln bags by July 1-exporter
BRASILIA, July 15 (Reuters) - Brazil had just over 4 million bags of private and public coffee stocks as of July 1, exporter Comexim estimated on Friday, expecting rising local consumption to leave tight supplies by that date next year.
The exporter, based near the main coffee port in Santos, estimated Brazil had less than 28 million 60-kg bags of private stocks and 2.1 million bags of older public stocks in its warehouses by Jan. 1 this year, in the interharvest.
Brent crude falls on U.S., Europe debt worries
SINGAPORE, July 18 (Reuters) - Brent crude dipped below $117 a barrel on Monday as the ongoing debt crises in Europe and the United States kept skittish investors away from risky assets, while the possibility of a second IEA oil release also weighed on sentiment.
"It is too early for the IEA to release stocks for the second time within such a short time," said Serene Lim of ANZ bank.
Germany, Italy may resist 2nd IEA oil release
PARIS, July 15 (Reuters) - Germany and Italy are expected to oppose any second release of emergency oil reserves by the International Energy Agency, which needs the backing of all 28 members if it is to pour more oil on a volatile crude market.
The IEA is expected to confer with its member countries by July 23 to decide whether to draw further on emergency oil stocks after its announcement last month of a 60 million-barrel release, only the third such move in its history.
LME copper ticks up; economy, debt woes cap gains
SINGAPORE, July 18 (Reuters) - Copper edged higher on Monday, supported by near-term supply risks although a cloudy outlook for global demand limited gains.
"Even if some market participants see good value in buying at current levels, this litany of downside risks appears to be tempering price growth," said Ben Westmore, commodity economist at National Australia Bank.
Niger president seeks more value from uranium price
NIAMEY, July 17 (Reuters) - Niger, a major supplier of uranium to the French nuclear sector, wants a better price for its supplies, President Mahamadou Issoufou told state TV.
Issoufou, who came to power after March elections that ended just over a year of military rule, said the poor desert state was determined to make the most of its resources.
Afghanistan extends deadline for iron ore bids
KABUL, July 16 (Reuters) - The deadline for bids for Afghanistan's giant Hajigak iron ore deposit has been extended by a month to Sept. 4 at the request of companies interested in the project, the country's mines minister said on Saturday.
The Hajigak project, which straddles the central provinces of Bamiyan, Parwan and Wardak, has deposits of 2 billion tonnes with an estimated worth of $350 billion and is described by the Afghan government as Asia's largest unmined iron deposit.
Cuban nickel plant offline after breakdown
HAVANA, July 15 (Reuters) - Cuba's second most important nickel plant broke down this week and will apparently be offline for a while, according to media reports in eastern Holguin province where the industry is located.
"The Che Guevara nickel plant in Moa stopped activity due to a breakdown," Holguin provinces' state-run Tele Cristal reported on Thursday, without providing further details.
India's NALCO says cuts aluminium prices by $67.4/T
BHUBANESHWAR, India, July 15 (Reuters) - State-run National Aluminium Co Ltd (NALCO) , India's No. 3 producer of aluminium, has further cut aluminium prices by 3,000 rupees ($67.4) a tonne in the local market following a drop in global prices, a top company official said on Friday.
The revision, which is effective immediately, reflects the changes in London Metal Exchange (LME) rates, NALCO's commercial director Ansuman Das told Reuters.
China 2010 steel output underreported by 45 mln T-report
SINGAPORE, July 18 (Reuters) - China's crude steel output reached 672 million tonnes in 2010, 45 million tonnes more than what was reported by the Chinese government, the Financial Times reported on Monday, citing figures from a UK steel consultancy.
China's National Bureau of Statistics said domestic crude steel production hit a record 627 million tonnes last year.
Gold hits record high on U.S., Europe debt worries
SINGAPORE, July 18 (Reuters) - Spot gold touched a record high on Monday, reflecting persistent worries about the euro zone debt crisis and a growing threat of a U.S. government default.
"The political uncertainties in the United States and Europe will be an ongoing theme and safe-haven demand will continue," said Natalie Robertson, a commodities analyst at ANZ.
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