Euro up before EU summit, stocks fall on China data
SINGAPORE, July 21 (Reuters) - The euro climbed for a third day, after news about a second Greece bailout made dealers trim positions ahead of a European summit, while Asian stocks and the Australian dollar fell after a China manufacturing gauge reflected contraction for the first time in a year.
"Judging from the current crop of headlines, the most negative outcome for the euro would be a debt rollover without additional measures," Todd Elmer, currency strategist with Citi, said in a note.
Corn falls as weather concerns ease, wheat dips on supply
SINGAPORE, July 21 (Reuters) - U.S. corn slid 0.4 percent after suffering its steepest drop in 2-1/2 weeks in the last session as the market lost some of the weather premium on forecasts of cooler temperatures next week.
"The worst seems to be over for corn, there are forecasts of cooler and wetter weather, that is why corn fell yesterday and it is coming under pressure today," said Adam Davis, a senior commodity analyst at Melbourne-based fund Merricks Capital.
Australia rain outlook mixed for wheat: weather bureau
SYDNEY, July 21 (Reuters) - Australia's key wheat growing regions are facing average or below average rainfall in the three months to October, the weather bureau said on Thursday, indicating some threat to crops during the critical growing period.
Grain regions in western New South Wales, northwestern Victoria and south western parts of Western Australia states are all seen receiving below-average rain while other grain areas are seen getting average precipitation.
Indonesia 2011 crude palm oil output seen at 22.5-23 mln T-assoc
JAKARTA, July 21 (Reuters) - Indonesia's crude palm oil output this year is estimated at 22.5 million tonnes to 23 million tonnes, from 21.6 million tonnes in 2010, executive director of the Indonesian Palm Oil Producers Association (GAPKI) said on Thursday.
"There is an increase in productivity and also the harvest has started," Fadhil Hasan told Reuters on the sidelines of a seminar. Indonesia is the world's largest palm oil producer.
Indonesia may still want to import white sugar in 2012 -agmin
JAKARTA, July 21 (Reuters) - Indonesia may still import white sugar in 2012 to cover shortages, the country's agriculture minister said on Thursday, adding that the country's sugar sufficiency drive was being hurt by land scarcity.
"It still seems possible. As long as we haven't been able to meet the demand yet," Suswono told reporters at a seminar, referring to imports of white sugar. He, however, pointed out that there were problems with land.
Brazil cocoa arrivals down 11 pct from yr ago
BRASILIA, July 20 (Reuters) - Cocoa deliveries to Brazilian traders' and grinders' warehouses so far this season are around 11 percent below the year-ago period, data from Bahia Commercial Association showed on Wednesday.
Deliveries recorded for the past week were inflated by the addition of cocoa purchases one large trader had not declared in the previous week due to technical problems.
Argentine food inspectors' union ends pay strike
BUENOS AIRES, July 20 (Reuters) - A union representing Argentina's food and animal health agency workers on Wednesday called off a three-day-old pay strike that delayed dozens of grains shipments in port, a union leader told Reuters.
Senasa agency workers, in charge of certifying goods for export, began the work stoppage on Monday.
POLL-Coffee rally over, but high prices here to stay
NEW YORK, July 20 (Reuters) - The 2010/11 coffee rally that forced roasters like Starbucks to raise retail prices pinched connoisseurs' wallets and hurt many in the cash market, may be over.
But do not look for a cheaper cup of Java any day soon.
A bumper crop from Brazil and record harvest in Vietnam, the world's biggest growers, will keep arabica coffee prices relatively flat until the end of this year before they start to ebb next year, according to a Reuters poll of 33 analysts around the world. Analysts trimmed their end-2011 forecast slightly compared to a poll at the start of the year.
Brazil's Paranagua sugar exports rise sharply - port
PARANAGUA, Brazil, July 20 (Reuters) - Brazil's Paranagua port exported 1.58 million tonnes of sugar in the first half of 2011, up 22 percent from 1.29 million tonnes a year earlier, port authority figures show.
Paranagua port exported 4.76 million tonnes of sugar in 2010, up 24 percent year-on-year, the data showed.
China may turn top market for Brazil sugar-Datagro
SAO PAULO, July 20 (Reuters) - China could soon become the number 1 market for Brazilian sugar exports, possibly in 2011/12, the head of Brazil's biggest private sugar consultancy said on Wednesday.
Plinio Nastari, head of Sao Paulo-based Datagro, told Reuters in an interview that increasing urbanization in China and rising incomes had boosted demand for processed foods and soft drinks in the world's most populous country.
Brazil cane output seen sluggish until 2013
BRASILIA, July 20 (Reuters) - Brazil's cane sector will fail to achieve a badly-needed rise in output until at least 2013 as aging cane plants produce less and newly-planted areas take time to mature, a senior industry analyst told Reuters.
The urgency of investment in renewal of cane plants has been brought home to mills in the world's top sugar producer with an industry forecast of a production fall for the first time in years as under-investment bites into yields.
Brent reverses early gains after weak China data
SINGAPORE, July 21 (Reuters) - Brent crude reversed early gains to drop below $118 after news that China's factory sector contracted at its fastest pace in 28 months, but hopes of solutions to sovereign debt woes on either side of the Atlantic could keep a floor under prices.
"The knee-jerk reaction is to sell off assets like oil. Something is always going to take a bit of a hit, or a blow somewhere, and it looks like it is going to start in the manufacturing sector," said Ben Le Brun of CMC Markets in reference to the fall in PMI.
Global oil stocks release seen on halt for now
LONDON, July 20 (Reuters) - Developed nations are unlikely to release more oil on to the market in coming days, a month after the first release failed to curb oil prices to help protect the global economic recovery, officials and analysts said.
The energy watchdog for industrialised nations, the International Energy Agency, shocked oil markets last month by announcing a release of 60 million barrels of oil and products to offset the loss of Libyan production.
Italy would not block emergency IEA oil release
ROME, July 20 (Reuters) - Italy will not formally oppose a release of emergency oil stocks by the International Energy Agency (IEA) though it is not convinced by the strategy, Junior Industry Minister Stefano Saglia said on Wednesday.
A French government source said last week Italy and Germany were expected to oppose any second release of emergency oil reserves by the IEA, which needs the backing of all 28 members if it is to pour more oil into a volatile crude market.
S.Africa coal industry, unions meet for wage talks
JOHANNESBURG, July 20 (Reuters) - South African coal miners started wage talks with unions and a mediator on Wednesday in a bid to prevent stoppages that could threaten supply to power plants and limit exports, while a fuel sector strike threatening the economy entered its tenth day.
Africa's largest economy relies on coal for almost all its power, but state-owned utility Eskom has said it has enough coal in stock to last 41 days, so a strike would have to be lengthy to affect its operations.
Copper falls for 2nd day on weak China PMI data
SINGAPORE, July 21 (Reuters) - London copper dropped for a second day, erasing modest gains, as poor manufacturing data on top copper consumer China countered optimism about progress in resolving debt woes in Europe and the United States.
"It's not a good number, no doubt about that. A number like that will put pressure on copper as well as oil because it suggests that the Chinese economy is slowing down," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.
Indonesia says India's NALCO in talks to invest in smelter
JAKARTA, July 21 (Reuters) - India's state-run National Aluminium Co Ltd (NALCO) is in talks to invest in an aluminium smelter in Indonesia's Kalimantan province, an official at Indonesia's investment agency said on Thursday.
Indian firms are also interested in investing in geothermal power, railways and cement production in Southeast Asia's biggest economy, the official said, declining to give names of companies or potential investment figures.
Metorex H1 copper output up 1 pct to 26,562 T
JOHANNESBURG, July 20 (Reuters) - South African miner Metorex , the takeover target of China's Jinchuan group, said on Wednesday that first-half copper output rose 1 percent compared with the preceding six-months, while production of cobalt fell 6 percent.
Metorex said production of copper during the six months to the end of June rose 1 percent to 26,562 tonnes, while the production of cobalt fell 6 percent to 1,890 tonnes.
Asian steelmakers saw tough Q2; gains seen capped in Q3
SHANGHAI, July 20 (Reuters) - The double whammy of high input costs and weak demand is expected to have squeezed margins of Asian steelmakers in the June quarter, but the fall in profits could bottom out in the third quarter as seasonal demand picks up.
Analysts expect Asian steelmakers to post lower profits for April-June and the hardest hit will be Japanese companies as the devastating earthquake and ensuing power shortages hit demand for key consumers such as carmakers and shipbuilders.
China leads June global steel output to new record
LONDON, July 20 (Reuters) - Global steel production rose again in June, led by record crude output in China, and U.S. steelmakers also made more, despite slow growth in the world's largest economy, data showed on Wednesday.
But production may ease later this year as steelmakers, facing softer demand in the last few months, could reduce output to defend profitability, some analysts said.
Gold hovers around $1,600/oz; euro zone summit eyed
SINGAPORE, July 21 (Reuters) - Spot gold hovered around $1,600, with investors waiting for a euro zone summit on Greece's debt crisis while concerns around the U.S. debt ceiling talks continued to support sentiment.
"A positive resolution to either the Greek debt problem or a deal by U.S. lawmakers, or both, will likely undermine gold, targeting $1,550 and $1,500 in the short term," said a Singapore-based trader.
No comments:
Post a Comment