Thursday, August 4, 2011

20110804 1555 Global Market & Commodities Related News.

Intervention hits yen, stocks weak on global growth fears
SYDNEY, Aug 4 (Reuters) - The yen fell on Thursday after intervention by Japanese authorities, though investors steered clear of riskier assets,  uncertain if the European Central Bank would join the fray by increasing bond purchases to fight a crisis of confidence.
A day after the Swiss National Bank unexpectedly cut rates to weaken its currency, the yen tumbled around 2.5 percent against the dollar after repeated yen selling by the Bank of Japan.

El Nino after effects slowing Asian palm output growth
KUALA LUMPUR, Aug 4 (Reuters) - Southeast Asian palm oil output growth will slow in the second half of 2011 as the impact of El Nino weather conditions from two years ago manifests with lower oil-yielding palm fruits, a leading agronomist said on Thursday.
Top oil palm growers Indonesia and Malaysia have seen more male flowers maturing this year after an El Nino-driven dry spell hit the region in mid-2009, said agronomist Ling Ah Hong with Malaysian-based consultancy Ganling.


U.S. corn falls for 2nd day on weather, economic woes
SINGAPORE, Aug 4 (Reuters) - Chicago corn slid 0.6 percent, falling for a second straight day as forecasts for crop-friendly weather in the U.S. corn belt and concerns over slowing economic growth weighed on the market.
"Today's weakness is on cooler weather moving into the Midwest and weaker-than-expected data from the U.S," said Abah Ofon, agricultural commodities analyst with Standard Chartered Bank in Singapore.

Brazil Bahia cocoa mid crop may have past peak
BRASILIA, Aug 3 (Reuters) - Cocoa deliveries to traders and grinders from Brazil's main cocoa state Bahia slipped in the last week, data from Bahia Commercial Association showed, in a possible indication that the harvest has now peaked.
Bahia-based cocoa analyst Thomas Hartmann said that the flow of cocoa from other states continued at a steady pace and that new areas in Para state in the north planted as part of a family agriculture program, were starting to bear pods.

Peru coffee exports jump 81 pct in value
LIMA, Aug 3 (Reuters) - Revenues from Peruvian coffee exports jumped 81 percent in the first half of 2011 from the same period a year earlier due to high international prices, the country's national council of coffee producers said on Wednesday.
If prices paid for coffee beans on international markets remain high, exports could be worth $1.2 billion in 2011, topping the record $860 million earned in 2010, Council President Cesar Rivas said in a statement.

New frost warning for small Brazil coffee state
BRASILIA, Aug 3 (Reuters) - Small coffee state Parana, which produces roughly 5 percent of Brazil's coffee, could face frost in the early hours of Thursday, forecaster Somar predicted, but the likelihood of significant crop damage is minimal.
Somar said the northern part of Parana, where much of the state's coffee is concentrated, said minimum temperatures would hit 1 Celsius in the early hours of Thursday and said the frost risk was "low" versus nil for other coffee-producing states.

US sugar industry consolidates, productivity up
STOWE, Vt, Aug 3 (Reuters) - The U.S. sugar industry has seen the number of people it employs contract sharply but economic activity has jumped, a report said Wednesday.
"The U.S. sugar industry has made major strides in recent years in improving its competitive position," LMC  International, a UK-based consultancy specializing in agricultural commodities said in a report presented by Owen Wagner at the annual meeting of the American Sugar Alliance.

Brazil corn exports seen picking up in August
SAO PAULO, Brazil, Aug 3 (Reuters) - August is typically an important month for Brazilian corn shipments due to the harvest of its winter crop and ports' shipping schedules suggest exports of the grain will increase sixfold from July.
But despite the strong showing of corn exports from Brazil so far this year, exports will likely fall shy of last year's near record tally due to harsh weather that sapped some of the productive potential of the local crop this season.

Oil rebounds from 1-mth lows, tracks equities higher
SINGAPORE, Aug 4 (Reuters) - Oil posted a modest rebound from one-month lows, tracking a bounce in Asian stock markets ahead of key U.S. employment reports expected to shed further light on whether a recovery in the world's largest economy is faltering.
"Today it's just a relief rebound after quite a drastic drop in both crude benchmarks overnight," said Serene Lim, a Singapore-based oil analyst at ANZ.

Shell faces first Nigerian oil spill claims in UK
ABUJA, Aug 3 (Reuters) - Royal Dutch Shell  has agreed that a Nigerian community impacted by its oil spills can seek compensation in a British court, lawyers in the case have said, potentially opening itself up to bigger future financial and reputational damages.
Shell said it does not comment on the legal process, which could take several months to reach a conclusion. It has already accepted responsibility and promised to pay some form of compensation for the spills which took place in 2008 and 2009, destroying parts of the Bodo fishing communities in the Ogoniland region of the Niger Delta wetlands.

LME copper up 0.4 pct on Chile strike, short covering
SHANGHAI, Aug 4 (Reuters) - LME copper rose, fuelled by continued supply fears and short-covering as it recovered from three-week lows struck the previous day after investors were disappointed by data on the U.S. services sector and factory orders.    
"Copper is under pressure but it's holding up very well given the uncertainties we have in the global economy. This was on the back of supply concerns over Escondida," said managing director of Commodity Broking Services Jonathon Barratt.

Indian state gets new leader, iron ore ban eyed
NEW DELHI, Aug 3 (Reuters) - A political crisis gripping India's second-biggest iron ore exporting region blew over on Wednesday with the appointment of a new chief minister but the move is not expected to see a ban on ore exports lifted any time soon.
The southern state of Karnataka chose Sadananda Gowda as the new chief minister after his predecessor B.S. Yediyurappa resigned over a controversy surrounding a $3.6 billion illegal iron ore mining scandal. He denies any wrongdoing.

Costs bite as Antofagasta's copper output climbs
LONDON, Aug 3 (Reuters) - Chilean miner Antofagasta  posted a 17 percent increase in second-quarter copper output as it ramps up production at its Esperanza mine, while costs climbed on the back of a stronger peso and higher prices for inputs such as sulphuric acid.
Output came in at 158,700 tonnes, up from 135,200 a year ago and more than 22 percent higher than the first quarter, when output was dampened by misses at its flagship mine Los Pelambres and expansion project Esperanza.  Analysts said the number was broadly in line with forecasts.

Gold ignores firm dollar; rises towards record
SINGAPORE, Aug 4 (Reuters) - Gold rose towards its record high, supported by worries about the widening euro zone debt crisis and slowing global growth and shrugging off strength in the dollar after Japan's intervention in the currency market.
"Gold seems to have wings at the moment as there are lots of macro and sovereign debt uncertainties," said David Thurtell, an analyst at Citigroup.

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