SINGAPORE, Sept 26 (Reuters) - Asian shares and the euro fell as investors reacted cautiously to reports that European leaders were working on new ways to stop the fallout from the euro zone sovereign debt crisis wreaking more damage on the world economy.
"We believe this type of plan would be seen as a credible solution to the crisis," said Warren Hogan, chief economist at ANZ Bank in Sydney.
FOREX-Euro hits 10-yr low vs yen on EU step doubts
TOKYO, Sept 26 (Reuters) - The euro fell to its lowest in a decade against the yen and zeroed in on an eight-month low versus the dollar, as riskier assets got hammered across the board while markets waited for more details on fresh efforts from European officials to tackle the debt crisis there.
"We believe this type of plan would be seen as a credible solution to the crisis," said Warren Hogan, chief economist at ANZ Bank in Sydney.
Philippines weighs impact of palm oil expansion on coconut
MANILA, Sept 23 (Reuters) - The Philippines could expand its palm oil acreage to up to 1 million hectares (2.47 million acres) from about 55,000 hectares now, but is weighing the impact on its major coconut oil industry before committing to a long-term plan, a senior official said on Friday.
Coconut is a major dollar earner for the Southeast Asian country, the world's top supplier, and a greater focus on palm oil production could be at the expense of coconut oil exports and hit domestic demand.
Indonesia's palm oil taxes, erratic weather to dominate Indian conference
MUMBAI, Sept 23 (Reuters) - Global edible oil traders are anxiously awaiting top buyer India's response to lower export taxes from major palm oil producer Indonesia after bitter complaints from local refiners that they would soon be out of business.
At the annual Globoil industry meeting that starts in Mumbai on Friday, the La Nina weather pattern is also expected to be a dominant topic after forecasts it will inundate Southeast Asia -- the biggest palm oil producing region -- in a few months, possibly reducing output as demand from China and India rises.
La Nina weather could drive palm oil to 4,000 rgt-Mistry
Sept 25 (Reuters) - A probable resurgence in La Nina-induced rains late this year could curtail Southeast Asian palm oil production, driving prices towards 4,000 ringgit by April-June 2012, leading analyst Dorab Mistry said on Sunday.
The forecast from the head of vegetable oil trading with India's Godrej Industries represents a 34 percent rise from current palm oil prices that fell to their lowest in six weeks on Friday on fears of global economic recession.
Corn recovers from 12-week low; wheat, soy steady
SINGAPORE, Sept 26 (Reuters) - U.S. corn rose around half a percent recovering from a 12-week low, while wheat and soy steadied after last week's selloff as policymakers began working on new ways to stem the euro zone crisis.
"From the macro-economic perspective the market is waiting for further news on the European situation," said Brett Cooper, a senior manager of markets at FCStone Australia.
Vietnam's 2011 paddy output to hit record 42 mln T-ministry
HANOI, Sept 26 (Reuters) - Vietnam, the world's second-largest rice exporter, is forecast to produce a record 42 million tonnes of paddy this year, up around 5 percent from 2010 due to a larger planting area and higher yields, the Agriculture Ministry said.
The rising output of unhusked rice would help put Vietnam on track to reach a record export volume this year of at least 7 million tonnes of milled rice while ensuring ample domestic supply that could help cool inflation.
Philippines says may exceed 2011 rice output fcast
MANILA, Sept 26 (Reuters) - The Philippines may exceed its rice output forecast of 17.3 million tonnes this year, with expectations of a good fourth quarter harvest barring major damage from typhoons that may hit before the year ends, the agriculture minister said on Monday.
"There is a strong chance that we will exceed the 17.3 million tonnes," Proceso Alcala said in a televised media briefing, but added he did not want to peg a specific level for possible output.
Egypt's Alcotexa sold 2,490t of cotton last week
CAIRO, Sept 25 (Reuters) - Egypt's Alexandria Cotton Exporter's Association (Alcotexa) committed to sell 2,490 tonnes of cotton in the week that ended Sept 24, an Alcotexa official told Reuters on Sunday.
The sales comprised 480 tonnes of Giza 88 and 2010 tonnes of Giza 86.
The deal brings Alcotexa's export commitments for the 2011/12 season which began in September to 2,882 tonnes. The prices have not been announced yet.By this time last year, Alcotexa had sold 10,325 tonnes of cotton.
I.Coast says may produce half of world cocoa in '11
NEW YORK, Sept 24 (Reuters) - Ivory Coast, the world's top cocoa producer, expects to increase its cocoa output this year to the point that it could account for half of the world's production, the country's president said on Saturday.
"We produce 40 percent, probably this year it could be 50 percent, of world cocoa," President Alassane Ouattara told Reuters in an interview on the sidelines of the U.N. General Assembly.
Brazil cane investment bubbles but still not boiling
SAO PAULO, Sept 23 (Reuters) - Investments in the expansion of Brazil's sugar and ethanol industry have resumed and could pick up in 2012 as some groups dust off projects that had been shelved in the wake of the 2008 credit crisis and as inquiries into abandoned projects rise.
A few deep-pocket groups have recently announced expansion plans for mills and, although projects are just a shadow of those seen prior to the crisis, they should put an end to a long hiatus in this kind of investment.
Brent crude slips on euro zone debt concerns
SINGAPORE, Sept 26 (Reuters) - Brent crude fell further below $104 paring earlier gains to stand at a near 7-week low, on concerns that euro zone policymakers were doing too little to stem a debt crisis that helped wipe as much as 9 percent off oil prices last week.
"Absent some formal measures to deal with the debt problem, the general statements coming out of the euro zone are unlikely to reassure the markets," said Ric Spooner, chief market analyst with CMC Markets in Sydney. "Until we get something more concrete, there will be limited upside for oil."
Vietnam 2012 oil output to rise 6.7 pct y/y -paper
HANOI, Sept 26 (Reuters) - Vietnam is expected to raise its crude oil output by 6.7 percent next year to 16 million tonnes, drawing more from fields both offshore and overseas, countering a fall in bigger domestic fields, a state-run newspaper reported on Monday.
"A crude oil output decline in major oilfields is in fact taking place, but to offset the fall there are smaller fields," Phung Dinh Thuc, Chairman of state oil and gas group Petrovietnam, was quoted by the official Dau Tu newspaper as saying.
Copper extends losses, hits 14-month lows in Shanghai
SHANGHAI, Sept 26 (Reuters) - Copper extended losses as fears of a Greek default stirred worries about a global recession, which could slow industrial use, a scenario underlined by copper's sharpest weekly fall in nearly three years last week.
"Investors are cautious about the global economy and sticking to safe plays. Many expected some measures to deal with the euro zone crisis during the G20 summit but nothing came out of it," said CIFCO Futures analyst Zhou Jie.
Rio Tinto eyeing Australia aluminum business spin-off: paper
Sept 26 (Reuters) - Global miner Rio Tinto is considering spinning off part of its Australian aluminium assets as a planned carbon would raise costs, the Australian Financial Review said on Monday.
Rio has been working with Macquarie Group and PricewaterhouseCoopers to consider its options for the business, the paper said.
Shougang Peru strike ends after one month
LIMA, Sep 25 (Reuters) - Workers at Shougang Hierro Peru, the only producer of iron ore in the country, have ended a month-long strike over better better wages, a labor leader told Reuters on Sunday.
The stoppage at Shougang Hierro Peru , a unit of the Chinese group Shougang, had led the company to declare force majeure, freeing them from meeting contractual obligations on shipments of metal.
Power blackout stuns Chile, halts copper mines
SANTIAGO, Sept 24 (Reuters) - A massive power blackout paralyzed crucial copper mines in Chile on Saturday and darkened vast swaths of the country including the capital Santiago before energy started to be restored, officials said.
The outage acutely exposed the fragility of the energy grid in the world's top copper producer, which was devastated by a powerful earthquake in 2010.
Zambia's Sata likely to avoid major copper shake up
JOHANNESBURG, Sept 23 (Reuters) - New Zambian President Michael Sata is likely to back away from shaking up the nation's vital copper industry significantly, despite his past attacks on foreign mining investment -- especially when it comes from China.
Chinese companies, which have sunk $2 billion into Zambia to secure a share of its mineral wealth, may still be unnerved by Sata's past accusations that they had created slave labour conditions with scant regard for safety or the local culture.
Underlying China iron ore demand strong -ArcelorMittal
LONDON, Sept 23 (Reuters) - Underlying Chinese demand for iron ore is still strong despite evidence of more cautious behaviour from some buyers, ArcelorMittal told investors on Friday, adding it expects buying activity to restart in the fourth quarter.
"There has certainly been a longer period of stockholding in China at the mills this summer than the last couple of summers. What we are seeing is people taking a wait-and see approach in China, but the underlying demand is still very strong," Simon Wandke, chief commercial officer of ArcelorMittal's mining operations, said during an investor meeting.
METALS-Copper extends losses, hits 14-month lows in Shanghai
SHANGHAI, Sept 26 (Reuters) - Copper extended losses as fears of a Greek default stirred worries about a global recession, which could slow industrial use, a scenario underlined by copper's sharpest weekly fall in nearly three years last week.
"Investors are cautious about the global economy and sticking to safe plays. Many expected some measures to deal with the euro zone crisis during the G20 summit but nothing came out of it," said CIFCO Futures analyst Zhou Jie.
PRECIOUS-Spot gold falls 1 pct as recession fear prevails
SINGAPORE, Sept 26 (Reuters) - Spot gold prices fell more than 1 percent, extending their loss of 4.6 percent in the previous session, amid wide-spread anxiety about prospects for a global recession as investors cautiously watch European leaders seek new ways to solve the euro zone debt crisis.
"The dollar still has room to strengthen more in the short term because the fear of crisis is not over," said Dominic Schnider, head of commodity research of UBS Wealth Management in Singapore.
Spot gold falls 1 pct as recession fear prevails
SINGAPORE, Sept 26 (Reuters) - Spot gold prices fell more than 1 percent extending their loss of 4.6 percent in the previous session, amid wide-spread anxiety about prospects for a global recession as investors cautiously watch European leaders seek new ways to solve the euro zone debt crisis.
"Our goal at $2,000 remains in place. The structural factors behind high gold prices are still there, but in the short term, we have to acknowledge that if everything collapses, it is tough for gold to advance."
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