Asian stocks rise, euro steady on Europe bank moves
SINGAPORE, Oct 7 (Reuters) - Asian stocks rose on Friday and the euro clung to gains from a 2-cent rally after euro zone policymakers moved to shore up struggling banks and fend off a financial crisis.
"There are still plenty of problems that face the European financial system," said Greg Gibbs, strategist at RBS in Sydney. "The risk rally will probably run out to steam in the next week."
Asian Stocks Head for Biggest Two-Day Gain Since 2009 on European Outlook (Bloomberg)
Asian stocks rose, sending a regional benchmark index toward its biggest two-day gain in two years, as optimism European officials will protect banks from the region’s debt crisis boosted the earnings outlook for lenders and exporters. National Australia Bank Ltd. (NAB), the nation’s largest lender to businesses, gained 3.9 percent in Sydney. Hutchison Whampoa Ltd., which owns ports in Germany and Spain, surged 10 percent in Hong Kong after saying its operations in Europe are “very resilient.” Toyota Motor Corp., Asia’s No. 1 automaker, advanced 0.4 percent in Tokyo, while in Seoul, Samsung Electronics Co. rose 0.6 percent. BHP Billiton Ltd. (BHP), the world’s largest mining company, jumped 2.5 percent in Sydney after commodity prices increased.
The MSCI Asia Pacific Index rose 2 percent to 112.87 as of 3:17 p.m. in Tokyo, set for a 5.2 percent two-day gain, the steepest since April 2009. About three stocks advanced for each that declined on the measure, which was headed for a 0.2 percent decline this week. The gauge tumbled 16 percent in the third quarter, the biggest drop since 2008, amid concern that Europe’s debt crisis and a U.S. economic slowdown will drag the world back into recession.
Emerging markets money braced for China shock (Bloomberg)
LONDON, Oct 6 (Reuters) - For all the confidence in China's resilience to global economic shocks over the past decade, some investors are now starting to worry about a hard landing for the high-flying economic giant.
Fears of a Chinese growth shock are compounding a broader sell-off bedevilling emerging markets, prompting many to raise cash levels and reposition portfolios to cope with an end to the China-driven commodities boom and a resurgent dollar.
Soy falls on yield outlook, harvest pressure; wheat firms
SINGAPORE, Oct 7 (Reuters) - Chicago soy slid half a percent on Friday, trading close to a one-year low as the market was weighed down by a forecast of higher U.S. crop yields and ideal weather aiding the harvest in the Midwest.
"There is pressure on corn and soybean prices as the harvest is progressing well with dry weather in the Midwest," said Lynette Tan, a grains analyst at Phillip Futures in Singapore.
Argentina's key wheat area helped by rain -exchange
BUENOS AIRES, Oct 6 (Reuters) - Rains over the last week in key Argentine wheat areas improved conditions of 2011/12 crop after a dry September had raised concerns about it, the Buenos Aires Grains Exchange said on Thursday.
Lack of precipitation last month delayed corn planting and battered wheat crops in Argentina. The South American grains powerhouse is a leading wheat exporter and the world's No. 2 corn supplier.
Yields to bring down Brazil's new soy crop-gov't
BRASILIA, Oct 6 (Reuters) - Brazil may suffer its biggest drop in soy output in decades next year if dry conditions from a possible return of La Nina weather descend on the southern grain belt, the government said on Thursday.
In its first forecast of 2011/12, the government's crop supply agency Conab said soy output will fall to 72.18-73.29 million tonnes from a record 75.3 million last year.
Coceral ups EU 2011 wheat, maize crop forecasts
PARIS, Oct 6 (Reuters) - European Union grain trade lobby Coceral raised its forecast for the bloc's soft wheat harvest in 2011 to 128.39 million tonnes from the 126.53 million tonnes estimated in July.
The forecast was in line with recent estimates by French analysts Strategie Grains, which last month put the bloc's total soft wheat output at 129.0 million tonnes.
UK rapeseed exports to rise following record crop
LONDON, Oct 6 (Reuters) - UK exports of rapeseed could rise to more than 500,000 tonnes in 2011/12, boosted by a record crop and diminished competition from Germany, David Eudall, senior analyst at Britain's Home-Grown Cereals Authority said on Thursday.
"There is a very large export market for the UK," he told the HGCA's annual outlook conference, adding UK exports could be "500,000 tonnes or above".
UK 2011 wheat harvest up 3 pct on year -farm ministry
LONDON, Oct 6 (Reuters) - The U.K.'s 2011 wheat harvest is estimated at 15.4 million tonnes, up 3 percent on the year, the farm ministry reported on Thursday.
"This increase is a combination of a slightly increased yield of 7.8 tonnes a hectare, along with a 1 percent increase in the wheat area," the ministry said.
Thai rice plan: well-intentioned but hazardous
SUPHANBURI, Thailand, Oct 6 (Reuters) - On paper, it's populism at its best: the world's biggest rice exporter paying farmers a hefty premium to better their lives.
But Thailand's rice policy will cost it customers and fiscal peace of mind, as well as make Asia's staple food costlier as the region tries to cope with rising inflation.
Brent crude stays firm above $105 on EU's move
SINGAPORE, Oct 7 (Reuters) - Brent crude stayed firm above $105.50, boosted by Europe's move to shore up ailing banks and expectations that the U.S. economy may not be sliding into recession.
"Support was given mainly by the focus on Europe and comments... in favor of recapitalizing banks," said MF Global in its daily report.
Thailand aims to be regional energy hub, to up oil reserves
BANGKOK, Oct 6 (Reuters) - Thailand aims to revive a long-stalled plan to become an oil trading and biofuel hub in Southeast Asia, challenging Singapore's dominance, its new energy minister said on Thursday.
The net oil importer plans to boost its crude reserves, excluding refined oil products, to 29 days from 18 days now to improve energy security, said Pichai Naripthaphan, as consumers face volatile crude prices which continue to hold above $100 a barrel.
Copper rises 1.5 pct, eyeing best week since April
SINGAPORE, Oct 7 (Reuters) - Copper rose more than 1 percent on Friday and is on course for its best week since April as efforts in Europe to contain the sovereign debt crisis there drew buyers back to one of the hardest hit commodities in the past quarter.
"There's a bit of a relief rally going on, but copper's still got to do a lot of work on the topside in order to get back in a bull trend," said Jonathan Barratt, managing director at Commodity Broking Services in Sydney.
Manila's Nickel Asia 9-mth sales volume up 43 pct y/y
MANILA, Oct 7 (Reuters) - The Philippines' top nickel producer Nickel Asia Corp said on Friday its nickel ore sales volume in January to September rose 43 percent from a year earlier on higher prices and strong demand from China.
Nickel Asia, partly owned by Japan's Sumitomo Metal Mining Corp , said it sold 8.3 million wet metric tonnes (WMT) of nickel ore worth 9.8 billion pesos ($224 million) during the nine-month period, from 5.8 million WMT worth 5.7 billion pesos a year ago.
COLUMN-Aluminium-The dangers of comparative analysis
LONDON, Oct 6 (Reuters)- Aluminium has been traded on the London Metal Exchange (LME) for more than 30 years, and analysts have been charting, monitoring and trying to predict the course of the metal since then.
Over those years, a rich history has developed, both within the rises and falls of the metal's price, and within the offices and corridors of those who seek to understand and comment on aluminium.
Copper price plunge in Q3 deflates U.S. scrap market
NEW YORK, Oct 6 (Reuters) - A plunge in the price of copper at the tail end of the third quarter resulted in a virtual standstill in U.S. secondary scrap business, already restrained by a less-aggressive Chinese presence this year.
But trade could receive a jolt in the coming week and months ahead, as Chinese buyers return from holiday to find international prices below where they were the week before -- even with a 6 percent surge in copper futures on Thursday.
Tight copper concentrate a feature for some years
LONDON, Oct 6 (Reuters) - Tight copper concentrate supplies and excess smelting capacity for the industrial metal will remain a feature of the market for some years to come, Javier Targhetta, president of Spanish smelter company Atlantic Copper said.
But Targhetta refused to be drawn on whether that would translate into lower treatment and refining charges (TC/RCs) for the metal used widely in power and construction.
Chinese copper smelters seek higher TC/RCs for 2012
LONDON, Oct 6 (Reuters) - Chinese copper smelters are seeking higher yearly treatment and refining charges for term copper concentrate imports for the full year of 2012 as they expect supply to rise, while trading sources say some global miners may switch to quarterly charges.
For 2012, smelters now want treatment and refining charges (TC/RCs) they receive for converting term concentrate imports into metal of $60-$80 per tonne and 6-8 U.S. cents per pound for the full year delivery, smelter sources told Reuters at a gathering late on Wednesday in London.
Zambia lifts metal exports ban after two days
LUSAKA/LONDON, Oct 6 (Reuters) - Zambia has lifted a ban on metal exports, just two days after imposing it to sort out irregularities and increase transparency in Africa's top cooper producer, a minerals ministry official said on Thursday.
Newly elected President Michael Sata has been concerned -- analysts say with good reason -- that copper exporters are misreporting the amount of ore leaving Zambia. Earlier this week Zambia suspended export permits to put new guidelines in place.
Indonesia's tin ban exports to last for 1 month
JAKARTA, Oct 6 (Reuters) - Indonesia's Tin Industry Association expects the full export ban from Oct.1 will last for one month before prices go above $25,000 per tonne, Johan Murod, general secretary of the association, said on Thursday.
Smelters in Indonesia's main tin producing region of Bangka island agreed to impose a full export ban from Oct. 1 due to falling global prices to help it recover.
Manila's Nickel Asia 9-mth sales volume up 43 pct y/y
MANILA, Oct 7 (Reuters) - The Philippines' top nickel producer Nickel Asia Corp said on Friday its nickel ore sales volume in January to September rose 43 percent from a year earlier on higher prices and strong demand from China.
Nickel Asia, partly owned by Japan's Sumitomo Metal Mining Corp , said it sold 8.3 million wet metric tonnes (WMT) of nickel ore worth 9.8 billion pesos ($224 million) during the nine-month period, from 5.8 million WMT worth 5.7 billion pesos a year ago.
METALS - Copper rises 1.5 pct, eyeing best week since April
SINGAPORE, Oct 7 (Reuters) - Copper rose more than 1 percent on Friday and is on course for its best week since April as efforts in Europe to contain the sovereign debt crisis there drew buyers back to one of the hardest hit commodities in the past quarter.
The European Central Bank threw a lifeline to commercial banks, announcing on Thursday that it will provide longer-term cheap money for the growing number of European lenders which have seen wholesale funding dry up as market confidence ebbs.
PRECIOUS - Gold heads for biggest weekly gain since Sept
SINGAPORE, Oct 7 (Reuters) - Gold headed for its biggest weekly gain in a month as equities regained strength after fresh efforts by Europe to resolve its debt crisis eased nagging worries about a global recession, while purchases from jewellers offered additional support.
But trading was slow ahead of the release of U.S. non-farm payrolls data for September, which could show 60,000 new jobs created and the unemployment rate unchanged at 9.1 percent, offering hopes the world's largest economy was only growing slowly, and not falling into recession.
Gold heads for biggest weekly gain since Sept
SINGAPORE, Oct 7 (Reuters) - Gold headed for its biggest weekly gain in a month as equities regained strength after fresh efforts by Europe to resolve its debt crisis eased nagging worries about a global recession, while purchases from jewellers offered additional support.
"The payroll number will be a driver of trade today, but will jostle metals prices only if it's significantly far from expectations," said Tom Pawlicki, precious metals and energy analyst at MF Global.
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