Stocks, euro rise on hopes of progress in Europe
SINGAPORE, Nov 14 (Reuters) - Asian stocks and the euro rose on hopes that new technocratic leaders in Italy and Greece will take decisive action to save their indebted nations from bankruptcy and fend off a wider financial meltdown in the euro zone.
"Everything went to plan if you like over the weekend, so we're seeing a positive reaction," said Michael Turner, strategist at RBC Capital Markets in Sydney.
European Stocks Rise as Leaders Tackle Debt (Bloomberg)
Europeans stocks advanced for a second day after new leadership in Italy and Greece boosted confidence in the euro area’s ability to contain its sovereign- debt crisis. Asian shares and U.S. index futures also climbed. UniCredit SpA (UCG) gained 3.9 percent after the Italian lender was said to be considering a 7.5 billion-euro ($10.3 billion) share sale to strengthen capital. Hochtief AG (HOT) retreated 2.5 percent after the construction company delayed the sale of its airport-operating business. The benchmark Stoxx Europe 600 Index rose 0.4 percent to 241.88 at 8:02 a.m. in London, extending last week’s 0.5 percent advance. The MSCI Asia Pacific Index rallied 1.3 percent and Standard & Poor’s 500 Index futures increased 0.3 percent.
‘Enough’s Enough’ on Undervalued Yuan: Obama (Bloomberg)
President Barack Obama kept up his pressure on China's foreign-exhange policy and trade practices, saying “enough’s enough” on what the U.S. views as a too-slow appreciation of the yuan. While there's been a “slight improvement,” China’s exporters “like the system the way it is” and are resistant to any moves to loosen the reins on the yuan, Obama said. “Changes are difficult for them politically, I get it,” Obama said at a news conference concluding a summit with Asia- Pacific leaders in Hawaii yesterday. “But the United States and other countries, I think understandably, feel that enough’s enough.” As he seeks to reassert U.S. interests in Asia, Obama is using increasingly strong language on China’s trade, currency and intellectual property policies. The U.S. contends China’s currency is kept artificially low, putting American businesses at a disadvantage and driving up Chinese trade surpluses.
FOREX-Euro ticks up, eyes on Italy bond auction
SYDNEY/TOKYO, Nov 14 (Reuters) - The euro and commodity currencies gained ground in Asia on Monday as investors cheered progress on tackling Europe's debt problems, but traders remained wary as Italy prepares to test market appetite with a bond sale.
Most traders remain unconvinced on whether new governments in Italy and Greece can win back investor confidence in their debt, and are looking to Italy's auction for near-term cues.
Soy rises for 2nd day, wheat rebounds on euro zone hopes
SINGAPORE, Nov 14 (Reuters) - U.S. soy rose for a second straight session, while wheat recovered from a one-month low on hopes that new leaders in Italy and Greece will take steps to rescue their nations from bankruptcy.
"It is the macro economic sentiment which is supporting grains and soybeans," said Ker Chung Yang, an analyst at Phillip Futures in Singapore. "Prices are getting attractive for buyers like China to stock up. Lunar new year is just two months away and they have to buy now."
Cargill boosts Australia capacity ahead of harvest
SYDNEY, Nov 14 (Reuters) - Cargill Inc is boosting its grain handling capacity in Australia ahead of an expected bumper harvest in the country, the world's third-biggest wheat exporter, the U.S. head-quartered commodities giant said on Monday.
Cargill, one of Australia's largest wheat exporters following its recent purchase of the grain trading arm of AWB Ltd, now owned by Canada's , said it would spend more than A$10 million ($10.3 million) on its "Grainflow" receival sites in eastern and southern Australia.
Slowing palm oil output growth, demand to lift prices-Mistry
KUALA LUMPUR, Nov 13 (Reuters) - Erratic weather that is slowing palm oil output growth and strong demand will lift benchmark Malaysian futures to 3,300 ringgit in January, top industry analyst Dorab Mistry said.
Mistry, who heads the trading desk for India's Godrej International, said he was sticking to an earlier forecast that palm oil would reach 4,000 ringgit by mid-2012 on the view the world will not plunge into a recession due to resilient growth in Asia.
Bumper Brazil crop to ease arabica price -analyst
PLAYA HERRADURA, Costa Rica, Nov 12 (Reuters) - Brazil could produce up to 59 million 60-kg (132-pound) bags of coffee in the 2012 harvest, helping ease the international price of arabicas from multi-year highs, a global commodities analyst said on Saturday.
The estimate would be a nearly 40 percent increase from the 43.15 million bags Brazil produced last year, as the world's top coffee producer enters an up year in its up-and-down harvest cycle.
Brazil's coffee consumption seen overtaking US
PLAYA HERRADURA, Costa Rica , Nov 11 (Reuters) - Brazil could overtake the United States in overall coffee consumption in the next few years as increasing wealth in Brazil is driving a rise in locals' thirst for espressos and cappuccinos, according to the country's coffee association head.
Brazil, the world's top coffee grower, could consume more coffee than the United States in "two to three years," Nathan Herszkowicz, executive director of Brazil's coffee industry association Abic told Reuters on Thursday.
Cuba seeks Brazil aid to boost farm production
SAO PAULO, Nov 11 (Reuters) - Cuba is seeking a credit of $200 million from Brazil to import agricultural machinery and technology in hopes of increasing food output and reducing its reliance on imports, a Brazilian official said on Friday.
The communist island thinks the aid will allow it to double its production of grains, which would enable it to meet its domestic demand, said Francesco Pierri, chief international advisor in Brazil's Ministry of Agrarian Development.
Mexico steps up its crop import game: Gavin Maguire
--Gavin Maguire is a Reuters market analyst. The views expressed are his own. To get his real-time views on the market, please join the Global Ags Forum. --
CHICAGO, Nov 11 (Reuters) - The USDA's 14.5 percent cut to its Mexican corn output estimate was one of the most important features of the November monthly crop report as it implied the world's No. 2 corn importer would likely need to dial up its corn imports further going forward to compensate for lower domestic availability.
But Mexico also looks likely to have record high imports of wheat and rice in 2011/12 - as well as near record high soybean imports - revealing that this country is clearly going from a bit-part player to taking a leading role on the global agricultural trade stage.
Brent steady above $114 as econ outlook improves
SINGAPORE, Nov 14 (Reuters) - Brent crude held above $114, extending the gains of the previous week on hopes of steady demand
growth as concerns over Europe's debt crisis eased, with Italy and Greece putting in place new governments to shore up the countries' finances.
"U.S. crude prices have a further upside towards $102 this week, based on technicals and support from developments in Europe," said Ken Hasegawa, commodity derivatives manager at Newedge Brokerage in Tokyo. "We have already seen a big rebound in U.S. crude of about $25 a barrel since the low they touched in October."
China imported iron ore stocks up 1.5 pct in week ending Nov 11
SHANGHAI, Nov 11 (Reuters) - Inventories of imported iron ore at major Chinese ports rose 1.5 percent this week to end at 96.3 million tonnes, up for the fourth consecutive week, data from industry consultancy Mysteel showed on Friday.
Shipments from India, which has imposed a ban on large-scale mining and exports from the world's third-largest iron ore producer, fell around 2 percent from last week, as the higher freight rates and export duties also discouraged exports.
S.Korea seeks 100 T tin ingot for Dec
SEOUL, Nov 14 (Reuters) - South Korea is seeking 100 tonnes of tin ingot via tender for December 30, 2011 arrival to the port of Incheon, the state-run Public Procurement Office (PPS) said on its website.
The tender, for tin ingot of more than 99.9 percent purity of all brands except those of Russian origin, will close at 2 p.m. (0500 GMT) on Thursday, the agency said.
Copper up on euro zone hopes, Japan's rebound
SHANGHAI, Nov 14 (Reuters) - Shanghai copper hit its daily upper trade limit of 58,780 yuan ($9,267.79) after Greece and Italy appointed new leaders and seem on track to roll out austerity measures to avert a euro zone and global financial meltdown.
"Today's lift in copper futures prices is mostly due to the positive news out of Italy and Greece over the weekend," said Minmetals Futures analyst Zhang Ao.
US copper users seek premium cuts for 2012
Nov 11 (Reuters) - U.S. copper buyers are pushing for a premium cut in 2012 while the world's largest producer, Chile's Codelco, aims to keep premiums unchanged as market players wrangle over 2012 contracts, participants told Reuters.
Anticipation was running high about next year's charges from Codelco -- considered the benchmark for most of the industry's annual deals -- as traders, producers and consumers gathered for the American Copper Council (ACC) meeting this week.
China spot copper premiums down, Codelco may offer $110
HONG KONG, Nov 11 (Reuters) - Chinese importers are buying less spot copper as it has become more difficult to secure U.S. dollar letters of credit and on sufficient domestic supply, traders said on Friday.
This has cut spot premiums and may spill over into next year, with the world's top copper producer Codelco expected to offer a premium of $110 a tonne for refined copper for delivery in 2012.
Gold inches up as Italy, Greece offer hopes
SINGAPORE, Nov 14 (Reuters) - Gold edged up, extending gains from the previous session, as change in the political leadership in Italy and Greece rekindled hopes on euro zone's resolution to the debt crisis, fueling risk appetite in markets.
"The change in political leadership is calming the financial markets," said Ong Yi Ling, an analyst at Phillip Futures, adding that confidence in the new leaders could fuel risk appetite and push bullion higher.
METALS-Copper up on euro zone hopes, Japan's rebound
SHANGHAI, Nov 14 (Reuters) - Shanghai copper hit its daily upper trade limit of 58,780 yuan ($9,267.79) on Monday after Greece and Italy appointed new leaders and seem on track to roll out austerity measures to avert a euro zone and global financial meltdown.
Japan's economy also rebounded as expected in the third quarter from a recession triggered by a devastating March earthquake on robust exports and consumption.
PRECIOUS-Gold inches up as Italy, Greece offer hopes
SINGAPORE, Nov 14 (Reuters) - Gold edged up on Monday, extending gains from the previous session, as change in the political leadership in Italy and Greece rekindled hopes on euro zone's resolution to the debt crisis, fueling risk appetite in markets.
Equities and commodities rose after Italy and Greece rushed to form new governments to save the indebted nations from bankruptcy and fend off a wider financial meltdown in the euro zone.
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