Stocks set for weekly gains, eurozone summit looms
HONG KONG, Dec 2 (Reuters) - Asian stocks are poised for their first weekly rise in a month buoyed by coordinated central bank actions, while the euro consolidated its hefty gains ahead of a key European summit next week to tackle the euro-zone crisis.
"We're in consolidation mode but its basically down to the non-farm payrolls today and then back to Europe next week," said Christian Keilland, head of trading at agency brokerage BTIG in Hong Kong.
FOREX-Euro consolidates with focus on US jobs, EU action
TOKYO, Dec 2 (Reuters) - The euro struggled to make much headway on Friday, consolidating this week's gains as traders stuck to the sidelines ahead of a crucial U.S. jobs report and event-packed week that could prove decisive for the currency bloc.
"The move by the central banks simply eased liquidity worries for now. The big-bazooka solutions are coming next week and the euro's strength hinges on their feasibility," said Sumino Kamei, senior currency analyst at the Bank of Tokyo-Mitsubishi UFJ in Tokyo.
Indonesia launches RBD palm olein futures next week
NUSA DUA, Indonesia, Dec 1 (Reuters) - Indonesia Commodity & Derivative Exchange (ICDX) will launch a palm olein futures contract for trading on Dec. 9, its chief executive said on Thursday, as the world's top palm oil producer uses lower export taxes to boost its idle refineries and supplies more products globally.
Speedy approval given by Indonesia's Commodity Futures Trading Regulatory Agency signals the country's need to play a greater role in setting prices, said Megain Widjaja, Chief Executive Officer of ICDX.
India palm imports from Indonesia likely to jump-IPOB
NUSA DUA, Indonesia, Dec 1 (Reuters) - Imports of Indonesian palm oil by top buyer India are likely to rise 10 percent each year for the next five years as rising population and wealth boost its purchasing power, the Indonesian Palm Oil Board (IPOB) said on Thursday.
India, the world's top vegetable oil buyer, will import about 3 million tonnes of crude palm oil from Southeast Asia's largest economy this year, Derom Bangun, vice chairman at the IPOB told Reuters.
Malaysia palm stock build seen with Indonesia tax changes
NUSA DUA, Indonesia Dec 1 (Reuters) - Palm oil stocks in Malaysia are set to rise if the government does not change policies in response to top supplier Indonesia imposing export tax differentials that favour shipping out refined products, a top analyst said on Thursday.
James Fry, Chairman of commodities consultancy LMC International, said processed palm oil inventories would grow as the No.2 producer struggles to keep market share with Indonesian exporters getting a price edge in shipping out more refined products.
Asian palm-based biofuel may struggle in U.S.
NUSA DUA, Indonesia Dec 1 (Reuters) - Indonesian palm-based biodiesel shipments seeking a foothold in the United States will face stiff competition from feedstocks such as corn oil and waste oils, which will become cheaper as more supplies hit the market, a top USDA official said on Thursday.
Indonesian processors must also first get a clear pathway from the Environmental Protection Agency (EPA) over concerns of higher emissions arising from converting the edible oil, said Michael Dwyer, director of the U.S. Department of Agriculture's global policy analysis division.
Indonesia palm output at 24.5 mln T in 2012-SMART
NUSA DUA, Indonesia, Dec 1 (Reuters) - Palm oil output in top producer Indonesia will rise as much as 6.5 percent to 24.5 million tonnes next year, while benchmark prices will drift lower until dry weather provides a boost from the second half, palm oil giant SMART said on Thursday.
Production in Indonesia, the world's top palm oil producer, is estimated to hit 23 million in 2011, but could rise by between 1.0 million and 1.5 million tonnes next year, Daud Dharsono, president director at Indonesia's PT Sinar Mas Agro Resources & Technology, or SMART told Reuters.
U.S. wheat rises for 2nd day on exports; soy firm
SINGAPORE, Dec 2 (Reuters) - U.S. wheat rose for a second straight session, gaining 0.5 percent and on track for its biggest weekly rise in more than three months as prospects of strong demand for higher-quality milling wheat propelled the market.
"When you start seeing the quality wheat being affected for 2011/12 season, it is going be bullish as premium quality is in short supply," said Abah Ofon, an analyst with Standard Chartered Bank in Singapore.
China 2011 grain output up 4.5 pct, corn at record -stats bureau
BEIJING, Dec 2 (Reuters) - China's grain output rose 4.5 percent from a year earlier to a record high of 571.21 million tonnes in 2011, with corn output beating expectations, the National Bureau of Statistics said on Friday.
China, the world's second-largest corn consumer, produced a record 191.75 million tonnes of corn in 2011, up 8.2 percent on year. The figure was much larger than expected by the market and analysts at between 180-185 million tonnes.
Indonesia's Sulawesi Nov cocoa beans exports drop 45 pct y/y- industry
JAKARTA, Dec 2 (Reuters) - Indonesia's cocoa bean exports from the main growing island of Sulawesi slumped 44.7 percent to 11,702.34 tonnes in November from 21,172.69 tonnes a year earlier, industry data showed on Friday.
Indonesia is the world's third-largest cocoa producer after the Ivory Coast and Ghana.
Argentina soy sowing swift, weather helps-exchange
BUENOS AIRES, Dec 1 (Reuters) - Argentine farmers made good progress on 2011/12 soybean sowing in the last week, thanks to favorable weather and good soil moisture conditions, the Buenos Aires Grains Exchange said on Thursday.
The South American country is the world's top supplier of soyoil and soymeal and its No. 3 soybean exporter.
Rains may keep Colombia coffee at 8.5 mln bags in 2014
Bogota, Dec 1 (Reuters) - Coffee output in Colombia, the world's top producer of Arabica beans, could be as little as 8.5 million bags in 2014 if rains that have battered the Andean nation persist, Fernando Gast, director of the National Coffee Research Center, said Thursday.
Colombia's weather office expects La Nina-related downpours to continue at least until the end of the first quarter of next year. Rains have been pelting the Andean nation almost without relief since the start of 2010.
Brazil 11/12 soy crop seen stable at 75 mln T--FNP
SAO PAULO, Dec 1 (Reuters) - Brazil's 2011/12 soybean crop, currently being planted, will amount to 75 million tonnes, unchanged from the previous estimate, grain analysts Informa Economics FNP projected on Thursday.
The analysts estimated Brazil's new corn crop at 62 million tonnes.
S.Africa's 2010/11 maize crop down nearly 20 pct
JOHANNESBURG, Dec 1 (Reuters) - South Africa's May 2010-April 2011 maize harvest fell nearly 20 percent from the previous season, in line with market expectations, due to unfavourable weather conditions, the Crop Estimates Committee (CEC) said on Thursday.
South Africa reaped 10.36 million tonnes of maize in the 2010/11 season, compared with the previous year's harvest of 12.815 million tonnes.
Ukraine grain exports double in November - lobby
KIEV, Dec 1 (Reuters) - Ukraine's grain exports jumped to 2.2 million tonnes in November from about 1.0 million in October due to increased demand, the Agrarian Confederation (UAC) grain lobby group said on Thursday.
UAC director Serhiy Stoyanov said in a statement Ukraine had exported about 1.8 million tonnes of maize, 400,000 tonnes of wheat and 16,000 tonnes of barley last month.
German 10th factory test sugar content up on year
HAMBURG, Dec 1 (Reuters) - The tenth factory test on sugar beet delivered to refineries in Germany this season showed sugar content of 17.85 percent compared to 17.22 percent in the same test last season, the association of German sugar producers WVZ said on Thursday.
This was also up from 17.79 percent in the ninth test this year issued on Nov. 24.
Brent rises above $109 on positive U.S. econ data
SINGAPORE, Dec 2 (Reuters) - Brent crude rose above $109 on fresh evidence of a sustained recovery in the United States, the world's top oil consumer, but gains were capped by lingering concerns the euro zone debt crisis could trigger a global recession.
"Data out of the U.S. has been strong and that has helped support oil prices. The market wants to move higher, but is reluctant to, unless it sees a clear resolution to the euro zone crisis," said Victor Say, a market analyst at Informa Global Markets in Singapore.
China primary aluminium output to rise 12 pct in 2012 -Antaike
ZHUHAI, China, Dec 1 (Reuters) - China faces a surplus of 250,000 tonnes of primary aluminium in 2012 as smelters expand low-cost capacity, a senior analyst at state-backed research firm Antaike said on Thursday.
China's aluminium production may rise 12 percent on the year to 21.95 million tonnes next year, above the 11.3 percent growth rate forecast for 2011 and the year's 19.6 million tonne production, Yao Xizhi told an industry conference in Zhuhai, Guangdong province.
Italy 9-month steel exports up, lag import volumes
MILAN, Dec 1 (Reuters) - Steel exports from Italy, the European Union's second-biggest producer after Germany, rose 12.9 percent year on year to 12.863 million tonnes in the first nine months of 2011, but lagged behind import volumes, industry body Federacciai said.
Italy's export-focused steel industry has come under increasing pressure from non-EU competitors in the past few years and, facing weak demand of core markets, needs to rethink its product range and consolidate, analysts say.
LME copper steady, eyes first gain in 5 weeks
SINGAPORE, Dec 2 (Reuters) - London copper futures steadied as investors took a breather after big gains earlier in the week that may be sustained if U.S. employment data due later in the day beats expectations.
"A large majority of the market is still short and if the numbers are positive, I think there'll be more short covering," said Nirrav Sharma, marketing manager at Singapore-based trading house G-Steelmet.
Italy 9-month steel exports up, lag import volumes
MILAN, Dec 1 (Reuters) - Steel exports from Italy, the European Union's second-biggest producer after Germany, rose 12.9 percent year on year to 12.863 million tonnes in the first nine months of 2011, but lagged behind import volumes, industry body Federacciai said.
Italy's export-focused steel industry has come under increasing pressure from non-EU competitors in the past few years and, facing weak demand of core markets, needs to rethink its product range and consolidate, analysts say.
China aluminium market warms to reserve easing move
ZHUHAI, China, Dec 1 (Reuters) - Sentiment is warming in China's aluminium market after industry players interpreted a cut in the amount of money banks must keep as reserves as a sign that local credit could improve in 2012.
Worries over tight credit at home and slower economic growth both in China and overseas had prompted traders at a two-day meeting in the southern province of Guangdong to express caution over demand in the world's top aluminium market next year.
Gold steady, eyes U.S. jobs data
SINGAPORE, Dec 2 (Reuters) - Spot gold was steady, after the euphoria around a coordinated effort to inject liquidity by central banks faded, as investors await a U.S. employment report for clues on the health of the world's biggest economy.
"The central banks' move reinforced the perception that liquidity crunch is a big problem," said Hou Xinqiang, an analyst at Jinrui Futures, adding that gold's property as a safe haven has been overlooked in recent months and the gloom hanging over the global economy is likely to suppress gold's sentiment.
METALS-LME copper steady, eyes first gain in 5 weeks
SINGAPORE, Dec 2 (Reuters) - London copper futures steadied on Friday as investors took a breather after big gains earlier in the week that may be sustained if U.S. employment data due later in the day beats expectations.
"A large majority of the market is still short and if the numbers are positive, I think there'll be more short covering," said Nirrav Sharma, marketing manager at Singapore-based trading house G-Steelmet.
PRECIOUS-Gold steady, eyes U.S. jobs data
SINGAPORE, Dec 2 (Reuters) - Spot gold was steady on Friday, after the euphoria around a coordinated effort to inject liquidity by central banks faded, as investors await a U.S. employment report for clues on the health of the world's biggest economy.
"The central banks' move reinforced the perception that liquidity crunch is a big problem," said Hou Xinqiang, an analyst at Jinrui Futures, adding that gold's property as a safe haven has been overlooked in recent months and the gloom hanging over the global economy is likely to suppress gold's sentiment.
No comments:
Post a Comment