FOREX-Euro sweating above $1.30; Italian debt sale eyed
TOKYO, Dec 14 (Reuters) - The euro wallowed near 11-month lows against the dollar and crept close to an option barrier whose break could rapidly speed up its decline, with an Italian bond sale coming into focus later in the day.
"There's some buying on dips and option-related bids stabilising the euro today, but the bearish trend is by no means over. By the beginning of 2012 it's likely to drop to around $1.25," said Koji Fukaya, chief FX strategist at Credit Suisse.
Stocks, euro fall after Fed skips fresh stimulus
SINGAPORE, Dec 14 (Reuters) - Asian shares drifted lower and the euro floundered near an 11-month low after the Federal Reserve failed to take any new steps to stimulate growth and offset the chilling effects of Europe's still-unresolved debt crisis.
"Investors continue to avoid risk as they look to possible sovereign debt downgrades in Europe," said Hiroichi Nishi, equity general manager at SMBC Nikko Securities in Tokyo.
U.S. corn, soy dip on Europe crisis, higher supplies
SINGAPORE, Dec 14 (Reuters) - U.S. corn and soy fell , giving up last session's modest gains as Europe's unresolved debt crisis weighed on riskier assets, while hopes of plentiful global grain and oilseed supplies also dented sentiment.
"It is perhaps the strength in the U.S. dollar which is on the back of euro zone concerns," said Brett Cooper, senior manager of markets at FCStone Australia.
Australia sees sugar exports up despite trimming output fcast
SYDNEY, Dec 14 (Reuters) - Australian sugar exports are forecast to increase by 7 percent in 2011-12 to 2.8 million tonnes in line with a rise in production from canefields recovering from cyclone damage earlier this year, the government's commodities forecaster said.
The forecast is mostly unchanged from one made by the Australian Bureau of Agricultural and Resource Economics and Sciences (ABARES) in September, despite a downward revision of expections for the harvest.
Cargill warns against premature marketing of GMO seeds
CHICAGO, Dec 13 (Reuters) - Distributing biotech seeds to American farmers before they are approved in major grain export markets is not good for U.S. agriculture, an executive with agribusiness giant Cargill Inc said on Tuesday.
"We do not support the commercialization of GM traits ahead of major market approvals," Randal Giroux, vice president of food safety for Cargill, told the members of the National Grain and Feed Association, the largest U.S. grain group, at a meeting.
UK wheat exports edge up, still below last year
LONDON, Dec 13 (Reuters) - UK wheat exports edged up in October, although continuing to run significantly below last season's levels, customs data showed on Tuesday.
Shipments during October totalled 291,511 tonnes, up from the prior month's 277,315 tonnes.
Mauritius 2011 sugar estimate lifted to 430,000 T
PORT LOUIS, Dec 13 (Reuters) - Mauritius' Chamber of Agriculture revised its 2011 sugar production forecast upward by 4.9 percent to 430,000 tonnes on Tuesday on the back of improved sugar cane productivity.
Sugar, long a pillar of the Indian Ocean island's nearly $10 billion economy, accounts for roughly 1.2 percent of gross domestic product.
China Dec soy imports seen at 5.39 mln T -Mofcom
BEIJING, Dec 13 (Reuters) - China, the world's largest soy buyer, is expected to import 5.39 million tonnes of the oilseed in December, 0.7 percent less than in the same month a year ago, according to the latest estimate by the commerce ministry published on Tuesday.
The December figure represents the second highest monthly import this year, after November's 5.7 million tonnes, which was the second highest ever.
Brent slips towards $109 as investors book profits
SINGAPORE, Dec 14 (Reuters) - Brent crude slipped towards $109 as investors booked profits after prices rose more than $2 in the previous session and worries about the global economy overshadowed concerns over disruption of supply from the Middle East.
"There is some profit-taking we are seeing today after oil surged so high yesterday," said Tetsu Emori, a fund manager with Astramax Co. in Tokyo.
Japan crude stocks rise, refinery runs hit 9-mth high
TOKYO, Dec 14 (Reuters) - Japan's commercial crude inventories rose 3 percent last week, while gasoline and kerosene stocks also gained at the start of the peak winter season as crude throughput rose to a nine-month high.
Crude stocks in the world's third-biggest oil consumer increased by 455,000 kilolitres (2.9 million barrels) from the week before to 15.5 million kl in the week to Dec. 10, the Petroleum Association of Japan (PAJ) said.
OPEC, IEA agree on balanced oil market ahead
LONDON, Dec 13 (Reuters) - Healthy production levels by OPEC will help balance oil markets next year as demand growth slows, the West's energy watchdog and OPEC said on Tuesday, a day ahead of a policy-setting meeting by the producer group.
The International Energy Agency said the Organization of the Petroleum Exporting Countries had raised output to its highest level in more than three years, and the oil producer group said it was now pumping more than might be required next year.
Copper drops a third day as Europe gloom weighs
KUALA LUMPUR, Dec 14 (Reuters) - London copper fell for a third straight session as investors scrambled into safer dollar holdings, fearing credit downgrades in Europe as the United States warned of risks to its economy from the euro zone debt crisis.
"In the whole scheme of things, the topsy turvy situation in Europe is putting a negative blanket over the whole world," said Thomas Lam, a Singapore-based economist at OSK-DMG, a joint venture between Malaysian securities firm OSK Holdings Bhd and Germany's Deutsche Bank AG.
Italy copper, alloy product output down in 2011, 2012
MILAN, Dec 13 (Reuters) - Output of copper and alloy semi-finished products in Italy, Europe's second-biggest manufacturer, is expected to fall this year and in 2012 as economic crisis and volatile metal prices hit demand, a senior industry official said on Tuesday.
"Copper and alloy semi-finished (products) industry has been doing badly since July," Claudio De Cani, director of Italy's non-ferrous metals association Assomet, told Reuters in a telephone interview.
Aluminium stocks to hit 5 MT; premiums soften-trade
LONDON, Dec 13 (Reuters) - More large shipments of aluminium are expected to enter warehouses registered by the London Metal Exchange before the year is out, driving stockpiles to a new record above 5 million tonnes and helping to depress premiums, traders said on Tuesday.
In November, traders said large inflows were expected this month as a souring economic outlook curbed demand and a European dollar crunch intensified the need for cash ahead of the year end.
Japan Q1 aluminium premiums mostly at $112 -sources
TOKYO, Dec 14 (Reuters) - Japan's aluminium buyers have won a 5 percent cut in premiums charged by producers for the January-March quarter, down for the second consecutive quarter, as a global economic slowdown hurts demand, sources directly involved in the deals said.
Japan consumes about 2 million tonnes a year of aluminium, or 5 percent of global consumption, but high energy costs and a lack of smelters have made it Asia's biggest importer of the light metal used in car parts, tins and construction materials.
U.S. gold falls 2 pct as dollar regains strength
SINGAPORE, Dec 14 (Reuters) - U.S. gold fell 2 percent to its lowest in nearly two months, tracking cash gold prices, as the dollar retained its strength after the U.S.
Federal Reserve refrained from announcing any measures to ease monetary policy.
"If we see weak demand for bond sales in Italy and Spain, it will again fuel concerns about the debt problem in Europe and cause a further sell-off in markets," said Ong Yi Ling, an analyst at Phillip Futures.
METALS-Copper drops a third day as Europe gloom weighs
KUALA LUMPUR, Dec 14 (Reuters) - London copper fell for a third straight session as investors scrambled into safer dollar holdings, fearing credit downgrades in Europe as the United States warned of risks to its economy from the euro zone debt crisis.
"In the whole scheme of things, the topsy turvy situation in Europe is putting a negative blanket over the whole world," said Thomas Lam, a Singapore-based economist at OSK-DMG, a joint venture between Malaysian securities firm OSK Holdings Bhd and Germany's Deutsche Bank AG.
PRECIOUS-Spot gold on technical rebound; dollar weighs
SINGAPORE, Dec 14 (Reuters) - Spot gold rose slightly after falling 2 percent in the previous session, as a key technical level offered support to prices that remained under pressure from a firm dollar.
"If we see weak demand for bond sales in Italy and Spain, it will again fuel concerns about the debt problem in Europe and cause a further sell-off in markets," said Ong Yi Ling, an analyst at Phillip Futures.
Singapore's SMX eyes launch of more base metals contracts
SINGAPORE, Dec 13 (Reuters) - The Singapore Mercantile Exchange is planning to launch new commodity contracts in early 2012, including base metals and pepper, its chief executive said on Tuesday, as the bourse boosts its efforts to become a price setter in Asia.
SMX, owned by India's Financial Technologies , has seen limited liquidity in its commodity and currency contracts since it launched in August 2010. But with volumes continuing to improve, the exchange is introducing more products.
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