FOREX-Euro slide pauses but debt jitters persist
TOKYO, Dec 16 (Reuters) - The euro was poised to end its worst week in about three months on an upbeat note, taking heart from light short-covering in most riskier assets on Friday on the back of a well-bid Spanish bond sale and solid U.S. economic data.
But the mood remained brittle with possible cuts in the credit ratings of euro zone countries looming after a key EU summit last week offered little respite to turbulent euro zone bond markets and cash-starved European banks.
Asian shares, euro gain after upbeat U.S. data
SINGAPORE, Dec 16 (Reuters) - Asian shares rose and the euro edged higher, as signs of strength in the U.S. economy temporarily broke through gloom over the European debt crisis that had driven a sell-off in riskier assets over the past three days.
"The American economy is continuing to improve and they are still the biggest economy in the world ... so if America is doing well that is going to help us all," said Michael Heffernan, senior client adviser and strategist Austock Group.
US wheat suppliers eye more Egypt sales
CAIRO, Dec 15 (Reuters) - U.S. grain suppliers are likely to start winning tenders to sell wheat to Egypt in February, when Russian wheat loses its competitive edge and Argentina retreats from the market, an official with a U.S. industry group said on Thursday.
Egypt, the world's largest wheat importer, has relied heavily on wheat from the Black Sea since the start of the fiscal year on July 1.
U.S. soy rises for 2nd day on LatAm weather concerns
SINGAPORE, Dec 16 (Reuters) - Chicago soybeans rose around half a percent on Friday, gaining for a second straight day on concerns over dry weather in South America which is likely to boost demand for U.S. beans.
"Dry weather in South America is very supportive factor for soybean and we expect the January contract will rise to around $11.30 to $11.50 next week," said Kazuhiko Saito, chief commodities analyst at Fujitomi Co. in Tokyo.
China 2012 cotton area forecast to decline 8.2 pct -survey
BEIJING, Dec 16 (Reuters) - China's 2012 cotton-growing area is forecast to decline 8.2 pct due to falling cotton prices, according to a survey published on an industry website on Friday.
Planned cotton acreage was estimated at 4.86 million hectares, or 72.94 million mu, said www.cncotton.com, operated by China National Cotton Reserves Corp.
Philippines may export rice by 2014 -farm secy
MANILA, Dec 16 (Reuters) - The Philippines could become a rice exporter by 2014, or a year after attaining self-sufficiency in its national staple, and will study possible varieties it could sell to the international market, the agriculture secretary said.
The Southeast Asian country, the world's biggest rice buyer in recent years, has been working to expand rice acreage and build post-harvest facilities to achieve the goal of producing enough rice for domestic consumption by 2013, as well as exports of the grain, Proceso Alcala told reporters late on Thursday.
Canada Wheat Board bill becomes law, Ottawa takes control
OTTAWA/WINNIPEG, Dec 15 (Reuters) - The Canadian Parliament gave final approval on Thursday to a government bill to end the Canadian Wheat Board's 68-year-old grain marketing monopoly, allowing the government to take control of the board from farmers who oppose its plans.
Legal challenges, however, threaten to leave farmers and the grain industry in limbo into the New Year.
Argentine wheat outlook up to 13.6 mln T-exchange
BUENOS AIRES, Dec 15 (Reuters) - Argentina should harvest 13.6 million tonnes of wheat in the 2011/12 crop year, the Buenos Aires Grains Exchange said on Thursday, revising up a previous forecast of 13.0 million tonnes due to the impact of earlier rains on yields.
Argentina is a leading global supplier of wheat, and Brazil is its biggest market. Farmers are gathering the grain now, and they normally finish harvesting in January.
Kenya expects maize surplus by June 2012
NAIROBI, Dec 15 (Reuters) - Kenya expects a surplus of 6.45 million 90kg bags of maize by the end of June 2012 thanks to improved rains, its agriculture ministry said in a brief seen by Reuters on Thursday.
The ministry said its maize stocks as at November 30 stood at 16.58 million bags from 14.4 million the previous month, with the state-run National Cereals and Produce Board (NCPB) holding 2.29 million bags.
Brent rises above $104 on supply concerns; econ woes weigh
SINGAPORE, Dec 16 (Reuters) - Brent crude futures rose above $104 on worries about supply disruption after the U.S. Congress approved a bill imposing sanctions against Iran's central bank, limiting buyers' ability to pay for oil they buy from the Islamic Republic.
"The geopolitical tensions surrounding Iran are putting a floor, keeping prices supported at current levels despite growing worries about the economy," said Ben Le Brun, market analyst at OptionsXpress. "China can run but can't hide from what's going on in Europe. The fallout will hurt everybody."
PetroChina adds fuel supply amid shortages -paper
BEIJING, Dec 16 (Reuters) - PetroChina Co Ltd , China's second-largest refiner, was running its refineries at full capacity and will buy more fuel from external sources to cover ongoing domestic shortages, China Petroleum Daily reported on Friday.
Current output of refined oil products was 268,000 tonnes per day, up 2 percent from a year earlier, the newspaper said. The newspaper is run by parent China National Petroleum Corp (CNPC).
Nickel market in 5,600 T surplus in Jan-Oct'11-INSG
LONDON, Dec 15 (Reuters) - The global nickel market was in supply surplus by 5,600 tonnes in the first ten months of 2011, the latest monthly bulletin from Lisbon-based International Nickel Study Group (INSG) showed.
In January to September the market was in deficit by 6,400 tonnes.
Copper rebounds on signs of U.S. economic recovery
KUALA LUMPUR, Dec 16 (Reuters) - Copper rebounded in early Asian trading, erasing declines for the week, after the U.S. economy showed signs of recovery while Europe's debt crisis slowed demand in emerging markets.
The most-traded February copper contract on the Shanghai Futures Exchange gained 0.92 percent to 53,540 yuan ($8,400) a tonne. Prices tumbled to a three-week low of 52,820 yuan in the previous session. Futures have lost 26 percent this year.
Japan Nov copper cable shipments fall 0.4 pct yr/yr
TOKYO, Dec 16 (Reuters) - Japanese copper wire and cable shipments fell 0.4 percent in November from a year earlier to an estimated 60,400 tonnes, marking the second-lowest level for that month in the past 35 years, an industry body said on Friday.
Japan's appetite for copper, often seen as a gauge of economic activity and already weak in the wake of the global financial crisis, took a fresh beating after the March earthquake prompted user industries to reduce domestic production.
Japan Nov copper cable shipments fall 0.4 pct yr/yr
TOKYO, Dec 16 (Reuters) - Japanese copper wire and cable shipments fell 0.4 percent in November from a year earlier to an estimated 60,400 tonnes, marking the second-lowest level for that month in the past 35 years, an industry body said on Friday.
Japan's appetite for copper, often seen as a gauge of economic activity and already weak in the wake of the global financial crisis, took a fresh beating after the March earthquake prompted user industries to reduce domestic production.
METALS-Copper rebounds on signs of U.S. economic recovery
KUALA LUMPUR, Dec 16 (Reuters) - Copper rebounded on Friday, erasing declines for the week, after the U.S. economy showed signs of recovery while Europe's debt crisis slowed demand in emerging markets.
Three-month copper on the London Metal Exchange climbed 1.5 percent to $7,319 a tonne by 0518 GMT, reducing losses for the week to 6.3 percent. Prices are still headed for the biggest weekly loss since the end of September and the first annual decline in three years.
PRECIOUS-Gold up 1 pct on U.S. data, Spain bond sale
SINGAPORE, Dec 16 (Reuters) - Spot gold rallied 1 percent on Friday as a smooth Spanish bond auction and upbeat U.S. jobs data supported sentiment, but prices were on track for their biggest weekly drop in nearly three months on a year-end flight to cash.
Solid demand for Spain's bond auction on Thursday and data showing U.S. jobless claims at a 3-1/2-year low gave a reprieve to equities and commodities, which have suffered heavy losses this week.
Gold up 1 pct on U.S. data, Spain bond sale
SINGAPORE, Dec 16 (Reuters) - Spot gold rallied 1 percent as a smooth Spanish bond auction and upbeat U.S. jobs data supported sentiment, but prices were on track for their biggest weekly drop in nearly three months on a year-end flight to cash.
"People prefer to hold cash in hand at the year end," said Dick Poon, manager of precious metals at Heraeus in Hong Kong.
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