Chart reading : correction range bound little downside biased.
Chart reading : correction range bound downside biased.
Chart reading : correction range bound downside biased.
Chart reading : correction range bound downside biased.
Oil : Oil rises as Yemen unrest escalates, dollar falls
NEW YORK, March 22 (Reuters) - Oil prices rose on Tuesday as unrest in Yemen threatened to crimp energy exports from the Gulf region and potentially spill over into neighboring Saudi Arabia.
French oil giant Total warned buyers of liquefied natural gas from its Yemen LNG project that shipments from the country could face cuts due to escalating political unrest, although they remain normal for now.
Brent rises above $116 as Yemen unrest heightens supply fears
SINGAPORE, March 23 (Reuters) - Brent crude rose as much as 0.6 percent on Wednesday, consolidating gains above $116, as an intensifying unrest in Yemen highlighted the security risks facing oil output from the Arabian peninsula, home to the world's biggest oil fields.
"The market is still very vulnerable to further disruptions to supply," said Tetsu Emori, a Tokyo-based commodities fund manager at Astmax Investments. "People are quite nervous about the current turmoil spreading to Saudi Arabia."
Edge higher on weather in thin, choppy trade
WINNIPEG, Manitoba, March 22 (Reuters) - U.S. grains and soybean futures edged higher on Tuesday, reversing earlier losses as light trading caused volatility and some concerns about crop weather underpinned support.
"Corn is just going to be a choppy affair for the short term," said Shawn McCambridge, analyst at Prudential Bache Commodities in Chicago. "We don't really have a fresh dominant feature to provide better direction.
Gold steady on Middle East support; momentum weak
SINGAPORE, March 23 (Reuters) - Gold prices steadied on Wednesday, as escalating unrest in the Middle East and North Africa underpinned the safe-haven demand, but the rise lacked momentum due to easing fears over Japan's nuclear crisis and a modest rebound in the dollar.
"Gold is still taking its cue from the situation in the Middle East," said Ong Yi Ling, an analyst at Phillip Futures, adding that it could increase safe-haven flows into the precious metal.
Shares down, oil up on Japan, Middle East worries
SINGAPORE, March 23 (Reuters) - Asian shares fell on Wednesday, with Tokyo's Nikkei shedding more than 1 percent, and oil rose as investors worried about Japan's nuclear crisis in Japan, violence in Libya and unrest in the Middle East.
"It's fairly evident that while we have had added strength in our market, there is still caution out there, with the view that markets are not going to race up in any great hurry," said Jamie Spiteri, senior dealer at Shaw Stockbroking in Australia.
COMMODITIES: Oil up; commods volumes thin on econ growth worry
NEW YORK, March 22 (Reuters) - Oil rose more than 1 percent for a second straight day on Tuesday, but volumes remained thin as investors worried about how Middle East turmoil and Japan's nuclear crisis would affect world economic growth.
"There is a tremendous amount of uncertainty and multiple black swan events," said Stephen Schork, president at the Schork Group in Villanova, Pennsylvania. "Black swan events" are occurrences that deviate far beyond market expectations and are extremely hard to predict.
GLOBAL MARKETS: Shares down, oil up amid Japan, Middle East worries
SINGAPORE, March 23 (Reuters) - Asian shares fell on Wednesday, with Tokyo's Nikkei shedding nearly 2 percent, and oil ticked up as investors fretted about the possible repercussions of a nuclear crisis in Japan, violence in Libya and unrest in the Middle East.
"It's not that the market is ignoring fundamentals," said Takashi Hiroki, chief strategist at Monex Inc.
Corn (Source: CME)
US corn futures finish little changed as traders wait for the government to issue highly anticipated crop reports next week. The USDA is slated to estimate spring plantings and quarterly grain supplies March 31. "We're just kind of biding our time until we get to those reports," says Shawn McCambridge, analyst for Prudential Bache. Market participants are nervous about how much corn farmers will sow because season-end supplies are expected to reach a 15-year low this year. CBOT May corn rises 1/4c to $6.86 3/4 a bushel.
Wheat (Source: CME)
US wheat futures settle slightly higher on concerns that persistent dryness will hurt output in the Plains. Hard red winter wheat, a variety used to make bread, is expected to stay dry for the next week after struggling without significant moisture since planting last fall. Modest rainfall last week in Kansas, the country's top wheat-producing state, helped improve the product but much more is needed, federal officials say. CBOT May wheat ends up 1 1/4c at $7.22 1/4 a bushel, KCBT May rises 3c to $8.45 and MGE May slips 3 1/4c to $8.66.
Oats (Source: CME)
Oat futures slumped on profit-taking after reaching an eight-session high. Oats for May delivery dropped 8 cents, or 2.3%, to $3.42 a bushel.
Disaster In Japan: Radiation In Food Rises - Higher Levels In Tokyo Spark New Concerns (Source: CME)
Authorities are likely to cast a much wider net for possible food contamination in Japan after elevated levels of radioactivity were discovered in more milk and spinach near Tokyo Electric Power Co.'s stricken Fukushima Daiichi nuclear plant Sunday, drawing intense scrutiny over the safety of the nation's agricultural products. Early Monday, the Fukushima prefecture was distributing bottled water to the village of Iidate, about 20 miles from the plant, after radioactive iodine-131 was found in tap water. The level, three times the suggested daily limit for humans to ingest, was not enough to cause immediate health risks but would be problematic over an extended period, officials said. Compounding matters, the discovery of higher-than-standard levels of iodine-131 in shungiku, or garland chrysanthemum, sold in Tokyo may stoke fears that contamination of the nation's food supply has expanded far beyond the perimeters of the nuclear facility.
The search for such elevated levels is being hampered by a shortage of equipment and facilities necessary for accurately measuring radioactivity in food. Also slowing the process is the absence of a central authority that can oversee the wide-reaching investigation and decide what steps should be taken. The radiation levels are too low to have a health impact, Japanese officials said. But they represent a blow to another part of Japan's economy resulting from the March 11 earthquake and tsunami and the resulting crisis at the Fukushima Daiichi plant. Chief Cabinet Secretary Yukio Edano said Sunday that elevated radioactivity was detected in raw milk collected from four locations in Fukushima prefecture and one spinach sample in neighboring Ibaraki prefecture. From one milk sample from Iidate -- the same village with the tainted water -- 5,200 becquerel per kilogram of iodine-131 was detected, about 17 times the 300-becquerel limit set by law.
From a sample from the town of Kunimi about 40 miles northwest of the plant -- the most distant among the four locations -- 1,400 becquerel per kilogram of iodine-131 was detected. Even if consumed, these levels "don't affect human health," Mr. Edano said, adding that Japan's radioactivity standards for food are very strict. Any impact on Japan's agricultural sector will mostly be concentrated on the domestic market. Japan imports far more food than it exports, and even some of the most basic ingredients in Japanese cuisine, such as soybeans, are mostly imported. In 2009, the total value of the country's food imports stood at $53.5 billion, while its exports came to only $3.27 billion, said the Japan External Trade Organization. Later Sunday evening, Tochigi prefecture said it had detected higher-than-standard amounts of iodine-131 in spinach at seven locations.
The Tokyo government also said it discovered higher-than-standard iodine-131 in garland chrysanthemum -- a leafy vegetable commonly used in Japanese food -- that was grown in Chiba prefecture, north of the capital.
Reuters Summit-Singapore SMX eyes May launch of iron ore futures
SINGAPORE, March 21 (Reuters) - Singapore Mercantile Exchange plans to launch an iron ore futures contract in early May following expected regulatory approvals, the exchange's top executive said on Monday.
SMX, controlled by India's Financial Technologies, plans to launch a cash-settled iron ore futures contract, based on the iron ore index by data provider Metal Bulletin which uses a 62 percent iron content benchmark.
China securities regulator OKs Dalian coke futures
SHANGHAI, March 22 (Reuters) - China's securities regulator said on Tuesday it had granted approval to the Dalian Commodity Exchange to launch coke futures, the latest commodity derivative to be launched in the country.
The announcement, released by the China Securities Regulatory Commission (CSRC) on its website, confirmed a Reuters source-based report last week.
UK FSA does not act on commods but says exchanges do
LONDON, March 21 (Reuters) - Britain's financial regulator has not used its powers to intervene in commodity markets to close or reduce trading positions since the start of 2010, a Reuters Freedom of Information (FOI) request has shown.
Instead it says exchanges have used their powers to caution players but did not know how many times that had happened.
U.S. home sales tumble, prices are near 9-year low
WASHINGTON, March 21 (Reuters) - Sales of previously owned U.S. homes plunged in February and prices hit their lowest level in nearly nine years, indicating a housing market recovery was still a long way off.
The National Association of Realtors said on Monday sales fell 9.6 percent month over month to an annual rate of 4.88 million units, snapping three straight months of gains. The percentage decline was the largest since July.
Japan supply woes hit Toyota, Sony; Rio frets
TOKYO, March 22 (Reuters) - Sony Corp cut output at five more plants and Toyota Motor further delayed restarting its Japanese assembly lines, as the country's catastrophic earthquake plays havoc with the global supply of parts and products.
Global electronics and autos companies have been hardest hit by the turmoil, but in an illustration of how the ripples are spreading, global miner Rio Tinto warned the disruptions posed a threat to its expansion plans.
PRECIOUS-Gold set for fifth day of gains, M.East in spotlight
LONDON, March 22 (Reuters) - Gold remained on track for a fifth day of gains on Tuesday, fed by the broad weakness in the dollar and by investor demand for safe-haven assets as ongoing Western air strikes on Libya stoked tensions in the Middle East.
"I wouldn't interpret too much into the moves of the last few moments, because volatility, not only in precious metals, but in all of the commodities is so extremely high at the moment," said Commerzbank analyst Daniel Briesemann.
FOREX-Dollar at 15-mth low; sterling up on CPI jump
LONDON, March 22 (Reuters) - The dollar fell to a 15-month low against a basket of currencies on Tuesday, with sterling among the biggest gainers after a rise in UK inflation increased the chances of a UK interest rate hike sooner rather than later.
"This makes it slightly more likely that they (BoE) will increase rates in May, but only slightly," said Paul Robinson, chief sterling strategist at Barclays Capital, referring to the inflation jump.
U.S. corn edges lower amid lack of fresh fundamentals
BEIJING, March 22 (Reuters) - U.S. wheat, corn and soybean futures extended morning losses slightly by 0338 GMT due to a lack of fresh fundamentals guiding market trading, analysts said. "CBOT corn may be overbought, (and) there are no fresh fundamentals," said Kazuhiko Saito, chief commodities analyst with Fujitomi Co. Ltd. futures trading company in Tokyo.
U.S. corn edges lower amid lack of fresh fundamentals
BEIJING, March 22 (Reuters) - U.S. wheat, corn and soybean futures extended morning losses slightly by 0338 GMT due to a lack of fresh fundamentals guiding market trading, analysts said. "CBOT corn may be overbought, (and) there are no fresh fundamentals," said Kazuhiko Saito, chief commodities analyst with Fujitomi Co. Ltd. futures trading company in Tokyo.
Stocks up on Japan progress; dollar pressured
SINGAPORE, March 22 (Reuters) - Japanese stocks jumped more than 4 percent amid reports of progress in stabilising an earthquake-damaged nuclear plant and the yen edged up, putting traders on heightened alert for more central bank intervention. "Shares are bouncing with the Japan nuclear fear abating as the latest news reports point to steady progress on repairs at the nuclear plant site," said Kwak Joong-bo, a market analyst at Samsung Securities in Seoul.
Indonesia rubber output seen up over 20pct at 3.6 mln T by '15-assoc
JAKARTA, March 22 (Reuters) - Indonesia, the world's second-largest rubber producer, will boost its output by more than 20 percent to 3.6 million tonnes by 2015, the Indonesian Rubber Association (Gapkindo) said on Tuesday.
Within five years, domestic consumption of rubber in Southeast Asia's largest economy should jump to 20 percent of total production, Suharto Honggokusumo, executive director of Gapkindo told Reuters.
Brent crude supported at $115 as MidEast unrest spreads
SINGAPORE, March 22 (Reuters) - Brent crude futures were supported near $115 on Tuesday by supply concerns triggered by the spreading unrest in the Middle East, while uncertainty about demand from the world's No. 3 consumer Japan capped gains.
"This will reduce the buffer of excess capacity and increase the oil market's vulnerability to any new supply shocks which may emerge. "This may see a risk premium being maintained in the oil price for some time."
Japan to release 22-days of oil reserves-trade ministry
TOKYO, March 22 (Reuters) - Japan will allow the release of an additional 22 days worth of crude oil from privately held reserves, or about 9.24 million kilolitres (58.1 million barrels), the trade ministry said.
The latest release of oil reserves, announced by the ministry on Monday, aims to ease energy shortages in northern Japan, which was devastated by a massive earthquake and tsunami on March 11.
Corn ends higher, anxiety over China rumors
CHICAGO, March 21 (Reuters) - Corn futures ended higher in volatile trading on Monday, with expectations still high for confirmation of rumored U.S. corn sales to China, which rallied the market by 11 percent over two days last week.
"There's a possibility it could be for China but there's nothing confirmed. China is always testing the water so there is a possibility it could be for them," said Terry Reilly, analyst for Citigroup, of the Monday sale.
Gold inches up on oil, MidEast; Japan eyed
SINGAPORE, March 22 (Reuters) - Gold prices edged higher on Tuesday on concerns about inflation triggered by high oil prices and an increased safe-haven appeal amid growing tensions in the Middle East following western powers' air strikes on Libya.
"The tensions in Libya and the overall Middle East and North Africa region is supportive of gold prices. There is little doubt that gold would test a new high in the near future," said Li Ning, an analyst at Shanghai CIFCO Futures.
Asia stocks rise; risk trades hit dollar
SINGAPORE, March 22 (Reuters) - Japanese stocks jumped nearly 4 percent on Tuesday amid reports of progress in stabilising an earthquake-damaged nuclear plant, and the yen was broadly weaker on the prospects for further intervention by major central banks.
"People are getting a bit more relaxed, the Japan situation seems to be getting under control and it is a case for rebuilding now," said Martin Angel, a dealer at Patersons Securities in Australia.
Japan Weighs Postwar-Style Reconstruction Agency, Injects Cash (Source: Bloomberg)
Japan may set up a reconstruction agency to oversee earthquake repairs, while data showed the central bank pumped record liquidity into lenders, as the nation grappled with its worst disaster since World War II.
U.S. Jan. Home Prices Fall 0.3% Vs Previous Month, FHFA Says (Source: Bloomberg)
January home prices in the U.S. fell 0.3 percent from December, the Federal Housing Finance Agency said on its website. Prices nationwide fell 3.9 percent in the 12 months ended in January, the agency said.
New Zealand on Edge of Recession After Christchurch Tremor Erodes Optimism (Source: Bloomberg)
New Zealand will probably report that growth nearly stalled in the final three months of last year, leaving the economy on the brink of a recession before a Feb. 22 earthquake killed more than 160 people.
U.K. Inflation Accelerates More Than Forecast to Fastest Pace in Two Years (Source: Bloomberg)
U.K. inflation accelerated more than economists forecast in February to the fastest pace in more than two years, adding pressure on the Bank of England to increase its benchmark interest rate.
Euro Drops for Second Day Ahead of EU Summit on Debt, Portugal Budget Vote (Source: Bloomberg)
The euro weakened for a second day on speculation European leaders meeting this week will struggle to create a permanent solution to the region’s debt crisis.
Sony Shuts More Plants, Toyota Extends Production Halts as Recession Looms (Source: Bloomberg)
Sony Corp. (6758) shut five more plants and Toyota Motor Corp. (7203) extended production halts, 11 days after an earthquake and tsunami brought scores of Japanese factories to a standstill and threatened to spark a recession.
Oil Near Two-Week High in New York on Libyan Conflict, Middle East Turmoil (Source: Bloomberg)
Oil traded near a two-week high in New York amid concern that continued conflict in Libya threatens to prolong supply disruptions and that escalating turmoil may curtail Middle East shipments.
Germany Beats Europe in Stocks on Profit Growth After Worst Loss Since May (Source: Bloomberg)
Profits at German companies are headed for the highest level on record, keeping stock valuations below the rest of Europe even after the DAX Index surged at twice the region’s rate.
