Corn (Source: CME)
US corn futures end unchanged due to uncertainty about how much USDA will reduce its crop estimate in a monthly report Thursday. Many traders expect a cut of at least two bushels an acre from the government's July yield forecast of 158.7 bushels an acre due to a damaging heat wave last month. "People are just kind of being a little careful" putting on new positions in the market ahead of the report, says Alan Brugler of Brugler Marketing & Management. CBOT December corn ends flat at $6.88 1/2 a bushel.
Wheat (Source: CME)
US wheat futures finish stronger on expectations the government will cut its output estimate in the monthly crop report Thursday. Analysts, on average, predict the USDA will peg the spring wheat harvest at 550M bushels, down 0.2% from its July estimate and 11% below last year, according to a Dow Jones survey. Traders were buying back previously sold positions in front of the report. CBOT September wheat rose 13 1/4c to $6.85/bushel, KCBT September gained 22c to $7.85 and MGE September climbed 20 1/2c to $8.37 1/4.
Rice (Source: CME)
US rice futures finish higher on worries the USDA will tighten its outlook for domestic supplies in Thursday's highly anticipated crop report. Rice has come under stress in some areas from hot weather this summer and excessive rains in the spring. The risk for inventories to tighten looks high as the USDA has signaled problems by reducing its acreage-and-supply estimates in previous reports. Global supplies could tighten as well, with an Indian court delaying 1M tons of exports until next month. CBOT September rice rises 17 1/2c to $16.94 1/2 per hundredweight.
U.S. wheat rises for 2nd day, soy rebounds on Fed move
SINGAPORE, Aug 10 (Reuters) - Chicago wheat gained more ground on Wednesday, rising 1.7 percent, while soybeans bounced back and corn rose more than 1 percent, lifted by the U.S. Federal Reserve's promise to keep interest rates low for at least two years.
"I think the Fed statement will give a boost to overall commodity markets as it is more like injecting confidence into the markets," said Ker Chung Yang, analyst at Phillip Futures in Singapore.
Rice from town near Tokyo is radiation-free, tests show
TOKYO, Aug 10 (Reuters) - Samples of rice grown in a town near Tokyo showed no radioactive materials when tested, officials said on Wednesday, a relief for farmers preparing to ship Japan's traditional food staple.
Concerns over food safety have grown after radiation from the smashed Fukushima Daiichi power plant has leaked across northern and eastern Japan since March, the world's worst nuclear crisis in 25 years.
Philippines sees H1 farm output up; rice up 14 pct
MANILA, Aug 10 (Reuters) - The Philippines' rice and corn production rose to record volumes in the first half on favourable weather, boosting overall farm output with annual growth likely at more than 4 percent in the period, agriculture officials said on Wednesday.
Unmilled rice output in January to June rose 14.4 percent from a year earlier to a record 7.58 million tonnes, slightly below an earlier forecast of 7.6 million tonnes for the period.
Vietnam aims to halve rice losses after harvest
HANOI, Aug 10 (Reuters) - Vietnam, the world's second-biggest rice exporter, has introduced new requirements for grain processing and storage to help halve the post-harvest loss rate to 5-6 percent of output, the official Vietnam News Agency reported on Wednesday.
The trade ministry has been re-licensing rice exporters to meet the Oct. 1 deadline and has so far granted the permit to 44 firms, and five more would be licensed soon, Deputy Trade Minister Nguyen Thanh Bien was quoted by the agency as saying.
Japan rice worries a blow to collective psyche
TOKYO, Aug 10(Reuters Life!) - News that local governments around Japan will test rice for radioactive caesium came as a blow that rocked the nation's collective psyche, threatening to make its beloved traditional staple the latest in a long list of forbidden foods.
Announcement of the testing last week came amid public fears over radiation in food in the wake of the world's worst nuclear crisis in 25 years at the Fukushima plant in northeastern Japan, with excessive levels of radiation found in beef, vegetables, tea, milk, seafood and water.
Monsanto plans farm trials for drought-tolerant corn
ST. LOUIS, Mo., Aug 9 (Reuters) - Monsanto Co. will begin farm trials of its drought-tolerant corn seed next spring, marking the global seed giant's first roll-out of seeds genetically engineered for harsh environmental conditions.
The introduction comes as drought and searing heat this summer have withered crops across the U.S. South.
Rains pose threat to wheat quality in west Europe
LONDON, Aug 9 (Reuters) - Persistent rains are beginning to raise serious concerns about the quality of wheat crops in Germany and to a lesser extent in Britain, while results in top EU producer France have been variable but generally satisfactory, analysts said on Tuesday.
"We still do not have an accurate view of the crop scene, but there is growing belief that a larger proportion than expected of this year's German harvest will be feed wheat, and damage is expected," one German analyst said.
Iraq sees drought affecting wheat crop for 3 years
BAGHDAD, Aug 9 (Reuters) - Global warming could mean Iraq faces another three years of drought and rising heat that threatens to keep production of its strategic wheat crop at below previous level of 2 million tonnes, government officials said.
Agriculture ministry officials and Iraq's grain board had said they expect the country's wheat crop for 2010/11 to be around 2 million tonnes, but a delay in rainfall kept average production this year at 1.73 million tonnes.
Milder weather to bolster U.S. Midwest crops
CHICAGO, Aug 9 (Reuters) - Benign weather in the U.S. Midwest this week of moderate temperatures and periodic rains should boost the region's soy crop which has begun its pod-setting phase, a meteorologist said Tuesday.
Corn, as it begins filling kernels, should likewise get a helping hand from Mother Nature, though damage done to the crop by a sizzling hot July could be irreversible.
Nestle First-Half Sales Hit By Soaring Swiss Franc (Source: CME)
Food giant Nestle SA fell victim to the soaring Swiss franc, which pushed first-half sales down by 12.9%. However, when adjusted for the currency impact, the company posted 7.5% growth in sales, powered by new products and strong emerging markets. Despite fears of an economic slowdown, Nestle, the world's largest food manufacturer by sales, also gave a relatively bullish forecast for the full year. And it suggested it is on the hunt for acquisitions, even after spending 4.5 billion francs in the first half alone, including two large purchases in China. Nestle, which makes KitKat, Purina and Haagen-Dazs, said sales in the first half of the year were CHF41.0 billion, down from CHF47.1 billion for the same period last year, in large part due to the Swiss franc. [Nestle restated last year's first-half figures to reflect the sale of eye-care provider Alcon.] Profit was CHF4.7 billion, down from CHF5.45 billion for 2010's first half.
However, when the impact of currency as well as acquisitions and divestitures are stripped out, Nestle's sales grew by 7.5%, above its long-term target of 5% to 6%. Despite economic uncertainty, Nestle expects full year growth to be close to 6% this year. The Swiss franc, which has gained 24% against the euro and 32% against the dollar in the last year, has been an enormous drag on Swiss exporters. However, in the case of Nestle, the impact is largely a translation effect. While it reports financial results in Swiss francs, Nestle's sales in Switzerland amount to just 2% of its overall sales. Instead, it mostly buys raw materials and produces its products in the currencies in which it operates. "Forex has a big impact on translation, but it has only a small impact on our operations," said Finance Director James Singh. "We are a conglomeration of local currency operations."
When the currency impact is stripped out, Nestle showed a strong performance in a half that was marked by natural disasters, political instability and continuing increases in raw material costs. It has fared well due to the strength of its emerging markets and because a stream of innovations and extra advertising allowed it to raise prices and partially offset higher prices for many of its key raw materials, including coffee and cocoa. Underlying growth in its emerging markets was 13.3%, compared to 4.4% in developed markets. Its strategy of re-packaging developed world products, such as Nescafe, into cheaper versions for low-income shoppers in the developing world helped sales growth. Such products represented 5 billion francs in sales in the half, up 13.3% over last year. Trading in North America was subdued; in particular, its U.S. bottle water brands, which include Poland Spring, continue to struggle against private label competition as well as pressure from environmental groups there.
Nestle's Japanese operations, meanwhile, have recovered fully from the earthquake there, said company executives. Singh signaled that Nestle is still on the hunt for acquisitions, after spending CHF4.5 billion already this year, although its preference is for relatively small targets. "We are looking for M&A opportunities all over the world," he said. Nestle also said that its new BabyNes machine, which it launched earlier this year in Switzerland, is going well, although it declined to say if it would roll it out elsewhere. BabyNes is similar to Nestle's Nespresso coffee machine, featuring pre-mixed capsules of baby formula that slip into a slot in the machine and spew out heated baby formula. The machine, which costs CHF249 ($335), raised objections from some activists, who feared it might dissuade mothers from breastfeeding. On BabyNes's website, Nestle clearly says the machine is only for women who choose not to nurse their babies.
Brazil's Conab Cuts Forecasts For Corn, Wheat On Bad Weather (Source: CME)
Brazilian government crop forecasting agency Conab reduced its production and export forecasts for wheat and corn, as a severe winter in southern Brazil brought frost and untimely rains. In its latest monthly report, Conab estimated Brazil's 2010-11 corn crop at 56.34 million metric tons, down from a forecast of 57.12 million tons published in July. The agency trimmed its estimate for corn exports to 7.5 million tons from 8 million tons. Conab also said it now sees Brazil's 2011-12 wheat production at 5.28 million tons, down from a previous estimate of 5.45 million tons. The forecast for wheat exports was slashed to 900,000 tons from 1.45 million tons. Bad weather was largely responsible for both revisions.
Conab's corn forecast includes the winter crop, which is still being harvested after planting was delayed earlier in the year. Excessive rainfall during tillage, plus a severe frost during late June in the southern states of Parana, Mato Grosso do Sul and Sao Paulo, have limited the winter crop's potential, Conab said. The same frost also likely hurt any wheat that was flowering and forming grains in the three states, Conab said. A crop analyst with the agency said the latest report didn't take into account subsequent bad weather, including a freeze last week caused by a cold front that lingered over southern Brazil for several days. Much of the wheat crop in the top-producing states of Parana and Rio Grande do Sul is at a development stage at which it can be harmed by low temperatures, experts say.
Regional Grain Reserves Needed To Tame Prices - IFPRI (Source: CME)
There is a strong need to create strategic regional grain reserves to keep food prices in check, the director general of the International Food Policy Research Institute, Fan Shenggen, said. Fan's comments come as global corn prices have doubled and wheat prices are up around 70% from a year ago. Regional emergency reserves should be created with contributions from large exporters, Washington-based Fan said at an international food conference here. The reserves should be located within exporting and importing countries, such as Bangladesh, and said such reserves should be managed by an institution such as the World Food Program. The Association of South East Asian Nation's plans to set up an emergency reserve for rice with South Korea, Japan and China is a step in the right direction, Fan said. He also said that subsidies on biofuels must be reduced, as they affect production of food crops and compromise food security.
During the 2000-2007 period, biofuels accounted for 30% of the increase in the weighted average grains price and in the last four years their contribution in the price rise may be even higher, he noted. He also said it is a matter of concern that, despite rapid economic growth, the current state of food security in Asia is under stress. Fan said both China and India have clocked impressive rate of economic growth but 24% and 43% of Asia's undernourished people live in these two countries respectively and the high level of poverty is persisting. He said 13 Asian countries, including India, Nepal and Bangladesh, have alarming levels of hunger among their population. There is tremendous pressure on the Chinese government to control food prices, which have increased 15%-17% compared with a year ago, contributing to a high inflation rate, he said.
Fan also pointed to the urbanization of poverty in South Asia due to migration from rural areas. He said the rural population in Asia will start to decline from 2015, and the urban population will exceed the rural population by 2028. He said around 87% of the world's 500 million small farms--with an area of less than 2.0 hectares--are in Asia. Size of these holdings are still declining. Climate change and rising sea level are also having an adverse impact on agriculture. Asia's irrigated rice output may fall by 10.47% and 30% of Vietnam's rice area will be lost by 2050 compared with the year 2000, he said.
Japan’s Rice Crop Tested for Contamination (Source: Bloomberg)
Japan’s rice harvest is a time of festivities celebrated even by the emperor as farmers reap the rewards of four months of labor in a 2,000-year-old tradition. Not this year, with radiation seeping into the soil. Farmers growing half of Japan’s rice crop are awaiting the results of tests to see if their produce has been contaminated by radiation from Tokyo Electric Power Co.’s wrecked Fukushima atomic plant. Rice, used in almost all Japanese meals and the key ingredient in sake, is being tested before the harvest starts this month. Radiation exceeding safety levels was found in produce including spinach, tea and beef. Shigehide Ohki, a 61-year-old farmer near Tokyo, this week passed the first hurdle after a preliminary round of tests showed no trace elements of radioactive cesium, the main source of concern. Losing his crop of about 80 tons of rice would “destroy” him, he said.
Sugar jumps in bounce from macro sell-off
NEW YORK/LONDON, Aug 9 (Reuters) - Sugar futures surged on Tuesday along with most of the complex in a modest rebound after the U.S downgrade.
"The markets are parabolic. People took a lot of risk and now they're just waiting. The world's (been) coming to an end the last couple days and today we get a reprieve," said Nick Gentile, head of trading for Atlantic Capital Advisors. 11:28 10Aug11 -VEGOILS-Palm oil up 1.6 pct after Fed move.
Datagro makes deepest cut to Brazil sugarcane crop
SAO PAULO, Aug 9 (Reuters) - Analysts Datagro made the deepest cuts yet to its estimate of the sugarcane crop in top grower Brazil, warning on Tuesday the outlook could worsen even further after a recent frost.
A series of downgrades to what was once expected to be a record crop helped propel global sugar prices back near their record highs last month. Datagro's estimate is the most pessimistic yet -- and the most recent, suggesting conditions may have deteriorated. Prices spiked earlier in the day.
Dull, dry weather clouds Ivorian cocoa crop prospects
ABIDJAN, Aug 9 (Reuters) - Meagre rains and overcast weather last week in Ivory Coast's cocoa growing regions were generally bad for the development of the forthcoming 2011/12 main cocoa crop, farmers said on Tuesday.
Traders are now watching the development of the next cocoa main crop after a record 2010/11 crop estimated at up to 1.6 million tonnes, not including an estimated 100,000 tonnes expected to be smuggled out through Ivory Coast's neighbours.
Russia switches to beet sugar refining
MOSCOW, Aug 9 (Reuters) - Russia is finishing its imported raw sugar refining season and is gradually switching to processing domestic sugar beets, the Russian Sugar Producers Union industry lobby said on Tuesday.
The number of refineries, which are processing beets in the south of the country rose to nine this week from seven last week, it said in a statement. Two more refineries have started stockpiling beets.
Euro Coal-Prices weaker, players stay on sidelines
LONDON, Aug 9 (Reuters) - Prompt physical coal prices fell on Tuesday in light activity as growing turmoil on financial markets took its toll and players stayed on the sidelines.
August is the annual low point for coal trading activity, because many participants are on holiday and end-users are usually covered and do not need fresh cargoes until September or October.
James River Coal sees higher shipments in second half, shares up
Aug 9 (Reuters) - U.S. miner James River Coal Co indicated that shipments in the second half of the year would be higher than the first half and said it expects higher activity in the domestic thermal coal market, sending its shares up 3 percent.
The company, which operates in the Central Appalachia and Midwest regions, shipped 5.3 million tons of coal in the first two quarters of fiscal 2011 and expects to ship 11.6-12.2 million tons in the year.
Asia Coal-Australia thermal coal prices steady
PERTH, Aug 9 (Reuters) - Australia's thermal coal prices remained flat around the $120 per tonne level in the week to Monday as demand in the region failed to strengthen.
Thermal coal on the globalCOAL Newcastle index, a benchmark for Asia, for the week to date was $120.18 per tonne on Monday, down from $120.50 a week earlier.
Australia Newcastle coal exports up about 1 pct in week
PERTH, Aug 9 (Reuters) - Thermal coal shipments from Australia's Newcastle port were relatively steady, up just under one percent to 2.557 million tonnes in the week ended Aug. 8, the Newcastle Port Corporation said on its website on Tuesday.
The vessel queue at the port dipped to five ships and the average waiting time for vessels also fell slightly to just under 9 days.
Brent over $106 on promise of low US interest rates
LONDON, Aug 10 (Reuters) - Brent crude climbed above $106 a barrel on Wednesday after the U.S. Federal Reserve's promise to extend near-zero interest rates for two more years weighed on the dollar and helped reverse a steep fall in oil.
"The impact of the Fed move will likely fade by week's end," MF Global analysts wrote in a note. "The Fed's move to keep rates depressed for so long is likely because the central bank realises that growth will be tepid for some time to come. This scenario does not bode well for commodities, especially base metals and energy."
China July oil use second-lowest this yr; may pick up
BEIJING, Aug 10 (Reuters) - China's implied oil demand picked up a marginal 0.4 percent from June to record the second-lowest level in 2011, as refiners curbed production amid slower-than-expected summer fuel sales, but rose 7.7 percent from a year earlier.
Fuel consumption in the world's No.2 consumer has been losing some steam since May, with growth easing off the double-digit expansion seen since last year on climbing crude costs that pinch refining margins and China's credit tightening moves.
Oil demand could plunge if slowdown hits-IEA
LONDON, Aug 10 (Reuters) - Oil demand growth would almost stall next year if the global economy were to experience another slowdown, the West's energy watchdog said on Wednesday.
The International Energy Agency, adviser to industrialised nations on energy policy, said that although it had not made big changes to its oil demand growth estimates for 2011 or 2012, its predictions were now very dependent on how the global economy performed in the months to come.
U.S. oil stocks post surprise drop, API data shows
NEW YORK, Aug 9 (Reuters) - U.S. crude and product stocks posted a surprise drop last week, as imports fell and refiners processed more oil, weekly data from oil industry group American Petroleum Institute showed on Tuesday.
Crude stocks fell by a sharp 5.2 million barrels, compared with analysts' forecast for a 1.5 million barrel build. Crude imports fell 143,000 barrels per day to 9.19 million bpd.
Libya turmoil weighs on European oil groups
VIENNA/MILAN, Aug 10 (Reuters) - The civil war in Libya shut off oil supplies to Austrian energy group OMV and Italian refiner Saras in the second quarter, taking a toll on profit and clouding the outlook in the region.
OMV said the unrest in Libya would continue to halt its production there for the rest of the year while Saras, which swung to a net loss, said it had reduced runs at its atmospheric distillation units due to the shortfall.
U.S., OPEC cut world oil demand growth on economy
WASHINGTON/LONDON, Aug 9 (Reuters) - Global oil demand will grow less than previously projected this year, according to forecasts on Tuesday from the U.S. and OPEC, as a worsening economic outlook will curb consumption in developed countries.
The cut by the U.S. Energy Information Administration and a more pessimistic forecast by the Organization of the Petroleum Exporting Countries were in line with reductions by other forecasters such as investment bank Barclays Capital, as slowing growth hits consumers and businesses.
Crude Oil Falls as European Debt Concerns Counter Decline in U.S. Supplies (Source: Bloomberg)
Oil declined in New York as concern that the European sovereign debt crisis is worsening countered the largest crude-stockpile drop since December in the U.S., the biggest consumer of the commodity. Futures slid as much as 2.1 percent after U.S. equities fell and costs to protect French debt reached a record. The European Central Bank bought Italian and Spanish bonds to help reduce borrowing costs, according to people familiar with the transactions. Switzerland’s central bank said it will “significantly” increase the supply of liquidity to lenders. “It’s a confidence game at the moment,” said Jonathan Barratt, a managing director of Commodity Broking Services Pty in Sydney, who kept his forecast for New York crude to average $100 a barrel this year. The Energy Department data is what “we should focus on but the market isn’t going to look at it. People are more inclined to look at what’s happening in the equity market,” he said.
Novelis sees aluminum demand, consumer growth
NEW YORK, Aug 9 (Reuters) - Aluminum products maker Novelis expects strong demand from the auto industry to offset softness in the U.S. beverage can business and a pullback by European electronics consumers, its chief executive said on Tuesday.
Phil Martens said fiscal second-quarter results could be slightly better than a year ago as the company forges ahead with plant expansions to handle expected growth in aluminum consumption.
Iron Ore-Shanghai rebar rises after Fed's pledge, iron ore weaker
SHANGHAI, Aug 10 (Reuters) - Shanghai rebar futures rose on Wednesday after the U.S. Federal Reserve pledged to keep interest rates near zero for at least two years, stemming a global equity rout, but gains were limited as investors remain wary on the long-term outlook.
The most active rebar futures for January on the Shanghai Futures Exchange rebounded to a high of 4,819 yuan ($749) per tonne, up 1.1 percent from the previous close, after hitting its weakest since March 24 on Tuesday. The contract ended 0.52 percent higher at 4,790 yuan per tonne.
China July iron ore imports up 6.8 pct from June
BEIJING, Aug 10 (Reuters) - China's imports of iron ore rose 6.8 percent to 54.55 million tonnes in July, with restocking and an increase in seaborne supplies taking the figure to its highest point in four months, data from the country's customs authority showed on Wednesday.
With crude steel output still hovering above 1.9 million tonnes a day, China's mills have been keen to replenish their iron ore inventories after letting them dwindle in the last few months, but imports remain quite a bit short of their record.
China July daily steel output falls 4 pct from June
BEIJING/SHANGHAI, Aug 9 (Reuters) - China's daily crude steel output fell 4.3 percent to 1.913 million tonnes in July from the record hit in the previous month, according to figures released by the National Bureau of Statistics on Tuesday.
The data showed that China produced a total of 59.3 million tonnes of crude steel in July, down 1 percent from June, with much of the decline attributed to a slump in demand for high-end flat steel used in automobiles and household appliances.
Australia's Port Hedland July iron ore shipments 17.533 mln tonnes
SYDNEY, Aug 9 (Reuters) - Iron ore shipments from Australia's Port Hedland, one of the world's largest export terminals, declined by 5.5 percent to 17.53 million tonnes in July from 18.55 million tonnes in June, data released by the port authority showed on Tuesday.
Shipments to China, the ports biggest destination, dropped to 12.62 million from 13.88 million tonnes in June.
Singapore's SMX to launch iron ore futures on Friday
SINGAPORE, Aug 10 (Reuters) - The Singapore Mercantile Exchange will launch its iron ore futures contract on Friday, its interim chief executive said, as the bourse taps into a growing market to hedge prices of the steelmaking raw material.
It will be the world's second iron ore futures contract after two exchanges in India launched the first in January. Unlike the Indian contracts, which are denominated in rupees and are limited to domestic players, the SMX contracts will be priced in U.S. dollars and open to global investors.
China July daily steel output falls 4 pct from June
BEIJING/SHANGHAI, Aug 9 (Reuters) - China's daily crude steel output fell 4.3 percent to 1.913 million tonnes in July from the record hit in the previous month, according to figures released by the National Bureau of Statistics on Tuesday.
The data showed that China produced a total of 59.3 million tonnes of crude steel in July, down 1 percent from June, with much of the decline attributed to a slump in demand for high-end flat steel used in automobiles and household appliances.
China July iron ore imports up 6.8 pct from June
BEIJING, Aug 10 (Reuters) - China's imports of iron ore rose 6.8 percent to 54.55 million tonnes in July, with restocking and an increase in seaborne supplies taking the figure to its highest point in four months, data from the country's customs authority showed on Wednesday.
With crude steel output still hovering above 1.9 million tonnes a day, China's mills have been keen to replenish their iron ore inventories after letting them dwindle in the last few months, but imports remain quite a bit short of their record.
China July copper imports rise 9.5 percent on month
HONG KONG, Aug 10 (Reuters) - China's imports of unwrought copper and semi-finished copper products rose 9.5 percent on the month to a six-month high in July as material purchased during a period of lower prices in May and June arrived at ports.
Imports increased to 306,626 tonnes in July after posting a 9.9 percent rise in June, but were still down 10.6 percent from July 2010, data from the General Administration of Customs showed on Wednesday.
Price falls cut copper scrap supply in China
HONG KONG, Aug 9 (Reuters) - Sharp price falls in copper prices on Monday and Tuesday are cutting copper scrap supplies in the Chinese spot market, boosting buying for the expensive alternative, refined copper, trading sources said on Tuesday.
Prices for spot copper in China, the world's top consumer of the metal, are down 7 percent so far this week to about 64,750 yuan ($10,061) per tonne due to a dive in global prices. Last week, prices fell 3.7 percent between Monday and Friday.
UK copper thieves risk death, injury -industry body
LONDON, Aug 9 (Reuters) - Rising copper theft in Britain's power sector has caused six fatalities as well as big financial losses in the past 18 months, an industry official said on Tuesday, warning of the dangers thieves face by trying to cash in on high metal prices.
So far this year two people have died while trying to steal copper cables. One of them, a 16-year-old boy, was electrocuted while raiding a Leeds sub-station last month, said Tim Field, press and public affairs executive at the Energy Networks Association, on Tuesday.
China July refined copper, nickel production hits record
HONG KONG, Aug 9 (Reuters) - China's production of refined copper in July rose 0.2 percent from the previous month to hit a record for the second straight month due to attractive margins, but analysts say output may stay flat in August.
Refined copper output rose to 478,000 tonnes in July, breaking the previous record of 477,000 tonnes in June, data from the National Bureau of Statistics showed on Tuesday.
METALS-Copper perks up on Fed, weak dollar, China imports
LONDON Aug 10(Reuters) - Copper rose on Wednesday, as the Federal Reserve soothed panicked financial markets, the dollar fell and imports of the metal into top consumer China reached a six-month high last month.
Three-month copper on the London Metal Exchange rose 1.5 percent to $8,840 a tonne by 1000 GMT, after losing 0.6 percent in the last session.
PRECIOUS-Gold climbs post-Fed but rebounding stocks curb gains
Aug 10 (Reuters) - Gold rose on Monday, rebounding after the last session's drop from record highs, as concerns over U.S. and euro zone debt lingered and after the Federal Reserve said U.S. interest rates would stay near zero for at least two years.
The metal was below the all-time peak of $1,778.29 an ounce it hit on Tuesday as equities recovered from the heavy losses they suffered early this week, but prices remain elevated.
Gold Exceeds $1,800 as Investors Seek ‘Ultimate Collateral’ on Debt Crisis (Source: Bloomberg)
Gold extended a rally to an all-time high, topping $1,800 an ounce, on increased demand for a haven investment as global equities plunged amid escalating European and U.S. debt woes. Immediate-delivery metal rallied as much as 1.2 percent to $1,814.95 an ounce, and traded at $1,802.60 at 8:55 a.m. in Singapore. The December-delivery contract climbed as much as 1.9 percent to $1,817.60 on the Comex in New York, rising for a fourth straight day. The Dow Jones Industrial Average sank 4.6 percent to 10,719.94 yesterday, the lowest level since September 2010, and the euro dropped for a second day against the dollar. Asian stocks extended the global rout today, with the MSCI Asia Pacific Index falling 1.6 percent. This week, spot gold has jumped as much as 9.1 percent.
Baltic index falls again, outlook seen softer
LONDON, Aug 9 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell for a second day on Tuesday as slow activity and wider market turmoil hit sentiment.
The overall index fell 0.55 percent or 7 points to 1,257 points.
