COMMODITIES-Markets broadly higher on European promises
NEW YORK, Sept 27 (Reuters) - Commodities markets finished the day broadly higher on Tuesday, buoyed by expectations that European officials would fortify the region's bailout fund as they struggle to contain the debt crisis.
"The market had been pricing in the possibility of a recession, so the news that we could possibly get some kind of resolution in Europe is very positive," said Jerry Harris, president of asset management at Sterne Agee in Birmingham, Alabama.
Commodities Drop on Growth Risk, Deepening Worst Quarterly Loss Since 2008 (Source: Bloomberg)
Commodities fell, widening their second quarterly loss, as Europe’s sovereign-debt crisis threatened to slow global growth and reduce raw-material demand. The Standard & Poor’s GSCI Spot Index slid as much as 1.4 percent 611.43 and was at 613.87 at 2:18 p.m. in Singapore. The gauge headed for a quarterly decline of 8.2 percent, the worst since 2008. The measure rose 3.3 percent yesterday, the most in more than four months. Crude oil fell 1.5 percent in New York while copper retreated 3.5 percent and gold shed 0.4 percent. Commerce Department data today may show U.S. durable goods orders fell and a separate report may confirm European consumer confidence dropped to a two-year low in September. As many as seven of the 17 nations using the euro believe private creditors should absorb bigger losses, a division that may threaten an agreement reached with investors in July, the Financial Times reported today, citing unidentified European officials.
Olam's long-term commods outlook bullish; cautious on cocoa
SINGAPORE, Sept 26 (Reuters) - Singapore-listed Olam International said on Monday the long-term outlook for most agricultural commodities was still bright despite the threat of a slowdown in demand triggered by economic woes, but weak fundamentals could work against cocoa.
Gold and copper suffered their biggest slump since the 2008 financial crisis as another brutal sell-off hit commodities on growing doubts Europe may be unable to prevent its debt crisis from dragging down the global economy.
Corn (Source: CME)
US corn futures post decent gains as the market continues to recover from recent steep losses. Strength in external markets and weakness in the dollar helped lift grain prices after commodities tumbled last week on economic jitters. Yet, prices finished off intraday highs as traders remain nervous about the risk for more selling ahead of quarter-end. They worry the USDA, in a crop report Friday, could estimate corn supplies were larger than expected at the start of September. CBOT December corn rose 4 1/4c to $6.52 1/4 a bushel.
Wheat (Source: CME)
US wheat futures finish firmer on increasing concerns about dryness hurting crops in key growing areas. The southern Plains and Ukraine need rain to encourage planting, while Argentina needs rain ahead of the upcoming harvest. Expectations for increasing demand add support following last week's decline in prices, traders note. South Korea bought optional-origin wheat, with traders saying it was likely the first significant purchase by South Korean feedmillers since June. CBOT December wheat jumps 10c to $6.58 1/4 a bushel and KCBT December rises 9c to $7.53 but MGEX December slips 3/4c to $8.69 1/4 after Monday's surge.
Rice (Source: CME)
US rice futures settle higher as advances in crude oil and equities fuel a recovery from last week's declines. The market gets additional support from weakness in the dollar, which makes US grains more attractive to foreign buyers. Traders note gains in rice mirror rebounds from last week's losses in wheat, corn and soybeans. CBOT November rice closes up 22 1/2c at $16.35/hundredweight.
USDA seen lowering US spring, all-wheat production
CHICAGO, Sept. 27 (Reuters) - Poor yields in the northern U.S. spring wheat belt should prompt the U.S. Department of Agriculture to cut its estimate of overall 2011 U.S. wheat production to the lowest level since 2006, analysts said.
Spring wheat production could drop to its lowest level since 2007, and if it does, ending stocks of the high quality wheat could tumble to the second-lowest on record.
Corn supply at 8-year low, down less than expected
CHICAGO, Sept 27 (Reuters) - U.S. corn stockpiles likely declined over the summer but by slightly less than the government has estimated, giving the tight market marginally more breathing room before consumers enter an even leaner year.
Inventories at the end of the 2010/11 marketing year are expected to fall to 964 million bushels, down 44 percent from 1.708 billion a year ago and the smallest supply in eight years, according to analysts polled by Reuters ahead of the U.S. Agriculture Department's quarterly stock report on Friday.
U.S. grains decline on slow growth, dollar's gain
SINGAPORE, Sept 28 (Reuters) - U.S. grain futures fell, giving back gains from the previous day, as concern that global economic growth will slow and doubts over Europe's commitment to its debt plan prompted investors to shift to the U.S. dollar.
"There are expectations that the USDA may report a larger-than-expected supply on corn," said Lynette Tan, a grains analyst at Phillip Futures in Singapore.
Colombia's top coffee region output lags -farmers
BOGOTA, Sept 27 (Reuters) - Leading Colombian coffee-growing province Antioquia is seen producing fewer beans during its main harvest than in the same period a year ago after torrential rains hit plantations, growers said.
Coffee growers in the northwestern province that accounts for 16 percent of Colombia's total output said progress was slower than normal. Theey were skeptical the country would meet its overall 2011 target of 9 million 60-kg bags.
Brazil coffee area seen dry until mid-Ocober
BRASILIA, Sept 27 (Reuters) - Brazil's key coffee zones could stay dry until mid October, delaying the start of crop-fixing flowering, but the long dry spell does not yet spell disaster for the next crop, agronomists said on Tuesday.
The coffee market is relying on a good on-year harvest next year from the world's top grower to pump supplies into a market facing chronic shortages of some bean types. The shortages have sustained high prices since mid 2010.
Brazil CS sugar output down 8 pct - Unica
SAO PAULO, Sept 27 (Reuters) - Sugar production from Brazil's center-south cane crop this season is lagging last year by 8 percent, but output was up in recent weeks, the cane industry association Unica said on Tuesday.
From the beginning of the season in April through Sept. 16, sugar output totaled 23.1 million tonnes, 2 million tonnes less than the same period in 2010.
India sugar producers' body foresees surplus
NEW DELHI, Sept 27 (Reuters) - India is heading for a sugar surplus in 2011/12, and the government should help producers by allowing 4 million tonnes of exports -- more than double this year's overseas sales, the head of a producers' body said on Tuesday.
Output for the world's second-biggest producer after Brazil could rise to 26.5 million tonnes in 2011/12, Jayantilal B. Patel, president of the National Federation of Cooperative Sugar Factories Ltd (NFCSF), told an industry meeting.
S.Africa cuts maize output forecast, wheat seen up
JOHANNESBURG, Sept 27 (Reuters) - South Africa slightly cut its May 2010-April 2011 season maize output forecast on Tuesday, citing a lower pace of deliveries to silos, while the 2011 wheat output is seen up on the back of better yields.
In its final forecast, the government's Crop Estimates Committee (CEC) said Africa's largest maize producer is expected to harvest 10.608 million tonnes of the crop, compared with 10.679 million tonnes in the previous forecast.
Wheat, corn up 1 pct on supply as drought persists
SINGAPORE, Sept 27 (Reuters) - U.S. wheat and corn futures rose more than 1 percent, extending gains amid support from a weaker dollar and forecasts for tightening supplies as drought affects planting.
"The drought that has existed in the U.S. in the past 12 months is hampering the seeding programme for wheat for 2012," said Luke Mathews, a commodity strategist at Commonwealth Bank of Australia in Sydney.
Romania 2011 maize crop seen at about 11 mln T-agmin
BUCHAREST, Sept 27 (Reuters) - Romania expects to reap 10.9 million tonnes of maize this year, up 21 percent on the year, and has so far harvested 3.6 million tonnes from 31 percent of the total area, the agriculture ministry said on Tuesday.
Romania, where around 25 percent of arable land is used to cultivate maize crops, produced the second largest harvest in the European Union after France with an output of 9 million tonnes last year.
Bumper crop seen boosting Kazakh grain exports
ALMATY, Sept 27 (Reuters) - A record post-independence grain harvest will allow Kazakhstan to ship a minimum of 2.5 million tonnes in the final three months of 2011 and hold its position as a major exporter into the next season, a senior industry official said on Tuesday.
Nurlan Tleubayev, president of the Grain Union of Kazakhstan, said the 2011 harvest would be sufficient to meet domestic demand and leave a "substantial" amount for export.
W.Canada harvest 84 pct done, ahead of norm
WINNIPEG, Manitoba, Sept 26 (Reuters) - Western Canadian farmers have harvested 84 percent of their crops overall, well ahead of normal, the Canadian Wheat Board said on Monday.
Progress is ahead of the usual pace of 78 percent finished at this time of year, but rain early last week held back some farmers, said Bruce Burnett, director of weather and market analysis for the Wheat Board.
Algeria's Jan-Aug grain imports up 37 percent
Sept 26 (Reuters) - Algeria's soft and durum wheat imports stood at 5.18 million tonnes during the first eight months of 2011, customs data showed, a 36.7 percent rise on the same period last year.
Soft wheat purchases rose to 4.1 million tonnes from 2.62 million tonnes in the January-August period of 2010, while durum wheat imports reached 1.28 million tonnes, up from 1.17 million tonnes.
No relief from drought for US Plains wheat
CHICAGO, Sept 26 (Reuters) - Only scattered and light showers were expected in the U.S. Plains hard red winter wheat region this week, with no relief from the drought seen anytime soon, an agricultural meteorologist said Monday.
"There will be a few light showers this week in Texas, 0.25 inch at the most, nothing significant that would change the drought situation," said Andy Karst, meteorologist for World Weather Inc.
Manila says to buy up to 500,000 T rice in 2012
MANILA, Sept 26 (Reuters) - The Philippines said on Monday its rice imports for 2012 will not exceed 500,000 tonnes, and it will not rush back into the market soon with expectations of a record domestic harvest this year barring weather disturbances.
Improved irrigation systems, good rainfall through the year, and higher-than-expected output in the central Iloilo province - part of a region that is the biggest rice producer - put the Southeast Asian country on track to post this year a record rice crop.
Eastern Australian Rains To Help Wheat Crops (Source: CME)
Widespread rainfall in eastern Australia, expected in the coming days, will improve the outlook for winter crops, including wheat, while Western Australia appears to be on the verge of a bumper harvest, Luke Mathews, Commonwealth Bank of Australia's agricultural commodities strategist, said. Farmers in the eastern states had been worried about the condition of crops this month due to scant rainfall and excessive heat. September and October are regarded as critical months for production of winter crops, ahead of harvest in November and December. "Thankfully, it does appear as though there's some excellent rain on the radar," with most forecasts for Wednesday and Thursday suggesting rainfall of 20-50 millimeters over many wheat-growing areas in Victoria and New South Wales states in Australia's southeast, Mathews said.
"Particularly for those southern crops, this late rain will very much help improve production prospects after a pretty tough month," as well as improving planting conditions for summer crops including cotton and sorghum, Mathews said. Commonwealth Bank has forecast national wheat production will hit 23.5 million metric tons in the crop year ending March 31. The most recent forecast by the government's Australian Bureau of Agricultural and Resource Economics and Sciences, on Sept. 13, was for output of 26.2 million tons, down from a record production of 26.3 million tons last year. After domestic consumption of around 6 million tons is met, the rest of Australia's wheat is available for export, making the country one of the top five global wheat exporters. Production from winter crops in Western Australia will comfortably reach an estimated 12 million tons, including about 8.4 million tons of wheat, Max Johnson, operations manager at Cooperative Bulk Handling Ltd., said.
CBH holds a near-monopoly over grain storage and export logistics in the state. "We're quite bullish. You could push over 12 million tons quite comfortably but at this stage we're sitting on 12 million tons." The weather over the past 10 days has been "outstanding," with good rains and cool weather, and this will drive production well above a longer-term annual average of 10.3 million tons, he said. "The cool damp weather at this time of the year is worth gold." Broadly, crops in CBH's northern Geraldton Port zone have had enough rain to take them through to harvest, while growers further south want more rain over the next three weeks, he said.
China Food Prices Rise On Week; Vegetables Lead -Ministry (Source: CME)
Food prices rose in the week to Sunday, continuing a broad inflationary trend with vegetable and fish prices up most sharply, the Ministry of Commerce said. Food items account for about a third of China's consumer-price index, and price movements in the sector are being closely watched as the government struggles to strike a balance between controlling prices and nurturing economic growth. The ministry's numbers suggest Beijing has some way to go in its efforts to tame inflation, despite signs that the price index's growth rate, which slowed to 6.2% in August from 6.5% in July, has peaked. Vegetable prices were up 4.2% compared with the preceding week, while fish prices rose 1.6%-2.2%, ministry data showed. The pace increased from 3.7% the previous week and 2.6% in the week before that. "Food has been a key factor in the rising consumer price index," said Rabobank Group analyst Chenjun Pan.
The ministry's data indicate vegetables may have replaced meat as a culprit behind inflation, with prices steadily pushing upward since Aug. 15. The price pressure on vegetables come at a time when the government appears to have tamped down pork prices, a key contributor to inflation in recent months. Meat prices last week were up 0.3%-1.3%, a relatively moderate pace compared with other major food categories, while pork fell 0.6%, snapping two months of increases. The government has sought to quell pork prices by releasing its stockpiles of the frozen meat and, as a longer-term remedy, using fiscal measures to encourage hog production. China typically faces higher price pressures during the autumn as the country celebrates the National Day holidays in October and the Mid-Autumn Festival in September, both of which are high-consumption periods. Edible oil prices rose 0.2%-0.3% in the week to Sunday, while egg prices rose 0.1%, the ministry said.
Nigeria To Be Self-Sufficient In Rice Production In 4 Years-Minister (Source: CME)
Nigeria plans to be self-sufficient in rice production within four years, Agriculture Minister Akinwumi Adesina said. Nigeria imports 2 million metric tons of rice a year at a cost of 350 billion naira, Adesina said in a speech at the Cocoa Research Institute of Nigeria, or CRIN, adding that the country imports 500,000 tons of brown rice. "We will reduce this to zero by 2013 and we will shift to domestically produced brown rice. This alone will save us 50 billion naira," he said. He said Nigeria would replace the current 1.5 million tons of imported parboiled finished rice with domestically produced finished rice, saving 200 billion naira. Adesina, an internationally renowned agriculture expert who came from abroad to become agriculture minister in July, said the country aims to produce 1 million tons of milled rice this year, saving 130 billion naira.
"Our rice transformation is made more urgent due to the fact that the price of rice is set to soar by over 30%, on the international market as Thailand moves to limit supply once again," he said. Nigeria currently imports varieties of rice from India, Thailand and Vietnam while low patronage of locally produced rice has discouraged local farmers. "I will not let this continue," Adesina said. "The administration of President Good Jonathan has decided to make agriculture a top priority for his transformation agenda."
UK Defra Ups 2010-11 Wheat Export Estimate To 2.66M Tons -HGCA (Source: CME)
The U.K's agricultural ministry increased its 2010-11 U.K. wheat export forecast by 215,000 metric tons, data from the Home Grown Cereals Authority showed. The Department for the Environment, Food and Rural Affairs now forecasts 2.66 million tons of wheat in its latest estimate, up from a May estimate of 2.44 million tons. Total wheat availability, which includes opening wheat stocks, production, and imports, was also revised upward to 17.91 million tons from a previous estimate of 17.79 million tons. The 2010-11 wheat production estimate was unchanged at 14.88 million tons, the opening stocks estimate increased 168,000 tons to 2.03 million tons and the import estimate was revised downward by 51,000 tons to 1.0 million tons.
UN Says Corn Falling for ‘Wrong Reasons’ as Morgan Stanley Predicts Gains (Source: Bloomberg)
A plunge in corn prices may mislead growers that world stockpiles have returned to normal, spurring farmers to cut acreage and exacerbating a shortage of the grain used in foods, fuels and animal feed, the United Nations said. “We’re seeing a downtrend in prices for the wrong reasons,” Abdolreza Abbassian, senior economist at the Food & Agriculture Organization, said in an interview. “The medium- term response would be a shortage, so prices will rise.” Corn shed 18 percent from this year’s high in June to yesterday’s close as investors sold commodities from metals to farm products on concern that the global recovery was faltering. The decline helped to ease near-record food prices, curbing inflationary pressures as governments seek to boost growth.
Russia Expands Ports to Become Second-Biggest Wheat Exporter: Freight (Source: Bloomberg)
Russia is poised to again become the world’s second-biggest wheat exporter as the nation’s largest grain-port overhaul raises shipping capacity by as much as 67 percent in four years. Government and private operators are spending $574 million to develop and add terminals on the Baltic Sea, the Black Sea and the nation’s rivers to end bottlenecks that keep trains waiting for weeks to unload. Supply is surging following an almost yearlong ban imposed by Prime Minister Vladimir Putin to conserve grain after the worst drought in half a century. Russia’s emergence as a leading supplier may reduce global grain prices, said Peter Biermann, a trader at Aston FFI in Lausanne, Switzerland.
Coffee Falls in Robusta Rout While Starbucks Cup Costs $1.50: Commodities (Source: Bloomberg)
Farmers from Vietnam to Brazil will supply a record robusta crop in the marketing year that begins next month, extending a slump in coffee futures that spurred Kraft Foods Inc. (KFT) and J.M. Smucker Co. to cut prices. Production will rise 5.4 percent to 3.29 million metric tons (54.9 million 60-kilogram bags) in the 2011-12 season, the U.S. Department of Agriculture estimates. Vietnam and Brazil, the biggest producers, will reap the most beans ever. Robusta traded on the NYSE Liffe exchange in London fell 26 percent since March, and will drop another 5 percent to $1,884 a metric ton by Dec. 31, according to the mean in a Bloomberg survey of 16 brokers, traders and analysts.
Robusta, the second most-consumed coffee after arabica, is reversing a rally that more than doubled prices in the 12 months ended in March as shortages emerged. That was part of a global surge in food prices that the United Nations estimates reached a record in February. U.S. food-price inflation will be as much as 3.5 percent next year, compared with as much as 4 percent this year, the USDA estimates.
Ukraine sugar output running much higher year/year
KIEV, Sept 27 (Reuters) - Ukrainian sugar refineries produced 300,000 tonnes of white sugar from sugar beet as of September 26 or 35 percent more than at the same date in 2010, Ukraine's sugar union Ukrtsukor said on Tuesday.
The union said in a report that 64 refineries had received about 4 million tonnes of sugar beet and processed 2.65 million tonnes.
Farmers, exporters upbeat on new I.Coast cocoa crop
ABIDJAN, Sept 26 (Reuters) - Weather conditions in Ivory Coast bode well for the 2011/2012 cocoa season, farmers and
exporters said on Monday, noting the the current state of the crop suggested output could even vie with this season's record
tally.
Their comments came as industry data showed the 2010-2011 season will close with output near 1.5 million tonnes and are the
latest sign that the world's top grower is set for another strong harvest next year.
Nigerian cocoa farmers upbeat on main crop outlook
Sept 26 (Reuters) - Cocoa farmers in Nigeria are hopeful the 2011/12 main crop will be bumper after the just-concluded
mid-crop was hit by a shortage of pesticides to curb disease outbreak, growers and analysts said on Monday.
The main crop officially starts in October and runs through to March, but this year's harvest began in August thanks to a good mix of rainfall and sunshine in the western and eastern growing region, the Cocoa Association of Nigeria (CAN) said.
I.Coast cocoa arrivals seen 1,468,000 T by Sept 25
ABIDJAN, Sept 26 (Reuters) - Cocoa arrivals at ports in top grower Ivory Coast reached around 1,468,000 tonnes by Sept 25
since the start of the season in October, exporters estimated on Monday, compared with 1,184,195 tonnes in the same period of
the previous season.
Exporters estimated around 19,000 tonnes of beans were delivered to the West African state's two ports between Sept 19 to Sept 25 down from 20,951 tonnes in the same week a year ago.
Oil up 3 pct on euro zone moves, refinery concerns
NEW YORK, Sept 27 (Reuters) - Oil jumped more than 3 percent on Tuesday, snapping a four-day losing streak on efforts to strengthen the euro zone rescue fund and concerns about U.S. fuel supplies.
"What we might be seeing is some end-of-the-quarter bookmarking," Gene McGillian, analyst for Tradition Energy in Stamford, Connecticut.
NYMEX-Natgas ends up for 2nd day on weather, firm cash
NEW YORK, Sept 27 (Reuters) - Front-month U.S. natural gas futures ended higher Tuesday for a second straight session as more heat in Texas and planned nuclear plant maintenance outages helped firm physical prices despite ample supplies.
"There's been some heat in Texas and some AC load (air conditioning) in the East. There's also some end-user buying with these attractive prices," a Pennsylvania trader said, noting temperatures later this week were expected to cool.
Euro Coal-Oct S.Africa prices dip, Indians delay
LONDON, Sept 27 (Reuters) - Prompt physical coal prices for October South African cargoes dipped again on Tuesday as suppliers scrambled to find homes for shipments soon due to load, but further forward prices saw slight gains.
"Apart from the very prompt month, prices are generally a little stronger in line with everything else," one trader said.
Oil Drops After Biggest Gain in 4 Months on Concern Global Economy to Slow (Source: Bloomberg)
Oil fell in New York, heading for the biggest quarterly decline since 2008, as investors speculated reports will show slowing global growth that may curb fuel demand amid rising U.S. supplies. Futures slipped as much as 1.9 percent, after the biggest gain in four months yesterday. U.S. gasoline stockpiles rose the most in five weeks, according to the American Petroleum Institute. Commerce Department data today may show U.S. durable goods orders fell and a report tomorrow may confirm European consumer confidence slid to a two-year low in September. Front- month Brent futures are poised to drop relative to longer-dated contracts, Citigroup Inc. said in a note. “We can’t see at this point the price of oil wanting to rally significantly higher than where it is on the back of the weak demand coming out of the U.S.,” said David Lennox, a resource analyst at Fat Prophets in Sydney. “Oil will probably trade between $80 and $90 for the near term.”
Brent crude falls below $107 on stronger dollar
SINGAPORE, Sept 28 (Reuters) - Brent crude fell below $107, after sharp gains a day earlier, weighed down by a stronger dollar as investors sought refuge in the greenback amid lingering concerns over a debt crisis in the euro zone.
"There are still a lot of fears over Europe, and after yesterday's round of short-covering the upside for oil is limited," said Ken Hasegawa, a commodities derivatives manager with Newedge Brokerage in Tokyo.
China's iron ore growth to be limited by quality-Baosteel
QINGDAO, Sept 28 (Reuters) - China's iron ore production growth will be limited due to a decline in quality and rising labour costs, a senior executive from Baosteel Group said on Wednesday.
However, Dai Zhihao, vice-president of Baosteel Group, said the current iron ore supply crunch could soon ease as more mines come onstream globally.
China steel output, iron ore pricing in focus at summit
SINGAPORE, Sept 27 (Reuters) - Whether China can sustain its rapid pace of steel production while developed economies are on shaky ground and how tight supplies will continue to buoy iron ore prices are questions on the agenda for China's biggest industry gathering this week.
Chinese steel mills are also expected to use the occasion to push for a more favourable iron ore pricing scheme as elevated spot prices cut into profits, ahead of a plan by industry group CISA to launch China's version of a reference index next month to gain more pricing power.
LME copper falls as rebound loses steam, dlr firms
SHANGHAI, Sept 28 (Reuters) - London copper fell 2.3 percent as a rebound in the previous session faltered over lingering worries about euro zone debt woes, a firmer dollar and arbitrage plays.
"The holiday is coming up and everyone is out to make a quick buck before that. The shorts are closing positions, locking in profits, while others are doing arbitrage plays - buying copper on Shanghai and selling on London," said CIFCO Futures analyst Zhou Jie.
Gold Declines as European Policy Makers Make Progress Tackling Debt Crisis (Source: Bloomberg)
Gold resumed a decline, trimming a 12th quarterly advance, as investors sold the metal for cash as commodities including oil and copper fell on concern European leaders may fail to contain the region’s debt crisis. Immediate-delivery gold dropped as much as 1.1 percent to $1,632.05 an ounce, and traded at $1,645.88 at 12:24 p.m. in Singapore. Bullion also fell before reports that economists say may show U.S. durable goods orders dropped, while European consumer confidence slumped to a two-year low in September. “The recent price declines have been because other markets are falling and some investors have to sell their gold to meet margin calls,” Dick Poon, precious metals trading manager at Heraeus Ltd., said by phone from Hong Kong. “The debt situation in Europe hasn’t changed and as that goes on, we continue to see strong demand for gold, which will keep prices supported.”
Gold falls 1 pct on dollar strength;investors cautious
SINGAPORE, Sept 28 (Reuters) - Gold slipped 1 percent in volatile trade as the U.S. dollar regained strength on doubts over the progress of Europe's efforts to tackle the region's debt crisis, while this week's brutal correction also kept investors at bay.
"After the freefall in prices, sentiments have been impacted and there could be some further downside. Investors are likely looking for prices to stabilise before they return to the market," said Ong Yi Ling, an analyst at Phillip Futures in Singapore.
METALS-LME copper falls as rebound loses steam, dlr firms
SHANGHAI, Sept 28 (Reuters) - London copper fell 2.3 percent as a rebound in the previous session faltered over lingering worries about euro zone debt woes, a firmer dollar and arbitrage plays.
"The holiday is coming up and everyone is out to make a quick buck before that. The shorts are closing positions, locking in profits, while others are doing arbitrage plays-buying copper on Shanghai and selling on London," said CIFCO Futures analyst Zhou Jie.
PRECIOUS-Gold falls 1 pct on dollar strength;investors cautious
SINGAPORE, Sept 28 (Reuters) - Gold slipped 1 percent in volatile trade as the U.S. dollar regained strength on doubts over the progress of Europe's efforts to tackle the region's debt crisis, while this week's brutal correction also kept investors at bay.
"After the freefall in prices, sentiments have been impacted and there could be some further downside. Investors are likely looking for prices to stabilise before they return to the market," said Ong Yi Ling, an analyst at Phillip Futures in Singapore.
