FOREX-Euro short-squeeze rally on hold; eyes on debt auction, data
TOKYO, Jan 4 (Reuters) - A short-squeeze rally in the euro stalled in Asia on Wednesday ahead of debt auctions in Germany, with market players dubious about the euro zone's plans to fend off a sovereign debt crisis as some countries face huge debt refinancing needs.
The euro is meeting resistance after posting its biggest one-day rally in nearly two months on Tuesday as investors heavily trimmed bearish positions in the common currency after upbeat data bolstered risk appetite.
Stocks cheered by growth hopes, euro steadies
TOKYO, Jan 4 (Reuters) - Asian stocks rose and the euro steadied, as investor risk appetite returned after upbeat U.S. and European economic data improved the global growth outlook despite deep-set worries over the euro zone debt crisis. "While we are structurally underweight risk, we suggest adopting a more neutral stance in the first two weeks of 2012," analysts at Barclays Capital said in a research note.
US corn dips from 2-month peak; soy, wheat ease
SINGAPORE, Jan 4 (Reuters) - Chicago corn slid half a percent, falling from a near two-month top, while soy eased after a rally to its highest since end-October as increased selling by U.S. farmers pressured markets. "It is generally a lower start across the grains and oilseeds markets, we are looking at a little bit of profit-taking after striking some resistance levels yesterday," said Luke Mathews, Commodities Strategist at Commonwealth Bank of Australia.
Cropcast cuts Argentine corn, soy estimates
CHICAGO, Jan 3 (Reuters) - Cropcast, a weather information service widely followed by grain traders for its global crop outlooks, on Tuesday reduced its forecasts for Argentine corn and soybean production and said further cuts may be coming.
Cropcast lowered its estimate of the Argentine corn crop to 24.5 million tonnes, down 3 million tonnes from projections it gave last week, and soybeans by 1.6 million to 49.82 million as the leading global corn and soy producer suffers from drought.
Global rubber output seen up 3.1 pct in 2012-ANRPC
BANGKOK, Jan 4 (Reuters) - Global natural rubber production is expected to rise by 3.1 percent to 10.415 million tonnes in 2012, little changed from the previous forecast of a 3.6 percent rise made in November, the Association of Natural Rubber Producing Countries (ANRPC) said on Wednesday.
"The downward revision results from the upward revision for the base year output," the ANRPC said in a report.
Costa Rica coffee exports edge up in Dec from year ago
SAN JOSE, Jan 3 (Reuters) - Costa Rica, a Central American producer of high-quality arabica coffee beans, exported 78,300 60-kg bags of coffee in December, 2.6 percent more than it exported the same month a year ago, the national coffee institute said.
The coffee harvesting season in the region begins in October and comes to a close in September.
Heavier rain a mixed blessing for Brazil coffee
BRASILIA, Jan 3 (Reuters) - Plentiful rain in Brazil's key coffee growing areas helped trees recover from overly dry weather in the last few months of the year, but relentless showers and little sun in some areas could bring more problems, forecaster Somar said on Tuesday.
The crop now developing in the world's top coffee producer will be a larger 'on year' crop, and a successful, good-sized harvest is critical for a global coffee market which has seen prices soar since mid-2010 due to a shortage of quality beans.
Argentine soy crush down 5.4 pct in November
BUENOS AIRES, Jan 3 (Reuters) - Argentine soy crushing activity fell 5.4 percent in November year-on-year to nearly 3 million tonnes following a record 2009/10 crop and a smaller 2010/11 season, the government said in its latest crushing report.
Argentina is the world's top supplier of soyoil and soymeal and the No. 3 exporter of unprocessed beans.
Cocoa exporters seek changes to Ivory Coast reform
ABIDJAN, Jan 3 (Reuters) - Leading cocoa exporters want changes to the pricing scale used in Ivory Coast's reform of the sector before they will take part in bean auctions by the world's top grower due to start later this month, export officials said on Tuesday.
President Alassane Ouattara's government intends to roll back a decade of liberalisation and adopt greater regulation as part of a move to guarantee that local farmers get at least 60 percent of the export price of their produce.
South Africa imports Romanian yellow maize
JOHANNESBURG, Jan 3 (Reuters) - Two cargo ships of Romanian maize are en route to South Africa's Western Cape province and could be followed by more imports as the country faces a maize supply shortfall for the rest of the season, the head of producer group Grain SA said on Tuesday.
"Our understanding is that there are two cargo shipments on their way to the Western Cape. It's yellow maize from Romania for the feed (livestock) industry in that province," Jannie de Villiers, Grain SA's chief executive, told Reuters.
China's Nov coal output rises 4.4 pct to 321 mln T
SHANGHAI, Jan 4 (Reuters) - China's raw coal production in November rose 4.4 percent from a year ago to reach 321 million tonnes, while total output in the first 11 months of the year rose 11.6 percent to 3.46 billion tonnes, an industry website said on Wednesday.
Of the total year-to-date output, that from main state-owned coal mines reached 1.77 billion tonnes, up 12.1 percent from the same period last year, industry portal SXCOAL.com said, citing data from the China Coal Industry Association.
Euro Coal-Prices dip by $1/T but trade subdued
LONDON, Jan 3 (Reuters) - Physical prompt coal markets began 2012 subdued, with no fresh trades reported, while prices drifted $1.00 a tonne lower with European power prices and EU carbon.
The price fall did little to encourage trade because there is sufficient spot coal in the Pacific and Atlantic and end-users in China, India and Europe are waiting to see if the price fall predicted last month will materialise before buying.
Brent oil falls below $112 after sharp gains
SINGAPORE, Jan 4 (Reuters) - Brent crude fell below $112 a barrel on Wednesday after sharp gains the previous day because of rising tensions between Iran and the West and upbeat economic data from the United States and China.
"The market typically starts the year bullish," said Jeremy Friesen, commodity strategist at Societe Generale.
India iron ore exports seen plunging after tax rise
NEW DELHI, Jan 3 (Reuters) - India's iron ore exports are likely to be 75 percent lower than previously expected in the quarter ending in March as a rise in export duties kicks in as part of the government's push to conserve supplies for domestic steelmakers.
Asia's third-largest economy announced a 50 percent jump in export duties on Monday to 30 percent, prompting traders to slash their forecasts for exports for the year to March 2012 to around 50 million tonnes from 65 million. That was already down from 97 million tonnes last year
Iron ore fall raises doubts on Australia mine tax plan
SYDNEY, Jan 4 (Reuters) - Australia's politically charged mining profits tax could raise less of the initial A$11 billion Prime Minister Julia Gillard is promising if iron ore prices return to November levels, accountants BDO warned in a senate submission.
Mega-miners Xstrata , BHP Billiton and Rio Tinto , last year agreed with Gillard to pay the Minerals Resource Rent Tax only if the tax was cut to 30 percent from 40 percent and limited to profits from iron ore and coal mining.
Iron Ore-China market still slow as traders stay away
BEIJING, Jan 4 (Reuters) - Spot iron ore prices in China were mostly unchanged on the first trading day of 2012, with buyers and sellers unable to find a reason to rush back from a two-day new year break.
The offer price of 61.5 percent Pilbara fines, including cost and freight, stood in the $136-139 per tonne range on Wednesday, unchanged from the last trading day of 2011, industry consultancy Umetal said.
India hikes iron ore export duties to 30 pct
NEW DELHI, Jan 2 (Reuters) - India raised iron ore export duties to 30 percent from 20 as it seeks to conserve supplies for its own steel industry, sending down shares of iron ore producers and boosting those of steelmakers.
The government issued a formal order removing the previous 20 percent duty, and two revenue officials said this meant the rate reverted to 30 percent, which one of them said was the "peak tariff" level.
LME copper falls as Europe worries offset US optimism
KUALA LUMPUR, Jan 4 (Reuters) - London copper fell, snapping two days of gains, as worries that the financial crisis in the euro zone will slow global economic growth overrode optimism from upbeat U.S. economic data.
"There's too much uncertainty," said Koun-Ken Lee, commodities strategist at Standard Chartered in Singapore.
Peru copper output rises in Nov, gold falls
LIMA, Jan 3 (Reuters) - Peru's mining ministry said on Tuesday output of copper rose in November from the same month a year earlier, but that production of most metals slipped.
Peru is a leading global producer of most major metals.
METALS-LME copper falls as Europe worries offset US optimism
KUALA LUMPUR, Jan 4 (Reuters) - London copper fell on Wednesday, snapping two days of gains, as worries that the financial crisis in the euro zone will slow global economic growth overrode optimism from upbeat U.S. economic data.
"There's too much uncertainty," said Koun-Ken Lee, commodities strategist at Standard Chartered in Singapore.
PRECIOUS-Gold eases after rally; Iran tensions support
SINGAPORE, Jan 4 (Reuters) - Spot gold lost half a percent on Wednesday, shedding the previous session's strong gains on encouraging economic data from the United States and Europe, although the fall may be capped by rising concerns on Iran.
"Gold may not be a safe haven in financial turmoil, but it does seem to function as a safe haven against real-world geopolitical risks," said Nick Trevethan, Senior Commodity Strategist at ANZ.
Gold eases after rally; Iran tensions support
SINGAPORE, Jan 4 (Reuters) - Spot gold lost half a percent, shedding the previous session's strong gains on encouraging economic data from the United States and Europe, although the fall may be capped by rising concerns on Iran. "Gold may not be a safe haven in financial turmoil, but it does seem to function as a safe haven against real-world geopolitical risks," said Nick Trevethan, Senior Commodity Strategist at ANZ.
Baltic index set for further falls
LONDON, Jan 3 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, slid again on Tuesday, the lowest in around three months due to low fixing activity during the Christmas and New Year holidays.
The index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, dipped 114 points or 6.56 percent to 1624 points.
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