FOREX-Euro hits 16-mth low vs dollar, 11-yr low vs yen
SINGAPORE, Jan 9 (Reuters) - The euro hit a 16-month low versus the dollar hurt by negative news from the euro zone over the weekend, with the risks of further declines seen in coming months.
The euro hit its lowest level since September 2010 of $1.2666 on trading platform EBS at one point. Against the yen, the euro hit an 11-year low of 97.28 yen, its lowest level since December 2000.
Corn, soy up on Argentine crop concerns; wheat rises
SINGAPORE, Jan 9 (Reuters) - U.S. corn rose 0.7 percent, while soybeans recovered after two straight sessions of losses with harsh hot and dry weather threatening to curb crop-yields in Argentina, a top global supplier of grains and oilseeds.
"We are looking at sideways trade because of the USDA report this week with an upside bias on weather concerns in South America," said Lynette Tan, analyst with Phillip Futures in Singapore.
S.America soy crop seen shrinking; US exports eyed
CHICAGO, Jan 6 (Reuters) - Analysts expect few major shifts in U.S. soy stockpiles when the U.S. Department of Agriculture issues its January crop reports next week but dry weather should prompt downgrades in USDA's South American crop forecasts.
Such a drop would tighten world soy supplies and could eventually bolster flagging U.S. soybean exports, especially in the upcoming 2012/13 crop year.
US wheat acres seen rising after disappointing crop
CHICAGO, Jan 6 (Reuters) - A U.S. government report is expected to show that farmers last fall planted the most winter wheat in three years as some much-needed rain boosted crop prospects following a dry growing season in 2011, according to analysts surveyed by Reuters.
"The increase in wheat acres was no surprise," said Farm Futures magazine market analyst Arlan Suderman. "Unexpected fall moisture led Plains farmers to aggressively plant winter wheat to get a cover over their previously parched soils."
Corn supply to shrink as Argentine crop wilts
CHICAGO, Jan 6 (Reuters) - The U.S. Department of Agriculture (USDA) should trim its forecast for this year's ending supply of U.S. corn to a fresh 16-year low in a report next week, and more declines may occur if U.S. exports increase to compensate for Argentina's drought-hurt crop, analysts said.
"I think USDA may make a slight reduction but they won't be aggressive in this report. I recognize that additional reductions will probably be necessary, we'll know more in 30 days," said Shawn McCambridge, analyst for Jefferies Bache.
Indonesia palm oil exports fall 5 pct in 2011
JAKARTA, Jan 9 (Reuters) - Palm oil exports from Indonesia, the world's largest producer, dropped 5 percent to 19.4 million tonnes last year, the agriculture ministry said on Monday, highlighting rising domestic consumption and downstream investment.
The export fall came despite palm output rising 2.5 percent in 2011 from the previous year, to 22.51 million tonnes, the ministry said in a statement.
Argentina says drought will reduce corn crop
BUENOS AIRES, Jan 6 (Reuters) - The drought that is drying out Argentina's farm areas will cut into the country's 2011/12 corn harvest, as crops struggle to flower under parched conditions, the government said in a weekly report on Friday.
The world's No. 2 corn producing country has been hit by dryness related to the La Nina phenomenon just as corn and soy plants need water to help them develop.
Informa lowers South American corn, soy estimates
CHICAGO, Jan 6 (Reuters) - Analytical firm Informa Economics on Friday lowered its forecasts for corn and soybean production in South America, citing dry weather that has cut yield prospects.
The firm cut its estimate of 2011/12 corn production in Argentina, the world's No. 2 corn exporter after the United States, to 24.0 million tonnes from its December estimate of 27.0 million.
South Brazil set for brief respite from drought
SAO PAULO, Jan 6 (Reuters) - Rains will return to the drought-hit grain regions in southern Brazil by the middle of next week, a forecaster said on Friday, but will be too light and brief to neutralize the threat of more crop losses in the world's No. 2 soy and No. 3 corn producer.
"Between January 11 and 15, the weather pattern will change radically. A cold front will finally bring widespread rain to the south," local meteorologists Somar said.
EU clears 107,000 tonnes wheat exports this week
PARIS, Jan 6 (Reuters) - The European Union this week granted export licences for 107,000 tonnes of soft wheat, taking the total since the beginning of the 2011/12 (July-June) season to 7.4 million tonnes, official data showed on Friday.
The total so far this season remained well below the volume in 2010/11 when 11.2 million tonnes of export licences had been cleared by the same stage.
Brent steady near $113; Iran offsets weak euro zone
SINGAPORE, Jan 9 (Reuters) - Brent crude prices steadied around $113 a barrel as weaker euro zone employment and retail sales data boosted the dollar and dented sentiment, but concerns over Iran's threat to shut a key oil-shipping route capped price falls.
"I don't think there are big expectations from the meeting. They have met so many times and achieved nothing," said Ben Le Brun, Market Analyst at OptionsXpress in Sydney.
EU states consider delay on any Iran oil ban
BRUSSELS, Jan 6 (Reuters) - A European Union embargo on Iranian crude oil imports could take a few months to start because some EU capitals want a delay they say they need to shield their debt-stricken economies, diplomats said on Friday.
EU states have agreed in principle to an embargo on Iranian oil, part of the latest Western effort to ratchet up pressure on Tehran over its nuclear programme.
Oil over $113, Iran counters growth concerns
LONDON, Jan 6 (Reuters) - Oil climbed above $113 a barrel on Friday as concern over any possible supply disruption due to mounting tensions between Iran and the West countered worries about Europe's economy and rising U.S. stockpiles.
Crude was set to rise more than 5 percent in the first week of 2012 after Iran threatened to shut the Strait of Hormuz, the world's most important oil route, in retaliation against tighter sanctions from the United States and a possible ban on its crude exports to Europe.
Copper drops as Europe troubles prompt shift to dollar
KUALA LUMPUR, Jan 9 (Reuters) - Copper fell, erasing gains in the previous session, as concerns over slowing growth in the euro zone strengthened the U.S. dollar, making commodities priced in the unit more expensive in other currencies.
"Across the commodity complex, gains were capped because of dollar strength," said Ong Yiling, an investment analyst at Phillip Futures in Singapore.
How Does $4 Gas at Pump Play With Record S&P as 10-Year Note Holds at 2%?
Rallies in stocks and gasoline will push prices toward the highest levels ever in 2012 even as U.S. Treasury yields hold near record lows. So say Douglass Kass of Seabreeze Partners Management Inc., Citigroup Inc.’s Edward L. Morse and Christopher Low of FTN Financial, forecasters whose predictions for equities, energy and bonds proved prescient in 2011. Repeating the feat with their calls for 2012 would require an unprecedented breakdown in price relationships across markets after correlations reached the tightest levels ever. “They can’t all be right,” Chad Morganlander, a Florham Park, New Jersey-based money manager at Stifel Nicolaus & Co., which oversees more than $107 billion in client assets, said in a telephone interview on Jan. 5. “Strategists provide a valuable role in the financial community, but flexibility of institutional and individual investors is paramount.”
Alcoa cuts capacity by 12 pct, sees Q4 charge
NEW YORK, Jan 5 (Reuters) - Alcoa Inc , the largest U.S. producer of aluminum, said it will slash its global smelting capacity by 12 percent, becoming the first producer to take direct action to cut costs amid a steep drop in metal prices.
The move will result in a restructuring charge in the fourth quarter that will push the U.S. producer into its first loss in nine quarters.
Indonesia will not introduce tin export tax -govt
JAKARTA, Jan 6 (Reuters) - Indonesia, the world's top refined tin exporter, will not impose export taxes on the base metal this year, a trade ministry official said on Friday.
Late last year, Indonesia's Industry Minister said it was looking to introduce export taxes for coal and base metals in 2012, as it tries to encourage more investment in its mining sector.
Spot copper premiums to China steady, demand to rise
HONG KONG, Jan 6 (Reuters) - Spot copper premiums to China were steady at the start of the year on hopes that demand will pick up next month after the Lunar New Year break, traders said on Friday.
Bonded stocks, arrived in Shanghai and not yet assessed for China's 17 percent value-added tax, and imports due to arrive in the city in less than two weeks traded at premiums of about $120 to $140 a tonne over cash London Metal Exchange copper prices, compared to about $130 two weeks earlier, traders said.
China daily steel output slips in late Dec - CISA data
SHANGHAI, Jan 9 (Reuters) - China's daily crude steel output declined to 1.626 million tonnes in the last 11 days of December, down 2.4 percent from the preceding ten days, data from the China Iron & Steel Association (CISA) showed on Monday. CISA figures showed that daily average output in the world's largest steel-producing country stood at 1.654 million tonnes in December, down 0.5 percent from November.
China lead, zinc prices seen low to 2014 -Antaike
SHANGHAI, Jan 9 (Reuters) - Chinese demand of lead and zinc will slow over the next three years, weighing on prices, as growth in the automotive and e-bike sectors tops out and construction sector demand for zinc steadies, a senior researcher at state-backed firm Antaike said.
This is expected to keep domestic prices for battery material lead in a range of 14,500-16,500 yuan a tonne ($2,300-$2,615) in 2012, slightly firmer than prices for zinc, used to galvanise steel, which are seen in a 14,000-16,500 yuan range.
Gold eases on firm dollar, euro zone fear
SINGAPORE, Jan 9 (Reuters) - Gold prices lost more than half a percent, after the momentum that pushed prices up 3 percent last week fizzled as the dollar firmed with growing worries about the euro zone debt crisis.
"There is a somewhat weaker trend across the commodities, as the strength of the dollar is playing a role in limiting appetite," said Nick Trevethan, senior commodity strategist at ANZ in Singapore.
Analysts expect gold to hit record high in 2012-survey
LONDON, Jan 6 (Reuters) - Precious metals analysts expect gold prices to rise for a 12th year in a row and to reach a record high in 2012, but are less optimistic for silver and platinum, according to a survey by the London Bullion Market Association.
The LBMA's survey of 26 contributors showed all but 3 participants expected gold to hit an all-time high in 2012, with a majority of 19 of them forecasting gold to reach a high above $2,000 an ounce.
METALS-Copper drops as Europe troubles prompt shift to dollar
KUALA LUMPUR, Jan 9 (Reuters) - Copper fell erasing gains in the previous session, as concerns over slowing growth in the euro zone strengthened the U.S. dollar, making commodities priced in the unit more expensive in other currencies.
Three-month copper on the London Metal Exchange lost 1.2 percent to $7,488 a tonne by 0321 GMT, after an increase of 0.5 percent on Friday.
PRECIOUS-Gold eases on firm dollar, euro zone fear
SINGAPORE, Jan 9 (Reuters) - Gold prices lost more than half a percent after the momentum that pushed prices up 3 percent last week fizzled as the dollar firmed with growing worries about the euro zone debt crisis.
Concerns about the debt crisis overshadowed upbeat data out of the United States which showed unemployment rate fell to a near three-year low, evidence that economic growth is gaining steam.
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