Markets rise on Greece bailout hopes, solid U.S. data
TOKYO, Feb 17 (Reuters) - Asian shares rebounded on signs euro zone officials will soon approve a long-awaited bailout for Greece, reducing the risk of a debt default, and after jobs and manufacturing data pointed to a healthier U.S. economy.
"Sentiment has brightened to encourage risk taking," said Masayuki Doshida, senior market analyst at Rakuten Securities.
FOREX-Yen retreats, hits 3-1/2 mth low vs dollar
SINGAPORE, Feb 17 (Reuters) - The dollar hit a 3-1/2 month high versus the yen on Friday as upbeat U.S. economic data added fuel to a rally in the greenback sparked by the Bank of Japan's monetary easing earlier in the week.
The dollar's rise gained steam on stop-loss buying, with active bids from Japanese importers who have been caught off guard by its recent strenth, contributing to its firmness against the yen, traders said.
Corn, wheat rise for 2nd day on demand; soy firms
SINGAPORE, Feb 17 (Reuters) - Chicago corn rose for a second straight day, building on gains as strong U.S. weekly exports and hopes of a Greek bailout lifted the market.
"Plenty of positive U.S. economic data was released overnight and corn has been supported by a big U.S. corn export sales result," Luke Mathews, commodities strategist at Commonwealth Bank of Australia said in a report.
Workers at Brazil grain port stage short stoppages
BRASILIA, Feb 16 (Reuters) - Stevedores and other workers at Paranagua, Brazil's No. 2 grains port, held work stoppages on Thursday to protest delays by administrators in producing a revised employment contract, the head of the local stevedores union said.
Both two-hour stoppages took place at Paranagua, the southern port that ships much of Brazil's corn and soy, though volumes of both are light at this time of year in the run-up to the peak of harvesting. A port spokeswoman said the effect on port operations was minimal, though it had caused some delays.
Argentine gov't sees soy crop at maximum 45 mln tonnes
BUENOS AIRES, Feb 16 (Reuters) - Argentina's soy harvest could be as small as 43.5 million tonnes due to drought damage, the government said in its first official estimate on Thursday, lower than many private forecasts.
Weeks of dry weather dimmed prospects for a bumper 2011/12 harvest in the world's No. 3 soybean exporter, which is also the top supplier of soyoil and soymeal, though recent rains have brightened the outlook - especially for later-seeded crops.
Africa's pulses exports to India seen up 20 pct in 2012
MUMBAI, Feb 16 (Reuters) - African pulses exports to India are seen rising 20 percent in 2012 from the preceding year, with the continent poised to become the largest supplier of pigeon peas, or tur, to India in the next few years, an industry official said on Thursday.
India, the world's biggest producer, consumer and importer of pulses, mostly imports tur and chickpeas, or chana, from East African countries such as Tanzania, Malawi and Kenya.
Cold damage to EU grain crops limited so far-analyst
PARIS, Feb 16 (Reuters) - Damage to European winter wheat and barley crops due to a cold spell which has hit the bloc since late January is so far limited but risks from frost and thaw cycles remain, analyst Strategie Grains said on Thursday.
The analyst lowered by 600,000 tonnes its estimate for the European Union's soft wheat crop this year to 132.7 million tonnes, still up 3 percent on last year, but said the cut was mostly due to changes in area estimates based on official data.
Brent remains above $120 on Iran worries, Greece optimism
SINGAPORE, Feb 17 (Reuters) - Brent crude remained above $120 on persistent supply worries with major European buyers cutting purchases of Iranian crude and hopes of an increase in demand as Greece edged closer to a bailout deal.
"Brent is reacting to a combination of things, including continued optimism over Greece, a weaker dollar and the market focusing on reduced exports from Iran to Europe," said Jonathan Barratt, chief executive of Barratt's Bulletin.
Copper bounces back on Greece hopes, caution stays
SINGAPORE, Feb 17 (Reuters) - Copper rose more than 1 percent, ending a five-day losing streak, as hopes that debt-laden Greece would secure a second bailout next week revived appetite for risk assets.
"The case for a soft landing for China has already been priced in, so incremental optimism seems to be stretched.
Gold edges up on Greece bailout hopes
SINGAPORE, Feb 17 (Reuters) - Gold prices rose as optimism that Greece may soon secure an urgently needed bailout buoyed financial markets and helped bullion recover from a one-week low hit in the previous session.
"We're at the point where we have tried the downside three or four times in the past two weeks and failed. The frustration with failure to breach the $1,700-$1,710 level might put the focus back on resistance," he said.
China raises mining taxes on iron, tin, other minerals -paper
SHANGHAI, Feb 17 (Reuters) - China has raised resource tax on iron, tin, molybdenum, magnesium, talc, and boron in a move aimed at conserving resources and curbing pollution, an official newspaper said.
The tax rate for iron ore has been raised to 80 percent of the standard levy from 60 percent, while the tax on tin ore has been lifted to 12-20 yuan per tonne from 0.6-1 yuan per tonne, with the specific rate depending on grade, the Shanghai Securities News reported.
METALS-Copper bounces back on Greece hopes, caution stays
SINGAPORE, Feb 17 (Reuters) - Copper rose more than 1 percent on Friday, ending a five-day losing streak, as hopes that debt-laden Greece would secure a second bailout next week revived appetite for risk assets.
But an unclear outlook for copper demand, particularly from top consumer China, kept the industrial metal's gains in check, with copper still headed for a second straight week of losses.
PRECIOUS-Gold edges up on Greece bailout hopes
SINGAPORE, Feb 17 (Reuters) - Gold prices rose on Friday as optimism that Greece may soon secure an urgently needed bailout buoyed financial markets and helped bullion recover from a one-week low hit in the previous session.
Gold has moved in the range between $1,700 and $1,760 since the beginning of the month, closely tracking the progress and setbacks in Greece's struggle to obtain a 130-billion euro bailout from its international lenders.
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