Euro jumps, stocks pare losses on Greek deal
SINGAPORE, Feb 21 (Reuters) - The euro jumped and Asian stocks pared losses after euro zone policy makers agreed to a second bailout package for Greece in marathon talks that went deep into the Brussels night.
"The Greece bailout agreement has already been priced in by the market," said Yoshihiko Tabei, chief analyst of capital markets at Kazaka Securities, before the announcement.
FOREX-Euro gains after Greece bailout deal
TOKYO, Feb 21 (Reuters) - The euro jumped back to positive territory and broke above key resistance from its 90-day moving average after euro zone finance ministers clinched a second bailout deal for Greece on Tuesday.
The bailout will involve financing of 130 billion euros and aims to cut Greece's debt to 121 percent of GDP by 2020, EU officials said.
US grains steady; export demand, Greece hopes support
SYDNEY, Feb 21 (Reuters) - U.S. grains held on to gains as trading resumed after a long weekend, with stronger export demand and South American weather concerns expected to support prices.
"Expectations out of Europe will be generally commodities supportive. The key is whether it will come good," said independent grains analyst Jonathan Barratt.
Rains lift hopes for Ivorian cocoa midcrop
ABIDJAN, Feb 20 (Reuters) - Rains picked up in Ivory Coast's main cocoa growing regions last week, lifting hopes for healthier production volumes during the April-to-September midcrop, farmers and analysts said on Monday.
Dry, windy weather has crimped output so far this season, with volumes already down about 8 percent from last year, according to exporter estimates.
Ivorian cocoa output seen drying up
ABIDJAN, Feb 20 (Reuters) - Cocoa output from top supplier Ivory Coast is running about 8 percent below last year and could lag further in coming weeks after a stretch of dry, windy weather hindered growing operations, exporters said on Monday.
Some 932,000 tonnes of cocoa have reached Ivorian docks for export by Feb. 19 since the season started in October, compared with 1,012,140 a year ago. About 15,000 tonnes of that arrived in the most recent week, exporters said.
ISO raises 2011/12 global sugar surplus forecast
LONDON, Feb 20 (Reuters) - The International Sugar Organization on Monday increased its forecast for a projected global sugar surplus in 2011/12 to 5.17 million tonnes, up from a forecast of 4.46 million issued in its previous quarterly update.
World production in 2011/12 was seen at a record 173.00 million tonnes, up 4.9 percent from the previous season, with consumption climbing 2.3 percent to 167.83 million, the ISO said in a quarterly market outlook.
Rain ruins part of Vietnam's 2012/2013 coffee-Vicofa
HANOI, Feb 20 (Reuters) - Rain and rough handling have ruined some coffee flowers in Vietnam, which could lead to a drop in the yields of the next crop, a Vietnamese industry executive said on Monday.
Vietnam, the world's second-largest coffee producer after Brazil, has ended harvesting the 2011/12 crop in January.
Grain farms in China's northeast may see drought - ministry
BEIJING, Feb 20 (Reuters) - China's agriculture ministry has urged the authorities in the country's major corn and soybean growing northeast to be fully prepared for a possible drought in the spring planting period, which may delay or hurt crops.
"Since autumn, rainfall in the northeast has been 30 to 80 percent less (than in normal years), which has reduced water supplies to rivers and led to a shortfall of water storage in reservoirs," the ministry said during a meeting with local government officials.
Brent hovers near $120, Iran supply cuts support
SINGAPORE, Feb 21 (Reuters) - Brent crude futures held steady near $120 a barrel as the euro zone approved a second bailout package for debt-laden Greece, while a cut in Iranian oil supply to China and Europe supported prices.
"Scepticism remains as to whether Greek politicians will be able to deliver the reforms at the required pace, especially after the Greek elections in April," ANZ bank analysts said in a note.
Aluminium output down, but not in China
--Andy Home is a Reuters columnist. The opinions expressed are his own--
LONDON, Feb 20 (Reuters) - Cost curve pressure and resulting producer cutbacks have emerged as the key twin themes for the aluminium market this year.
There is an analysts' consensus that whatever the state of metals demand this year, aluminium's price downside is limited by supply-side fragility.
Japan Jan copper cable shipments down 1.2 pct yr/yr
TOKYO, Feb 20 (Reuters) - Japanese copper wire and cable shipments fell 1.2 percent in January from a year earlier to an estimated 56,000 tonnes, hurt by a plunge in demand from utilities and lacklustre orders from electronic parts makers and other exporters.
The January level also marked a 4.7 percent slide from 58,711 tonnes in December, data from the Japanese Electric Wire and Cable Makers' Association showed.
China daily steel output up 1.9 pct in early Feb -CISA
SHANGHAI, Feb 20 (Reuters) - China's daily crude steel output rose 1.9 percent in the first 10 days of February, data from the China Iron & Steel Association (CISA) showed on Monday, as traders replenished their stockpiles following the lunar year holiday.
Daily runs reached 1.705 million tonnes over Feb. 1-10, up from 1.673 million tonnes during the Jan. 21-31 period.
Japan Jan crude steel output falls most in 27 mths
TOKYO, Feb 20 (Reuters) - Japan's crude steel output fell the most in more than two years in January as exports plunged, more than offsetting a recovery in domestic manufacturing output.
Crude steel output fell 10.6 percent to 8.63 million tonnes, the biggest fall in the 27 months since October 2009, amid the financial crisis sparked by the Lehman collapse, data from the Japan Iron and Steel Federation showed.
Copper rises with euro on Greece relief
SINGAPORE, Feb 21 (Reuters) - London copper futures rose 1 percent after debt-laden Greece struck a deal for a second bailout package to avert a default next month, fuelling appetite for riskier assets.
"It's a relief for markets, broadly speaking, but it doesn't mean that this is the end of the line," said Thomas Lam, economist at DMG & Partners Securities.
China daily steel output up 1.9 pct in early Feb -CISA
SHANGHAI, Feb 20 (Reuters) - China's daily crude steel output rose 1.9 percent in the first 10 days of February, data from the China Iron & Steel Association (CISA) showed on Monday, as traders replenished their stockpiles following the lunar year holiday.
Daily runs reached 1.705 million tonnes over Feb. 1-10, up from 1.673 million tonnes during the Jan. 21-31 period.
METALS-Copper rises with euro on Greece relief
SINGAPORE, Feb 21 (Reuters) - London copper futures rose 1 percent on Tuesday after debt-laden Greece struck a deal for a second bailout package to avert a default next month, fuelling appetite for riskier assets.
The deal involves 130 billion euros in new financing for Greece and for Athens to work to cut its debt to 121 percent of GDP by 2020, two EU officials said. The euro reversed early losses on the news to trade higher against the dollar while Asian stocks cut losses.
Gold edges up after EU approves Greece bailout
SINGAPORE, Feb 21 (Reuters) - Spot gold rose slightly as the dollar weakened after euro zone finance ministers delivered on expectations and sealed a deal for a second bailout for debt-laden Greece.
"Gold may remain in a consolidation phase in the near term, as it is lacking a catalyst," said Hou Xinqiang, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen.
PRECIOUS-Gold edges up after EU approves Greece bailout
SINGAPORE, Feb 21 (Reuters) - Spot gold rose slightly on Tuesday as the dollar weakened after euro zone finance ministers delivered on expectations and sealed a deal for a second bailout for debt-laden Greece.
The decision will help Athens resolve its immediate payment needs, but Greece still faces bleak financial and economic outlook in coming years.
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