Shares inch up but growth worry caps
TOKYO, Feb 24 (Reuters) - Asian shares crept higher as solid U.S. data improved sentiment, but gains may be limited by concerns that rising oil prices could deal a further blow to the fragile euro zone economy and moves to take profits after recent rallies.
"While the euro area crisis and high oil prices remain a worry, a better growth backdrop and risk premia that do not appear stretched lead us to look for an environment where global asset markets perform solidly," Barclays Capital analysts said.
FOREX-Euro hovers at 2-1/2 mth highs after short squeeze
TOKYO, Feb 24 (Reuters) - The euro hovered at 2-1/2-month highs on Friday, holding on to hefty gains made the day before after data on improving German business sentiment prompted traders to cover their short positions.
The single currency rallied 1 percent a day earlier, spiking well above the Ichimoku cloud on daily charts, and breaching its 90-day moving average after having failed to do so decisively in three attempts this week.
US wheat falls for 2nd day, higher acreage weighs
SINGAPORE, Feb 24 (Reuters) - Chicago wheat lost more ground, falling for a second day and on track for a weekly loss, as the market was weighed down by the U.S. government's projection of the largest acreage in three years.
"The sentiment is turning more bearish on grains, given the forecasts of larger acreage in the U.S., flattening ethanol demand growth, plenty of wheat," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne.
Brazil exporter raises coffee outlook on robusta
BRASILIA, Feb 23 (Reuters) - Brazil's upcoming 2012/13 coffee harvest should turn out 53.9 million 60-kg bags, exporter Terra Forte said on Thursday, raising its November estimate by 1.4 million bags due to hopes for record robusta production.
The world's top coffee grower should begin picking its higher-output year harvest around May yielding supplies eagerly awaited by a coffee market running on low supplies of quality arabica beans after a run of disappointing harvests in Colombia.
IGC raises forecasts for global wheat, maize crops
LONDON, Feb 23 (Reuters) - Global wheat stocks at the end of the 2011/12 season look set to eclipse the previous record set more than a decade ago, the International Grains Council said on Thursday as it raised its forecast for production to an all-time high.
The IGC, in a monthly update, increased its forecast for world wheat production by five million tonnes to a record 695 million, partly reflecting higher estimates for Kazakhstan, India and Australia.
India Feb. 1 grain stocks higher than target -govt sources
NEW DELHI, Feb 23 (Reuters) - India's wheat stocks at government warehouses were 23.4 million tonnes as on Feb. 1, higher than the official target for the quarter ending March, government sources said on Thursday.
Rice inventory for the same period was 31.8 million tonnes, far higher than the target of 11.8 million tonnes. The wheat stock target was 8.2 million tonnes.
Philippines may hike H1 rice output forecast by 1 mln T - official
MANILA, Feb 23 (Reuters) - The Philippines may raise its rice output forecast for the first half of the year by as much as 1 million tonnes due to changes in the cropping pattern, a farm official said on Thursday, making any unplanned grain imports unlikely this year.
The Bureau of Agricultural Statistics (BAS), an agency under the Department of Agriculture, is expected to come up with new production forecasts as early as next week, Assistant Secretary Dante Delima said.
Brent rises above $124 on Iran jitters, US data
SINGAPORE, Feb 24 (Reuters) - Brent crude rose above $124, on track for a fifth straight weekly gain, as worries over Iranian supply and upbeat U.S. economic data offset concerns that high oil prices could snuff out demand.
"There's still a risk premium to be built in oil prices because of Iran," said Jonathan Barratt, chief executive of BarrattBulletin, a Sydney-based commodity research firm.
Copper rebounds, eyeing best week in a month
SINGAPORE, Feb 24 (Reuters) - London copper bounced back after two days of losses as upbeat U.S. data helped revive buying interest in the metal which is headed for its best weekly showing in a month. Three-month copper on the London Metal Exchange rose half a percent to $8,434.25 a tonne by 0124 GMT.
China 2012 copper concentrate imports seen up 10 pct -industry
HONG KONG, Feb 23 (Reuters) - China's imports of copper concentrate are expected to rise by about 10 percent in 2012 on strong smelter demand, curbing end-users' appetite for overseas purchases of the refined metal, traders and analysts said on Thursday.
Concentrate imports would rise to an average of about 580,000 tonnes per month this year, compared to 531,000 tonnes per month in 2011, a senior analyst at state-backed research firm Antaike, Yang Changhua, said.
Gold off 3-month high; dollar weakness supports
SINGAPORE, Feb 24 (Reuters) - Gold edged lower , although a weaker dollar supported positive sentiment after upbeat economic data in the previous session weighed on the greenback and sent bullion to a three-month high.
"Technicals, along with the weakness in the dollar, lead to gold buying," said Peter Tse, director at ScotiaMocatta in Hong Kong.
Newcrest says 2012 prod guidance under pressure due to Lihir plant issues
SYDNEY, Feb 24 (Reuters) - Australian gold producer Newcrest Mining said on Friday its 2012 production and cost guidance were under pressure due to production disruptions at its Lihir unit, though it still hoped to meet its targets.
Newcrest, which bought Lihir 18 months ago, said the plant was suffering from long-term underinvestment in plant maintenance. Technical trouble at the plant could adversely impact March quarter production by 50,000 to 60,000 ounces, Newcrest said in a statement.
METALS-Copper struggles as economic woes drag
SINGAPORE, Feb 24 (Reuters) - London copper erased early gains to trade weaker for a third session on Friday as a fragile global economy injected caution into the market, although the modest losses meant the metal is still headed for its best weekly showing in a month.
Copper is one of the best performing commodities so far this year having gained more than 10 percent, although investors are finding fewer reasons to stretch the rally with the European economy heading back into recession and manufacturing activity in top copper user China continuing to shrink.
PRECIOUS-Gold off 3-month high; dollar weakness supports
SINGAPORE, Feb 24 (Reuters) - Gold edged lower on Friday, although a weaker dollar supported positive sentiment after upbeat economic data in the previous session weighed on the greenback and sent bullion to a three-month high.
Gold was headed for a weekly rise of more than 3 percent, its biggest one-week gain in nearly a month, after rallying for four straight sessions to push through a key technical level, aided by macroeconomic data.
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