Shares ease as investors await more data
TOKYO, March 5 (Reuters) - Asian shares eased as investors turned cautious about riding further on liquidity-driven optimism without seeing more evidence of firmer global growth.
"Markets seem to be in a holding pattern. Investors are waiting for the next catalyst before committing to fresh positions," said Stan Shamu, a market strategist at IG Markets.
Soy ends 10-day rally, but still near 5-month top
SINGAPORE, March 5 (Reuters) - U.S. soybeans retreated after a 10-day rally although expectations that export demand will stay strong kept soy near five-month highs, while wheat and corn drifted lower.
"Oilseeds remain the most bullish of the agri-commodities, mainly because of recent downgrades to South American crop prospects and strong demand for U.S. supplies," said Luke Mathews, commodity strategist at Commonwealth Bank of Australia.
POLL-Australia's 2012/13 wheat output seen down 15.3 pct
SYDNEY/SINGAPORE, March 2 (Reuters) - Australia's wheat output is likely to slide more than 15 percent in 2012/13 from a record-large crop this year as lower global prices may prompt farmers to shift to other crops such as canola and barley.
Wheat output is expected to fall to 25 million tonnes in the year to June 2013, down from an all-time high of 29.5 million tonnes which is estimated to have been produced this year, according to a Reuters survey of 10 analysts.
Tunisia grain crop hit by floods -- officials
TUNIS, March 4 (Reuters) - The grain harvest in Tunisia will be affected by recent floods, which destroyed about 14,000 hectares of land devoted to the cultivation of cereals, officials said on Sunday.
"About 14,000 hectares of grain area was damaged," Habib Jomli, a senior agriculture ministry official, said. "These floods will have a negative impact on the grain harvest this year ... The affected areas are Beja, Bizerte and Jendouba."
China 2012 rapeseed output 13-14 mln tonnes-COFCO chairman
BEIJING, March 4 (Reuters) - China's rapeseed output for 2012 is expected to be between 13 and 14 million tonnes, the chairman of the nation's top state-owned grains trader COFCO said on Sunday, marking a slight increase from its estimated 2011/12 harvest.
But Ning Gaoning said China's corn imports for 2012 are likely to hold steady or even slip from a year ago due to a bumper harvest at home, while soybean imports should rise further this year.
Bangladesh rice production rises over 3 pct in 2011
DHAKA, March 4 (Reuters) - Bangladesh produced a record 34.25 million tonnes of rice in 2011, 3.16 percent more than the previous year, helped by favourable weather and continued government support for the farming sector, a senior agriculture official said on Sunday.
"Bangladesh has now almost achieved self sufficiency in food grains (rice and wheat), with most farmers using high-yielding seeds," said the official, who requested not to be named.
Commodities to diverge as monetary stimulus ends
LONDON, March 2 (Reuters) - Commodities' price performances will increasingly diverge this year, with supply and demand fundamentals in each market exerting a stronger role, as economies start to recover and more than three years of monetary stimulus come to an end.
The European Central Bank announced its latest stimulus this week, providing half a trillion euros of cheap three-year loans to 800 banks. But the ECB also warned that no further injections were planned.
China cuts 2012 growth target to 7.5 pct, stability key
BEIJING, March 5 (Reuters) - Chinese Premier Wen Jiabao cut his nation's growth target to 7.5 percent for 2012 to give the economy more room to slow down if needed while the government carries out promised economic and welfare reforms ahead of a looming leadership transition.
Speaking at China's annual parliamentary session, Wen nudged down the target from the longstanding goal of 8 percent annual growth, a move anticipated by investors expecting more focus on economic rebalancing and defusing price pressures.
Italy 2011 steel export up, lags import volumes
MILAN, March 2 (Reuters) - Steel exports from Italy, the European Union's second-biggest producer after Germany, rose 12.1 percent to 16.966 million tonnes in 2011, but lagged behind import volumes, industry body Federacciai data showed on Friday.
Italy's export-focused steel industry has come under growing pressure from non-EU rivals in the past few years and, facing modest demand on core markets, needs to rethink its product range and consolidate, analysts say.
METALS-LME copper clings to gains on China hopes
SINGAPORE, March 5 (Reuters) - London copper edged higher reflecting hopes that demand from top consumer China will pick up and that prices could rise further as the U.S. economy improves and global supplies remain tight.
"We don't see further big increases in Shanghai copper stocks because we're now coming into peak consumption season in China," said Matt Fusarelli, analyst at AME Group.
PRECIOUS-Gold holds ground at $1,710; dollar strength weighs
SINGAPORE, March 5 (Reuters) - Gold prices hovered largely unchanged around $1,710 an ounce after suffering their biggest weekly loss in more than two months, supported by resilient demand for bullion while the strong U.S. dollar put off some investors.
"There isn't much room on the downside for gold, because the sharp fall last week was an over-reaction to an unfulfilled expectation," said Hou Xinqiang, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen.
FOREX-Dollar off 9-month high vs yen on profit-taking
SINGAPORE, March 5 (Reuters) - The dollar eased against the yen on profit-taking in the wake of its rise to a nine-month high late last week, but dollar-buying by Japanese importers helped to limit its losses.
"If the jobs data comes in strong, we could see the dollar rise another 1.5 yen or so," said Daisuke Karakama, market economist for Mizuho Corporate Bank in Tokyo, adding that the dollar may rise toward 83 yen in that scenario.
Brent back near $124 on supply concerns over Iran
SINGAPORE, March 5 (Reuters) - Brent crude climbed back near $124, rebounding from a drop of 2 percent the previous session as another refiner announced cuts to Iranian imports, feeding fears of a supply crunch as the West presses ahead with sanctions on Tehran.
"There's no other alternative to Iranian oil except for Saudi oil and they have already increased exports last month," he said, adding that global oil consumption is increasing on the back of growing demand for oil in Asia.
China 2012 coal output to slow, oil seen flat-NDRC report
BEIJING, March 5 (Reuters) - China's raw coal output is expected to rise 3.7 percent from a year ago to 3.65 billion tonnes, slowing sharply from a year ago, while crude oil production by the world's No. 2 consumer is forecast unchanged at 204 million tonnes in 2012, the government said in a work report on Monday.
The report, issued by the National Development and Reform Commission (NDRC), also said growth in total electricity output was expected to slow from double-digit rates to 7.5 percent this year to hit 5.05 trillion kilowatt hours.
China to "push forward" building oil reserve tanks -official
BEIJING, March 5 (Reuters) - China will "push forward" with building phase-two strategic oil reserve sites, Liu Tienan, head of the China National Energy Administration told reporters on Monday.
Liu didn't give further details when asked about progress on the reserve bases. Industry officials have said China is expected to complete building the phase-two tanks around the end of this year, after kicking off construction in early 2009.
Enbridge U.S. oil line to be shut for four more days
NEW LENOX, Illinois, March 4 (Reuters) - A key segment of Enbridge Inc's oil pipeline system in the U.S. Midwest will remain shut down for up to four more days after a deadly vehicle accident in Illinois caused an oil leak and fire, likely squeezing supplies for refiners in the region, the company said on Sunday .
The shutdown of Enbridge's 318,000 barrel a day Line 14/64, part of a network that carries oil produced in Canada to Griffith, Indiana, from Superior, Wisconsin, is also expected to pressure already-weak prices for Canadian crude this week as supplies back up in Alberta, market sources and analysts said.
Iran discovers huge oil field in south-report
TEHRAN, March 3 (Reuters) - Iran has discovered one of its biggest oil fields with high quality crude in a southern province, the semi-official Mehr news agency quoted an official as saying on Saturday.
"The preliminary studies show enormous crude reserves in this oil field, which can be considered as one of Iran's biggest fields," Mahmoud Mohaddes, head of the exploration office at the state National Iranian Oil Company (NIOC) told Mehr.
PetroChina not seeking extra Russian oil via pipeline - chairman
BEIJING, March 5 (Reuters) - PetroChina , Asia's largest oil and gas producer, will not buy extra Russian crude oil via the Russia-China pipeline, the company chief said on Monday, after the two sides recently resolved a price dispute.
Jiang Jiemin, chairman of PetroChina, also said China and Russia still differed on prices in protracted gas supply talks, under which Russia aimed to eventually sell up to 68 billion cubic metres of gas per year to China under a 30-year deal.
LME copper clings to gains on China hopes
SINGAPORE, March 5 (Reuters) - London copper edged higher, reflecting hopes that demand from top consumer China will pick up and that prices could rise further as the U.S. economy improves and global supplies remain tight.
"We don't see further big increases in Shanghai copper stocks because we're now coming into peak consumption season in China," said Matt Fusarelli, analyst at AME Group.
Iron ore exports to China up at Australia's Port Hedland
SYDNEY, March 4 (Reuters) - Iron ore shipments to China through Australia's Port Hedland rose modestly in February compared with January, according to data released by the port authority, suggesting steady demand from the world's largest steel industry after signs of a weak start to 2012.
A cloudy outlook for steel demand curbed China's appetite for iron ore recently as mills opted to run down inventories instead of booking new orders, according to commodities traders.
Gold holds ground at $1,710; dollar strength weighs
SINGAPORE, March 5 (Reuters) - Gold prices hovered largely unchanged around $1,710 an ounce after suffering their biggest weekly loss in more than two months, supported by resilient demand for bullion while the strong U.S. dollar put off some investors.
"There isn't much room on the downside for gold, because the sharp fall last week was an over-reaction to an unfulfilled expectation," said Hou Xinqiang, an analyst at Jinrui Futures in the southern Chinese city of Shenzhen.
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