JAKARTA, March 12 (Reuters) - Fitria Yusuf is a bag lady, but you won't find her sleeping rough in Jakarta.Her bag of choice is Hermes, a French brand so coveted in the Indonesian capital it can cost as much as a luxury car.
"Back in 2006, seeing a Hermes bag was like seeing Halley's comet," said Yusuf, the 29-year-old co-author of "Hermes Temptation," which chronicles how the bag made by French luxury group Hermes International SCA has become "a must-have item" for Jakarta's burgeoning high society.
Shares pause after U.S. jobs, monetary policy in focus
TOKYO, March 12 (Reuters) - Asian shares fell as investors paused to assess the effect of strong U.S. jobs data, which scaled back expectations for more easing ahead of this week's Federal Reserve meeting, while uncertainty over Chinese growth also weighed on sentiment.
"The markets were due for a correction after rising too strongly so far, bringing prices to levels which wouldn't be sustainable," said Naohiro Niimura, a partner at research and consulting firm Market Risk Advisory Co.
FOREX-Dollar hits 3-week high vs euro after jobs data
SINGAPORE, March 12 (Reuters) - The dollar hit a three-week high versus the euro on Monday after last week's upbeat jobs data suggested the U.S. economy may not be in dire need of further monetary stimulus from the Federal Reserve.
The euro struggled after facing what traders described as a buy-the-rumour-sell-the-fact fall on Greece's bond swap deal with private creditors which will clear the way for a new bailout.
US soy, corn tick up on lower S.America supply
SYDNEY, March 12 (Reuters) -Chicago soybean and corn futures edged higher, supported by forecasts of lower supplies from South America following a drought earlier this year.
Drought in South America reduced the soybean crop in Brazil, the world's No. 1 exporter, by 9 percent in the past three months and the crop in Argentina by 11 percent, the USDA said, with the cuts larger than traders had expected.
India ends export ban on cotton
NEW DELHI, March 11 (Reuters) - India will lift a controversial ban on cotton exports just a week after imposing it, allowing more supplies into a global market that is oversupplied and which is likely to further push down international prices.
The ban, announced unexpectedly on March 5, after a record 9.5 million bales had been shipped, ran into criticism from the influential farm minister, Sharad Pawar, and China, the biggest buyer of cotton from the world's second-largest producer.
Argentina tweaks system for corn exports
BUENOS AIRES, March 9 (Reuters) - Argentina's government is modifying its unpopular corn export system, scrapping incremental quotas that farmers said depressed prices but keeping a cap on total sales abroad to ensure domestic needs are met.
Agriculture Minister Norberto Yauhar said on Friday that officials will announce on April 18 the bulk of 2011/12 corn exports to be authorized. The remainder of what can be shipped abroad will be unveiled at a later date.
Argentina soy harvest gets started - gov't
BUENOS AIRES, March 9 (Reuters) - Farmers have begun harvesting the 2011/12 soy crop in Argentina, the world's No. 3 soybean exporter and its top soyoil and soymeal supplier, the local Agriculture Ministry said on Friday.
A drought earlier in the season cut soy output estimates by about 10 percent and slashed the outlook for corn by nearly 30 percent, although rains that began falling in mid-January later brought relief.
Informa raises US 2012 corn, soy acreage forecasts
CHICAGO, March 9 (Reuters) - Private analyst Informa Economics raised its forecast of U.S. 2012 corn plantings to 95.513 million acres from its previous estimate of 94.748 million, trade sources said Friday.
If realized, the firm's corn forecast would represent the most U.S. corn seedings since 1937, when farmers planted 97.174 million acres.
Drought hits S.America soy crop harder than expected
WASHINGTON, March 9 (Reuters) - South America's drought withered Brazil's big soybean crop by 9 percent in the past three months, and the crop in Argentina by 11 percent, the U.S. government said Friday, more than traders had expected.
The smaller crops in Brazil and Argentina, which combined grow nearly half of the soybeans in the world, means slightly smaller but still ample global stocks, the Agriculture Department said in its monthly assessment of crops worldwide.
Cold spell may cut French wheat by 1.9 mln t-Agritel
PARIS, March 9 (Reuters) - Damage to wheat crops in France caused by freezing weather in early February could reduce this year's harvest by 1.9 million tonnes, or about 5 percent of the initial crop potential, grains consultancy Agritel said on Friday.
"This survey highlights damage that is above what was suggested by first estimates in previous weeks, notably in wheat," Agritel said in a note. "Durum, rapeseed and winter barley fare better than expected."
Euro Coal-Prices dip 25c, Apr Newc trades at $105/T
LONDON, March 9 (Reuters) - Prompt physical coal prices fell slightly by around 25 cents a tonne on Friday as buyers pulled back and in line with weaker oil values.
Brent crude fell 57 cents to $124.77 a barrel on Friday after key U.S. jobs data beat expectations, lifting the dollar broadly to multi-month highs against other currencies.
Brent crude falls towards $125 as China data spur demand worry
SINGAPORE, March 12 (Reuters) - Oil fell for the first time in four sessions, with Brent slipping towards $125 as global demand concerns took centrestage following weak Chinese exports, countering support from supply disruption worries in the Middle East and Africa and a brightening U.S. economic outlook.
"It's hard for prices to rise sharply higher, although they are well supported because of the Iran situation and better economic data from the United States," said Ken Hasegawa, a Tokyo-based commodity sales manager at brokerage Newedge Japan.
Japan diplomat says to keep buying Iran oil
DUBAI, March 11 (Reuters) - Japan will continue to import as much Iranian crude oil as it needs, the Japanese ambassador to Tehran was quoted by Iranian media on Sunday as saying.
Japan has been put under pressure to reduce its use of Iranian crude by the United States which has imposed tough sanctions against Iran's energy and banking sectors to force Tehran to curb its nuclear activities.
Saudi oil supply at 9.4mbpd in Feb- Industry source
DUBAI, March 10 (Reuters) - Top oil producer Saudi Arabia supplied 9.4 million barrels per day (bpd) of crude to the market in February steady from January, an industry source familiar with the matter told Reuters on Saturday.
"Production from the kingdom was in the range of 9.85 million bpd also steady from the previous month," the industry source added.
Copper weakens as China demand worry persists
SINGAPORE, March 12 (Reuters) - London copper edged lower as persistent concerns about sluggish demand in China took the
momentum out of a three-day rally, but optimism on the global economy after upbeat U.S. jobs data is likely to cushion the price slide.
"Theoretically we are in the peak consumption season but it doesn't feel like it this year," said a Shanghai-based physical copper trader, "Factories are not in any rush to stockpile the material, as the overall economic situation has weakened."
China Feb copper output up from Jan, on track to rise
HONG KONG, March 9 (Reuters) - China's refined copper production rose 1 percent during the shorter month of February after the Lunar New Year holiday lowered output in January, reflecting producers' expectations that domestic demand would pick up after the seasonal slowdown.
Combined output for the month of January and February also saw year on year increases due to higher capacity in China, the world's top consumer and producer of most metals.
China Feb crude steel output up 3.3 pct to 55.88 mln T
BEIJING, March 9 (Reuters) - China's crude steel output in February rose 3.3 percent from a year earlier to 55.88 million tonnes, the National Bureau of Statistics said on Friday.
In the first two months of this year, the country produced 112.62 million tonnes of steel, up 2.2 percent from a year ago, it said.
Brazil sees U.S. as fertile ground for exports
BRASILIA, March 9 (Reuters) - The United States will become an increasingly important trade partner for Brazil as declining prices for raw materials dim the value of Brazil's trade with China, a Brazilian government officials told Reuters.
A commodity-hungry China overtook the United States as the South American nation's top trade partner in 2009 as prices surged for key Brazilian products such as iron ore and soy.
China imported iron ore stocks rise in wk ending March 9
BEIJING, March 9 (Reuters) - Inventories of imported iron ore at major Chinese ports rose 1.2 percent this week to end at 99.93 million tonnes, the first increase in more than a month, according to industry consultancy Mysteel.
Stocks from all the three major supplier countries -- Australia, Brazil and India -- increased over the week.
China Feb daily steel output at 1.93 mln T as sentiment improves
BEIJING, March 9 (Reuters) - China's daily crude steel runs reached 1.926 million tonnes in February, up from 1.83 million tonnes in January as mills began ramping up operations ahead of a predicted recovery in demand in March and April.
The figures -- the first to be released for 2012 -- suggest a more rapid increase in output than predicted and could help allay at least some of the gloom that has descended on China's steel sector, with daily runs recovering from 1.6827 million tonnes in December.
China's metals output drops as growth eases
SHANGHAI, March 9 (Reuters) - China's demand for base metals is being blunted by slower economic activity, the latest production data showed on Friday, but expectations of policy easing in coming months had led steel mills to ramp up production.
Copper output in both January and February slumped to the lowest since the first quarter of 2011, with February output at 437,000 tonnes, up slightly from 433,000 tonnes in January, data from the National Bureau of Statistics showed.
China's metals output drops as growth eases
SHANGHAI, March 9 (Reuters) - China's demand for base metals is being blunted by slower economic activity, the latest production data showed on Friday, but expectations of policy easing in coming months had led steel mills to ramp up production.
Copper output in both January and February slumped to the lowest since the first quarter of 2011, with February output at 437,000 tonnes, up slightly from 433,000 tonnes in January, data from the National Bureau of Statistics showed.
Indonesia stands ground with foreign miners
JAKARTA, March 9 (Reuters) - Indonesia's government offered a clearer view on Friday of a new regulation that limits foreign ownership in mines to no more than 49 percent, saying the rule applies to existing as well as new contracts.
The comments by senior officials in the Ministry of Energy and Minerals could unnerve foreign companies owning mines in Indonesia, including Australian miners who have played down the impact of the rule signed last month by President Susilo Bambang Yudhoyono.
China Feb copper output up from Jan, on track to rise
HONG KONG, March 9 (Reuters) - China's refined copper production rose 1 percent during the shorter month of February after the Lunar New Year holiday lowered output in January, reflecting producers' expectations that domestic demand would pick up after the seasonal slowdown.
Combined output for the month of January and February also saw year on year increases due to higher capacity in China, the world's top consumer and producer of most metals.
METALS-Copper weakens as China demand worry persists
SINGAPORE, March 12 (Reuters) - London copper edged lower on Monday as persistent concerns about sluggish demand in China took the momentum out of a three-day rally, but optimism on the global economy after upbeat U.S. jobs data is likely to cushion the price slide.
Copper rallied about 2 percent on Friday, after better-than-expected U.S. labour market data boosted confidence in the recovery of the world's largest economy, and Greece's success with a debt swap deal eased fears about euro zone debt crisis for the time being.
Iron Ore-Spot prices inch up amid faint recovery signs
BEIJING, March 12 (Reuters) - Spot iron ore prices in China, the world's biggest market, edged up on Monday amid signs that steel demand was starting to pick up, but investors remained cautious.
Australian Pilbara fines with 61.5 percent iron content were being offered at $141-144 per tonne, up $1 since Friday, according to industry consultancy Umetal.
Gold extends gains on equities, eyes on Fed meeting
SINGAPORE, March 12 (Reuters) - Gold rose further as gains on the Nikkei helped it offset pressure from a firm U.S. dollar, but some investors were likely to stay on the sidelines ahead of a U.S. Federal Reserve meeting this week, which could potentially weigh on the precious metal.
"We will see more data coming out of the U.S., and whether or not there will be a QE3," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong, referring to a possible third bond-buying programme to lower interest rates.
Ghana gold output to rebound in 2012 - Chamber
ACCRA, March 9 (Reuters) - Ghana's full-year gold production declined by a few percentage points last year but is expected to rise in 2012, the head of its Chamber of Mines said on Friday.
Ghana is Africa's second largest gold producer after South Africa and produced 2.97 million ounces of gold in 2010. Output was originally seen rising in 2011 but in the end shrunk as a number of firms focused on longer-term maintenance and expansion projects rather than maximising existing production.
METALS-Copper weakens as China demand worry persists
SINGAPORE, March 12 (Reuters) - London copper edged lower on Monday as persistent concerns about sluggish demand in China took the momentum out of a three-day rally, but optimism on the global economy after upbeat U.S. jobs data is likely to cushion the price slide.
Copper rallied about 2 percent on Friday, after better-than-expected U.S. labour market data boosted confidence in the recovery of the world's largest economy, and Greece's success with a debt swap deal eased fears about euro zone debt crisis for the time being.
PRECIOUS-Gold extends gains on equities, eyes on Fed meeting
SINGAPORE, March 12 (Reuters) - Gold rose further on Monday as gains on the Nikkei helped it offset pressure from a firm U.S. dollar, but some investors were likely to stay on the sidelines ahead of a U.S. Federal Reserve meeting this week, which could potentially weigh on the precious metal.
Gold has risen more than 9 percent this year, building on 11 consecutive years of increases, after the Federal Reserve said it would keep rates near zero until at least 2014. But the Fed may have to reconsider any plans for additional monetary easing when it meets on Tuesday if there are more signs the U.S. economy is recovering.
Baltic index up for 12th day, smaller vessels firm
March 9 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, climbed on Friday for the twelfth consecutive day, as higher rates for smaller vessels countered weakness in capesizes.
The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser climbed 12 points to 824 points, highs last seen in January.
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