Asian shares struggle as growth worries linger
SINGAPORE, March 26 (Reuters) - Asian shares struggled, with materials and technology stocks losing ground amid concerns about the impact on profits of a slowdown in the global economy.
"As we approach the earnings preview season, some forecast adjustments could move individual sectors, but the broad market is likely be stuck in this quiet, aimless state until next week," said Kim Sung-bong, an analyst at Samsung Securities in Seoul.
FOREX-Yen softens across the board as importers sell after rise
TOKYO, March 26 (Reuters) - The dollar bounced off a 10-day low against the yen scooped up on the dip by Japan importers after it found support on the charts, although doubts lingered about the greenback's strength after a rally in the U.S. bond yields took a breather.
The dollar muscled in on the Japanese currency, pushing it lower against other units such as the euro and the Australian dollar, while commodity currencies were broadly steady after a hammering last week on worries of slowing demand for resources.
U.S. soy acreage to rise after futures rally
CHICAGO, March 26 (Reuters) - U.S. farmers will devote the fifth largest area ever to soybeans this spring as a futures market rally over the winter boosted enthusiasm for the crop.
The average of analysts' estimates for U.S. 2012 soybean plantings was 75.393 million acres, according to a Reuters survey of 25 market watchers. A year ago, soybean acreage was 74.976 million acres.
US soy rises on S.American crop worries; corn, wheat mark time
March 26, SYDNEY (Reuters) - U.S. soybean futures extended gains in early trade, on fears of drought-reduced crops in South America and the view that early corn seeding in the U.S. Midwest could divert planted acres from soybeans.
“Almost half a million tonnes of grain has arrived at Iran's major food port and Turkish banks are being used by the Islamic Republic as an alternative trade financing route to sidestep Western sanctions, trade sources say.”
Vietnam March coffee exports up 18.3 pct y/y -Ag Min
HANOI, March 25 (Reuters) - Vietnam exported an estimated 190,000 tonnes, or 3.17 million bags, of coffee in March, up 18.3
percent year on year, well above market expectations, the Agriculture Ministry said on Sunday.
The estimate was lower than 202,000 tonnes shipped in February, the ministry said in a monthly report.
Planting US corn early has minimal advantages-agronomists
March 23 (Reuters) - U.S. corn planted in the middle of April, which is the norm, is beneficial to yields while planting earlier than that generally results in a "flat yield response," according to agronomists at the University of Illinois at Champaign.
The hottest start to March since records began in 1871, with record-high temperatures for a week straight in Chicago, has had some U.S. Midwest farmers planting corn earlier than ever.
India could allow 1 mln T sugar exports -sources
NEW DELHI, March 23 (Reuters) - Indian ministers could allow a further one million tonnes of sugar exports when they meet on March 26, a government source and traders said, just ahead of top producer Brazil's entry into the market next month when global prices could tumble.
India, the world's top consumer and the second-biggest producer, has allowed two million tonnes of sugar exports so far in the season that began on Oct. 1.
Ukraine to harvest at least 45 mln T grain in 2012
KIEV, March 23 (Reuters) - Ukraine is likely to harvest no less than 45 million tonnes of grain in 2012 despite the poor weather which has damaged about a third of winter grain crops, the First Deputy Prime Minister Valery Khoroshkovsky said on Friday.
"Agricultural producers do not forecast a significant decrease in the grain harvest which could total 45 to 50 million tonnes this year," Khoroshkovsky told parliament.
Brent oil edges below $125 as Sudan may resume output
SINGAPORE, March 26 (Reuters) - Brent crude edged below $125 as a possible resumption in crude production from South Sudan offset supply worries on news of a sizeable drop in Iranian oil exports due to Western sanctions.
"The geopolitical risk has been overly built into oil prices as we are in a low demand period where inventories are rising," said Tony Nunan, a Tokyo-based risk manager at Mitsubishi Corp.
Shell scrambles to pay huge bill for Iran oil
LONDON, March 25 (Reuters) - Royal Dutch Shell is struggling to pay off $1 billion that it owes Iran for crude oil because European Union and U.S. financial sanctions now make it almost impossible to process payments, industry sources said.
Four sources said the oil major owes a large sum to the National Iranian Oil Co (NIOC) for deliveries of crude, with one putting the figure at close to $1 billion.
Venezuela says gas project output to begin in December
GUIRIA, Venezuela, March 24 (Reuters) - Venezuela's Mariscal Sucre offshore gas project will begin production in December after years of delays and difficulties in attracting foreign partners, the South American country's energy minister said.
President Hugo Chavez's government wants to develop natural gas production to meet growing domestic demand that has forced Venezuela, despite sitting on some of the world's biggest gas reserves, to import supplies from neighboring Colombia.
US seeks more interest in Alaska offshore drilling
WASHINGTON, March 24 (Reuters) - The Obama administration on Saturday said it would again gauge interest from the oil and gas industry to explore federal waters off the Alaska coast, another bid to expand domestic energy production as gas prices soar and political pressure grows.
The Interior Department said it would again issue an official request for drilling interest in potential development leases in federal waters in Cook Inlet off the south-central coast of Alaska.
Japan 2012/13 steel output seen down 2 pct -industry group
TOKYO, March 23 (Reuters) - Crude steel output in Japan, the world's second-largest producer of the construction material, will take a hit from a slump in the shipbuilding sector and destocking in the new financial year, and may shrink 2 percent to around 104 million tonnes if exports stay flat, an industry body said on Friday.
Japan's crude steel production has been on a downtrend since late last year as its strong yen currency cut into exports while widespread floods in Thailand ruptured the supply chains of Japanese manufacturers, reducing steel demand.
Copper extends gains on firm equities, euro
SINGAPORE, March 26 (Reuters) - London copper edged up as it found some support from stronger stock markets and a sturdier euro, after closing down 1.5 percent last week on worries about slowing growth in top commodity consumer China.
"Copper was up more than one percent on Friday, we would also expect a similar performance across other base metals this week (because) we're seeing a it of an improvement globally in the economy," said Matt Fusarelli, analyst at Australia-based consultancy AME Group.
China's copper exports may jump in March-April- trade
SINGAPORE, March 23 (Reuters) - China's copper exports may jump in March and April, as local smelters and traders take advantage of higher international prices and sell their plentiful stocks abroad, industry sources said on Friday.
China is the world's biggest consumer of copper, accounting for 40 percent of refined demand. But domestic demand so far this year has been lacklustre, as the uncertainties in global growth have slowed production.
Codelco 2011 output hits record, profits surge 21 pct
SANTIAGO, March 23 (Reuters) - The world's top copper producer, Chile's Codelco, said Friday its 2011 pre-tax profits surged 21 percent from a year earlier to $7.033 billion on firm metal prices and a rise in output despite higher production costs.
But CEO Diego Hernandez forecast Codelco's 2012 copper output would dip by a slight 30,000 tonnes in a red metal market he expects to remain tight on firm sales to China.
Major quake rattles Chile but no serious damage
SANTIAGO, March 25 (Reuters) - A major quake hit central Chile on Sunday, rattling buildings and temporarily triggering a coastal evacuation on fears of a tsunami, but there was no serious damage and big mines in the world's top copper producer were operating normally.
Residents in Chile's capital, Santiago, fled their homes as the tremor rattled television sets, kitchen cabinets and tables, and a mayor in the town of Parral in south-central Chile told local radio a 74-year-old woman died of a heart attack due to the quake. There were no reports of serious casualties.
China's copper exports may jump in March-April- trade
SINGAPORE, March 23 (Reuters) - China's copper exports may jump in March and April, as local smelters and traders take advantage of higher international prices and sell their plentiful stocks abroad, industry sources said on Friday.
China is the world's biggest consumer of copper, accounting for 40 percent of refined demand. But domestic demand so far this year has been lacklustre, as the uncertainties in global growth have slowed production.
China mine hunt turns to Africa, S.America, Asia
HONG KONG, March 23 (Reuters) - Chinese firms are on the prowl for mining investments in Africa, South America and central Asia as they look to feed ever expanding domestic demand for key commodities, but are switching away from Australia and Canada, which are getting too expensive.
Iron ore and copper have been the hot targets over the past few years, but more recently, China Guangdong Nuclear Power Corp has gone after uranium in Africa, and firms are now seeking gold, nickel, tin and coking coal, too.
Gold hits one-week high; dollar, oil eyed
SINGAPORE, March 26 (Reuters) - Gold prices hit a one-week high before paring gains to trade near the previous closing price, with investors closely watching the oil and currency markets for trading cues.
"There is no rush to buy gold," said Ronald Leung, a dealer at Lee Cheong Gold Dealers in Hong Kong.
METALS-Copper extends gains on firm equities, euro
SINGAPORE, March 26 (Reuters) - London copper edged up as it found some support from stronger stock markets and a sturdier euro, after closing down 1.5 percent last week on worries about slowing growth in top commodity consumer China.
Three-month copper on the London Metal Exchange rose 0.5 percent to $8,418 a tonne by 0225 GMT, building on a 1 percent gain in the prior session.
PRECIOUS-Gold hits one-week high; dollar, oil eyed
SINGAPORE, March 26 (Reuters) - Gold prices hit a one-week high before paring gains to trade near the previous closing price, with investors closely watching the oil and currency markets for trading cues.
Bullion prices posted the biggest one-day rise so far this month on Friday, reflecting higher oil prices and a sharp fall in the dollar as a result of disappointing U.S. housing market data.
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