Asian stocks rebound as Bernanke soothes investors
SINGAPORE, March 27 (Reuters) - Asian stocks rebounded and the dollar struggled after Federal Reserve Chairman Ben Bernanke said ultra-loose monetary policy was still needed to reduce unemployment even though the U.S. economy has shown signs of improvement.
"We are clearly addicted to this highly liquid market, and Bernanke has reassured that it (will) stay up this way," said Kent Engelke, chief economic strategist at Capitol Securities Management.
FOREX-Dollar hit by dovish Fed, stuck near one-month low
SINGAPORE/SYDNEY, March 27 (Reuters) - The dollar held near a one-month low against a basket of currencies on Tuesday after Federal Reserve Chairman Ben Bernanke signalled that a supportive monetary policy would remain and kept alive hopes of more monetary stimulus for the U.S. economy.
"It suggests QE3 is on its way or at least a very dovish stance until such a point as unemployment falls enough," he said, referring to another round of bond buying or quantitative easing.
Food security focus fuels new worries over crop chemicals
March 26 (Reuters) - Scientists, environmentalists and farm advocates are pressing the question about whether rewards of the trend toward using more and more crop chemicals are worth the risks, as the agricultural industry strives to ramp up production to feed the world's growing pupulation.
The debate has heated up in the last several weeks, with a series of warnings and calls for government action including a lawsuit against the U.S. Environmental Protection Agency.
World grain prices to stay strong-UN's FAO
BUENOS AIRES, March 26 (Reuters) - World grain prices should remain "very firm" over the near term as demand from Asia exceeds forecasts and dry weather cuts into supply, the senior economist of the U.N.'s Food and Agriculture Organization (FAO) said on Monday.
South American corn and soy yields took a beating from drought this season, while China's rapidly growing middle class continues its love affair with beef steaks.
Soy up 3rd session on S America outlook; wheat, corn up
NEW DELHI, March 27 (Reuters) - Chicago soybeans rose for a third straight session after hitting a six-month high a day earlier on worries over supply from drought-hit South America amid higher Chinese demand for U.S. beans.
"There is a strong case for soy to rise, as you can see a constant deterioration in the crop outlook of Brazil and Argentina while Chinese demand for U.S. beans is very strong," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne.
Rains to help Brazil's dry sugar cane fields
BRASILIA, March 26 (Reuters) - Rains over Brazil's main sugarcane state, Sao Paulo, should turn more frequent through mid-April bringing relief to fields that have been drying out for near two months after unusually few showers, forecaster Somar said on Monday.
The world's top sugar producer is now just weeks from the start of the harvest in its center-south cane belt, one eagerly awaited after last year's disappointing crop.
EU sees rise in 2012 soft wheat, barley crop yields
PARIS, March 26 (Reuters) - Average yields of the European Union's soft wheat and barley crops should rise this year despite frost damage, the European Commission's crop-monitoring unit said in a report on Monday.
In its first estimates for the forthcoming harvest in the 27-member bloc, the Monitoring Agricultural ResourceS (MARS), a research unit of the European executive, put the EU's average yield for the bloc's soft wheat crop at 5.67 tonnes per hectare in 2012, up 1.7 percent on last year and 1.8 percent above the 2007-2011 average.
India allows 1 mln T of extra sugar exports
NEW DELHI, March 26 (Reuters) - India has allowed another 1 million tonnes of unrestricted white sugar exports, a government source said on Monday, bringing the total approved so far to 3 million tonnes, in line with what the industry and markets expected.
The world's second-biggest producer of sugar had already allowed mills to export 2 million tonnes of sugar without restrictions under its Open General Licence (OGL) scheme in the current year that started in October 2011.
Dry weather worries Ivorian cocoa farmers
ABIDJAN, March 26 (Reuters) - Flowers and pods on cocoa trees in some of Ivory Coast's main growing areas are drying up and dying after two weeks without rain, farmers said on Monday, signalling bad news for the coming mid-crop season.
A weak April-to-September mid-crop would exacerbate poor supplies from the world's top grower nation after a drought cut the October-to-March main harvest short and undermined the quality of the last trickle of beans.
Brent crude stays above $125 on Fed comments, Iran
SINGAPORE, March 27 (Reuters) - Brent held steady above $125 as comments from the U.S. Federal Reserve indicating easy monetary policy would remain in place for some time raised investors' appetite for riskier assets.
"It was more a reminder that the Fed stands ready to turn on the printing presses again should conditions warrant it," said Ben Le Brun, market analyst with OptionsXpress in Sydney.
U.S. bill ending oil company tax cuts clears Senate hurdle
WASHINGTON, March 26 (Reuters) - Legislation repealing tax breaks for major oil companies passed its first hurdle i n the Senate on Mo nday, but is unlikely to become law, as Republicans and Democrats seek to score political points over rising gasoline prices.
The Senate voted 92 to 4 to proceed with consideration on the bill that would eliminate billions of dollars in tax breaks for the "big five" oil companies: Exxon Mobil Corp , BP Plc , ConocoPhillips , Chevron Corp and Royal Dutch Shell Plc.
Copper steady after rally on U.S. easing hopes
SINGAPORE, March 27 (Reuters) - Copper was largely steady after rallying more than 2 percent in the previous session, as worries about slowing demand growth from China tempered hopes of further monetary easing in the United States.
"Bernanke's comments were supportive for a lot of the commodities. Copper has stayed in a very tight range," said Jonathan Barratt, chief executive of BarrattBulletin, a Sydney-based commodity research firm.
Brazil's Vale moderately optimistic about iron ore outlook
SINGAPORE, March 27 (Reuters) - World no.2 miner Vale is moderately optimistic about the outlook for iron ore and expects significant demand from China despite moderate growth in steel production there, Claudio Alves, global marketing director, said on Tuesday.
"Regarding the future, we at Vale are moderately optimistic for the next few years. We believe China will continue to grow," Alves said.
Gold eases after rally; Bernanke boosts sentiment
SINGAPORE, March 27 (Reuters) - Gold edged down as it consolidated after its biggest daily gain since late January in the previous session when the U.S. Federal Reserve signalled it would keep interest rates low.
"For the next few days, we could see the market challenge the upside, although I am not sure it will manage to significantly break above $1,700. It may be capped at around $1,720 level," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
Sumitomo Mining confirms new gold deposit of 40 T
TOKYO, March 27 (Reuters) - Sumitomo Metal Mining Co , a major Japanese non-ferrous metal miner, said it had confirmed a new gold deposit containing 40 tonnes at its Pogo mine in Alaska, raising the total resources and reserves at the U.S. mine to 12.33 million tonnes.
The mine is owned 85 percent by Sumitomo Metal Mining and 15 percent by trading house Sumitomo Corp.
China to keep rebates on aluminium product exports -industry
HONG KONG, March 26 (Reuters) - China is likely to keep giving tax rebates to exporters of semi-finished aluminium products this year to encourage the exports, removing an obstacle that slowed them last year, sources at producers said on Monday.
Last year, Beijing was set to cut tax rebates on some products to 9 percent from 13-15 percent but put the plan on hold after growth in the exports sank in the second half due to expectations of the cuts and lower demand from the United States and Europe.
Romania sells copper mine to Canadian group
BUCHAREST, March 26 (Reuters) - Romania sold its biggest copper mine, Cupru Min Abrud, to Canada's Roman Copper Corp. for 200.8 million euros ($266 million) in a step forward for a long-delayed privatisation programme, the economy ministry said on Friday.
The state-owned company has estimated reserves of 900,000 tonnes of copper, or about 60 percent of the European Union state's estimated copper reserves. The minimum price was set at 263.3 million lei ($80 million).
Xstrata Copper CEO sees strong demand, tight market-report
SANTIAGO, March 26 (Reuters) - Strong global copper demand and difficulties in bringing new mines on line will keep the red metal market tight, the head of Xstrata Copper, the world's fourth-largest copper miner, told a Chilean paper's Monday edition.
A stabilized situation in Europe, recovery in the United States and very robust demand perspectives in key emerging countries will bolster copper consumption, CEO Charlie Sartain said. Lack of new deposits and high rates of interruptions in existing ones will ensure a tight global supply of copper, said the Xstrata executive.
Russia gold output growth to slow in '12-union
MOSCOW, March 26 (Reuters) - Russian gold production growth could slow to 3 percent in 2012, comparing with last year's 3.6 percent increase, due to declining output from several mines, the Gold Industrialists' Union said in a statement on Monday.
Output is expected to fall at the major Kupol mine in the Arctic, owned by Canadian gold producer Kinross Gold Corp , and on some alluvial mines, the producers' union added.
Brazil CSN Q4 profit jumps 81 pct on ore, steel sales
SAO PAULO, March 26 (Reuters) - Brazilian steelmaker CSN reported an 81 percent annual jump in net profit for the fourth quarter, as stronger-than-expected sales of iron ore and flat steel products offset a surge in expenses.
The Sao Paulo-based company posted a net profit of 817 million reais ($450 million) for the fourth quarter compared with 450 million reais in the same period of 2010. But that was a 26 percent drop from 1.097 billion reais in the third quarter.
METALS-Copper flat after rally on U.S. easing hopes
SINGAPORE, March 27 (Reuters) - Copper was largely steady after rallying more than 2 percent in the previous session, as worries about slowing demand growth from China tempered hopes for further monetary easing in the United States.
"Bernanke's comments were supportive for a lot of commodities. Copper has stayed in a very tight range," said Jonathan Barratt, chief executive of BarrattBulletin, a Sydney-based commodity research firm.
PRECIOUS-Gold eases after rally; Bernanke boosts sentiment
SINGAPORE, March 27 (Reuters) - Gold edged down as it consolidated after its biggest daily gain since late January in the previous session when the U.S. Federal Reserve signalled it would keep interest rates low - a move which burnishes the metal's safe-haven appeal.
"For the next few days, we could see the market challenge the upside, although I am not sure it will manage to significantly break above $1,700. It may be capped at around the $1,720 level," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
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