GLOBAL MARKETS-Shares fall on U.S., China growth worries
TOKYO, March 29 (Reuters) - Asian shares fell for a second successive day as concerns about growth prospects in the world's two largest economies, the United States and China, prompted investors to trim their risk exposure ahead of the end of the quarter.
"I think China will see a temporary slowdown, which will trigger monetary and fiscal easing, and overall, the landing of Chinese economy will be soft," said Dariusz Kowalczyk, senior economist and strategist, Asia ex-Japan, at Credit Agricole CIB.
FOREX-Yen firms up, but year-end support seen waning
TOKYO, March 29 (Reuters) - The yen was a shade stronger across the board but could see renewed pressure as buying linked to Japan's financial year-end looks to have peaked.
Although the last day for spot trading in the business year to March 31 was on Wednesday, real-money flows from Tokyo kept main currencies under pressure against the yen, with some exporters spotted selling the dollar in large amounts.
GRAINS-Soy rises on supply concerns, market eyes USDA report
SINGAPORE, March 29 (Reuters) - Chicago soybean futures rose around half a percent as strong global oilseed demand and shrinking supplies after a drought in South America continued to support the market.
"The corn market is a little bit bearish pricing in Friday's report as there are going to be more planted acres for corn," said Abah Ofon, commodities analyst at Standard Chartered in Singapore.
Argentina sees solid China soy demand even as economy slows
BUENOS AIRES, March 28 (Reuters) - China's economic slowdown will not choke demand for Argentine soy used to feed cattle, an official said on Wednesday, as the Asian country's emerging middle class clamors for beef.
China's strong buying of animal feed has defied forecasts that imports would slow along with the country's downshift in economic growth. Argentina is the world's No. 1 exporter of soymeal, used as animal feed, and its No. 3 soybean supplier.
Normal US weather seen producing bumper corn crop
March 28 (Reuters) - Prospects for normal crop weather in the U.S. heartland combined with the largest planted area in almost seven decades could lead to a record large corn crop of nearly 14.0 billion bushels, an agricultural meteorologist said on Thursday.
Meteorologist Kyle Tapley of MDA EarthSat Weather, also known as Cropcast Weather, said his firm was pegging corn yield per acre at 161 bushels and corn production at a record 13.9 billion bushels, above the previous record of 13.1 billion.
Russia could export as much grain again in 2012/13
VORONEZH, Russia, March 28 (Reuters) - Prime Minister Vladimir Putin said on Wednesday that Russia could export almost as much grain in the coming crop year or even match the 27 million tonne level forecast for 2011/12, when exports have been running at record levels.
Russian grain exports are expected to reach between 25 million and 27 million tonnes in the 2012/13 crop year, Putin said during a meeting on spring sowing on Wednesday.
Brent near $124 as U.S. crude stocks rise offsets Iran
SINGAPORE, March 29 (Reuters) - Brent crude held steady near $124 as news of a surge in U.S. crude inventories and Western nations' talks on releasing strategic oil reserves offset supply disruption concerns over tension in the Middle East.
"There is residual selling from news flow overnight," said Ben Le Brun, a Sydney-based market analyst at brokerage OptionsXpress, pointing to the large build in U.S. crude inventories and the talks on releasing strategic oil stocks.
POSCO predicts global steel market rebound in Q2
SEOUL, March 28 (Reuters) - POSCO , the world's third-largest steelmaker, sees an improving global steel market in the next three months, after bottoming out this quarter, and is considering reducing price discounts as the recovery takes hold.
The Korean firm last month described the first quarter as its "most difficult" earnings period, hurt by weak demand from shipbuilders as Chinese growth cooled, and due to the euro zone crisis.
Bank of China unit applies to London Metal Exchange
LONDON, March 28 (Reuters) - A unit of Bank of China , one of China's big-four state-owned banks, has applied for membership of the London Metal Exchange, the LME said on Wednesday.
The application by Bank of China International (BOCI) Global Commodities will be for a category 2 LME membership, entitling it to trade in the electronic LMESelect and telephone markets, but not in the open outcry ring.
LME zinc stocks hit highest since May 1995
SINGAPORE, March 28 (Reuters) - Zinc stocks in warehouses monitored by the London Metal Exchange (LME) jumped to the highest in nearly 17 years on Wednesday, climbing steadily after years of market surpluses.
LME stocks of zinc , a metal used to galvanise steel, jumped by 9,850 tonnes to 898,675 tonnes, latest LME data showed, which was the highest since May 1995, metals strategists at Bank of America-Merrill Lynch and BNP Paribas said.
Japan's copper exports to China double in Feb
TOKYO, March 29 (Reuters) - Japan's exports of refined copper to China doubled in February from a year earlier despite the yen's record high level as Chinese buyers boosted purchases to stock up on expectations of rising demand during the peak March-May consumption season.
Japan's exports to China rose to 26,902 tonnes from 13,142 tonnes a year earlier and from 13,045 tonnes in January.
China's iron ore physical platform to start trade on May 8
SHANGHAI, March 29 (Reuters) - China's first iron ore physical platform will start official trading on May 8 in a move to gain more control over pricing in a sector long dominated by foreign suppliers.
The China Beijing International Mining Exchange (CBMX), which launched the online platform in January, said in a statement trial runs had started on Thursday.
China's daily crude steel output rises in mid-March-CISA
SHANGHAI, March 29 (Reuters) - China's daily crude steel output rose 1.1 percent in the second ten days of March from the preceding period, industry data showed on Thursday, following on from a sharp rise earlier in the month.
Daily crude steel output stood at 1.919 million tonnes during March 11-20, the China Iron & Steel Association (CISA) said, up from 1.898 million tonnes in the previous ten days.
Vale says giant ore ships to win China OK in months
RIO DE JANEIRO, March 28 (Reuters) - Brazil's Vale , the world's No. 2 mining company, expects to win permission "within months" to unload its big, new iron-ore ships at Chinese ports, a move that will help ensure efficient delivery of raw materials to China's growing economy, a senior executive told Reuters.
The ships, known as very large ore carriers (VLOCs), or "Valemax" class vessels, are needed to meet soaring demand for iron ore, the main ingredient in steel, Tito Martins, Vale's chief financial officer, said in an interview at the Reuters Global Mining and Metals Summit.
Ukraine steel exports hit 3-yr low in Feb - agency
KIEV, March 28 (Reuters) - Exports of Ukrainian steel products, a key cash earner for the former Soviet republic, fell to 1.53 million tonnes in February, the lowest in three years, Ukrainian specialist news agency UGMK said on Wednesday.
Ukraine exported 2.07 million tonnes of steel in January and 2.26 million tonnes in December 2011.
Japan Feb zinc exports to China grow 4 times
TOKYO, March 29 (Reuters) - Japan's exports of refined zinc nearly doubled in February from a year earlier as shipments to China almost quadrupled while those to Taiwan surged 80 percent.
China has recently emerged as the top importer of Japanese zinc, with shipments in February growing to 5,418 tonnes, up from 1,392 tonnes a year ago.
METALS-Copper steadies; growth worries cap gains
SINGAPORE, March 29 (Reuters) - Copper steadied clawing back from a loss of more than two percent in the prior session, but U.S. data indicating a weak start to the year may prompt investors to take profits off the table.
Prices closed down 2.2 percent on Wednesday, having started the week on a firmer footing on expectations of further monetary easing by the United States.
PRECIOUS-Gold gives up early gains; tracks equities lower
SINGAPORE, March 29 (Reuters) - Gold fell after a rebound in the U.S. dollar erased early gains, while weaker equities also prompted investors to sell bullion to cover losses while waiting for more clues on the health of the U.S. economy.
Traders said the upcoming end-of-quarter was dampening trade, while the release of U.S. weekly jobless claims later could set the tone for the dollar. Economists in a Reuters survey forecast a total of 350,000 new filings compared with 348,000 in the prior week.
METALS-Copper steadies; growth worries cap gains
SINGAPORE, March 29 (Reuters) - Copper steadied, clawing back from a more than two percent loss in the prior session, but U.S. data indicating a weak start to the year may prompt investors to take profits off the table.
"Markets moved to take risk off yesterday, not just in commodities but across most financial markets. We saw reductions in oil, in part perhaps because of talks to release strategic reserves by the U.S. and others. That taken with the uninspiring U.S. data has encouraged people to take risk off," said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
Japan's copper exports to China double in Feb
TOKYO, March 29 (Reuters) - Japan's exports of refined copper to China doubled in February from a year earlier despite the yen's record high level as Chinese buyers boosted purchases to stock up on expectations of rising demand during the peak March-May consumption season.
Japan's exports to China rose to 26,902 tonnes from 13,142 tonnes a year earlier and from 13,045 tonnes in January.
Gold gives up early gains; tracks equities lower
SINGAPORE, March 29 (Reuters) - Gold fell after a rebound in the U.S. dollar erased early gains, while weaker equities also prompted investors to sell bullion to cover losses while waiting for more clues on the health of the U.S. economy.
"There's end-quarter selling, some profit taking, and the dollar is a bit strong. People are only buying a small amount of physical gold because I think the global economy is still struggling," said Ronald Leung, director of Lee Cheong Gold Dealers in Hong Kong.
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