Shares rise as China data soothes, caution caps
SINGAPORE, April 2 (Reuters) - Asian shares kicked of the second quarter with modest gains, as surprisingly firm China manufacturing data dispelled fears of a hard landing in the world's second biggest economy, but caution capped prices before U.S. and European factory data.
"The Chinese reading was much better than most were expecting and that optimism has flown into risky assets now. If China is still in a big growth stage then Australian commodities will be in demand," IG markets strategist Stan Shamu said.
Brazil commodity exporters under friendly fire in 'currency war'
SAO PAULO, March 30 (Reuters) - In its latest bid to slow dollar inflows in a "global currency war," Brazil has dealt an unexpected blow to its own commodity exporters, choking off medium-term trade financing at a vulnerable time for the sector.
Brazil - a source of much of the world's sugar, coffee, soy, beef and iron ore - has imposed a series of taxes on foreign capital over the past year to slow what President Dilma Rousseff called a "tsunami" of cheap money flowing from the rich world.
China's Li: priority to boost consumption, imports
BOAO, China, April 2 (Reuters) - China's top priority is to boost domestic consumption to maintain relatively strong economic growth, at the same time increasing imports from other Asian countries, Vice Premier Li Keqiang said on Monday.
While some Asian countries face downward pressure on growth and inflationary pressure, China's economic fundamentals remain good, Li said.
Italy's Monti seeks Chinese investment, says reforms working
BEIJING, March 31 (Reuters) - Prime Minister Mario Monti urged China on Saturday to step up investment in Italy and tried to reassure Beijing that the euro zone debt crisis was close to resolution and tough economic reforms passed by his government were working.
Speaking after meetings with officials including Premier Wen Jiabao and the head of the China Investment Corporation (CIC), Lou Jiwei, Monti said there had been clear interest in greater cooperation but he had no concrete measures to announce.
Corn at 1-week top on tight supply, soy up for 2nd day
SINGAPORE, April 2 (Reuters) - Chicago corn climbed to a 1-week top, building on last session's limit-up rally, which was triggered by data showing supplies at a five-year low in top exporter the United States.
"I think the corn supply pipeline will remain tight until the end of the season," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne. "The focus should turn to new-crop, which is bearish for corn and bullish for beans."
Indonesia's Sulawesi March cocoa bean exports fall 69 pct y/y -industry
JAKARTA, April 2 (Reuters) - Indonesia's cocoa bean exports from its main growing island of Sulawesi slumped 69 percent to 3,505.66 tonnes in March from 11,132.01 tonnes a year earlier, industry data showed on Monday.
Sulawesi cocoa exports reached 7,917.7 tonnes in February.
ANRPC revises down 2012 rubber output to 10.42 mln T
SINGAPORE, April 2 (Reuters) - Global natural rubber output is forecast to rise 1.1 percent to 10.420 million tonnes in 2012, but the increase is lower than an earlier estimate because of heavy rains in plantations in Malaysia and China, the Association of Natural Rubber Producing Countries (ANRPC) said on Monday.
"In Malaysia, unseasonal rains for almost a month from 14 February onwards have disrupted harvesting of trees," the group said in a statement.
Analyst cuts Brazil cane, sugar forecasts
BRASILIA, March 31 (Reuters) - Brazilian sugar cane and ethanol analyst Archer Consulting cut its forecast for the country's 2012-13 sugar cane crop in the key center-south region on Saturday, lowering expected cane output to 512 million tonnes down from 521 million previously.
In an emailed market report, the consultancy trimmed its view for sugar output to 32.47 million tonnes down from the 32.56 million tonnes it had forecast in early March.
Ivory Coast cocoa crop outlook reduced -ICCO
GUAYAQUIL, Ecuador, March 30 (Reuters) - The world's biggest cocoa producer Ivory Coast is forecast to harvest 1.3 million tonnes in the 2011/2012 season, an official with the International Cocoa Organization (ICCO) said on Friday.
This was down from the organization's 2010/11 estimate of 1.511 million tonnes.
Jamaica sugar production rises in early harvest
KINGSTON, March 30 (Reuters) - Jamaica produced 29 percent more sugar in the first two months of the present harvest than it did during the same period last year, the Central Bank reported.
Sugar production totaled 34,900 tonnes from mid-December to mid-February, up from 27,000 tonnes for the first two months of last year's harvest, the Bank of Jamaica reported on Thursday.
Brent rises above $123 on China data, Mideast supply worries
SINGAPORE, April 2(Reuters) - Brent crude rose above $123 after positive manufacturing data from China eased fears of a sharp economic slowdown in the world's second-largest oil consumer and continuing tension in the Middle East threatened crude supplies.
"The Chinese PMI numbers were much better than expected and that would have an impact on oil. This will help answer some of the questions over a potential hard landing in China," said Ben Le Brun, a market analyst at OptionsXpress in Sydney.
Japan Q2 crude steel demand seen down 1 pct y/y
TOKYO, March 30 (Reuters) - Japan's demand for crude steel in the second quarter will fall 1 percent from a year ago, the trade ministry said on Friday, as steelmakers and distributors draw on swollen domestic inventories to cope with consumption by carmakers.
Demand for crude steel in Japan, the world's No.2 producer of the construction material, is seen at 26.1 million tonnes for the April-to-June quarter, the ministry estimated, based on a survey of steelmakers and inventory levels at the end of March.
China alumina prices rise, imports seen up - trade
HONG KONG, March 30 (Reuters) - China's spot alumina prices rose 2 percent in March due to expectations that domestic production will fall in the second half of the year, prompting aluminium smelters to look for imports, traders and sources at smelters said on Friday.
China is the world's top producer of aluminium and alumina. Alumina is used for the production of the metal and more than a third of the country's alumina production is made from imported bauxite, the ore.
Copper starts Q2 higher, China data eases slowdown woes
SINGAPORE, April 2 (Reuters) - London copper futures rose on the first trading day of the second quarter, buoyed by upbeat Chinese manufacturing data that helped calm fears about a sharp slowdown in the world's top copper consumer.
"We see this as quite a good indication of strength in the Chinese economy and we are expecting growth in the construction sector this year which will be quite supportive not only of base metals, like copper, but also steel," said Matt Fusarelli, analyst at Australia-based consultancy AME Group.
M'bishi Materials plans 24 pct more copper output in Apr-Sept
TOKYO, April 2 (Reuters) - Mitsubishi Materials Corp , Japan's third-biggest copper smelter, said it plans April-September copper output of 166,548 tonnes, up 24 percent from the same period a year earlier.
Damage to the firm's mainstay Onahama plant in northern Japan after last year's devastating March 11 earthquake reduced the company's production in the same period a year ago.
Sumitomo Mining plans 23 pct rise in copper output in 2012/13
TOKYO, April 2 (Reuters) - Sumitomo Metal Mining Co , Japan's No.2 copper producer, said on Monday it plans to produce 23 percent more copper in the 2012/13 financial year started on Monday, at 436,000 tonnes, up from 354,000 tonnes in the previous year.
The company plans to produce 218,000 tonnes of refined copper each in the first half and second halves of the current financial year.
Gold marks time, eyes on currency market
SINGAPORE, April 2 (Reuters) - Gold prices were little changed in the first trading day of the second quarter, waiting for fresh cues from the currency market as investors digest data from China and the United States as well as developments in the euro zone.
"There is no fresh topic in the gold market these days," said a trader at a large bullion house based in Tokyo.
METALS-Copper starts Q2 higher, China data eases slowdown woes
SINGAPORE, April 2 (Reuters) - London copper futures rose on the first trading day of the second quarter on Monday, buoyed by upbeat Chinese manufacturing data that helped calm fears about a sharp slowdown in the world's top copper consumer.
Up about 12 percent this year, copper's fate mostly hangs on China with worries over the debt-strained euro zone easing and the U.S. economy picking up. The rate of slowdown in the world's No. 2 economy will be key to whether the industrial metal can build on or erase its year-to-date price gain.
PRECIOUS-Gold marks time, eyes on currency market
SINGAPORE, April 2 (Reuters) - Gold prices were little changed on Monday in the first trading day of the second quarter, waiting for fresh cues from the currency market as investors digest data from China and the United States as well as developments in the euro zone.
The dollar index hovered above a near one-month low hit last Friday after the euro rallied on hopes that Spain could stick to an austerity plan.
FOREX-Yen eases, Aussie jumps as China data cheers
SYDNEY/SINGAPORE, April 2 (Reuters) - The safe-haven yen eased on Monday, while the Australian dollar jumped after surprisingly strong Chinese factory activity data eased fears about a hard landing in the world's second biggest economy.
The Australian dollar rose 0.5 percent to $1.0400 having peaked at $1.0470 after a report on Sunday showed activity at big Chinese factories hit an 11-month high in March.
Bank of China unit to hire London metals traders
LONDON, March 30 (Reuters) - A unit of Bank of China , one of China's big-four state-owned banks, is expanding its metals business and looking to hire local traders when it becomes the first Chinese bank to officially join the London Metal Exchange.
Its move to hire comes as European and U.S. banks including commodity heavyweight Goldman Sachs have seen many of their commodity traders exit for better-paying trading houses and hedge funds.
Baltic sea index rises on higher capesize rates
March 30 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose on Friday as rates for large capesize vessels climbed for a fourth straight day on higher iron ore activity.
The main index, which reflects the daily freight market rates of capesize, panamax, supramax and handysize dry bulk transport vessels, rose 4 points, or 0.43 percent, to 934 points.
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