Shares struggle, China data studied
TOKYO, April 10 (Reuters) - Asian shares struggled as investors remained cautious after Chinese trade data showed the world's second largest economy may be able to achieve a soft landing but global growth concerns lingered given the sharp slowdown in U.S. job creation.
"The data still highlights the fact that China can continue to count on foreign demand to partly mitigate for weakening domestic demand," said Dariusz Kowalczyk, senior economist and strategist, Asia ex-Japan, at Credit Agricole CIB.
FOREX-Yen off day's lows after BOJ, but may stay pressured
TOKYO, April 10 (Reuters) - The yen came off the day's lows against the dollar after the Bank of Japan refrained from more easing on Tuesday, although many thought it would stay under pressure on expectations Tokyo will eventually loosen policy later in April.
The yen was also sold by Japanese importers, trades said, whose purchases of fossil fuels have jumped as all but one of Japan's nuclear reactors have gone offline in the wake of the Fukushima nuclear disaster in March 2011.
China March imports to ease on slowing economy
SHANGHAI, April 9 (Reuters) - China's imports of most commodities, including crude oil and copper, are set to slow in March from February, reflecting weaker economic activity as distortions caused by the Lunar New Year holiday dissipate, traders and analysts said on Monday.
A raft of economic data due this week from China, including first-quarter gross domestic product and trade balance, is set to show the world's second-largest economy is slowing but not crashing.
Corn futures climb on tight supply fears
SYDNEY, April 10 (Reuters) - Corn futures rose in early Asian trading, ahead of a U.S. Department of Agriculture report that it is expected to reveal a 16-year low in corn supplies.
Argentine port workers to cut hours, no strike
BUENOS AIRES, April 9 (Reuters) - Argentine dockworkers failed to reach a deal with agribusiness firms over working conditions on Monday, vowing to limit working hours but averting an all-out strike that could have severely disrupted grains exports.
Dockers represented by the SOMU union staged a 12-day strike last month to hold negotiations, setting Monday as the deadline for their demands on staffing and working hours to be met.
U.S. corn planting at record 7 pct complete
CHICAGO, April 9 (Reuters) - U.S. farmers had planted 7 percent of this year's corn by Sunday, a record pace for that time period that nearly doubled the previous record, as clear Midwest weather and dry fields allowed them to plant earlier than ever, U.S. Agriculture Department data showed on Monday.
The pace eclipses the five-year average of 2 percent, USDA said in its weekly report. The previous record for early April was 4 percent, set in 1999 and 2000.
First US wheat cargo to Iran since 2009 loading from U.S Gulf Coast
April 9 (Reuters) - The first U.S. wheat shipment to Iran in nearly three years was about to set sail, U.S. government data on Monday showed, in a resumption of agricultural trade between the two countries locked in a dispute over Tehran's nuclear ambitions.
The shipment from the U.S. Gulf Coast totaling more than 65,000 tonnes was inspected for export last week and is the first of at least three U.S. cargoes purchased since late February.
Canada barley trade losing ground to Argentina
WINNIPEG, Manitoba, April 9 (Reuters) - Canada's barley exports have dwindled to a fraction of their former might, as Argentina muscles in on trade and domestic cattle feedlots offer farmers better prices than exporters.
Through March 25, Canada was on pace for exports of 1.3 million tonnes in 2011/12 (Aug/July), similar to the past two marketing years, according to Canadian Grain Commission data.
Caterpiller attack hits south Cameroon cocoa
YAOUNDE, April 9 (Reuters) - Caterpillers have attacked cocoa trees in one of Cameroon's main growing regions, dampening hopes for a bumper mid-crop in the south of the country, farmers and officials said on Monday.
The pests have infested plantations in South Region, which is Cameroon's No. 3 growing zone, after a similar attack on the South-West region earlier in the year.
Brent slips towards $122; China overall imports slide
SINGAPORE, April 10 (Reuters) - Brent crude futures slipped towards $122 as a steeper than expected fall in China's overall imports in March raised concerns about oil demand growth in the world's second-biggest consumer.
"There have been some doubts about global oil demand growth creeping in to the market, and China's crude oil import numbers won't help change that perception very much," said Ric Spooner, chief market analyst at CMC Markets. "They are broadly in line with expectations."
Copper slips on slowing Chinese demand
SHANGHAI, April 10 (Reuters) - Copper prices retreated, pressured by soft Chinese data for March, including weaker copper import figures and higher inflation in the world's second-biggest economy.
"The macroeconomics of China and other major economies generally set a pessimistic tone for trading but hopes of a QE3 in the U.S. and more monetary easing in China is helping to keep prices up," said CITIC Newedge trader Eric Liu.
N.American January aluminum shipments up 6 pct from year earlier
NEW YORK, April 9 (Reuters) - Demand for U.S. and Canadian aluminum products, measured as shipments from domestic producers plus imports, rose by 6.0 percent in January over the year-ago period and jumped 14.8 percent over February, an aluminum
group said in its latest report.
Total demand increased to an estimated 1.816 billion lbs in January from 1.714 billion in January 2011, and was up from 1.583 billion lbs shipped in March, according to the Aluminum Association's Aluminum Situation report.
China March iron ore imports remain high on strong steel output
BEIJING, April 10 (Reuters) - China's iron ore imports slipped in March but still remained high as healthy Chinese steel output kept the appetite for the raw material strong in the world's second-largest economy.
Robust demand for iron ore from the world's top buyer has driven up prices by around 7 percent this year, with the Steel Index's 62 percent benchmark climbing $4.7 from February to touch a five-month high of $147.7 a tonne in March.
China March copper, crude imports drop
April 10 (Reuters) - China's imports of copper fell 4.6 percent to 462,182 tonnes in March from 484,569 tonnes in the previous month, data from the General Administration of Customs showed.
Copper imports to China, the world's leading copper and aluminium consumer, include anode, refined, alloy and semi-finished copper products.
Chile Codelco CEO: Copper refining fees done falling
SANTIAGO, April 9 (Reuters) - Chile Codelco copper giant CEO Diego Hernandez told Reuters on Monday he does not see spot copper TC/RC, or charges paid by miners to smelters for converting concentrate into refined metal, falling further.
"Spot (rates) have fallen but long-term contracts are still with their negotiated prices," the head of the world's top copper miner said on the sidelines of the ExpoMin mining fair.
Chile to spend $100 bln on mining sector by 2020
SANTIAGO, April 9 (Reuters) - Mining investment in Chile through 2020 should total $100 billion, of which more than three-fourths will come from the private sector, mining association Sonami said on Monday, as miners scramble to boost holdings amid high prices for many commodities.
Chile, the top copper mining country, is seen producing some 7.5 million tonnes of copper annually within eight years, up from about 5.2 million tonnes in 2011.
Japan copper output to rise 25 pct in Apr-Sept
TOKYO, April 9 (Reuters) - Copper output in Japan, the world's No.3 producer of the metal, will rise 25 percent in the April-September period from a disaster-hit low last year as smelters boost run rates, counting on a pick up in reconstruction demand and steady demand growth from emerging markets.
But zinc smelters, which had lost nearly 70 percent of their output capacity after the quake, will raise production by only 8 percent as high concentrate prices and a planned electricity rate hike take their toll.
Gold hits one-week high on easing hope, physicals
SINGAPORE, April 10 (Reuters) - Gold rose to a one-week high above $1,650 an ounce, on course for its fourth straight session of gains, as hopes for more monetary easing by the Federal Reserve and resilient physical demand in Asia supported sentiment.
"There is some physical gold demand in Asia, although the volume is not high," said a Tokyo-based trader. "They need to stock up anyway despite the relatively high prices."
METALS-Copper slips on slowing Chinese demand
SHANGHAI, April 10 (Reuters) - Copper prices retreated, pressured by soft Chinese data for March, including weaker copper import figures and higher inflation in the world's second-biggest economy.
But losses were limited by the view that China's economic slowdown was not drastic, with some bright spots such as a surprise trade surplus in March due partly to stable exports.
PRECIOUS-Gold hits one-week high on easing hope, physicals
SINGAPORE, April 10 (Reuters) - Gold rose to a one-week high above $1,650 an ounce on Tuesday, on course for its fourth straight session of gains, as hopes for more monetary easing by the Federal Reserve and resilient physical demand in Asia supported sentiment.
It was the first trading day for a number of markets after the Easter holiday, during which disappointing U.S. jobs data breathed new life into hopes for more money-printing from the central bank, which would benefit gold as an inflation hedge.
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