Farmland Rally May Ease as Crop Prices Drop, Economists Say (Source: Bloomberg)
The pace of gains in U.S. farmland values may ease as crop prices decline and fertilizer and fuel costs rise, according to economists including Ken Keegan at Farm Credit Services of America. Declining profit indicates that farmers, who dominate rural land purchases, probably won’t bid prices higher, Ken Keegan, the chief risk officer at Farm Credit Services in Omaha, Nebraska, said today at a forum in Washington. Low interest rates and agricultural debt make a plunge from a record rally in farmland unlikely, he said. “You have many buyers who feel we have reached a price point that is difficult for them to justify,” said Keegan, whose bank owns and manages $21.8 billion in assets in Iowa, South Dakota, Nebraska and Wyoming. “We’ve reached levels where you have to be very bullish” on farm profitability to justify higher land prices, he said.
The average value of an acre of U.S. farmland climbed to a record $2,350 in 2011, according to the U.S. Department of Agriculture. Last year, Midwest prices measured by the Federal Reserve Bank of Chicago rose 22 percent, the most since 1976, while the Federal Reserve Bank of Kansas City said cropland in its region jumped 25 percent and ranch land gained 14 percent, according to reports in February.
China's March commodities imports ease; stock levels a worry
SHANGHAI, April 10 (Reuters) - China's imports of major commodities fell in March from a month ago, but defied expectations of large corrections to hover near recent highs, as companies built stocks in hopes the world's second-largest economy would pick up in the second quarter.
Economic data released so far offers further proof that China, a major driver of global commodities prices, is at no risk of a hard landing and its appetite for raw materials will continue to grow, although at a slower pace.
GRAINS-U.S. grains down on USDA data, soybean futures ease
SYDNEY, April 11 (Reuters) - Chicago corn and wheat futures fell on the back of weak U.S. Department of Agriculture data.
"Analysts were looking for a reduction in U.S. stocks, and the USDA didn't do anything to the balance sheet, and that is leading the weakness in corn especially," said Victor Thianpiriya, agriculture analysts at ANZ.
Australia delays Viterra grain export auction plan
SYDNEY, April 11 (Reuters) - Australia's competition regulator has halted a proposal by grain handler Viterra to auction port capacity after similar auctions in other parts of the country have exposed problems allocating capacity despite a bumper harvest.
Viterra, Canada's largest grain handler, has been working on plans to introduce an auction system to allocate port terminal capacity in South Australia from May this year.
Philippines' NFA to seek bids for 120,000 T rice deal
MANILA, April 11 (Reuters) - The Philippines' state grains procurement agency said on Wednesday it would seek bids from rice exporters Vietnam, Thailand and Cambodia for a 120,000-tonne supply deal as it seeks to boost buffer stocks before the lean harvest season.
"We will issue invitations to them this week or next week to submit sealed offers," National Food Authority (NFA) Administrator Angelito Banayo told Reuters.
France sees 2012 spring barley area up 69 pct yr-yr
PARIS, April 10 (Reuters) - France's farm ministry on Tuesday put the 2012 spring barley estimate at a record 825,000 hectares, up 69 percent on 2011, as farmers planted more spring barley to offset cold-related damage.
"Frost damage in February, mainly in the North and East regions lead to soil inverting and replacement with spring crops," the ministry said in a note.
Spain rain helps relieve drought, more needed
LONDON, April 10 (Reuters) - Long-awaited heavy rains fell on Spanish winter grains crops last week, official data showed on Tuesday, although farmers and traders say more is needed to soften the impact of a drought and avoid raising hefty import requirements.
Rainfall recorded by the Ministry for Agriculture and the Environment in the week to April 10 was 21 percent above the historical (1930-96) average.
U.S. grains down on USDA data, soybean futures ease (Source: CME)
By Thomson Reuters - Wed 11 Apr 2012 09:29:08 CT
Chicago corn and wheat futures fell on the back of weak U.S. Department of Agriculture data. "Analysts were looking for a reduction in U.S. stocks, and the USDA didn't do anything to the balance sheet, and that is leading the weakness in corn especially," said Victor Thianpiriya, agriculture analysts at ANZ.
Drought punishes Brazil soy crop; corn crop surges (Source: CME)
By Thomson Reuters - Wed 11 Apr 2012 10:09:40 CT
Drought blighting Brazil's soybean crop sliced more than 3 million tonnes off the government's 2011/12 estimate on Tuesday and will buoy futures prices for the key source of protein and livestock feed by trimming exports. Soy output from the No. 2 producer after the United States will fall to 65.6 million tonnes this season, which is weeks away from finishing harvest, despite the 3.4 percent expansion in area to a record 25 million hectares (62 million acres).
Corn futures firmed late to end 1 1/4 cents higher in the May and July contracts, while the September through July 2013 contracts ended 3 to 3 3/4 cents higher. Far-deferred contracts ended around a penny higher. Price action was light and choppy in the corn market today as traders further digested USDA's Supply & Demand Report, while also keeping a watch on outside markets. (Source: CME)
Corn Market Recap for 4/11/2012 (Source: CME)
Wed 11 Apr 2012 14:30:01 CT
May Corn finished up 1 1/4 at 636, 3 3/4 off the high and 5 1/4 up from the low. July Corn closed up 1 1/4 at 627. This was 4 1/4 up from the low and 3 1/4 off the high. The market managed to close slightly higher on the session for old crop and the gains were a few cents better for new crop December corn. Talk that the cold weather this week plus wet weather for the weekend and early next week helped to support the market and buyers saw the market as cheap after the break of the past several trading sessions. The market saw some early buying support from ideas that the break yesterday was a bit overdone and from supportive outside market forces. The weaker US dollar and a strong recovery in the US stock market helped to support the market early. In addition, a jump in ethanol production and a drop in stocks for the same week added to the positive tone. Weakness in soybeans limited the advance. Ethanol production for the week ending April 6th averaged 896,000 barrels per day. This is up 2.6% vs. last week and down 0.22% vs. last year. Total Ethanol production for the week was 6.272 million barrels. Corn used in last week's production is estimated at 95.4 million bushels. Corn use needs to average 94.1 million bushels per week to meet the USDA estimate for the season. Stocks were 21.772 million barrels, down 3.5% vs. last week and up 6.13% vs. last year. Traders see weekly export sales for release tomorrow morning near 600,000 tonnes as compared with 1.122 million tonnes last week. May Rice finished up 0.07 at 14.935, equal to the high and 0.095 up from the low.
Wheat futures settled off their highs, with Chicago wheat around 2 to 3 cents higher; Kansas City roughly 3 cents higher; and Minneapolis wheat fractionally to 5 1/4 cents higher. Chicago and Kansas City wheat benefitted from some corrective short-covering today amid ideas the downside was overdone yesterday. A weaker dollar added incentive to do so. (Source: CME)
Wheat Rises as Cold U.S. Weather May Slow Crop Development (Source: Bloomberg)
Wheat rose on speculation that cold weather in U.S. growing areas may slow development of plants that have begun to emerge from the ground. Plant germination for some spring wheat sown early in the northern Great Plains may be delayed by temperatures that have dropped below freezing, Telvent DTN Meteorologist Joel Burgio said in a report today. Frigid weather in Illinois and Indiana, where wheat is emerging after lying dormant during the winter, may hurt crops, Chicago-based QT Weather said. “It probably got cold enough that there’s going to be some talk about damage in the Dakotas,” Mike Zuzolo, the president of Global Commodity Analytics in Lafayette, Indiana, said in a telephone interview. The temperature fell to 21 degrees Fahrenheit (minus 6 degrees Celsius) yesterday in Montana, and “that’s where the heart and soul of these bullish fundamentals lie,” he said.
Wheat futures for July delivery climbed 0.2 percent to close at $6.335 a bushel at 1:15 p.m. on the Chicago Board of Trade. The price has dropped 2.9 percent this year on speculation that production in the U.S., the world’s biggest exporter, will increase because of favorable weather.
Wheat Seen Extending Decline as Inventory Rises to Record (Source: Bloomberg)
Wheat prices are falling for a second year as a glut of supply expands global stockpiles to an all-time high and farmers prepare to reap the third-biggest harvest on record. Inventories will gain 7.1 percent to 210 million metric tons this year and output in the next year of 681 million tons will have been exceeded only twice in history, the London-based International Grains Council predicts. Prices will average $6.38 a bushel in the fourth quarter, about 5.2 percent below the December futures contract traded in Chicago, the median of 10 analyst estimates compiled by Bloomberg shows. The crop erased this year’s gains on April 4 on easing concern that drought in the U.S. and Europe will ruin crops. Prices have tumbled from as much as $13.495 four years ago as farmers responded by growing more grain. The decline is helping contain global food costs, which remain within about 9 percent of the all-time high reached 14 months ago, according to a gauge of 55 commodities compiled by the United Nations.
“Wheat is fundamentally oversupplied,” said Nick Higgins, a London-based analyst at Rabobank International who expects a fourth-quarter average of $5.95, which would be the lowest for the period since 2009. “The concerns over damage to the European crop are overdone, when you compare them to the supply glut in the rest of the world.”
Wheat Market Recap Report (Source: CME)
Wed 11 Apr 2012 14:30:01 CT
May Wheat finished up 2 1/4 at 628, 5 3/4 off the high and 8 1/4 up from the low. July Wheat closed up 1 1/2 at 633 1/2. This was 6 3/4 up from the low and 6 1/2 off the high. The market managed to close slightly higher on the day after choppy and two-sided trade. Ideas that areas of the southeast could be vulnerable to some crop losses with more cold weather tonight may have helped to provide some support. The market traded as much as 8 cents higher overnight as cold weather may have caused some light crop damage across parts of the southern Corn Belt. However, most traders see some leave burn back and a quick recovery in crop conditions as permanent damage was not expected for most areas. A weak US dollar and a jump in the stock market after the sharp break yesterday were also seen as factors which contributed to the early buying. However, there was not much in the way of follow-through buying and the market pulled off of the early highs with weakness in soybeans contributing to the lack of new buying interest. Traders see weekly export sales for release tomorrow morning near 500,000 tonnes as compared with 511,700 tonnes last week. May Oats closed down 3 3/4 at 329 1/4. This was 2 3/4 up from the low and 6 1/2 off the high.
U.S. grains down on USDA data, soybean futures ease
SYDNEY, April 11 (Reuters) - Chicago corn and wheat futures fell on the back of weak U.S. Department of Agriculture data.
"Analysts were looking for a reduction in U.S. stocks, and the USDA didn't do anything to the balance sheet, and that is leading the weakness in corn especially," said Victor Thianpiriya, agriculture analysts at ANZ.
Global cotton stocks to hit record as China builds-USDA
April 10 (Reuters) - Global cotton stocks are expected to hit a record high in the 2011/12 season on the back of rampant restocking by Beijing's strategic reserve and due to a drop in demand, according to the U.S. Department of Agriculture's monthly supply/demand report.
World ending stocks are expected to rise to 66.07 million bales (480-lb) for the marketing season to July 31, the USDA said on Tuesday, raising its forecast by 4 million bales since March.
Brazil '12/'13 sugar output seen up from prior season
BRASILIA, April 10 (Reuters) - Brazil's sugar output will rise about 5 percent in the 2012/13 season that is now starting, the government forecast on Tuesday, as better weather and replacement of old cane plants have the crop on a recovery path after output dipped last season.
Sugar production should rise to 38.9 million tonnes, government crop supply agency Conab said in its first forecast of the season, up from 36.9 million tonnes in the prior season and also ahead of the 38.2 million tonnes produced in the season before that.
France sees 2012 spring barley area up 69 pct yr-yr
PARIS, April 10 (Reuters) - France's farm ministry on Tuesday put the 2012 spring barley estimate at a record 825,000 hectares, up 69 percent on 2011, as farmers planted more spring barley to offset cold-related damage.
"Frost damage in February, mainly in the North and East regions lead to soil inverting and replacement with spring crops," the ministry said in a note.
US cuts Latam soy estimate due drought, prices rise
WASHINGTON, April 10 (Reuters) - funA drought in major soybean producers Brazil and Argentina cut their production more deeply than expected, the U.S. government said Tuesday in a report that drove prices to near their highest since 2008.
While a more than 20 percent rally in soybean prices this year has reignited concerns over food prices, the outlook for corn supplies appeared upbeat after the Agriculture Department said end-season stockpiles would be higher than traders estimated as ranchers use more wheat in livestock rations.
SOFTS-Sugar consolidates, cocoa at 3-month low
LONDON, April 11 (Reuters) - Raw sugar futures on ICE were little changed in early trading on Wednesday, consolidating after the prior session's selloff triggered by a larger-than-expected Brazilian crop forecast.
Raw sugar futures were consolidating after selling pressure on Tuesday due to news that Brazil's government crop supply agency Conab said Brazil's sugar production should rise 5.3 percent to 38.9 million tonnes in 2012/13.
EU 12/13 cotton area, output seen stable
April 10 (Reuters) - Following are selected highlights from a report issued by a U.S. Department of Agriculture attache in the European Union
"Only two European Union member states-Greece (80 percent) and Spain (20 percent)-grow significant amounts of cotton commercially. EU-27 cotton production, which has declined about 50 percent since the 2006 reforms, represents less than 1 percent of world production, consumption, and trade.
Forecasts for Brazil's 2012/13 CS cane crop
April 10, (Reuters) - Brazil's center-south 2012/13 sugarcane harvest is expected to expand this year after disappointing output in the 2011/12 season blamed on a mixture of bad weather and overdue renewal of ageing cane plants. Harvesting is expected to start in April.
Below is a table with forecasts from key Brazilian and foreign forecasters with clickable links to the related stories. The first official government forecast is due on April 10.
Brazil '12/'13 sugar output seen up from prior season
BRASILIA, April 10 (Reuters) - Brazil's sugar output will rise about 5 percent in the 2012/13 season that is now starting, the government forecast on Tuesday, as better weather and replacement of old cane plants have the crop on a recovery path after output dipped last season.
Sugar production should rise to 38.9 million tonnes, government crop supply agency Conab said in its first forecast of the season, up from 36.9 million tonnes in the prior season and also ahead of the 38.2 million tonnes produced in the season before that.
Brazil '12/'13 sugar output seen up from prior season (Source: CME)
By Thomson Reuters - Wed 11 Apr 2012 10:08:17 CT
Brazil's sugar output will rise about 5 percent in the 2012/13 season that is now starting, the government forecast on Tuesday, as better weather and replacement of old cane plants have the crop on a recovery path after output dipped last season. Sugar production should rise to 38.9 million tonnes, government crop supply agency Conab said in its first forecast of the season, up from 36.9 million tonnes in the prior season and also ahead of the 38.2 million tonnes produced in the season before that.
Cotton futures spent most of the day in positive territory, but lost steam heading into the close and finished 165 and 4 points higher in May and July futures, respectively, while deferred months posted slight losses. This equated to a mid- to low-range close. Cotton traders had a mix of supply and demand data to digest today, with much of the news coming from India. (Source: CME)
Gasoline May Have Peaked on Sliding Demand, Slow Job Growth (Source: Bloomberg)
U.S. gasoline pump prices may have peaked for the year as demand slides, job growth slows and crude prices moderate. Regular gasoline, averaged nationwide, has fallen five straight days to $3.915 a gallon, the longest streak since December, after surging 20 percent and peaking at $3.936 on April 4, according to data from AAA, the biggest U.S. motoring club. Americans have purchased 5.3 percent less gasoline so far this year than in 2011, data from credit-card receipts analyzed by MasterCard Inc.’s SpendingPulse showed yesterday. Deliveries (DOEDMGAS) to wholesalers last week fell 5.4 percent from a year earlier, the Energy Department reported today. The department forecast consumption to decline to 8.65 million barrels a day in 2012, the lowest level in 11 years. The U.S. added the fewest jobs in five months in March, the Labor Department said April 6, limiting prospects for higher demand.
Euro Coal-Prices stable, China buys Colombian cargoes
LONDON, April 10 (Reuters) - European physical coal prices were little changed on Tuesday as the market remained subdued after the Easter holiday weekend and no fresh trades were reported.
The market is unlikely to rebalance and be able to absorb the current oversupply until the autumn when demand is expected to increase, traders said.
Asia takes most of S.Africa's March coal-exporters
LONDON, April 10 (Reuters) - Asia again absorbed most of South Africa's 6.3 million tonnes of coal exports in March, led by India, China and Taiwan, exporters said.
India took 1.9 million tonnes of coal in the month, unchanged from February, while China increased its imports to 1.3 million tonnes from 965,000 tonnes in February.
U.S. crude avoids rout, other reportables support
--John Kemp is a Reuters market analyst. The views expressed are his own--
LONDON, April 10 (Reuters) - In contrast to May 2011, hedge funds and other money managers have so far managed to liquidate a large chunk of their long positions in U.S. crude without triggering a violent sell off.
Money managers cut their net long position in WTI-linked futures and options more than 30 million barrels in the seven days ending April 3. It was the largest drawdown so far in the current cycle, which began on February 28, and takes the total liquidation to around 64 million barrels.
Russia's May crude export fee seen falling
MOSCOW, April 11 (Reuters) - Russia's duty on crude oil exports for May will likely decline to between $448.3 and $451.6 per tonne from $460.7 in April after oil prices weakened, calculations by the finance ministry and Reuters showed on Wednesday.
The government officially announces the export duty at the end of each month. The duty rate for May will be based on the monitoring of Reuters seaborne Urals crude oil prices between March 15 and April 13 inclusive.
Oil falls below $120, inventories weigh
LONDON, April 11 (Reuters) - Oil fell below $120 a barrel on Wednesday to the lowest in almost two months, pressured by rising U.S. inventories and concern about the strength of global demand.
"The broader markets, including oil, are on a risk-off mode at this point because of the series of negative numbers we have seen recently," said Natalie Robertson, an analyst at ANZ. "Oil markets would be flat to lower over the next few days, with support coming in if there are worries on the supply side."
Oil Trades Near One-Week High on Declining U.S. Fuel Stockpiles (Source: Bloomberg)
Oil traded near the highest price in almost a week after fuel stockpiles declined in the U.S., the world’s biggest crude consumer. Futures were little changed after rising for the first day in three yesterday. Gasoline supplies fell 4.3 million barrels last week, data from the Energy Department showed. They were projected to drop 1.38 million barrels, according to a Bloomberg News survey. Oil also gained after a European Central Bank official signaled the lender may revive its bond-purchase program to stem the spread of the region’s debt crisis. Crude for May delivery was at $102.62 a barrel, down 8 cents, in electronic trading on the New York Mercantile Exchange at 9:16 a.m. Sydney time. The contract yesterday climbed $1.68, or 1.7 percent, to $102.70, the highest close since April 5. Prices are up 3.8 percent this year.
Brent oil for May settlement rose 30 cents, or 0.3 percent, to $120.18 a barrel on the London-based ICE Futures Europe exchange yesterday. The European benchmark contract’s premium to New York-traded West Texas Intermediate closed at $17.48. U.S. distillate inventories, a category that includes diesel and heating oil, declined 4 million barrels last week, the Energy Department report showed. They were forecast to slip 250,000 barrels, according to the median estimate of 10 analysts in the Bloomberg survey. Crude stockpiles rose 2.8 million barrels compared with a projected increase of 2 million.
Oil Extends Gain as Distillate, Gasoline Inventories Drop (Source: Bloomberg)
Oil rose after the U.S. Energy Department said that fuel stockpiles declined and as a European Central Bank official signaled the lender may act to stem the spread of the region’s debt crisis. Futures climbed 1.7 percent after the department reported that gasoline inventories fell 4.28 million barrels last week. Supplies of distillate fuel, a category that includes heating oil and diesel, dropped 4 million barrels. Oil also gained after Benoit Coeure, a member of the ECB executive board, suggested the bank may restart bond purchases for Spain. “The drawdown in gasoline and distillate was the big surprise today,” said Chris Dillman, an analyst and broker at Tradition Energy in Stamford, Connecticut. “The product supply numbers are sending the entire market higher.” Crude oil for May delivery rose $1.68 to settle at $102.70 a barrel on the New York Mercantile Exchange. Prices are up 3.9 percent this year.
China Coal shares suspended due to flooding accident
HONG KONG, April 11 (Reuters) - Trading in shares of China Coal Energy Co Ltd was suspended in Hong Kong and Shanghai on Wednesday, pending an announcement about a deadly accident at a coal mine run by subsidiary Shanghai Datun Energy Resources Co Ltd , company officials said.
The Hong Kong stock exchange said China's second-largest coal miner was suspended from trading pending "price-sensitive information". It gave no further details.
Trading houses deepen Japan's Iran oil import cuts-sources
SINGAPORE/TOKYO, April 10 (Reuters) - Japanese trading houses are reducing Iranian crude imports from April, industry sources said on Tuesday, joining the country's refiners in deepening cuts even after the United States said Japan had done enough to support sanctions against Iran.
The U.S. and European Union have tightened measures aimed at reducing Iran's oil trade, stemming the flow of petrodollars to Tehran and forcing the Islamic Republic to halt a nuclear program the West suspects is intended to produce weapons.
Brent steady at $120; demand growth worries weigh
SINGAPORE, April 11 (Reuters) - Brent crude held at $120, after posting steep losses in the previous session, as a cut in global oil consumption forecast by the EIA and an unexpected surge in U.S. crude stocks reinforced fears demand growth may slow.
"The broader markets, including oil, are on risk-off mode at this point because of the series of negative numbers we have seen recently," said Natalie Robertson, an analyst at ANZ. "Oil markets would be flat to lower over the next few days, with support coming in if there are worries on the supply side."
Top Analysts See Copper Rising Even as China Slows: Commodities (Source: Bloomberg)
The third consecutive annual copper shortage and accelerating U.S. growth will drive prices to the highest in a year in the next quarter, according to the most accurate forecasters. Global supply will fall 323,000 metric tons short of demand in 2012, more than Europe consumes in a month, Barclays Capital estimates. Hedge funds, which were betting on lower prices as recently as January, and are now the most bullish in eight months, Commodity Futures Trading Commission data show. The metal will average $9,000 a ton in the third quarter, 11 percent more than now, according to the median estimate of the top five analysts in Bloomberg Rankings over the past eight quarters.
Copper is rebounding from a 21 percent slump in 2011 as data showed a strengthening U.S. economy and as European leaders moved to contain the region’s debt crisis. North America and Europe account for 29 percent of demand, Barclays estimates. While China cut its growth target to the lowest in eight years last month, the world’s biggest copper buyer will still be expanding at more than twice the global pace predicted by the International Monetary Fund. “The U.S. economy is pretty good,” said James Paulsen, the chief investment strategist at Minneapolis-based Wells Capital Management, which oversees about $333 billion of assets. “Emerging markets should start to pick up. Some time by the end of the year we may look back at commodity prices in general and copper in particular and say this was a good time to buy.”
Copper Extends Slide to Lowest Since January as Demand May Slow (Source: Bloomberg)
Copper fell in New York to the lowest price since mid-January as signs of a worsening debt crisis in Europe and slowing growth in China fueled concern that demand for the metal will stall. Rising bond yields and missed deficit targets in Spain signaled that the region’s fiscal crisis may escalate. Today’s drop for copper is the third straight and follows a report yesterday showing imports of the metal fell from a month earlier in China, the world’s biggest user. “Concerns about the health of the global economy are weighing on copper,” Frank Cholly, a senior commodity broker at RJO Futures in Chicago, said in a telephone interview. “The Euro-zone crisis may reignite. It looks like China is slowing.” Copper futures for May delivery fell 0.3 percent to settle at $3.6395 a pound at 1:14 p.m. on the Comex in New York, after reaching $3.6305, the lowest since Jan. 17. The metal has dropped 4.1 percent this week, the biggest three-session slump in a month.
Alcoa Posts Surprise Profit After Aluminum Orders Climb (Source: Bloomberg)
Alcoa Inc. (AA), the largest U.S. aluminum producer, reported an unexpected first-quarter profit after orders rose and it closed higher-cost smelting capacity. The shares advanced in German trading. Net income fell to $94 million, or 9 cents a share, from $308 million, or 27 cents, a year earlier, New York-based Alcoa said yesterday in a statement. Profit excluding restructuring costs and other items was 10 cents a share, compared with the average estimate for a 4-cent loss from 19 analysts surveyed by Bloomberg. Sales rose 0.8 percent to $6.01 billion, beating the $5.77 billion average of 12 estimates. The shares rose the most in three months in New York. The earnings were “driven by higher-than-expected profitability from every operating segment,” Brian Yu, an analyst at Citigroup Inc. in San Francisco who estimated a 6- cent loss, said in a note. “Good cost control likely played a major role.”
Alcoa, traditionally the first company in the Dow Jones Industrial Average (INDU) to report quarterly earnings, announced it would shut older plants in North America and Europe in January. Chief Executive Officer Klaus Kleinfeld is proceeding with an $11 billion joint venture in Saudi Arabia, which Alcoa says will be the world’s most efficient integrated aluminum plant.
LME copper edges up after sell-off, Shanghai down
SINGAPORE, April 11 (Reuters) - London copper rose, regaining some ground after sliding nearly 4 percent in the previous session in a broad-based sell-off some analysts thought may have been overdone with top consumer China's copper imports staying high in March.
"Our view is that underlying Chinese demand is still solid and we think it should pick up heading into the second quarter," said Natalie Robertson, analyst at Australia and New Zealand Bank.
Alcoa trims its aluminum demand outlook for China
NEW YORK, April 10 (Reuters) - Alcoa Inc. said on Tuesday it lowered by 1 percentage point its outlook for China's aluminum consumption growth in 2012, but kept its forecast for global demand growth at 7 percent.
In 2011, global primary aluminum use grew by 10 percent.
Novelis sees China aluminium demand up 7-8 pct/yr
SHANGHAI, April 11 (Reuters) - Aluminium demand is expected to grow at an annual rate of 7-8 percent in China and 4-5 percent globally, for an indefinite number of years, the chief executive of Novelis Inc said on Wednesday.
Phil Martens, CEO of the world's top maker of aluminium rolled products and aluminium can recycling, was speaking in an interview before a news conference to announce the company's construction of its first aluminium rolled facility in China.
Alcoa continues to look for more capacity cuts-CEO
NEW YORK, April 10 (Reuters) - Alcoa Inc. continues to look for high-cost smelting and refining capacity for potential capacity cuts, a goal that chief executive Klaus Kleinfeld called a "strong commitment."
Speaking to analysts on Tuesday's conference call after the aluminum giant released its first-quarter results, Chairman and Chief Executive Klaus Kleinfeld said: "We continue to look at our portfolio and we continue to monitor the outside world. And by the way, the 530,000 tonnes that we've taken offline may not be the end."
Iron Ore-Buyers trickle in, but caution stays
SINGAPORE, April 11 (Reuters) - Spot iron ore prices in top importer China rose on Wednesday as buyers slowly returned to the market to refill stockpiles, exercising caution with steel production still outpacing a slow recovery in demand.
Prices of imported ore, including Australian and Indian cargoes, increased by a dollar per tonne in China, said industry consultancy Umetal.
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 iron ore demand to remain strong - Vale CEO
RIO DE JANEIRO, April 10 (Reuters) - Chinese demand for iron ore will remain strong, defying expectations of a slowdown in the world's second-largest economy, the chief executive of Vale SA , the top producer of the mineral, said on Tuesday.
"Those who have been betting against Chinese growth since the 1990s will be wrong again," CEO Murilo Ferreira told reporters in Rio de Janeiro. "China is just getting going."
Gold edges lower after 4-day rally as investors turn cautious
SINGAPORE, April 11 (Reuters) - Gold edged lower, pausing after four sessions of consecutive gains driven by safe-haven flows on a cloudy global economic outlook, but sentiment has turned cautious as investors seek further clues to growth.
"Gold is vulnerable to the next leg of risk sell-off, as it doesn't like being the only metal to be trading higher in a sea of red," said a Singapore-based trader, since investors tend to liquidate gold positions to cover losses elsewhere.
Hong Kong Feb gold flow to China up 20 pct on month
SINGAPORE, April 11 (Reuters) - China's gold imports from Hong Kong rose 20 percent in February from the previous month as an uncertain economic environment continued to boost gold appetite in China.
China is expected to overtake India as the world's top gold consumer this year after demand for gold exploded last year as the Chinese sought a hedge against rampant inflation and a safe-haven during global economic turmoil.
India to challenge U.S. duty on steel pipes-source
NEW DELHI, April 10 (Reuters) - India is preparing to challenge a U.S. import duty on steel pipes by requesting "consultations" at the World Trade Organisation, a senior trade ministry official said, in the latest in a series of recent disputes between the two allies.
The United States Commerce Department in March set a preliminary import duty of nearly 286 percent on a certain type of steel pipe from India to offset government subsidies. A final decision on duty rates is expected by August.
Egypt's Ezz Steel 2011 net profit falls 20 pct
CAIRO, April 10 (Reuters) - Egypt's largest steel producer, Ezz Steel , posted a 20 percent drop in 2011 net profit on Tuesday as soaring costs and higher taxes offset a rise in sales during a year of economic and political turmoil.
An uprising ousted President Hosni Mubarak in February last year and the turmoil rocked Ezz Steel, which gets much of its business from infrastructure and real estate sectors that were plunged into crisis.
Indonesia's March refined tin exports down 4.9 pct y/y- govt
JAKARTA, April 10 (Reuters) - Refined tin shipments from Indonesia, the world's top exporter, fell 4.9 percent in March compared to a year ago, mostly due to heavy rainfall, a trade ministry official said on Tuesday.
Indonesian refined tin exports for March were 8,607.71 tonnes from 9,051.46 tonnes a year earlier, said the official, who asked not to be named.
METALS-LME copper edges up after sell-off, Shanghai down
SINGAPORE, April 11 (Reuters) - London copper rose on Wednesday, regaining some ground after sliding nearly 4 percent in the previous session in a broad-based sell-off some analysts thought may have been overdone with top consumer China's copper imports staying high in March.
Copper futures in Shanghai lost almost 3 percent to hit three-month troughs, tracking the steep decline in London on Tuesday, but have managed to come off early lows.
PRECIOUS-Gold edges lower after 4-day rally as investors turn cautious
SINGAPORE, April 11 (Reuters) - Gold edged lower on Wednesday, pausing after four sessions of consecutive gains driven by safe-haven flows on a cloudy global economic outlook, but sentiment has turned cautious as investors seek further clues to growth.
Euphoria over a U.S. economic recovery was cut short by a disappointing employment report that showed far slower jobs expansion than expected, and led investors to question the outlook for the world's largest economy.
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