Euro firms, shares dip as Europe debt worry lingers
TOKYO, April 12 (Reuters) - Asian shares eked out small gains and the euro steadied, reflecting investor caution over sovereign funding for troubled euro zone economies Spain and Italy, despite their declining yields that helped global equities rebound overnight.
"The Nikkei is up on a technical rebound after prices fell to bargain levels, but until investors start focusing on earnings from last fiscal year, European debt worries will continue to weigh and dictate market direction," said Tetsuro Ii, the president of Commons Asset Management in Tokyo.
FOREX-Yen off highs after ECB calms markets; Aussie jumps
TOKYO, April 12 (Reuters) - The safe-haven yen pulled away from multi-week peaks against major currencies on Thursday after the European Central Bank official hinted at the possibility of more bond-buying, but an upcoming Italian debt sale posed more risks to jittery markets.
The Australian dollar shot up more than half a percent against the dollar and the yen after unexpectedly strong local employment figures eased worries the Australian economy could suffer from slower global growth.
US wheat rises for 2nd day on cold weather, corn firm
SYDNEY, April 12 (Reuters) - Chicago wheat rose for a second straight day, supported by cold weather which is threatening the newly sown spring wheat in the United States and some of the more mature winter crop.
"Given where we've come off from in wheat, you could blame people for taking a little bit of risk protection in case it (cold weather) does occur," said Brett Cooper, a senior manager of markets at FCStone Australia.
World 2011/2012 coffee output seen down 2.4 pct y/y-ICO
HANOI, April 12 (Reuters) - World coffee production in the current 2011/2012 crop year will fall 2.4 percent to nearly 131 million bags mainly due to lower production following adverse weather in key growing regions, the International Coffee Organization (ICO) said.
The estimate by the London-based organisation in its March report seen by Reuters on Thursday is slightly higher than its earlier forecast in February.
Foodmakers seek 1 mln-ton boost in US sugar quota
WASHINGTON, April 11 (Reuters) - The U.S. sugar import quota should be increased by 1 million tons, or nearly double the current quota, to relieve tight supplies that are being made worse by a poor crop in Mexico, a foodmakers group said on Wednesday.
The Sweetener Users Association, which represents food and beverage companies including candy makers, made its request in a letter to Agriculture Department officials, who were barred by law from changing the quota before April 1.
Brazil sugarcane gets needed rain, more looms
SAO PAULO, April 11 (Reuters) - Rain fell over nearly all of Brazil's main center-south sugar cane region over the past week, alleviating much of the crop stress stemming from dry weather in March, local meteorologists Somar said on Wednesday.
Brazil's 2012/13 cane crop that begins harvest in April is forecast to recover from last year when output declined for the first time in 11 years due to bad weather and a lack of replanting.
India, Pakistan rice supplies to ease agflation fears
SINGAPORE, April 11 (Reuters) - A rebound in rice supply from India and Pakistan this year will calm fears over food inflation faced by poor nations as cheaper grain from the South Asian neighbours corners a third of the global market.
South Asia's ample grain stocks will help it undercut key traditional suppliers, as a populist scheme in Thailand prices its grain out of competition and high export floor prices in Vietnam deter some buyers.
Brent steady at $120 ahead of Iran talks; Fed comments weigh
SINGAPORE, April 12 (Reuters) - Brent crude held steady at $120 as supply disruption worries eased with Iran saying it would present new proposals in the upcoming nuclear talks with world powers, reversing some of the previous session's gains.
"At the end of the day, Iran is also worried about its exports, about being able to do business with other countries. They need to maintain their budget, otherwise they cannot survive," said Tetsu Emori, a Tokyo-based commodities fund manager at Astmax Investments.
Shell, Asian partners in final talks on Canada LNG plant
BANGALORE/TOKYO, April 12 (Reuters) - Royal Dutch Shell Plc, Mitsubishi Corp, China National Petroleum Corp and Korea Gas Corp are in the final stages of talks to build a $12.35 billion liquefied natural gas (LNG) terminal on Canada's west coast, which would be the third such project aimed at meeting demand from Asia.
The plant near Kitimat, British Columbia, aims to benefit from rising supplies due a boom in shale gas production in Canada, Japan's Nikkei business daily reported on Thursday.
Novelis sees China aluminium demand growing 8 pct
CHANGZHOU, CHINA, April 11 (Reuters) - China's aluminium demand is expected to grow at an average annual clip of around 8 percent over the next five years, underpinned by a rapid expansion of its auto sector that will use more of the lightweight metal to boost fuel efficiency, Novelis Inc said on Wednesday.
To get closer to its top customer, the aluminium products maker is building a $100 million aluminium rolling facility in China which will cater to the local auto industry, where the firm already has a list of clients including Audi, BMW and General Motors.
Copper bounces off $8,000 support, ECB comment boosts
SHANGHAI, April 12 (Reuters) - London copper rose above its technical support at $8,000 as prospects of the European Central Bank buying more bonds helped ease concerns about Europe's debt crisis.
“The scale of market pressure on Spain is not justified given the reforms being undertaken by its government and the ECB still has its bond-buying programme as an option, ECB Executive Board member Benoit Coeure said on Wednesday.
China crude steel output rises 12 pct in March -CISA
BEIJING, April 11 (Reuters) - China's average daily crude steel output was 1.904 million tonnes in March, up 12 percent on the month, data from the China Iron and Steel Association showed on Wednesday, suggesting demand remained robust despite concern about a slowing economy.
Analysts said the sharp increase in daily runs over the month was mostly a result of CISA's severe underestimation of output in February.
Gold treads water; euro zone caution remains
SINGAPORE, April 12 (Reuters) - Gold hovered near $1,660 an ounce, supported by a steady euro on easing fears about the euro zone debt crisis, though investors remained cautious on the outlook for peripheral economies and were awaiting more clues on global growth.
"The comment has stabilised the stock market and euro, but the prospect in the euro zone still looks grim with yields in Spain and Italy trading at relatively high levels," said Peter Tse, director at ScotiaMocatta in Hong Kong.
Singapore's SMX to launch new gold, silver futures
SINGAPORE, April 12 (Reuters) - The Singapore Mercantile Exchange will roll out in May new gold and silver futures contracts and is also looking at rubber and sugar contracts, its chief executive said on Thursday, as the fledgling bourse moves further to boost liquidity.
SMX, owned by India's Financial Technologies , is hoping to capitalise on the brisk trading interest in gold and silver futures contracts traded in India, the world's biggest gold consumer, and give potential players the opportunity to hedge via the new contracts.
Rio, BHP iron ore output to dip as China demand cools
SYDNEY, April 12 (Reuters) - Rio Tinto and BHP Billiton are set to report lower-than-expected iron ore output for the March quarter after heavy rains and cyclones disrupted port and mining operations in Australia.
The losses could collectively reach as high as 4 million tonnes of ore - some 4 percent of overall estimated output for the quarter.
METALS-Copper bounces off $8,000 support, ECB comment boosts
SHANGHAI, April 12 (Reuters) - London copper rose above its technical support at $8,000 on Thursday as prospects of the European Central Bank buying more bonds helped ease concerns about Europe's debt crisis.
But the market was cautious ahead of an Italian bond auction and due to uncertainty over the health of major economies, after recent U.S. data showed a sharp deceleration in jobs growth and Chinese trade figures indicated a slowdown in domestic demand.
PRECIOUS-Gold treads water; euro zone caution remains
SINGAPORE, April 12 (Reuters) - Gold hovered near $1,660 an ounce on Thursday, supported by a steady euro on easing fears about the euro zone debt crisis, though investors remained cautious on the outlook for peripheral economies and were awaiting more clues on global growth.
Traders saw gold in a consolidation phase after a recent rally lifted prices from a near three-month low just above $1,610, amid speculation of more easing from the U.S. central bank.
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