Asian shares fell after disappointing U.S. economic data stirred doubts about the strength of the recovery. U.S. stocks fell for a second day on Thursday as labor market data showed more signs of weakness, while a warning from Qualcomm and poor results from Stanley Black & Decker also discouraged investors.
The yen hovered near its lowest levels in ten days against the dollar and was set to stay under pressure on expectations of more easing by the Bank of Japan next week, although its outlook further out is less certain.
FOREX-Yen to stay pressured ahead of BOJ; Aussie tad lower
TOKYO, April 20 (Reuters) - The yen hovered near its lowest levels in ten days against the dollar and was set to stay under pressure on expectations of more easing by the Bank of Japan next week, although its outlook further out is less certain.
"We expect a rise of at least 5 trillion yen in the BOJ's asset purchase programme at the 27 April meeting, with a significant bias toward risk asset purchases," said Naomi Fink, Japan equity strategist at Jefferies.
India eyes record-large grain harvest -report
India raised its estimate for wheat and rice output to a record-large 252.56 million tonnes in the year to June, up 3.2 percent from a year ago on crop-friendly weather, the Wall Street Journal reported, quoting unnamed farm ministry officials.
Argentina cuts soy, corn output estimates
Argentina cut its official estimates for this season's soy and corn crops, citing bad weather, while a top grains exchange said lower-than-expected yields may force it to trim its expectations as well.
Analyst says Brazil CS cane crop to fall for 2nd yr
Leading Brazilian sugar cane analyst Canaplan sees another year of decline in output from the world's largest supplier of sugar, after lingering dry weather crimped the main crop, a local news service said on Thursday.
Chicago corn edged higher, building on gains as the market was lifted by talk of Chinese purchases, which could further tighten U.S. supplies estimated at a 16-year low by the end of summer.
Brent held above $118 per barrel, with prices headed for their steepest weekly drop in more than three months as fears that the euro zone debt crisis could flare up again dented the demand outlook.
Offshore UK oil, gas drilling rising -report
Drilling for oil and gas in waters off Britain increased 22 percent in the first quarter versus a year ago, providing the latest sign of what may prove to be an upward trend, according to a survey by Deloitte Petroleum Services.
Euro Coal-June S.African trades at $99/T, down $1
LONDON, April 19 (Reuters) - European physical coal prices slipped by around 50 cents for the fifth day running on Thursday while prompt South African FOB dropped by $1.00 due to oversupply and tepid demand, despite strong coal consumption in the UK, Germany and Spain.
Even if coal remains significantly cheaper than gas as a fuel to generate power in Europe this year, it is unlikely that enough of the current high inventories will be consumed to trigger notable fresh buying, utilities said.
U.S. coal exports to China may double in 2012-Xcoal
BEIJING, April 19 (Reuters) - U.S. coal exports to China could more than double to over 12 million tonnes in 2012 thanks to depressed freight rates and a fall in domestic demand in the United States, the chief of top U.S. coal exporter Xcoal Energy & Resources said.
The expected increase in coal shipments could further push down coal prices in Asia where a supply glut following a deluge from the United States and Colombia has forced prices to slump recently.
Iron Ore-Shanghai rebar drops to two-week low on poor China demand
SINGAPORE, April 20 (Reuters) - Shanghai steel futures dropped to a two-week low on Friday, and are heading for their worst week in two months, as slow Chinese demand kept the pressure on prices and restrained the appetite for raw material iron ore.
The most active October rebar contract on the Shanghai Futures Exchange hit a session low of 4,298 yuan ($680) a tonne, a level not seen since April 5. Rebar futures were little changed at 4,318 yuan by the midday break.
Drops in iron ore output by majors help prop up price
SYDNEY, April 18 (Reuters) - Global miners BHP Billiton , Vale and Rio Tinto all posted sharp drops in quarterly iron ore production due to bad weather, a factor that has helped support iron ore prices at relatively high levels despite signs of a softening market.
The falls in output come as competition heats up in global bulk commodities markets due to demand from China for imported industrial raw materials finally showing signs of waning after years of double-digit growth.
London copper traded slightly above $8,000 a tonne, hovering near its previous close, as investors waited for more decisive cues on demand such as whether China loosens monetary policy and the health of the euro zone.
Japan March copper cable shipments up 5.9 pct on cars
TOKYO, April 20 (Reuters) - Japanese copper wire and cable shipments rose 5.9 percent in March from a year earlier to an estimated 59,500 tonnes, aided by a strong recovery in orders from the automotive industry, an industry body said on Friday.
The March figure was slightly up on February's 59,398 tonnes, data from the Japanese Electric Wire and Cable Makers' Association showed.
Freeport sees 2012 copper market deficit - CEO
Fundamentals of the copper market remain strong given China's drive to invest in infrastructure projects and lower levels of inventory in the United States and Europe, Freeport-McMoRan's chief executive said Thursday.
Gold held steady in listless trading as persistent concerns about the euro zone's finances and disappointing U.S. economic data data put off most investors.
METALS-Copper holds ground, investors stay cautious
SHANGHAI, April 20 (Reuters) - London copper traded slightly above $8,000 a tonne hovering near its previous close, as investors waited for more decisive cues on demand such as whether China loosens monetary policy and the health of the euro zone.
"Traders are mainly waiting on the sidelines to see if Beijing will loosen monetary policy soon. Copper demand has picked up slightly as some consumers, attracted by the fall in prices to around the $8,000 level, did some limited restocking. But overall demand is soft and unable to push prices much higher," said a Shanghai-based trader.
PRECIOUS-Gold treads water; euro zone worry, US data weigh
SINGAPORE, April 20 (Reuters) - Gold held steady in listless trading as persistent concerns about the euro zone's finances and disappointing U.S. economic data data put off most investors.
"Gold lacks its own momentum to move anywhere, and we are waiting for the next major U.S. data, or a major development in Europe," said Peter Tse, director at ScotiaMocatta in Hong Kong.
Smaller vessels prop up Baltic sea index
April 19 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, climbed on Thursday as higher rates for smaller vessels countered inactivity in the larger capesize segment.
The overall index, which gauges the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser climbed 22 points to 1,028 points.
Asia Dry Bulk-Panamax rates to rise on tight supplies
SINGAPORE, April 19 (Reuters) - Rates for panamax dry bulk carriers on key Asian freight routes are expected to rise next week on strong demand and limited vessel availability, brokers said on Thursday.
The rate for panamax vessels traveling via the transpacific route rose to a three-month high of $10,095 a day on Wednesday, up nearly a third from $7,816 last week.
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