Asian shares pushed higher on firm U.S. data despite a two-notch downgrade of Spain's credit rating that capped gains, while fresh easing measures by the Bank of Japan supported Tokyo stocks. U.S. stocks rose for a third day on Thursday after upbeat housing data and stronger-than-expected results from companies, including Citrix Systems Inc , overshadowed some high-profile earnings misses.
The yen slipped after the Bank of Japan eased monetary policy, going slightly beyond market expectations in its much-awaited easing steps, while the euro was bruised after Standard & Poor's hit Spain with a two-notch credit rating downgrade.
FOREX-Yen slips after BOJ easing; Spain downgrade dents euro
TOKYO, April 27 (Reuters) - The yen quickly erased losses made after the Bank of Japan went slightly beyond market expectations in its much-awaited easing steps, as traders quickly covered short positions in a market already overwhelmingly yen short.
"I think the BOJ did pretty well this time in finding the narrow path of not disappointing the markets. It wasn't a big surprise overall, though its decision to boost ETFs may have done some tricks," said Ayako Sera, senior market economist at Mitsui Sumitomo Trust Bank.
U.S. corn rose half a percent, building on previous session's rally on tight old-crop supplies and talk of Chinese purchases, while soy gained for a fourth day in a row with further reduction in South American crop.
Asian cocoa butter ratios plunge to 4-mth low
Asian cocoa butter ratios tumbled to their lowest since December at 0.95 to 0.98 times London futures as buying interest dried up and grinders struggled to sell their inventory, dealers said on Friday.
Argentine exchange cuts soy, corn crop view again
One of Argentina's biggest grains exchanges cut another million tonnes each off its 2011/12 soy and corn crop forecasts on Thursday as poor yields dim expectations half-way through harvesting.
Cameroon cotton output up 11 pct in 2011-12
Cameroon's raw cotton production rose 11 percent to 180,000 tonnes during the 2011-12 season and could reach 220,000 tonnes this year, according to state firm SODECOTTON, which attributed the boost to increased cotton acreage and government subsidies.
Indonesia to subject coal to export tax -trade ministry
JAKARTA, April 27 (Reuters) - Indonesia is to subject coal to an export tax to increase state revenues, prevent exploitation, protect the environment and maintain coal reserves, the director general of foreign trade in the trade ministry said on Friday.
Indonesia has said it would apply export taxes to other minerals, creating uncertainty in the country's large mining sector, but until now it was unclear whether coal would be included.
Coal of Africa moves first production for export
JOHANNESBURG, April 25 (Reuters) - Coal of Africa , whose thermal and coking coal operations are all in South Africa, has moved its first production destined for the export market.
About 1,500 tonnes of thermal coal from its Vele Colliery in the Limpopo Province is heading by rail for Mozambique, where it will be shipped and sold to Asian markets.
Brent crude dropped to trade just above $119 a barrel on renewed fears about the state of the debt-ravaged euro zone economies following a downgrade of Spain's credit rating.
China daily steel output above 2 mln T in mid-April - CISA data
SHANGHAI, April 26 (Reuters) - China's daily crude steel output remained above 2 million tonnes tonnes in the second 10 days of April, industry data showed on Thursday, as steelmakers sustained high output amid a seasonal rebound in demand.
Daily runs eased 1.3 percent to 2.005 million tonnes after hitting a record high of 2.031 million tonnes in the first 10 days in April, data from the China Iron & Steel Association (CISA) showed.
Iron Ore-Shanghai steel eyeing 2nd weekly loss, ore down
SINGAPORE, April 27 (Reuters) - Prices for imported iron ore cargoes in China fell for the third day in a week on Friday, reflecting thin buying interest among steel producers worried about slow domestic demand that has weighed on Shanghai rebar futures for a second week running.
Activity in the physical iron ore market was also limited ahead of a long Labour Day holiday in China, the world's biggest buyer of the steel ingredient. Chinese markets are shut on Monday and Tuesday.
Japan's copper exports to China fall 5 pct in March
TOKYO, April 26 (Reuters) - Japan's exports of refined copper to China slipped in March, customs cleared data showed on Thursday, as China's swollen stockpiles and weak demand dented appetite from the world's top consumer of the industrial metal.
Japan's exports of copper cathode to China fell 5 percent from a year earlier to 23,203 tonnes last month.
Nippon Steel posts quarterly profit, beats estimate
TOKYO, April 27 (Reuters) - Nippon Steel Corp , the world's No.4 steelmaker, reported a quarterly profit and beat its forecast for a loss after the yen retreated from a record high and recovering Japanese car production offset slower export demand.
Japanese steelmakers, which sell more than half of their products overseas, are struggling with weaker exports because of a slowing economy in China, the world's biggest consumer of the alloy used in construction, ships and cars.
Japan March zinc exports jump as smelters resume
TOKYO, April 26 (Reuters) - Japan's March zinc exports to Asia leapt on a year on year basis after smelters resumed work after earthquake-related closures last year.
Japan's exports of refined zinc grew 2.7 times in March from a year earlier as shipments to Malaysia jumped 53 times while those to China increased 7 times, customs-cleared data showed on Thursday.
METALS-LME copper snaps 3-day rise after Spain downgrade
SHANGHAI, April 27 (Reuters) - London copper eased 0.1 percent snapping a three-day winning streak after a downgrate on Spain's credit rating revived fears about the debt-laden euro zone, keeping the market on edge and trimming investor appetite for riskier assets.
"The downgrade of Spain's credit rating along with political uncertainties over the euro zone crisis are keeping investors wary about copper today and will keep price rises capped in Shanghai, even as it plays catch up with London's overnight gains," said a Shanghai-based trader.
PRECIOUS-Gold inches down after Spain downgrade; dollar weighs
SINGAPORE, April 27 (Reuters) - Gold struggled to make headway as the downgrading of Spain's credit rating fuelled concerns about the debt-stricken euro zone, while a stronger dollar after the Bank of Japan eased policy added to the pressure.
"Europe has more near-term challenges than the U.S," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong. "The U.S. data will probably be weaker than market expectations, but the focus will still be the uncertainty in Europe."
London copper eased 0.1 percent, snapping a three-day winning streak after a downgrate on Spain's credit rating revived fears about the debt-laden euro zone, keeping the market on edge and trimming investor appetite for riskier assets.
Gold struggled to make headway as the downgrading of Spain's credit rating fuelled concerns about the debt-stricken euro zone, while a stronger dollar after the Bank of Japan eased policy added to the pressure
Baltic sea index rises as panamax rates strong
April 26 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose for a 12th straight session on Thursday, driven primarily by gains in panamax rates.
"Transatlantic round voyage rates for panamaxes have more than doubled in the past month as owners sensed a strong window of opportunity in the South American grain export season and kept increasing their rate ideas," RS Platou Markets analysts said in a note.
Asia Dry Bulk-Panamax rates to rise to fresh 6-month high
SINGAPORE, April 26 (Reuters) - Rates for panamax dry bulk carriers on key Asian freight routes are expected to rise on tight vessel availability and strong demand, ship brokers said on Thursday.
"Activity in the Pacific basin remains steady and rates continued to climb," said broker firm ICAP. "The strong East Coast South America market continues to lend support to the Pacific market and Pacific round voyages are being conducted in the mid-$12,000 for the time being."
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