Asian shares edged higher and the dollar recovered against the yen after strong U.S. factory activity data raised hopes that the world's biggest economy remained on a recovery track. The Dow closed at its highest level in more than four years on Tuesday after U.S. manufacturing expanded at a faster pace than expected in April, easing jitters about a slowdown in the economic recovery.
The dollar bounced back from 2-1/2-month lows against the Japanese yen after upbeat U.S. manufacturing data soothed fears the economy was slowing, though gains were kept minimal ahead of key events such as the U.S. jobs data.
FOREX-Dollar bounces back after U.S. manufacturing surprise
TOKYO, May 2 (Reuters) - The dollar bounced back on Wednesday from 2-1/2-month lows against the Japanese yen after upbeat U.S. manufacturing data soothed fears the economy was slowing, though gains were kept minimal ahead of key events such as the U.S. jobs data.
"After the surprisingly strong ISM number, the next job data will be more important than usual. If it is strong, it could cement expectation of strong recovery at least in the United States," said Mitsuru Saito, chief economist at Tokai Tokyo Securities.
CME Group fires back at ICE with 22-hour grains trade
CME Group on Tuesday told Iowa farmers, Chicago brokers and huge global hedge funds to brace for a longer, more intense trading day, as it announced plans for nearly round-the-clock grains trading to fend off pressure from arch-rival IntercontinentalExchange .
China imports to drive world cotton trade-ICAC
China will account for more than half of global cotton imports in 2011/12, driving world cotton trade up 13 percent for the year, an international farm group said on Tuesday.
U.S. wheat sale to Saudi Arabia first in 8 months
The U.S. government on Tuesday confirmed the sale of 110,000 tonnes of hard red winter wheat to Saudi Arabia, its first U.S. wheat purchase in eight months.
China set to buy even more U.S. soy -Oil World
China is likely to buy even more U.S.-origin soybeans in the near term because of poor South American crops, Hamburg-based oilseeds analysts Oil World said on Tuesday.
Louis Dreyfus to take Imperial Sugar private in $78 mln deal
Privately held Louis Dreyfus Commodities LLC said one of its subsidiaries agreed to acquire Imperial Sugar Co for about $78 million, as the commodity company looks to diversify into refining and distribution.
Corn Products 1st-qtr profit beats Street estimates
Corn Products International Inc posted a first-quarter profit that beat analysts' estimates, helped by higher sales in North America and Asia Pacific.
Indonesia's April Sumatra coffee bean exports fall 57 pct
Robusta coffee bean exports from Indonesia's main growing area in Sumatra fell 57 percent in April from a year earlier, as falling prices and dwindling stocks caused many producers to hold onto supplies.
Chicago corn futures fell for a second day, weighed down by speedy U.S. planting which has boosted prospects of above-average yields and early crop output replenishing tight old-crop supplies.
Brent crude was steady above $119 a barrel, supported by positive manufacturing data from the United States and China that lifted hopes of higher oil demand at the world's top two energy consumers.
London copper futures fell as Chinese traders returning from a long holiday weekend sold off the metal, concerned current prices are too high given a blurry outlook for demand.
China to export copper to LME amid abundant stocks
HONG KONG, April 30 (Reuters) - Large Chinese copper smelters and trading firms will export refined copper cathodes to the London Metal Exchange warehouses over the next two months to help ease tight global supplies and trim near-record stockpiles at home.
The move could see thousands of tonnes of refined copper finding their way back to LME warehouses, boosting inventories and slashing steep premiums of spot prices over those for later deliveries.
Global copper mkt in 29,000 T deficit in Jan 2012
LONDON, May 1 (Reuters) - The global market for refined copper was in a 29,000 tonne deficit in January 2012, the International Copper Study Group (ICSG )said on Tuesday.
In January, world refined production stood at 1.69 million tonnes, compared with world refined usage of 1.72 million tonnes, it said in a release.
Chile March copper output down 2.6 pct yr/yr
SANTIAGO, April 30 (Reuters) - World top copper producer Chile's output of the red metal jumped in March from February but fell 2.6 percent from a year earlier on disruptions in operations and smelting, the government said on Monday.
Chile, which provides about one-third of the world's copper, produced 423,064 tonnes of it in March , up 6.9 percent compared with February.
Chinese firm to invest $100 mln in Uganda copper mine
KAMPALA, April 30 (Reuters) - China's Gingko Energy Company plans to invest $100 million over a five-year period to revive production at Kilembe copper mine in western Uganda, the African country's president's office said.
Gingko's chairman, Lin Rui Hui, told President Yoweri Museveni of the investment plans on Friday.
Copper market deficit seen at 240,000 T in 2012 -ICSG
LONDON, April 30 (Reuters) - Global demand for refined copper is expected to exceed production by 240,000 tonnes in 2012, but the market is projected to move into a production surplus the following year, the International Copper Study Group (ICSG) said on Monday.
The ICSG expects increased output from new and existing mines in 2013 to reverse the three-year trend of a market deficit, with refined production seen exceeding demand by 350,000 tonnes next year.
Gold edged down, off a two-week high hit in the previous session as upbeat U.S. manufacturing data soothed worries about the economy and dampened hopes of more monetary easing.
METALS-LME copper falls on Chinese selling; Shanghai firm
SINGAPORE, May 2 (Reuters) - London copper futures fell on Wednesday as Chinese traders returning from a long holiday weekend sold off the metal, concerned current prices are too high given a blurry outlook for demand.
"They're just bearish, those traders sitting in China. They think the (LME) price is too high for the current environment," said a Singapore-based trader.
PRECIOUS-Gold edges down as US data eases econ worries
SINGAPORE, May 2 (Reuters) - Gold edged down on Wednesday, off a two-week high hit in the previous session as upbeat U.S. manufacturing data soothed worries about the economy and dampened hopes of more monetary easing.
"Gold will probably be sitting in limbo for a few more days," said Nick Trevethan, senior metals strategist at ANZ in Singapore, "It is rather inversely sensitive to positive numbers, as evidenced by the ISM number overnight."
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