Risk assets from oil to shares slumped after elections in Greece and France fuelled questions about commitments from struggling euro zone economies to pursue austerity policies seen widely by markets as vital to resolving the bloc's debt crisis. U.S. stock index futures fell after Greek voters trounced ruling parties in elections on Sunday, a result that put the country's future in the euro zone at risk, and as Socialist candidate Francois Hollande won the French presidency.
LME bid would test Hong Kong Exchanges Li's M&A mettle
HONG KONG, May 7 (Reuters) - Monday promises to be a big day for Charles Li.
The 50-year-old former journalist and investment banker is likely to report lower quarterly earnings at Hong Kong Exchanges and Clearing Ltd (HKEx) , where he is CEO, and faces a deadline to bid for the world's largest commodities exchange.
FOREX-Euro sinks to 3-month low after Greek vote upsets
TOKYO, May 7 (Reuters) - The euro tanked on Monday, breaking below its well-worn range from the past three months against the dollar after elections in Greece and France raised fresh concerns that the euro zone's hard-earned bailout and austerity steps could fall apart.
"The PASOK did unexpectedly poorly in the election ... Until we have more clarity on how the coalition government will be formed and what the new government will do with the bailout scheme, the euro will stay under pressure," said Masafumi Yamamoto, chief FX strategist at Barclays.
The euro tanked, breaking below its well-worn range from the past three months against the dollar after elections in Greece and France raised fresh concerns that the euro zone's hard-earned bailout and austerity steps could fall apart.
U.S. grain futures dropped as investors fled riskier assets, after Greek and French polls stoked concerns on whether struggling euro zone economies could continue to pursue austerity measures crucial to resolving the bloc's debt crisis.
Zambia agrees export of 300,000 T maize to Zimbabwe
Zambia signed a contract to export of 300,000 tonnes of maize to Zimbabwe from its huge surplus of carry-over stocks from last year, Zambia's Food Reserve Agency (FRA) said on Saturday.
Informa raises US soy acreage forecast, trims corn
Private analytical firm Informa Economics raised its forecast of U.S. 2012 soybean plantings to 75.822 million acres (30.68 million hectares), from 74.2 million acres previously, trade sources said on Friday.
Oil fell sharply, extending steep losses from the previous session, after elections in France and Greece raised concerns over their ability to carry out further austerity measures and renewed worries about the euro zone debt crisis.
Indonesia to impose 20 pct export duty on metal ores
JAKARTA, May 4 (Reuters) - Indonesia will impose a 20 percent export duty on all metal ores under new regulations to be applied from May 6 and will work on export policy plans for its coal industry in the next month, senior government officials said on Friday.
Jakarta aims to boost investment in domestic ore processing to lift exports of higher-value finished metals by the G20 economy through the new rules which come into force on Sunday.
Indonesia tax on metals risks China shipments
JAKARTA/HONG KONG, May 4 (Reuters) - New Indonesian taxes on metals and curbs on raw mineral shipments are likely to hit exports of nickel and bauxite to China and push ore prices higher on world markets, an industry source said on Friday.
The government of Southeast Asia's biggest economy aims to boost investment in domestic ore processing to lift exports of higher value finished metals. The new rules come into force on Sunday.
Tin, nickel premiums seen to be steady in Europe
LONDON, May 4 (Reuters) - Premiums for tin and nickel in Europe are unlikely to be affected by planned increases in deliveries of the two metals from London Metal Exchange-monitored warehouses, given that producers already supply enough to meet demand, traders said.
The exchange (LME) said last week its board had accepted in principle a proposal for warehousing companies to deliver at least 60 tonnes a day of tin or nickel or a combination of the two metals.
Shanghai copper fell, after elections in France and Greece stoked concerns on whether struggling euro zone economies could continue to pursue austerity measures crucial to resolving the bloc's debt crisis.
India's FMC hikes position limits in gold contracts
India's commodity markets regulator has asked the Multi Commodity Exchange (MCX) to increase the maximum positions that can be taken at an individual or member level for new gold contracts, without giving any reason.
Gold edged lower, pressured by a stronger dollar after elections in France and Greece cast doubts on whether the euro zone will be able to battle the debt crisis.
METALS-Shanghai copper drops after French, Greek polls
SHANGHAI, May 7 (Reuters) - Shanghai copper fell to near two-week lows on Monday, following declines in other riskier assets, as elections in France and Greece stoked fears about the euro zone's ability to tackle its debt crisis and the potential fallout for the global economy.
"The euro zone political uncertainties are taking centrestage today, pushing down the appetite for commodities such as base metals and crude oil. A stronger dollar today is also weighing on metal prices," said CIFCO Futures analyst Zhou Jie.
PRECIOUS-Gold edges down on firm dollar after Europe elections
SINGAPORE, May 7 (Reuters) - Gold edged lower on Monday, pressured by a stronger dollar after elections in France and Greece cast doubts on whether the euro zone will be able to battle the debt crisis.
"We really need to see economy much weaker before the central bank steps in," said Dominic Schnider, head of commodity research at UBS Wealth Management in Singapore.
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