Asian shares struggled, as a weak Chinese trade data stoked fears of a growth slowdown and further undermined risk appetite already reduced by worries about the health of Spanish banks and deepening political chaos in Greece. U.S. stocks fell for the fifth day in six on Wednesday as investors kept their focus on the turmoil in Europe, but news that Greece will receive its latest debt bailout payment helped cut losses late in the session.
The euro wallowed near a 3 1/2-month low against the dollar as political deadlock in Greece threatens its rescue deal and raises the spectre of the country risking insovency and leaving the euro zone.
FOREX-Euro wallows at 3 1/2-month low on Greek deadlock
TOKYO, May 10 (Reuters) - The euro wallowed near a 3 1/2-month low against the dollar on Thursday as political deadlock in Greece threatens its rescue deal and raises the spectre of the country risking insovency and leaving the euro zone.
"Uncertainty over Greece is going to weigh on markets," said Sumino Kamei, senior currency analyst at the Bank of Tokyo Mitsubishi UFJ.
USDA to see global grain stocks on rise at last-analysts
Global stockpiles of corn and soybeans are set to rise next autumn after years of thinning inventories, the U.S. Agriculture Department was expected to say on Thursday, offering hope for a break in the cycle of surging food prices.
Labor strike to hit Argentina's key grain port
Workers at most of the installations at Argentina's key grains port, Rosario, will start an indefinite pay strike beginning on Thursday, an official with the country's CGT labor federation said.
Philippines says Q1 farm output up 1.08 pct on yr
The Philippines' agricultural output in the first quarter grew 1.08 percent from a year earlier as favourable weather boosted crop harvests and with higher livestock and poultry production, the farm minister said on Thursday.
Chicago soybean futures edged higher, after three days of losses, ahead of a key U.S. government report expected to show a further reduction in South American supply estimates due to a severe drought.
Brent crude slipped below $113, after weaker-than-expected Chinese trade data that raised concerns over energy demand at the world's second-largest oil consumer.
COLUMN-Rising zinc stocks a double-edged sword
--Andy Home is a Reuters columnist. The opinions expressed are his own--
LONDON, May 9 (Reuters) - Surplus zinc is once again flooding into London Metal Exchange (LME) warehouses, 30,450 tonnes of
it arriving in the last couple of weeks.
Exchange-registered inventory of 936,650 tonnes is now the highest it's been since 1995, an era of chronic oversupply and what turned out to be disastrous attempts to control the price.
Australia's Northern Iron surges on Indian bid report
May 10 (Reuters) - India's Aditya Birla group has submitted a non-binding bid for A ustralian- listed i ron ore miner Northern Iron Ltd , a newspaper report said, sending shares of the target firm up 19 percent to a six month high.
Northern Iron, which has operational mines in Norway with an annual production capacity of 2.2 million tonnes of iron ore, is expecting a valuation of about $500 million, the Economic Times reported on Thursday, citing people with direct knowledge of the situation.
China April iron ore imports falls 8 pct to six-mth low
China's iron ore imports slid to a six-month low of 57.69 million tonnes in April, down 8 percent from a month earlier, as the world's top buyer of the commodity cut purchases due to falling steel prices and margins.
Baosteel keeps steel product prices unchanged for June
SHANGHAI, May 9 (Reuters) - China's Baoshan Iron & Steel Co will keep the prices of its main steel products unchanged for June, the company said on Wednesday, reflecting its caution on steel demand growth in the world's second-largest economy.
The country's biggest listed steelmaker has kept prices unchanged for the third consecutive month. Baosteel's pricing moves are regarded as a bellwether for the industry.
Copper futures rose, bouncing off the previous session's three-week lows as some Chinese investors took advantage of the dip in prices to cover short positions and restock.
China April copper imports drop 19 pct to 8-month low
HONG KONG, May 10 (Reuters) - China's copper imports fell 18.8 percent to an 8-month low in April, preliminary official data showed on Thursday, as a plentiful supply of the metal in the world's top copper consumer curbed its purchases on the international market.
The monthly drop had been broadly expected and copper prices showed little strong reaction, while April imports were still 42.9 percent higher than a year ago.
Rio Tinto backs iron ore in dicey global environment
BRISBANE, May 10 (Reuters) - Rio Tinto has turned cautious, shoring up capital and focusing on a narrow range of expansion projects in the face of global uncertainty, though the world's No.3 miner said it was slightly more upbeat about the outlook than six months ago.
At its annual meeting in Australia on Thursday, its chairman fended off pleas from shareholders for share buybacks and higher dividends saying Rio Tinto did not want to repeat what happened during the global financial crisis, when it had to row back on expansions while trying to slash $40 billion in debt it took on with the top-of-the-market takeover of Alcan.
China April iron ore imports falls 8 pct to six-mth low
SHANGHAI, May 10 (Reuters) - China's iron ore imports slid to a six-month low of 57.69 million tonnes in April, down 8 percent from a month earlier, as the world's top buyer of the commodity cut purchases due to falling steel prices and margins.
Total imports for the first four months stood at 244.6 million tonnes, up 6.5 percent from a year ago, preliminary data from China's customs showed on Thursday.
Gold struggled to make headway after three straight sessions of losses, with investors still worried about political deadlock in Greece and problems in Spain's banking sector.
METALS-Copper up on technicals; China buys on dip
SHANGHAI, May 10 (Reuters) - Copper futures rose on Thursday, bouncing off the previous session's three-week lows as some Chinese investors took advantage of the dip in prices to cover short positions and restock.
"Prices are still consolidating within small ranges today. London copper fell close to its technical support at $7,800 yesterday, which gave it a rebound momentum in this session," said China Futures Co. analyst Yang Jun.
PRECIOUS-Gold struggles as Europe concerns grip investors
SINGAPORE, May 10 (Reuters) - Gold struggled to make headway on Thursday after three straight sessions of losses, with investors still worried about political deadlock in Greece and problems in Spain's banking sector.
"There are not many good reasons to sell gold or other precious metals," said Yuichi Ikemizu, head of commodity trading, Japan, at Standard Bank. "It is risk-off selling in everything but dollar and yen."
No comments:
Post a Comment