Monday, June 11, 2012

20120511 1057 Global Market & Commodities Related News.

GLOBAL MARKETS-Markets buoyed by EU aid for Spanish banks
TOKYO, June 11 (Reuters) - Risk assets jumped after euro zone finance ministers agreed on loans to help Spain's battered banks, easing fears Madrid's banking woes could escalate into a bankruptcy crisis and compound the currency bloc's troubles with Greece.
"The immediate effect on financial markets should be beneficial. Equity markets especially respond well to short-term improvements, while bond markets, especially higher-quality debt, might continue to send out signals in the form of very high prices and low yields that the trouble is not over," Hastings said.

COMMODITIES-Down on day but post first weekly gain since March
NEW YORK, June 8 (Reuters) - Commodities fell broadly on demand worries linked to uncertainty over a European rescue plan for Spanish banks and Chinese economic data, but raw materials prices still finished up for the week after a sharp decline in May.
"The major issue is Spain's downgrade yesterday and whether or not they will agree to a bailout at the weekend meeting or wait until Spain completes an audit of its banking system," said Thorbjoern Jensen, oil analyst at A/S Global Risk Management.  

OIL-Crude oil rises $2 on Spain rescue, Iran
SINGAPORE, June 11 (Reuters) - Crude oil futures rose $2 in early Asian trading after euro zone finance ministers agreed to a rescue package of up to  100 billion euros ($125 billion) for Spain's banks and after talks between the United Nations and Iran failed.
The rescue package for Spain was larger than expected, calming some of the fears in financial markets over Europe's debt crisis. The aid was heralded as a milestone for the region by the Group of Seven developed nations.

Iran feels sanctions pain as oil income slumps
LONDON, June 10 (Reuters) - Iran's state finances have come under unprecedented pressure and the resilience of ordinary people is being tested by soaring inflation as oil income plummets due to tightening Western sanctions and sharply falling oil prices.
Tough financial measures imposed by Washington and Brussels have made it ever more difficult to pay for and ship oil from Iran. Its oil output has sunk to the lowest in 20 years, cutting revenue that is vital to fund a sprawling state apparatus.

China May crude oil imports up 14.5 pct from April
BEIJING, June 10 (Reuters) - China imported 25.48 million tonnes of crude oil in May, up 14.5 percent from 22.26 million tonnes in the previous month, according to data from China's General Administration of Customs.
Imports of oil products rose 14.9 percent to 3.47 million tonnes while exports of oil products rose 25.3 percent to 2.08 million tonnes.

Saudi cuts oil output in May to 9.8 mln bpd
DUBAI, June 9 (Reuters) - Top oil exporter Saudi Arabia pumped 9.8 million barrels per day (bpd) of crude oil in May, cutting output by 300,000 bpd from the month before, an industry source said on Saturday.
The Saudi kingdom's oil production was 10.1 million bpd in April, its highest for more than 30 years, as it bid to meet growing demand and curb oil prices.

NATURAL GAS-Short cover lifts US natgas futures slightly
NEW YORK, June 8 (Reuters) - U.S. natural gas futures ended with modest gains on Friday, rebounding as investors covered short positions ahead of the weekend and a day after prices slid 6 percent when a weekly government report showed a big rise in gas inventories.
"Much of the heavy lifting for the market move (lower) is done, and now we're looking at bargain hunting from the lows. Weather is slightly above normal, but not making any case for bigger support," Gelber & Associates analyst Pax Saunders said.

EURO COAL-July DES offers drop $5/T in quiet trade
LONDON, June 8 (Reuters) - Offers for July delivery coal cargoes into Europe dropped sharply by $5.00 a tonne  to $85.00, the two-year low reached in May, reflecting growing bearish sentiment as the market braces itself for further Chinese price re-negotiations.
"A month or two ago, you were being offered every kind of coal at competitive prices but now, there's not that much being offered," one utility source said.

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