The euro and commodity currencies dropped, having seen gains sparked by a surprise Chinese interest rate cut quickly evaporate after the U.S. central bank offered no hint of imminent monetary stimulus.
FOREX-Euro, Aussie slip as Fed disappointment outweighs China surprise
TOKYO, June 8 (Reuters) - The euro and commodity currencies dropped on Friday, having seen gains sparked by a surprise Chinese interest rate cut quickly evaporate after the U.S. central bank offered no hint of imminent monetary stimulus.
Hedge funds were selling these currencies, with traders also citing talk that Chinese economic data due at weekend could be weak and that Beijing's easing might have been aimed at pre-empting the grim news.
Chicago wheat slid 1.2 percent , while corn fell around 1 percent, weighed down by economic uncertainty as Federal Reserve Chairman Ben Bernanke gave no clues on whether a U.S. easing was in the offer.
Russia's grain market debates impact of drought
Russia's Agriculture Ministry sought to assuage market concerns about potential drought damage to the grain harvest, putting it at odds with leading grain market players who see a smaller crop and reduced exports for the 2012/13 marketing campaign.
Argentine grains sale freeze cuts Rosario traffic
A sales freeze by farmers angry over government policies sharply cut the flow of corn and soy into Argentina's main export hub on Thursday, boosting global prices as traders factored in the risk of supply interruptions.
Top wheat buyer Egypt embraces Russia-linked Soyuz
Soyuz Commodities, which has links to Moscow's state grain exporter, has won recognition as an official supplier to the world's largest wheat importer Egypt, positioning the year-old firm to become a major player in grains markets.
USDA likely to shift to later ag report releases
The U.S. Department of Agriculture is likely to put back the release of its agricultural reports until later in the day following a move by leading exchanges to extend their trading days, USDA chief economist Joseph Glauber said in an interview.
Brent crude prices fell below $99, pressured by uncertainty about the fragile economic recovery in top oil consumer the United States after its central bank chief offered few clues about more stimulus measures.
Euro Coal-Prices slip by $1/T to nudge 2-year low
LONDON, June 7 (Reuters) - European prompt physical coal prices dropped by around $1 a tonne for a second day running, touching the two-year low of $85.00 reached in May, on expectations for more delays and price renegotiations by Chinese buyers in coming weeks.
A July delivery DES ARA cargo was bid at $83.00 and offered at $85.00 a tonne, down $3.00 on the offer from Wednesday's level.
Indonesia says no plan to tax coal exports
JAKARTA, June 7 (Reuters) - Indonesia, the world's top exporter of thermal coal, has no intention of imposing export duties on the power plant fuel, the energy minister said on Thursday, after officials had said this week curbs were being planned.
At a coal conference earlier this week, officials from the same ministry said they were looking to impose controls on the industry to safeguard domestic supplies, and that an export tax for coal was under consideration.
Copper fell after the U.S. Federal Reserve's chairman gave no hint that further monetary easing was imminent, disappointing those hoping for more stimulus by the world's largest economy to boost global commodity prices.
Gold fell more than 1 percent , extending a sell-off from the previous session when the U.S. central bank chief gave no hint on imminent stimulus, disappointing investors and dampening the appeal of gold as a hedge against monetary easing.
China daily steel runs drop below 2 mln T in late May -CISA
China's daily crude steel output at the end of May fell below 2 million tonnes for the first time in two months, industry data showed on Friday, with mills finally cutting output in response to weak demand and the threat of losses.
S. Copper, Cerro Verde say mining normal after Peru quake
Southern Copper and Cerro Verde said their mining operations in southern Peru were not affected by an earthquake that struck on Thursday.
China May crude, copper imports to dwindle on weak demand
BEIJING, June 8 (Reuters) - China's imports of copper are expected to drop for a third straight month in May as unfavourable prices and high stockpiles of the metal at the world's top consumer continues to erode demand, while oil shipments are also likely to move south.
With copper prices on the London Metal Exchange much higher than domestic prices in May, data later this month is also expected to show exports of the metal jumping as the country's top smelters and traders sold to overseas markets to help ease the glut at home.
Southern Copper argues to overturn $2 bln judgment
June 7 (Reuters) - A $2.03 billion judgment in a lawsuit brought by shareholders of Southern Copper Corp should be overturned because a key witness from deal adviser Goldman Sachs Group Inc was excluded from the trial, lawyers challenging the ruling argued in Delaware's Supreme Court on Thursday.
The judgment was awarded by Delaware Chancery Court Judge Leo Strine in October 2011 in a case brought by investors who accused Southern Copper of overpaying in the 2005 takeover of privately held Minera Mexico.
Chinese banks ordered by Beijing to cut lending to steel traders
SHANGHAI, June 7 (Reuters) - Chinese banks, facing mounting bad loans from the property market and local governments, were ordered by Beijing to clamp down on new lending to steel traders, further weighing on a sector that has racked up $400 billion in debt.
While the lending curb seems at odds with Beijing's pledge to speed up infrastructure building and stimulate a slowing economy, it is the government's way of righting previous excesses, analysts say.
London Metal Exchange mulls best and final offers
LONDON, June 7 (Reuters) - The London Metal Exchange's (LME) board is considering re-submitted takeover offers for the world's biggest metals market place from Hong Kong Exchanges and Clearing Ltd (HKEx) and the IntercontinentalExchange (ICE) , sources close to the situation said.
A decision on which bid to recommend to its shareholders could come as early as Monday, one source with knowledge of the situation said.
China daily steel runs drop below 2 mln T in late May -CISA
SHANGHAI, June 8 (Reuters) - China's daily crude steel output at the end of May fell below 2 million tonnes for the first time in two months, industry data showed on Friday, with mills finally cutting output in response to weak demand and the threat of losses.
Steel mills produced an average 1.96 million tonnes of crude steel a day over the May 21-31 period, down 3.9 percent from the preceding 10 days, according to data released by the China Iron and Steel Association (CISA).
Steelmakers say top EU court rejects carbon case
BRUSSELS, June 7 (Reuters) - European steelmakers said the European Union's top court had thrown out their case seeking to change the rules on free carbon allowances in the next phase of the Emissions Trading Scheme (ETS).
Steel industry body Eurofer confirmed the case had been declared inadmissible by the Luxembourg-based European Court of Justice.
Europe steel body asks EU to safeguard scrap imports
LONDON, June 7 (Reuters) - Europe's steel industry association Eurofer has asked the EU's executive Commission to monitor and possibly act against countries outside the bloc that restrict exports of raw materials such as scrap, saying such barriers are unfair.
"We have recently sent a letter to the Commission saying that they should monitor those countries who are restricting exports of scrap and other raw materials and then possibly apply some measures against this," Eurofer's Axel Eggert told Reuters.
METALS-Copper falls on US stimulus uncertainty, China data worries
SHANGHAI, June 8 (Reuters) - Copper fell on Friday after the U.S. Federal Reserve's chairman gave no hint that further monetary easing was imminent, disappointing those hoping for more stimulus by the world's largest economy to boost global commodity prices.
Investors also began to worry that a decision on Thursday to cut rates in China, the world's top metals consumer, signalled grim economic data is on the cards.
PRECIOUS-Gold extends sell-off after Fed disappoints
SINGAPORE, June 8 (Reuters) - Gold fell more than 1 percent on Friday, extending a sell-off from the previous session when the U.S. central bank chief gave no hint on imminent stimulus, disappointing investors and dampening the appeal of gold as a hedge against monetary easing.
COMEX gold led the decline as stop-loss selling kicked in when prices traded lower to around $1,580 level, after the most-active contract for August delivery tumbled more than 2 percent in the previous session, traders said.
Iron Ore-Few bids as Chinese mills see further price drop
SINGAPORE, June 8 (Reuters) - Spot iron ore prices were steady to lower amid few bids on Friday, with Chinese steel producers hesitant to pick up fresh cargoes as weaker steel demand curbed output.
China's first interest rate cut in nearly four years, announced late on Thursday, was unlikely to spur demand significantly, given the modest quarter-percentage point reduction and the country's steel overcapacity. Shanghai rebar futures were only up slightly.
Europe steel body asks EU to safeguard scrap imports
LONDON, June 7 (Reuters) - Europe's steel industry association Eurofer has asked the EU's executive Commission to monitor and possibly act against countries outside the bloc that restrict exports of raw materials such as scrap, saying such barriers are unfair.
"We have recently sent a letter to the Commission saying that they should monitor those countries who are restricting exports of scrap and other raw materials and then possibly apply some measures against this," Eurofer's Axel Eggert told Reuters.
Australia's Port Hedland iron ore shipments climb 17 pct in May
SYDNEY, June 7 (Reuters) - Iron ore shipments to China from Australia's Port Hedland rose by 17 percent in May from the previous month, according to port authority data released on Thursday.
Demand for imported iron ore in China has softened due to slowing domestic economic growth although some steel producers were still willing to buy cargoes to replenish restock inventories, according to commodities analysts.
Baltic index falls on low activity, China woes
June 7 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, fell on Thursday due to weakness in dry bulk shipments, while analysts said a rebound was unlikely in the near term.
The overall index, which reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels, fell 6 points or 0.68 percent to 872 points.
Iran buys Indian bulk raw sugar, whites
LONDON, June 6 (Reuters) - Iran has bought 21,000 tonnes of Indian bulk raw sugar and 7,800 tonnes of Indian whites in containers, with shipment expected to take place this month, European traders said on Wednesday.
The Islamic Republic has faced hurdles in buying food staples including sugar due to payment freezes caused by Western sanctions. Trade sources say Iran is increasingly getting round the issue.
Asia Dry Bulk-Rates to hit 15-month lows on weak demand
SINGAPORE, June 7 (Reuters) - Rates for capesize dry bulk carriers on key Asian freight routes are expected to decline to fresh 15-month lows next week, pressured by an economic slowdown in China that has sapped iron ore and coal demand, ship brokers said.
Benchmark capesize fixture rates from Australia to China plunged to a 15-month low of $7.046 a tonne on Wednesday from $7.371 last week due to slowing iron ore shipments to the world's top importer of the steel-making ingredient.
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