The euro was poised for its biggest daily rally against the dollar in almost eight months after Spain secured help for its debt-stricken banks and as Chinese economic data was not as bad as the market had feared.
FOREX-Euro jumps above $1.26 on Spain bank relief
TOKYO, June 11 (Reuters) - The euro was poised for its biggest daily rally against the dollar in almost eight months, after Spain secured help for its debt-stricken banks and as Chinese economic data was not as bad as the market had feared.
The euro zone decided to lend its fourth-largest economy up to 100 billion euros ($125 billion) to reassure investors and prevent the threat of a bank run in case Greece's crisis heats up again after elections this coming weekend.
Chicago corn rose for a fourth straight session to trade near last week's two-week high on forecasts of dry weather in the U.S. grain-belt threatening the early planted crop as it enters the pollination phase.
CME extends open-outcry grain trading day
CME Group said on Friday it will add 45 minutes to the open-outcry trading day for its Chicago Board of Trade grain markets, synchronizing the close with that of electronic trading following complaints from farmers and grain elevator managers.
Lanworth said to peg US corn crop at 13.645 bln bu
U.S. crop forecaster Lanworth pegged U.S. corn production at 13.645 billion bushels for the 2012/13 marketing year, down sharply from the U.S. Agriculture Department forecast last month of 14.790 billion bushels, trade sources said.
China May commodities imports beat expectations; crude at record
China's imports of key commodities in May confounded expectations of a fall, with crude oil shipments at a record high and both copper and iron ore imports unexpectedly rising more than 10 percent from a month ago, data showed on Sunday.
Thailand aims to be sugar bowl of Asia
Thailand, the world's second-biggest sugar exporter, has revised up its forecast for 2012/13 sugar production to 10.4 million tonnes and aims to produce more every year in order to supply rising consumption in Asia, a top industry official said.
Thai govt to start releasing record rice stocks
Unmilled rice stocks held by the Thai government have jumped to a record 15 million tonnes, Commerce Ministry data showed on Monday, and prices could be forced down if it starts releasing some of the grain into local and overseas markets, as planned.
Brazil rain-blighted cane harvest set for dry week
Brazil's cane harvest will see dry weather for most of next week, forecaster Somar said on Friday, helping the progress of harvesting which has been blighted by wet weather since the outset and speeding loading of sugar at the ports.
Brent crude futures rose more than $2 as a rescue package for Spain's banks revived hopes of steady oil demand growth, while a failure in nuclear talks between the United Nations and Iran renewed concern over supply disruption.
Iran feels sanctions pain as oil income slumps
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.
Saudi cuts oil output in May to 9.8 mln bpd
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.
US quarterly oil output hits highest level in 14 yrs
The oil boom in North Dakota and Texas has helped push U.S. quarterly crude output over 6 million barrels per day for the first time in 14 years, the government said on Friday.
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 on Friday 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.
Despite expectations of fresh China problems, there are markedly fewer prompt cargoes being offered bilaterally or via brokers because they have been re-sold, traders and utilities said.
China May iron ore imports at 63.84 mln T, up 10.7 pct
BEIJING, June 10 (Reuters) - China imported 63.84 million tonnes of iron ore in May, up 10.7 percent from the previous month, official data from China's customs authority showed.
Imports of steel products rose 16.8 percent to 1.32 million tonnes while exports rose 12.0 percent to 5.23 million tonnes.
Iron Ore-Shanghai rebar gains, but demand worries cap rise
SINGAPORE, June 11 (Reuters) - Shanghai steel futures edged higher, benefitting from increased appetite towards risk assets as euro zone worries eased with Europe lending to debt-stricken Spain, although concerns about sluggish Chinese steel demand limited gains.
The most active rebar contract on the Shanghai Futures Exchange edged up 0.3 percent to 4,121 yuan ($650) a tonne by 0632 GMT, gaining far less than other Shanghai-traded commodities like copper and rubber which jumped between 2.5 and 3 percent.
Freeport Indonesia gets green light for ore exports
JAKARTA, June 11 (Reuters) - Indonesia has granted permission to Freeport McMoRan Copper & Gold Inc to export unprocessed ore, after the government imposed new rules on mining exports, the company said on Monday.
Indonesia in May asked all miners to submit plans to build smelters to add value to the country's mining sector ahead of a 2014 ban on raw mineral exports, as well as imposing a 20 percent export duty on ore exports.
London copper futures rose almost 3 percent rebounding from last week's near six-month lows, after Europe agreed on a $125 billion bailout package for Spain's distressed banks, while surprisingly strong import data from China lent further support.
China refined copper output falls in May on plant maintenance
Production of refined copper in China fell 1.4 percent from a month earlier to a three-month low in May, with some smelters taking the chance to carry out maintenance as consumption remained sluggish, though output is expected to pick up in June.
Speculators nearly double copper shorts, boost gold
June 8 - Money managers nearly doubled their bearish copper bets in the week to June 5, turning in their largest net short holding since April 2009, as fears of a global growth slowdown dampened near-term demand prospects.
Managed money longs cut their holdings by 2,180 lots while shorts increased their bearish stance by 4,238 lots, resulting in a net short position of 6,418 lots and bringing total net shorts to 13,175 lots, according to data from the Commodity Futures Trading Commission (CFTC).
China refined copper output falls in May on plant maintenance
HONG KONG, June 11 (Reuters) - Production of refined copper in China fell 1.4 percent from a month earlier to a three-month low in May, with some smelters taking the chance to carry out maintenance as consumption remained sluggish, though output is expected to pick up in June.
Consumption in the world's top producer and consumer of refined copper has been hit a slowdown in the country's economy, while arrivals of term shipments of the metal to China stayed steady, weighing on domestic prices.
China May copper imports posts surprise 12 pct gain
BEIJING, June 10 (Reuters) - China's copper imports unexpectedly rose 11.9 percent in May from a month ago, preliminary data showed on Sunday, snapping two straight months of falls likely due to the relocation of inventories from the West to the world's top metals consumer.
The monthly rise was a surprise to traders and analysts who had expected that weak domestic demand, high stocks and strong spot prices on the London Metal Exchange would cut arrivals for a third month.
Gold inched up after rising nearly 1 percent earlier on the euro zone's decision to help Spain's battered banks, which boosted risky assets and pressured the dollar, but gold's gains were outpaced by those of precious metals with industrial uses.
METALS-Copper rebounds on Spain aid, China data
SHANGHAI/SINGAPORE, June 11 (Reuters) - London copper futures rose almost 3 percent, rebounding from last week's near six-month lows, after Europe agreed on a $125 billion bailout package for Spain's distressed banks, while surprisingly strong import data from China lent further support.
Investors trooped back into risk assets after euro zone finance ministers agreed to lend Spain up to 100 billion euros ($125 billion) for its bank rescue fund, fuelling hope that the life line would help contain Europe's major debt crisis.
PRECIOUS-Gold up after Spain deal; outpaced by other metals
SINGAPORE, June 11 (Reuters) - Gold inched up, after rising nearly 1 percent earlier on the euro zone's decision to help Spain's battered banks, which boosted risky assets and pressured the dollar, but gold's gains were outpaced by those of precious metals with industrial uses.
Silver, platinum and palladium outshone gold, with palladium leading the pack with an increase of 2.4 percent, its largest one-day rise in two months.
Increased Atlantic activity drives up Baltic index
June 8 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose on Friday as panamax vessels benefited from increased Atlantic activity.
The main index, which gauges the cost of shipping commodities including iron ore, coal and grain, gained 5 points or 0.57 percent to 877 points, after 11 straight days of declines.
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