Asian markets reversed the previous day's hefty gains with nervous investors far from convinced that a bailout for debt-stricken Spanish banks will halt Europe's spreading debt crisis. U.S. stocks fell on monday as Europe's aid package for Spanish banks did little to alleviate investor concerns about the euro zone's finances and a slowdown in the wider global economy.
The euro struggled to make much headway as worries over Spain's hasty bank bailout were compounded by jitters about the upcoming elections that may determine Greece's future in the euro zone.
FOREX-Euro steadies; Spanish and Greek worries unabated
TOKYO, June 12 (Reuters) - The euro struggled to make much headway on Tuesday as worries over Spain's hasty bank bailout were compounded by jitters about the upcoming elections that may determine Greece's future in the euro zone.
Initial euphoria over Spain's weekend deal quickly waned as investors feared the bailout-related payments could come ahead of regular government debt in the queue for repayment, adding to its high borrowing costs.
U.S. corn slid for a second straight day while wheat edged lower with pressure from broad-based weakness in financial markets as a bailout of Spain's debt-stricken banks failed to convince investors.
Argentine farm strike slows flow of grain to port
Grain trucks entering Argentina's main port of Rosario slowed to a trickle on Monday because of a five-day-old sales strike by farmers, but exports remained uninterrupted due to ample dockside reserves.
Global sugar market in huge surplus, looks to Asia
The global sugar market may see supply vastly exceeding requirement in the next crop year, leaving producers at the mercy of seasonal demand from Asia and weather-related output disruptions, industry experts said on Monday.
Brazil sugar cane gets break before rain returns
Skies cleared over Brazil's center-southern cane belt on Monday and at the two main ports for sugar exports, forecasters and industry representatives said, enabling harvesting work and loading to progress again after unseasonably wet weather.
Macquarie cuts 2012/13 Brazil CS cane output estimate
BANGKOK, June 12 (Reuters) - Macquarie Bank lowered its estimate for 2012/13 cane output in Brazil's centre-south to 506 million tonnes, down 2.7 percent from around 520 million tonnes forecast in February.
Philippines sees marginal increase in 2012/13 sugar output
The Philippines, one of Asia's main exporters of sugar, could see a small increase in production of the sweetener in the crop year to August 2013 after incessant rains hit plantations, Regina Bautista-Martin, chief of the country's Sugar Regulatory Administration (SRA), said on Tuesday.
Brent crude slipped below $98 extending losses on concerns the euro zone debt crisis will worsen and hurt the global economy, threatening growth in oil demand.
Saudi says OPEC may need higher output target
Leading oil producer Saudi Arabia put itself on a collision course with fellow OPEC member countries on Monday by calling for an increase in the cartel's output target despite a recent fall in crude prices.
Insurance to stop India shippers handling Iran oil in July -sources
Indian state-owned refiners will halt planned oil imports of 173,000 barrels per day from Iran when European sanctions take effect in July, unless the government permits them to use insurance and freight arranged by Tehran, industry sources said.
Abu Dhabi seeks investors for aluminum hub
Abu Dhabi wants to create a downstream aluminum hub in its new industrial complex as part of the United Arab Emirates' efforts to diversify beyond oil and gas, a senior official in charge of the strategy told Reuters in a New York interview on Monday.
Indonesia's May refined tin exports up 12 pct y/y- govt
JAKARTA, June 11 (Reuters) - Refined tin shipments from Indonesia, the world's top exporter, rose 12 percent in May to 7,866.24 tonnes from 7,013.28 tonnes a year earlier, a trade ministry official said on Monday.
Indonesian refined tin exports for May were 5 percent higher compared to April's figure of 7,489.26 tonnes.
China's Baosteel cuts July prices by 200 yuan/tonne
China's Baosteel Group will cut the prices of its main products by 200 yuan ($31.40) per tonne in July, the first cut of the year as it responds to slackening demand in the world's biggest steel consuming country.
China's Baosteel cuts prices for first time in 2012
BEIJING, June 12 (Reuters) - China's Baosteel will cut prices of its main products by around 4 percent in July, its first reduction this year as it responds to slackening demand in the world's biggest steel consumer, sending its Shanghai-listed shares down nearly 3 percent.
The Baosteel group's pricing moves are generally seen as an industry bellwether and while demand generally weakens in hot summer months as construction projects slow, analysts said the latest adjustment reflects the company's lack of confidence in the Chinese economy.
Goldman cuts 3-month price targets for base metals
June 11 (Reuters) - U.S. investment bank Goldman Sachs on Monday lowered its 3-month price targets for base metals, citing weaker than expected consumption and a stronger U.S. dollar against the euro.
Recent trips across North America confirmed a near complete lack of conviction in the very short-term outlook for metals prices, with market participants generally paralysed by the banking and sovereign crisis in Europe, Goldman said.
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.
Iran finds more copper, reserves at 21 mln T -Fars
VIENNA, June 11 (Reuters) - Iran has discovered an additional 7 million tonnes of copper reserves, boosting its total by 50 percent, the semi-official Fars news agency said on Monday.
"Numerous mines have been discovered in the exploration drilling, and Iran's copper reserves have increased from 14 million tonnes to 21 million tonnes," Ali Mohammadi, manager of Iran's Sarcheshmeh Copper Complex, was quoted by Fars as saying.
China May copper data does not reflect consumption -trade
Copper players in China are turning attention to export figures after imports by the world's top copper consumer rose 12 percent in May, a figure that traders say did not reflect consumption so that June arrivals may fall if domestic prices stay weak.
London copper slipped giving up part of its previous gains, as relief over the European Union's 100-billion euro bailout of Spain's banks turned to worry over how the funds would affect its borrowing costs.
Gold inched down after optimism about Spain's bank bailout quickly gave way to renewed worries about the euro zone debt crisis ahead of a string of key events later this month.
METALS-Copper falls on Spain, Greece worries
SHANGHAI, June 12 (Reuters) - London copper slipped on Tuesday, giving up part of its previous gains, as relief over the European Union's 100-billion euro bailout of Spain's banks turned to worry over how the funds would affect its borrowing costs.
Uncertainty over Greek elections on Sunday is also keeping investors cautious as European officials discuss contingency plans should Greece exit the euro zone.
PRECIOUS-Gold inches down as Spain bailout boost fades
SINGAPORE, June 12 (Reuters) - Gold inched down on Tuesday after optimism about Spain's bank bailout quickly gave way to renewed worries about the euro zone debt crisis ahead of a string of key events later this month.
The rally in risk assets on Monday fizzled, as investors sounded the alarm on the bailout's impact on public debt, while worries about Greece's future in the euro zone heightened in the run-up to elections there.
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