The euro edged lower ethered to a familiar range with investors sticking to the sidelines ahead of an Italian bond sale the next day and a weekend vote in Greece that could determine the future of the euro zone.
FOREX-Euro edges lower before Italian debt sale, Greek vote
TOKYO, June 13 (Reuters) - The euro edged lower on Wednesday, t ethered to a familiar range with investors sticking to the sidelines ahead of an Italian bond sale the next day and a weekend vote in Greece that could determine the future of the euro zone.
The single currency took a breather after Spanish bond yields hit a euro-era peak as the decision to lend the country's ailing lenders 100 billion euro fuelled fears it will struggle to access debt markets as its own debts mount.
Chicago corn slid falling for a third consecutive session on pressure from forecasters of more rain in the U.S. Midwest and a government report which kept the stocks unchanged.
From Russia to U.S., wheat crop gets smaller-USDA
Harsh weather in Russia, Europe and the United States will shrivel the global wheat harvest, leading to sharply lower consumption, the U.S. government forecast on Tuesday.
Australia cuts wheat output forecast, fuels prices
Australia on Wednesday downgraded its winter wheat production forecast by more than 7 percent to 24.1 million tonnes, almost one-fifth smaller than last year's record crop, citing average-to-dry growing conditions so far this year.
Argentine farmers to end strike, warn of more protests
Argentine farmers said they would allow a one-week freeze on grains sales to end as planned on Tuesday, but threatened to stage more anti-government protests against taxes and export curbs.
Rain helps some EU rapeseed, lashes UK crops
Spring rain continued to bring relief to rapeseed in parts of western Europe this week after many crops were hurt by winter frost, but the region was still forecast to produce a smaller harvest this summer.
Brent crude slipped below $97 ahead of a meeting of producer group OPEC this week, and as uncertainty over Europe's ability to tackle its debt crisis intensified fears of a slowdown in oil demand growth.
OPEC, US govt see easing oil market conditions ahead
OPEC and the U.S. government agreed o n T uesday that global oil markets could loosen further in the second half of the year, with prospects for demand dimming while non-OPEC supply races ahead more quickly than expected.
Sinopec resists bargain Iran crude, eyes U.S. ties - source
Chinese refining giant Sinopec Corp , the biggest buyer of Iranian oil, has no plans to raise its Iranian crude imports for the rest of this year so as to avoid falling foul of tough U.S. sanctions on Tehran's oil trade, a senior Chinese oil executive said.
US presses Turkey to cut more Iranian oil imports
The United States has pressed Turkey to follow up on a 20 percent cut in oil purchases from Iran with a further cut in six months time to help persuade Iran to quit stalling in talks over its nuclear programme, a U.S. diplomat said on Tuesday.
US oil renaissance needs tax breaks-Romney adviser
Ending a tax break that lets oil companies quickly deduct labor and other drilling costs would be a devastating hit on the country's booming energy sector, a top energy adviser to Republican Mitt Romney's presidential campaign told lawmakers on Tuesday.
Euro Coal-Bids slump but no fresh trades done
LONDON, June 12 (Reuters) - European delivered coal prices slid sharply on Tuesday as oversupply and a halt to spot buying weighed on the market, pushing bid/offer levels to fresh lows although no trades were reported.
South African prompt prices have tumbled during the past week from nearly $90 a tonne FOB to below $80 - a July cargo was bid at $79.00 early on Tuesday - as spot buyers remained on the sidelines.
World may face aluminum deficit in 2013-Rio Tinto
The global aluminum market will be more balanced this year and could shift into a supply deficit by 2013 as new projects fail to keep the pace with high-cost capacity cuts this year, Rio Tinto Alcan's Chief Executive said Tuesday.
EU steelmakers speed shift to high value to survive
European steelmakers, fighting for survival in a fast-shrinking market, are speeding up a switch to sophisticated products that add more value and help them withstand aggressive imports of basic grades of steel.
Iron Ore-Spot bids rise, but price upside seen limited
SINGAPORE, June 13 (Reuters) - Bids for spot iron ore cargoes in top market China edged up, with more steel producers keen on replenishing stockpiles after a recent drop in prices, although traders doubt the upward momentum can be sustained.
Chinese steel mills could curb output in response to slackening demand, with traders saying some smaller mills have already begun cutting production, and that may hurt demand for iron ore. China buys around 60 percent of global iron ore output.
Codelco CEO says global woes threaten expected copper surplus
SANTIAGO, June 12 (Reuters) - Miners are deferring investments because of a crisis in Europe and a slowdown in China - potentially eroding a copper surplus forecast for 2015, Chile's state copper giant Codelco's CEO Thomas Keller said on Tuesday.
World No. 1 copper producer Codelco plans to spend $27 billion by 2020 to lift annual output to 2.1 million tonnes from this year's aim of around 1.7 million - sticking by its plans despite current global woes.
Copper rose slightly but mostly stayed in narrow ranges amid thin volumes, reflecting investor caution as a resolution to Europe's debt crisis remained elusive, clouding the outlook for raw material demand.
Gold perched above $1,600 an ounce retaining most of its gains from the previous session as prices were supported by persistent worries over Spain's surging borrowing costs.
METALS-Copper edges up, but Europe fears weigh
SHANGHAI, June 13 (Reuters) - Copper rose slightly on Wednesday, but mostly stayed in narrow ranges amid thin volumes, reflecting investor caution as a resolution to Europe's debt crisis remained elusive, clouding the outlook for raw material demand.
Spain's surging borrowing cost and uncertainty ahead of Greek elections this weekend have trimmed appetite for risk assets after a rally in Asia on Monday, when London copper rose the most in nearly two months.
PRECIOUS-Gold stays above $1,600/oz, Spain woes support
SINGAPORE, June 13 (Reuters) - Gold perched above $1,600 an ounce on Wednesday, retaining most of its gains from the previous session as prices were supported by persistent worries over Spain's surging borrowing costs.
Gold has attracted occasional safe-haven flow in the past few weeks, after moving in tandem with riskier assets since late last year as the euro zone debt crisis squeezed liquidity and rattled financial markets.
Baltic index rises on higher panamax rates
June 12 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose for a third straight session on Tuesday on higher rates for panamax vessels in the Atlantic.
The overall index, a gauge of the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, rose 9 points or 1.02 percent to 893 points.
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