Asian shares slipped as weak U.S. retail sales data raised fresh concerns about sluggish economic growth, while an Italian debt auction later in the day will test market confidence in whether Rome can avoid becoming the next victim of the euro zone crisis. Wall Street ended lower on Wednesday as fears ahead of the weekend elections in Greece finally drove down a market that had been treading water through most of the day.
The euro was capped in Asia after two days of gains on short covering as market players looked to Italy's bond auction later in the day amid concerns external support may become necessary for the euro zone's third-largest economy.
FOREX-Euro capped ahead of Italian bond auction
TOKYO, June 14 (Reuters) - The euro was capped in Asia after two days of gains on short covering as market players looked to Italy's bond auction later in the day amid concerns external support may become necessary for the euro zone's third-largest economy.
The euro rose in the past two days as traders pared extremely bearish positions ahead of Sunday's crucial Greek election and after disappointing U.S. retail sales data weighed on the dollar.
Chicago soybeans slid around half a percent falling to a one-week low as concerns over global growth weighed on the market, while spot-month corn rose for a second straight session on tight old-crop supplies.
Vietnam 2011/2012 coffee output, exports seen up
Coffee output from Vietnam's current 2011/2012 crop would reach 20 million bags, up 2.7 percent from the previous season, the International Coffee Organization said, raising its estimate by around 9 percent from 18.3 million bags previously.
Argentina challenges Spain's biofuel rules at WTO
Argentina said on Wednesday it was challenging Spain to explain a new biodiesel law that it says breaks World Trade Organization rules and could cost the South American country $1 billion in lost export earnings.
Scramble for corn lifts US Gulf basis to 1-mth peak
The scramble for scarce stocks of U.S. corn heated up on Wednesday, as exporters at the Gulf Coast bought corn barges at the highest price in a month, suggesting renewed competition for domestic users whose basis bids were already near record-high levels.
U.S. corn yield seen down 3 pct from USDA forecast
The U.S. corn crop is wilting after a stretch of hot and dry weather in the Midwestern grain belt, with 15 analysts polled by Reuters on average expecting the yield to drop nearly 3 percent from that projected by the U.S. Department of Agriculture.
Argentine soy crushing down 6.5 percent in April
Argentina crushed 3.5 million tonnes of soybeans in April, down 6.5 percent from a year ago and marking the second straight month of decline, the Agriculture Ministry said in its latest crushing report.
Brent crude held above $97 trading in a narrow range with investors reluctant to take positions ahead of the outcome of a meeting of producer group OPEC and Greek elections.
Japan to pass bill to insure Iran oil imports -report
Japan's lower house is set to pass a special bill on Friday to allow it to provide insurance for continuing Iranian crude imports, making it the first country to attempt to initiate sovereign cover once EU sanctions on Iran are expected to start in July, the Yomiuri newspaper said on Thursday.
World oil reserves up 8 pct, supply fears persist
The world's store of oil jumped 8.3 percent last year, as exploration rose and record crude prices made marginal projects commercially viable, yet supplies will struggle to meet demand due to political factors, oil giant BP said on Wednesday.
Saudi under OPEC pressure to prevent oil collapse
Saudi Arabia came under pressure on Wednesday from fellow OPEC producers to cut oil output to prevent a further slide in crude prices.
BNP Paribas cuts 2012 base metals price forecast
June 13 (Reuters) - BNP Paribas slashed its base metals price forecasts for this year and next, and said risks to its forecasts are tilted heavily to the downside due to the economic uncertainty in Europe.
The bank lowered its 2012 price forecast for aluminium to $2,085 per tonne from $2,270, and its 2013 forecast to $2,450 a tonne from $2,575.
China nickel ore imports seen at record on Indonesia curbs
HONG KONG, June 13 (Reuters) - China's nickel ore imports are expected to have hit a record high in May after a rush to purchase laterite ore ahead of a curb on shipments by top supplier Indonesia, although high inventories could put pressure on nickel prices
Imports of nickel ore and concentrates likely surged about 40 percent to more than 6.8 million tonnes in May from the previous month, a sales manager at a major Chinese nickel pig iron producer said.
Aluminum car doors, frames: Industry's "next frontier"-Alcoa
NEW YORK, June 13 (Reuters) - The global push to improve fuel efficiency in vehicle fleets will more than double the demand for aluminum in the auto market by 2025, Alcoa's director of automotive marketing said Wednesday.
Car makers from BMW to Audi have already started to react to the so-called Corporate Average Fuel Economy (CAFE) standards and are beginning to move away from heavier steel body frames to lighter-weight material in what should be the "next frontier" for the aluminum industry, Randall Scheps told delegates at the American Metal Market's Aluminum Summit in New York.
LME copper players turn up heat on warehouse queues
LONDON, June 13 (Reuters) - Global copper market heavyweights are drafting proposals to stop metal from getting stuck in queues leaving storage facilities, as such delays would threaten the credibility of the London Metal Exchange's (LME) flagship product, industry sources said.
The issue has arisen at a delicate moment, as the LME lines up a potential $2 billion sale to another exchange.
Copper prices edged up with hopes of improved demand from recent stimulus programmes introduced by top metals consumer China outweighing concerns about euro zone debt and sluggish U.S. growth.
Gold traded steady after posting a fourth straight session of gains in the previous session when weak U.S. data fuelled expectations for monetary stimulus, and investors remain nervous before a make-or-break Greek election.
METALS-Copper up on hopes for China demand, but global econ woes weigh
SHANGHAI, June 14 (Reuters) - Copper prices edged up, with hopes of improved demand from recent stimulus programmes introduced by top metals consumer China outweighing concerns about euro zone debt and sluggish U.S. growth.
But gains were capped as investors awaited the results of an Italian debt auction and U.S. jobs data later on Thursday, while Greece goes to the polls on Sunday in a vote that could determine whether the country stays in the euro zone.
PRECIOUS-Gold steady after 4 days of gains; Greece in focus
SINGAPORE, June 14 (Reuters) - Gold traded steady after posting a fourth straight session of gains in the previous session when weak U.S. data fuelled expectations for monetary stimulus, and investors remain nervous before a make-or-break Greek election.
Cash gold has gained more than 1 percent this week, breaking ranks with the euro, which has fallen 0.8 percent as mounting worries about the euro zone's ability to contain the debt crisis drew some safehaven flows into gold.
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