Asian shares rose as investors bet that Europe's worsening debt crisis and faltering global growth will prompt major central banks to launch a new round of monetary stimulus. European shares looked set to open lower but losses could be limited on optimism U.S. central bank could launch a new round of monetary stimulus. U.S. stocks rose on Tuesday on hopes that the Federal Reserve will agree to extend stimulus measures as the economy struggles to recover and the euro zone's debt crisis gets worse.
The euro eased versus the dollar, but clung to much of the previous day's gains, with investors focusing on whether the U.S. Federal Reserve will adopt further monetary stimulus to support the economy's recovery.
FOREX-Euro slips, losses limited before Fed decision
SINGAPORE, June 20 (Reuters) - The euro eased versus the dollar, but clung to much of the previous day's gains, with investors focusing on whether the U.S. Federal Reserve will adopt further monetary stimulus to support the economy's recovery.
The euro also gained some support from signs that Greek parties may be close to forming a coalition government, and as Spanish government bonds gained a bit of respite on Tuesday after a recent sell-off.
U.S. corn slid as traders locked in profits after the contract jumped 10 percent in the previous two sessions on concerns that hot, dry weather in the Midwest will reduce new-crop yields.
SovEcon cuts outlook for Russia 2012/13 harvest
A top Russian grain analyst lowered his 2012/13 grain harvest forecast by 4.5 percent and his wheat harvest forecast by 5.7 percent from previous estimates and said the outlook could be reduced further due to falling yields.
Argentina agrees export of 6 mln tonnes new-crop wheat
Argentina's government authorized on Tuesday the export of 6 million tonnes of 2012/13 wheat as farmers advance with early plantings, officials said.
US farmers scrap new-crop deals as corn shrivels
Some farmers in the eastern U.S. Corn Belt have been buying back contracts of corn sold to their local elevators for post-harvest delivery as a deepening drought raised concern that there may be no grain to deliver.
Rain clogs Brazil's commodities ports with ships
Rain in southern Brazil is extending ship lineups at the country's largest agricultural commodities ports Santos and Paranagua, where more than 250 vessels are waiting to unload or load fertilizers, grains, sugar and other cargoes, the authorities said on Tuesday.
Brent crude was steady under $96 a barrel, but prices stayed close to 17-month lows hit the previous session as worries over Spain's deep borrowing costs lingered ahead of the outcome of the U.S. Federal Reserve's policy meeting.
POLL-U.S. crude stocks seen down on higher runs, lower imports
U.S. crude oil stockpiles likely fell last week for the third straight week due to increased refinery utilization and lower imports, an expanded Reuters poll of analysts showed on Tuesday.
Iran, world powers fail to settle nuclear dispute
World powers and Iran failed to secure a breakthrough at talks on Tehran's nuclear programme on Tuesday and set no date for more political negotiations, despite the threat of a new Middle East conflict if diplomacy collapses.
RUSAL: Aluminium 2013 price rise depends on China
MOSCOW, June 19 (Reuters) - Russia's RUSAL , the world's biggest aluminium producer, is prepared to cut output and costs this year to support prices, which could recover in 2013 if China also reduces production, a senior executive told Reuters.
"The market price is at a level where about 30 percent of producers are unprofitable. This means that people are forced to significantly reduce capital expenditures, which leads to stagnation of the industry," Oleg Mukhamedshin, RUSAL's head of equity and corporate development, said in an interview.
Tinto approves $3.7 bln Australia iron ore expansion
SYDNEY, June 20 (Reuters) - Rio Tinto will spend $3.7 billion to boost its Australian output of iron ore, its most profitable business, shrugging off forecasts of waning demand and a looming global supply glut as Chinese manufacturing slows.
The spending to increase iron ore production by 25 percent by 2016 is the lion's share of $4.86 billion in capital outlays approved by Rio's board and announced on Wednesday.
U.S. Steel warns imports threatening pipe market
NEW YORK, June 19 (Reuters) - A surge in imports of steel products into the United States so far this year could threaten the market for steel pipes for the oil and gas industry, one of the strongest sectors in the U.S. market, U.S. Steel Corp Chief Executive John Surma said on Tuesday.
Imports of steel pipe into the United States jumped sharply in the first four months of the year from 2011, Surma said, a sign that foreign companies could be breaching global trade rules.
Brazil steel demand growth slowing -Gerdau
NEW YORK, June 19 (Reuters) - Brazilian steel makers face slower demand growth than expected as they struggle with higher costs and growing imports, Gerdau SA Chief Executive Andre Gerdau Johannpeter said on Tuesday, as he called on the government to step in to help the industry.
"Brazil steel consumption should grow by around 4 percent this year. It is not as much as we expected, but it is still some growth while the crisis in Europe is a real concern for the industry," he told Reuters in an interview on the sidelines of AMM's Steel Success Strategies conference.
Chinese copper demand to stay robust-Aurubis
Chinese copper demand is expected to continue to expand in the second half of 2012 as the country's moves to stimulate its economy are likely to raise consumption of the metal, Germany's Aurubis , Europe's biggest copper producer, said on Tuesday.
China daily crude steel output rises to 2 mln T-CISA
China's steel mills produced an average of 2 million tonnes of crude steel a day over the June 1-10 period, edging back to the record levels reached in early May, as large mills ramped up output, data from the China Iron and Steel Association (CISA) showed on Wednesday.
Iron Ore-Spot on track to stretch gains to 9th day
SINGAPORE, June 20 (Reuters) - Spot iron ore prices mostly edged higher on Wednesday, putting the benchmark rate on course for a ninth consecutive day of gains - its longest rally in seven months - as traders took cargoes betting Chinese buyers would follow suit.
China's daily crude steel output neared record highs in early June, based on the latest industry estimate, suggesting producers may continue to replenish iron ore stockpiles, although some traders say prices may soon peak.
Brazil steel demand growth slowing -Gerdau
Brazilian steel makers face slower demand growth than expected as they struggle with higher costs and growing imports, Gerdau SA Chief Executive Andre Gerdau Johannpeter said on Tuesday, as he called on the government to step in to help the industry.
Peru mining chamber sees lower 2012 output
Peruvian mineral production will likely edge down for the fourth straight year in 2012 as reserves are depleted, demand slows abroad and social conflicts threaten to delay fresh projects, analysts say.
Argentine currency rules hit mine exports-industry
Mining companies in Argentina have sharply reduced exports because they are unable to meet a new government rule forcing them to cash in the proceeds within 30 days, the head of an industry group said on Tuesday.
London copper slipped on worries over Spain's debt problems and as some investors cashed in on gains made the previous day, but talk of further stimulus by the U.S. Federal Reserve that could lift demand for industrial metals lent support.
Gold rose, driven by hopes the U.S. Federal Reserve may do more to stimulate the world's top economy, a move which would boost bullion's appeal as a hedge against inflation.
METALS-London copper slips on Spain worries; Fed hopes limit fall
SHANGHAI, June 20 (Reuters) - London copper slipped on worries over Spain's debt problems and as some investors cashed in on gains made the previous day, but talk of further stimulus by the U.S. Federal Reserve that could lift demand for industrial metals lent support.
The U.S. Federal Reserve concludes a two-day policy meeting later, with expectations high that the central bank will extend its bond-buying programme dubbed "Operation Twist" to shore up the economy.
PRECIOUS-Cash gold rises on Fed stimulus hopes
SINGAPORE, June 20 (Reuters) - Gold rose on growing hopes the U.S. Federal Reserve may do more to stimulate the world's top economy, a move which would boost bullion's appeal as a hedge against inflation.
A trail of disappointing data indicating sluggish U.S. economic growth has raised speculation the Fed's bond-buying scheme dubbed "Operation Twist" may last beyond its June deadline - a less extreme step than outright purchases of new securities, widely known as quantitative easing.
Baltic index up, capesize rates turn higher
June 19 (Reuters) - The Baltic Exchange's main sea freight index tracking rates for ships carrying dry commodities rose on Tuesday as higher activity propped up freight rates in the overall dry bulk segment.
The overall index that reflects the daily freight market prices for capesize, panamax, supramax and handysize dry bulk transport vessels rose 16 points, or 1.71 percent, to 954 points, its highest since the end of May.
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