Asian shares fell, while Europe looked set for a lower open as fears about global growth rose in the wake of weak manufacturing data from the United States, Europe and China. U.S. stocks posted the worst day in three weeks on Thursday on mounting evidence that slowing manufacturing growth worldwide threatened corporate profits.
The safe-haven U.S. dollar hovered near a one-week high against a basket of major currencies, supported by a long-anticipated ratings downgrade of the world's major banks by Moody's while traders await the outcome of a European leaders' meeting later in the day.
FOREX-Dollar on offensive after growth worries hit riskier assets
TOYKO, June 22 (Reuters) - The dollar held near a one-week high against a basket of major currencies on Friday, supported by a long-anticipated ratings downgrade of the world's major banks by Moody's while traders await the meeting of European leaders later in the day.
Overnight, the dollar staged its biggest rally in more than three months after key surveys of business activity from China to the euro zone and the United States darkened the outlook for the world economy.
U.S. corn rose, recouping some of its losses from the previous session when bearish economic indicators outweighed the impact of weather concerns, as new-crop corn heads for its biggest weekly gain since October 2010.
Grain shipping in upper US Midwest returning to normal
Port and rail operations for grain shipping were beginning to return to normal in the upper U.S. Midwest on Thursday after heavy rains drenched the region this week, shippers said.
Costa Rica sees 6 pct drop in 2012/13 coffee harvest
Costa Rica's 2012-2013 coffee crop will likely be slightly worse than expected, down 6 percent to produce 1.71 million 60-kg bags, the country's coffee institute ICafe reported on Thursday.
Senate overhauls US farm bill, but time running out
The Senate approved sweeping new U.S. farm legislation on Thursday that would cut almost all traditional farm subsidies while expanding a costly crop insurance program, but chances are slim the bill will pass this year.
Argentina gov't cuts soy crop, wheat area outlook
Argentina cut its outlook for 2011/12 soy production to 40.3 million tonnes from 41.5 million tonnes last month, while also lowering its forecast for 2012/13 wheat area, the Agriculture Ministry said on Thursday.
Brent crude hovered below $90, up slightly after previous session's steep losses, but was headed for it biggest weekly loss in about a year as bleak data from top consumers United States and China muddied the outlook for demand.
Chinese smelters halve Xinjiang aluminium capacity expansion plans
Aluminium smelters in China's Xinjiang province, which aims to become a key production hub of the metal, will add only about a third to half of the capacity expansion originally planned for 2012 as low metal prices and costly power cripple the industry, analysts say.
COLUMN-China still bucks global steel trend
--Andy Home is a Reuters columnist. The opinions expressed are his own--
LONDON, June 21 (Reuters) - The global steel sector is becoming increasingly polarised to judge by the latest production figures from the World Steel Association.
May's headline figure showed world output growth grinding to a near halt at just 0.7 percent year-on-year.
COLUMN-Indonesia's bauxite tax disrupts Asia aluminium
--Clyde Russell is a Reuters market analyst. The views expressed are his own.--
LAUNCESTON, Australia, June 22 (Reuters) - Indonesia's imposition of an export tax on 14 minerals is disrupting Asia's aluminium markets, but the news for producers outside China may not be all bad.
The most obvious distortion is the ramping up of Chinese imports of bauxite from Indonesia in the months prior to the tax being imposed.
China's imports of Indonesia metals jump on new rule fears
JAKARTA, June 21 (Reuters) - China's imports of bauxite jumped to a record 6.27 million tonnes in May, up 41 percent from a year earlier, a breakdown of monthly data from China's General Administration of Customs showed on Thursday.
The increase has been largely attributed to a rush by Chinese importers to buy bauxite and nickel ore ahead of curbs on shipments by key supplier Indonesia.
Japan May copper cable shipments up 5.9 pct yr/yr
TOKYO, June 22 (Reuters) - Japanese copper wire and cable shipments rose 5.9 percent from a year earlier to an estimated 52,600 tonnes in May, helped by a strong recovery in demand from car makers after earthquake-related production slump last year.
The May estimate was down from 56,036 tonnes output in April, data from the Japanese Electric Wire and Cable Makers' Association showed on Friday.
London copper slipped to two-week lows and is heading for its seventh weekly loss in eight as a faltering global economy dims the outlook for raw material demand, although volumes were thin with top consumer China shut for a holiday.
Gold gave up early gains and was heading for its biggest weekly loss since December after growing fears of a global economic slowdown hit commodities, prompting investors to seek safety in the U.S. dollar.
METALS-Copper hits 2-wk low, eyes 7th weekly loss in eight
SINGAPORE, June 22 (Reuters) - London copper slipped to two-week lows on Friday and is heading for its seventh weekly loss in eight as a faltering global economy dims the outlook for raw material demand, although volumes were thin with top consumer China shut for a holiday.
Copper has lost more than 13 percent in the current quarter and analysts see room for the industrial metal to fall further amid fresh signs that the economies in Europe, China and the United States may get worse before they get better.
PRECIOUS-Gold heads for biggest weekly loss since December
SINGAPORE, June 22 (Reuters) - Gold gave up early gains on Friday and was heading for its biggest weekly loss since December after growing fears of a global economic slowdown hit commodities, prompting investors to seek safety in the U.S. dollar.
Gold has lost some of its safe-haven appeal after financial market turmoil caused by the prolonged debt crisis in Europe and the U.S. Federal Reserve's decision to take only a modest step to boost the economy prompted investors to cash in bullion to cover losses.
Iron Ore-Spot in longest rally since Nov on China view
SINGAPORE, June 21 (Reuters) - Bids for spot iron ore cargoes rose further on Thursday, setting the benchmark rate on course for a tenth straight day of gains in its longest rally in seven months, on trade expectations high steel output in China will support demand for the raw material.
The rally in iron ore comes as prices of other commodities from oil to copper are falling in the face of weaker demand as the global economy slows.
Baltic index rises, capesize recovery seen short-lived
June 21 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose on Thursday as activity picked up for vessels carrying iron ore and coal.
The overall index, a gauge of the cost of shipping commodities such as iron ore, cement, grain, coal and fertiliser, rose 6 points or 0.62 percent to 978 points.
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