Major U.S. stock indexes bounced back on Tuesday, but trading was light with the outlook clouded by doubts before yet another summit to tackle the European debt crisis.
The euro inched higher after hitting a two-week low the previous day, but gains were halted by scepticism that a European summit would deliver concrete measures to ease the region's debt crisis.
FOREX-Euro edges up, but EU summit again expected to disappoint
TOKYO, June 27 (Reuters) - The euro inched higher on Wednesday after hitting a two-week low the previous day, but gains were halted by scepticism that a European summit would deliver concrete measures to ease the region's debt crisis.
A quick move toward the issuance of common euro-zone bonds was highly unlikely after German Chancellor Angela Merkel was quoted as saying Europe would not share total debt liability "as long as I live."
Chicago corn slipped as the market took a breather after climbing to a 9-month top and adding more than 12 percent in the last two sessions, sparked by a severe drought in the U.S. Midwest.
Rain to push Brazil sugar output to later in year
Widespread rain during the first few months of Brazil's center-south sugarcane crush has slowed sugar and ethanol production and will push more of that output to the second half of the season, cane industry association Unica said on Tuesday.
S.Africa's 2012 maize output f'cast steady at 11.056 mln T
The South African government left unchanged its maize output forecast for 2012 at 11.056 million tonnes on Tuesday, in line with market expectations, saying it expects to have a better picture of the crop next month as harvesting continues.
Russia's Siberia rains ease, yields down in south
Rain is expected in Russia's southern agricultural regions in the coming days, although a dry spell persists in some regions of Siberia, where the harvest will start later, the state weather forecaster and an analyst said on Tuesday.
Thai rubber intervention plan lags, China sales eyed
Thailand has bought only a fraction of the 200,000 tonnes of rubber sheet it planned to purchase under a government intervention scheme and is now looking for sales to China to help prop up prices, the deputy agriculture minister said.
Brent crude fell below $93 per barrel as heightened concerns that European leaders would fail to resolve the region's intractable debt crisis at a key meet this week offset tighter North Sea oil supply.
Euro Coal-Prices rise $1-2, ARA trades at $90/T
LONDON, June 26 (Reuters) - Prompt European physical coal prices rose by $1-2 U.S. dollars a tonne on Tuesday as the market continued to look for clear direction.
"Fundamentally it's looking very slightly stronger but nobody wants to sell at the moment because there are just too many variables which could move prices in the next few months," one European trader said.
Australia sees 2012/13 iron ore exports up 10 pct
Australia, the world's biggest producer of iron ore, on Wednesday forecast a 10 percent rise in exports in the next fiscal year as mining companies spend billions of dollars beefing up operations, and said coal shipments will also soar.
Rio Tinto sees mid-term iron ore price moderation
AMSTERDAM, June 26 (Reuters) - Rio Tinto expects a moderation in iron ore prices going forward as additional supply comes on stream, and sees no going back to annual pricing, a senior company executive said on Tuesday.
"The demand outlook is strong but supply is responding as well," Alan Davies, president of international operations for Rio Tinto told Reuters in an interview on the sidelines of a Metal Bulletin iron ore conference.
Iron Ore-Spot offers drop, weak China steel mkt may extend
SINGAPORE, June 27 (Reuters) - Spot price offers for Australian and Brazilian iron ore cargoes in China dropped as demand thinned amid a sluggish Chinese steel market that is likely to extend through next month as rains slow construction projects.
"All our clients are bearish. They think steel demand in July will be worse because it's been raining in most parts of China, so construction work could slow down," said an iron ore trader in Shanghai.
London copper dropped, snapping two straight days of gains, as investors shied away from riskier assets on growing conviction a European summit this week will fail to resolve the region's intractable debt crisis.
Russia's Jan-May gold production down 3 pct y/y-lobby
Russian gold firms cut gold production by 2.9 percent in the first five months of 2012 comparing to the same period last year, the industry lobby said on Tuesday.
Gold regained strength, although concerns European leaders would fail to come up with concrete measures to solve the region's debt crisis could prompt a flight to the safety of the U.S. dollar and dent bullion.
METALS-LME copper down ahead of EU summit; China demand eyed
SHANGHAI, June 27 (Reuters) - London copper dropped on Wednesday , snapping two straight days of gains, as investors shied away from riskier assets on growing conviction that a European summit this week will fail to resolve the region's intractable debt crisis.
But expectations that top copper buyer China could be lured by low prices and start restocking could help check losses.
PRECIOUS-Gold ticks up in thin trade; deflation worry lingers
SINGAPORE, June 27 (Reuters) - Gold regained strength on Wednesday, although concerns European leaders would fail to come up with concrete measures to solve the region's debt crisis could prompt a flight to the safety of the U.S. dollar and dent bullion.
Inflation fears helped gold stretch its winning run to an 11th year in 2011, but markets are now worried that slowing global economic activity caused by the crisis could force jewellers, investors and speculators to curb spending.
Baltic index up on higher capesize rates
June 26 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates for ships carrying dry commodities, rose slightly on Tuesday as a decline in Panamax rates was offset by strength in other vessels.
"While steel prices have remained sluggish, reports indicate that Chinese traders are betting that high steel output will force steel mills into the spot market to restock," RS Platou analysts said in a note.
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