Asian shares rose while European stock index futures looked set for a higher open, although gains and volumes could be limited ahead of a summit of European Union leaders that looks unlikely to produce any significant measures to tackle the region's debt crisis. U.S. stocks rose on Wednesday as stronger-than-expected economic data helped lift energy stocks, overshadowing concerns a European Union summit will not yield tangible progress in easing the debt crisis.
The euro bounced off a three-week low against the U.S. dollar on short-covering ahead of a European Union summit starting later in the day and also helped by expectations of more monetary support from the European Central Bank.
FOREX-Euro bounces back ahead of EU summit, ECB hopes help
TOKYO, June 28 (Reuters) - The euro bounced off a three-week low against the U.S. dollar on Thursday on short-covering ahead of a European Union summit starting later in the day and also helped by expectations of more monetary support from the European Central Bank.
While many market players expected European leaders to struggle to agree on bold steps to solve the region's debt crisis at their summit, some market players were playing it safe by squaring their positions just in case there would be a surprise breakthrough.
Chicago new-crop corn rose for a fifth consecutive session to around a nine-month top, while soybeans edged higher as hot and dry weather curbed yields in the U.S. Midwest, threatening to squeeze global supplies.
Rain curses early stages of Brazil coffee harvest
Unseasonably wet weather has spoiled much of the first arabica coffee being harvested in Brazil and put the futures market on edge, but dryness now returning to the coffee belt has averted damage to the bulk of the crop, which has yet to be picked.
Scorching heat forecast for struggling US corn, soy
A heat wave, with highs that could top 100 degrees Fahrenheit, is forecast for the southern U.S. Midwest this week and next week, which should put more stress on corn and soybean crops, agricultural meteorologists predicted Wednesday.
Valero idles Linden, Indiana, ethanol plant on corn prices
Valero Energy Corp idled its second ethanol plant in Linden, Indiana on Tuesday, as tight corn supplies continue to drive up prices, a company spokesman said on Wednesday.
Uganda sugar producer says to double output by 2015
Uganda's third largest sugar producer, Sugar Corporation of Uganda Ltd. (SCOUL), aims to double its output by 2015 after securing a $23 million loan from a French financing firm, it said on Wednesday.
Brent crude stayed above $93 per barrel after rallying on an output cut by Norway and positive economic data from the United States, while investors eyed a summit of EU leaders that is unlikely to produce concrete measures to contain the bloc's protracted debt crisis.
US crude stocks fall slightly; fuel stocks mixed
U.S. crude oil stocks fell slightly last week on a dip in crude imports and increased refining rates, while fuel stockpiles were mixed as gasoline inventories rose and distillates fell, government data showed on Wednesday.
Venezuela wants OPEC price band restored
Venezuela wants OPEC to set an oil price band of $80 to $120 a barrel to stem crude's recent tumble, seeking to revive a policy the cartel scrapped seven years ago.
France mulling one-off tax on oil sector
France is considering a one-off tax on the oil sector before the end of 2012 that would raise around 500 million euros ($623.55 million), helping depleted French coffers but hurting its struggling refining industry.
Japan's May imports of Indonesia nickel ore jump
Japanese imports of nickel ore from Indonesia jumped 80 percent from a year earlier in May, government data showed on Thursday, as importers rushed to buy ahead of curbs on shipments by key suppliers in the Southeast Asian nation.
Iron price system unlikely to change soon-Vale
SAO PAULO, June 27 (Reuters) - Changes in the pricing system for iron ore are unlikely so long as the market remains volatile, a senior executive at the world's top producer of the mineral said, signaling that miners will resist pressure from steelmakers to settle supply contracts for longer periods.
"So long as this price volatility persists, it is really hard to implement pricing systems for longer periods of time," said José Carlos Martins, head of ferrous minerals at Brazil's Vale . Such volatility is caused by Chinese clients' efforts to bargain-hunt for the mineral "all the time."
EU, US, Japan seek WTO steps on China rare earths
BRUSSELS, June 27 (Reuters) - The European Union, the United States and Japan on Wednesday requested a dispute settlement panel at the World Trade Organization (WTO) after failing to resolve a battle over China's export restrictions on rare earth minerals.
The move followed a complaint the three trade powers took to the WTO in March, the first they have launched jointly, and comes amid a series of clashes with China over economic issues, including the value of the Chinese currency.
Australia says iron ore exports to maintain rapid growth
Australia, the world's biggest producer of iron ore, on Wednesday stuck to a forecast for a 10 percent rise in exports in the next fiscal year, as mining companies spend billions of dollars beefing up operations to meet demand from China.
London copper rose for a fourth consecutive session, with investors cheered by encouraging U.S. economic data, but an EU summit later on Thursday could limit gains, as markets fret over the bloc's divisions on how to fight and subdue its debt crisis.
Gold edged up after the euro showed some resilience ahead of a European Union summit that is unlikely to deliver new measures to tackle the region's debt crisis and may prompt investors to turn to the safety of the U.S. dollar.
METALS-Copper gains on U.S. data, EU summit eyed
SHANGHAI, June 28 (Reuters) - London copper rose for a fourth consecutive session, with investors cheered by encouraging U.S. economic data, but an EU summit later on Thursday could limit gains, as markets fret over the bloc's divisions on how to fight and subdue its debt crisis.
Three-month copper on the London Metal Exchange was up 0.3 percent at $7,427 per tonne by 0536 GMT, in its fourth straight daily rise, after a gain of 0.6 percent in the previous session.
PRECIOUS-Gold inches up ahead of European Union summit
SINGAPORE, June 28 (Reuters) - Gold edged up on Thursday after the euro showed some resilience ahead of a European Union summit that is unlikely to deliver new measures to tackle the region's debt crisis and may prompt investors to turn to the safety of 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 forced investors to cash in bullion to cover losses.
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