FOREX: The euro slipped as short-term technical charts flashed a bearish signal, but its losses were limited by hopes the European Central Bank will soon launch fresh action to tackle the euro zone's debt crisis.
FOREX-Euro falters but drop contained on ECB hopes
SINGAPORE, July 30 (Reuters) - The euro slipped on Monday as short-term technical charts flashed a bearish signal, but its losses were limited by hopes the European Central Bank will soon launch fresh action to tackle the euro zone's debt crisis.
"That was a short-term bearish signal on the charts," he said, adding that the single currency had failed to form a key reversal pattern on weekly charts.
ECB's Super Mario takes the stage
Mario Draghi may not need to show his money this week, but impatient markets will be unforgiving if the European Central Bank chief does not flesh out his dramatic promise to do whatever is needed to save the euro.
Cautious consumers, foreign trade curb U.S. Q2 growth
U.S. economic growth slowed in the second quarter as consumers spent at their slowest pace in a year, increasing pressure on the Federal Reserve to do more to bolster the recovery.
Australian wheat growers tap some, not all, of price spike
Australian wheat growers look set to miss out on the full benefits of a spike in prices on the back of the worst drought to hit the U.S. Midwest in more than 50 years after reducing plantings and selling stocks earlier in the year.
GRAINS: Chicago soybeans jumped 2 percent to a one-week top, while new-crop corn rose to a contract high as the worst drought in five decades continued to threaten crop yields across the U.S. grain belt with little relief expected this week.
OIL: Brent crude rose toward $107 per barrel, stretching gains into a fifth consecutive day on hopes the United States and Europe will this week announce new measures to shore up their fragile economies, boosting the outlook for oil demand.
India coal buyers see defaults as prices slip -traders
LONDON/NEW DELHI, July 27 (Reuters) - Indian coal markets are seeing scattered defaults among end-user and trade buyers in part because of a 20 percent slide in prices this year, although the vast majority are honouring their contracts, Indian trader said.
International coal prices have slumped to about $85 a tonne for South African cargoes from comfortably over $100 in December because of oversupply and tepid Asian demand .
Euro Coal-Prices rise 50c-$1/T but discounts deepen
LONDON, July 27 (Reuters) - Physical prompt European coal prices rose by around 50 cents to $1.00 a tonne on Friday, bolstered by strong swaps values, but weak fundamentals could reassert themselves soon and pull prices down, traders and utilities said.
Coal swaps rose by $1.00 on Friday in line with stronger oil and the euro.
Coal import defaults worsen in China as economy weakens
SHANGHAI/JAKARTA, July 27 (Reuters) - Chinese traders have so far this month scrapped import deals for at least two million tonnes of coal due to plentiful supply, industry sources say, another sign of how a slowdown in world's second largest economy is curbing its need for resources.
China's economy expanded at its slowest pace in more than three years in the second quarter of 2012, confirming a downtrend that leaves full-year growth on course for its softest showing since 1999.
Iron Ore-Traders eye pause in declining spot prices
SHANGHAI, July 30 (Reuters) - Chinese traders expect iron ore prices to pause from a recent decline and stabilise after hitting a 2-1/2 year low last week, as the country's steelmakers take advantage of low prices to restock the key steelmaking ingredient.
Still, industry participants said any bargain buying would be limited, and prices were unlikely to stage a significant rebound amid uncertainties about the health of the global economy.
China iron ore prices slump to 2 1/2-yr low
BEIJING, July 27 (Reuters) - Benchmark international iron ore prices hit their lowest level in more than two and a half years on Friday as China's slowing economy reduced global demand growth.
The fall in the price of iron ore cargoes to the world's biggest steelmaking country will trigger alarm bells among global iron ore giants such as Vale , BHP Billiton and Rio Tinto , all targeting growth in Chinese demand with rapid capacity expansion plans.
Russia's Norilsk Q2 nickel output down 8 pct q/q
MOSCOW, July 30 (Reuters) - Russia's Norilsk Nickel , the world's largest nickel and palladium producer, said on Monday its nickel output declined to 69,639 tonnes in the second quarter of 2012 from 75,824 tonnes in the preceding quarter.
The company also said in a statement that its second-quarter platinum output rose to 186,000 troy ounces from 166,000 in the first three months of 2012, while palladium output rose to 729,000 troy ounces from 649,000.
Japan's nickel ore imports from Indonesia grew 4 times in June
TOKYO, July 30 (Reuters) - Japan's imports of nickel ore from Indonesia grew more than four times from a year earlier to 136,600 tonnes in June, the Ministry of Finance's monthly customs data showed on Monday.
Cargoes that had been delayed in the wake of the implementation of a new tax in Indonesia arrived in May and June, an official at Japan's Mining Industry Association told Reuters last week.
Italy steel exports up, imports fall -industry
MILAN, July 27 (Reuters) - Steel exports from Italy, the European Union's second largest producer, jumped 9.8 percent year-on-year to 8.21 million tonnes in the first five months of 2012, the industry group Federacciai said on Friday, in a rare bright spot for Italy's shrinking economy.
Steel imports, about 58 percent of which came from other EU countries in the January-May period, dropped 26.3 percent to 6.21 million tonnes in the first five months of 2012, data published on Federacciai's website showed.
Russia's Evraz sees 2 percent steel output rise in Q3
MOSCOW, July 27 (Reuters) - Russia's largest steelmaker said on Friday that it expects its crude steel production to rise by 2 percent in the third quarter of 2012 compared to the previous quarter.
The company, which saw crude steel production drop 6 percent in the second quarter from the previous three months due to capital repairs at its mills, said the temporary shutdowns of some of its enterprises will continue to affect its operations in the third quarter.
Japan's June zinc exports double yr/yr to 9,356 tonnes
TOKYO, July 30 (Reuters) - Japan's June zinc exports doubled to 9,356 tonnes from a year earlier as smelters resumed work following closures last year after the March 2011 earthquake and tsunami devastated the northeastern region.
Taiwan was the biggest buyer of refined zinc from Japan last month, purchasing 2,328 tonnes, an increase of 59 percent from the same month a year earlier, customs-cleared trade data showed on Monday.
Japan June copper exports to China double in June
TOKYO, July 30 (Reuters) - Japan's June exports of copper cathode to China, the world's biggest consumer of the metal, nearly doubled from the same month a year ago, customs data from the Ministry of Finance showed on Monday.
The strong gains came off a low base a year ago, when a magnitude 9.0 earthquake damaged smelters in the world's third-biggest refined copper producer, prompting them to sharply curtail exports in the three months through June.
BASE METALS: London copper held steady buttressed by hopes that Europe and the United States will this week announce fresh measures to shore up their faltering economies, helping to boost demand for industrial metals.
PRECIOUS METALS: Gold held steady above $1,620 per ounce, as investors wait for the central banks on both sides of the Atlantic to give clearer cues on the potential for further monetary stimulus.
METALS-Copper firms, underpinned by stimulus hopes
SINGAPORE, July 30 (Reuters) - Copper edged up on Monday as its demand outlook improved on hopes Europe and the United States will announce fresh measures to shore up their faltering economies, while investors also eyed factory data from top metals consumer China for trading cues.
"There are still some feel good factors running through the market," said senior commodities strategist Nick Trevethan of ANZ in Singapore.
PRECIOUS-Gold hovers around $1,620/oz, c.bank meetings eyed
SINGAPORE, July 30 (Reuters) - Gold held steady above $1,620 per ounce on Monday, as investors wait for the central banks on both sides of the Atlantic to give clearer cues on the potential for further monetary stimulus.
"I don't see the Fed drastically changing its rhetoric on QE3 at this week's meeting," said Li Ning, an analyst at Shanghai CIFCO Futures. "Technically, gold is poised for some correction after last week's rally, as there is still quite a bit of pressure at the $1,640 level.
Baltic index slides on slow freight business
July 27 (Reuters) - The Baltic Exchange's main sea freight index, which tracks rates to ship dry commodities, fell on Friday as the market continued to struggle with slower cargo trade and mounting fleet growth.
The overall index fell 2.61 percent or 25 points to 933 points. The index fell for the fourteenth straight day and has declined over 10 percent this week.
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