GLOBAL MARKETS-Asian shares edge up before German ruling, Fed meeting
TOKYO, Sept 12 (Reuters) - Asian shares edged higher as investors remained cautiously optimistic a German court would approve the legality of the euro zone's bailout fund later in the day and the U.S. Federal Reserve may deliver further stimulus measures this week.
"Regarding the two major events this week, we believe that the ESM and the Fiscal Pact should pass the German constitutional test, but the court may require clarification on technical modalities for its operation," Barclays Capital analysts said in a research note.
GLOBAL MARKETS: Asian shares rose to three-week highs on optimism that a German court will approve the legality of the euro zone's bailout fund later and the U.S. Federal Reserve may ease this week. European stock index futures signalled a mixed open as investors await a German Constitutional Court ruling on the euro zone's new bailout fund before committing more money to equities and extending the market's three-month rally.The Dow industrials closed at the highest level in nearly five years on Tuesday in a lightly traded session before key decisions in Germany and the United States that could give markets a further boost. (Reuters)
FOREX: The dollar hit a four-month low against a basket of currencies, hurt by expectations of more U.S. monetary easing and a warning from Moody's the previous day that it could cut the credit rating of the United States.(Reuters)
FOREX-Dollar near 4-mth lows after Moody's U.S. warning
TOKYO, Sept 12 (Reuters) - The U.S. dollar hovered near four-month lows against a basket of major currencies on Wednesday after Moody's warned it could cut the credit rating of the United States and on expectations of more stimulus measures from the U.S. Federal Reserve.
"Although everyone has been aware of the potential risks in the U.S. fiscal situation, a warning at this time was a bit of surprise and triggered fresh selling," said Teppei Ino, currency analyst at the Bank of Tokyo-Mitsubishi UFJ.
German court seen okaying EU bailout fund, strings attached (Reuters)
Germany's Constitutional Court is expected to give its approval on Wednesday to the euro zone's new bailout fund while insisting on guarantees to safeguard German parliamentary sovereignty and limit Berlin's financial exposure.
U.S. faces rating cut if 2013 budget talks fail-Moody's(Reuters)
The United States may lose its top credit rating if next year's budget talks do not produce policies that gradually decrease the country's debt, Moody's Investors Service said on Tuesday.
France pushes for strategic food stocks to cool prices(Reuters)
French President Francois Hollande has launched a global campaign to win support for creating strategic stockpiles of agricultural commodities, he said on Tue sday, one of the boldest measures yet to tame volatile food prices.
GRAINS: Chicago soybeans rose after hitting a three-week low, while corn gained following two straight days of losses in positioning ahead of key U.S. reports which will shed light on damage caused by a historic Midwest drought. (Reuters)
U.S. crude stocks up slightly, gasoline falls-API(Reuters)
Rising imports boosted U.S. crude stocks, which rose slightly last week instead of falling as forecast, while gasoline stocks fell by a sharp 4.2 million barrels, data from the American Petroleum Institute showed on Tuesday.
OIL: Brent crude was steady after four days of gains, staying above $115 a barrel as investors remained cautiously optimistic a German court would approve the legality of the euro zone's bailout fund. (Reuters)
Euro Coal-Prices fall $1/T as more cargoes offered
LONDON, Sept 11 (Reuters) - Physical coal prices fell by $1.00 a tonne on Tuesday as more prompt cargoes were offered amid slack demand.
More South African cargoes are being offered into the European market to compete with the Colombian coal which has dominated imports because spot interest from key South African consuming markets such as India remains slow.
Japan end-Aug aluminium stocks up 11 pct m/m -Marubeni
TOKYO, Sept 11 (Reuters) - Aluminium stocks held at three major Japanese ports stood at 261,000 tonnes at the end of August, up 11 percent from 235,100 tonnes a month earlier, trading house Marubeni Corp said on Tuesday.
The stocks at the end of August were up 8.2 percent from 241,200 tonnes in the same month in 2011. Marubeni collects data from the key ports of Yokohama, Nagoya and Osaka.
India's steel imports to rise in 2012/13 as local supplies stall
NEW DELHI, Sept 11 (Reuters) - India's finished steel imports could rise to around 8 million tonnes in 2012/13, a top industry executive said, up about 18 percent, as a lack of domestic supplies means India bucks a global trend of weak demand for the construction material.
Imports have already soared 53 percent in April to July as local steelmakers, scrambling for raw materials like iron ore due to environmental and legal delays, run below capacity and are unable to meet demand in Asia's third-largest economy.
China's iron ore miners cut output as prices fall
SINGAPORE/SHANGHAI, Sept 11 (Reuters) - A slide in iron ore prices to three-year lows is forcing many high-cost miners in top consumer China to curb output, industry sources say, in a move that could reduce the surplus in a market weighed down by near record Chinese stocks.
China produces about 1 billion tonnes a year of iron ore and buys 60 percent of the steelmaking raw material traded globally. But a slowdown in its economic growth has undermined demand assumptions and hit prices hard: iron ore fell last week to $86.70 a tonne, a level unseen since October 2009.
Baosteel keeps main steel product prices steady in October
BEIJING/SHANGHAI, Sept 11 (Reuters) - Baoshan Iron and Steel , China's largest listed steelmaker, will roll over its September steel prices to October after three straight months of cuts, a move some analysts said was aimed at stabilising a market hit by weak demand.
Baosteel's pricing decisions usually set the tone for the rest of the market, and its cuts last month were matched by most other big steelmakers which have been hit by the slowdown in the world's second largest economy.
Iron ore back above $100, but steady steel may stall rally
SINGAPORE, Sept 12 (Reuters) - Shanghai steel futures steadied as excitement over the $158 billion worth of infrastructure projects approved by China began to lose steam, possibly stalling a rebound in iron ore prices that have surged 15 percent over three sessions.
The projects which involve building highways, ports and airport runways are likely to take years, which means steel demand from China, the world's top consumer, could remain sluggish at least for the rest of this year.
Shanghai rebar drops, iron ore buyers cautious
SINGAPORE, Sept 11 (Reuters) - Shanghai steel futures retreated on Tuesday, after two days of steep gains, amid concern a slew of Chinese infrastructure projects may not be enough to sustain a pickup in demand in a sector still saddled by excess production.
The drop in Chinese steel prices could limit the recovery in iron ore which climbed nearly 7 percent on Monday, on expectations that Beijing's approval of more than $150 billion in infrastructure projects would revive steel demand.
BNP Paribas cuts 2012 base metals demand growth outlook(Reuters)
Global banker BNP Paribas lowered its world base metals demand growth forecast to 3 to 4 percent from 4 to 5 percent in 2012, and expects growth to accelerate modestly to about 5 percent in 2013.
BASE METALS: London copper snapped three sessions of gains to inch lower as some investors took profit on concerns that the contract had risen too quickly, but hopes of more economic stimulus kept prices hovering near a four-month high. (Reuters)
PRECIOUS METALS: Gold hovered near a six-month high as investors stayed put ahead of a German court ruling on the euro zone's rescue fund and the Federal Reserve's policy meeting, while a weaker dollar lent support. (Reuters)
METALS-LME copper snaps gains; German ruling, U.S. Fed eyed
SHANGHAI, Sept 12 (Reuters) - London copper snapped three sessions of gains to inch lower on Wednesday as some investors took profit on concerns that the contract had risen too quickly, but hopes of more economic stimulus kept prices hovering near a four-month high.
"Despite recent optimism over stimulus programmes by major economies, investors are getting a little panicky at these high copper prices. Copper demand by downstream industries in China is still weak after all," said CIFCO Futures analyst Zhou Jie.
PRECIOUS-Gold steady before euro zone fund ruling, Fed meeting
SINGAPORE, Sept 12 (Reuters) - Gold hovered near a six-month high on Wednesday as investors stayed put ahead of a German court ruling on the euro zone's rescue fund and the Federal Reserve's policy meeting, while a weaker dollar lent support.
"The market has fully priced in a positive outcome from the German court," said Nick Trevethan, senior commodity strategist at ANZ in Singapore. "It has also priced in fairly substantial expectations for QE."
Baltic index falls on lower panamax, capesize rates
Sept 11 (Reuters) - The Baltic Exchange's main sea freight index, tracking rates for ships carrying dry commodities, fell on Tuesday due to lower rates across its larger vessel segments.
The main index, which factors in the average daily earnings of capesize, panamax, supramax and handysize dry bulk transport vessels, fell 4 points or 0.6 percent to 662 points.
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