 | | THURSDAY, DECEMBER 29, 2011 | To download the full report (PDF document) please click here ENERGY: Brent oil eases towards $107, dollar weighs
SINGAPORE, Dec 29 (Reuters) - Brent crude oil edged lower towards $107 a barrel, as a stronger dollar and rising U.S. crude stocks offset Iranian threats to halt a vital oil trade route.
"A big increase in U.S. crude oil stocks and the falling euro against the dollar are the main pressure points for the market at the moment," said Ken Hasegawa, a derivatives manager with brokerage Newedge in Tokyo.
Vietnam 2011 crude oil output rises 1.1 pct y/y -govt
HANOI, Dec 29 (Reuters) - Vietnam produced an estimated 15.18 million tonnes, or 305,000 barrels per day (bpd), of crude oil this year, a rise of 1.1 percent from 2010, the government said on Thursday.
December's output reached an estimated 1.42 million tonnes, up 4.0 percent from the same month last year, the General Statistics Office said in its monthly report.
Valero says Port Arthur refinery at planned rates
Dec 28 (Reuters) - Valero Energy Corp on Wednesday said its 292,000-barrels-per-day Port Arthur, Texas refinery was at planned rates.
On Saturday, a sulfur recovery unit malfunctioned at the refinery.
Keystone pipeline support down but most in favor-poll
Dec 28 (Reuters) - A majority of voters still support the controversial Canada-to-Texas oil sands pipeline as the Obama administration again weighs whether to approve or scrap the project, according to a poll released on Wednesday.
Rasmussen Reports, a public opinion research company, found that 53 percent of likely U.S. voters at least somewhat favored moving ahead with TransCanada's Keystone XL pipeline, down from 60 percent approval in mid-November, according to the survey.
Cyprus strikes gas at first attempt offshore
NICOSIA, Dec 28 (Reuters) - Cyprus said on Wednesday an offshore prospect where exploratory drilling is under way contains an estimated 5 to 8 trillion cubic feet (tcf) of natural gas, a first for the island which could make it self sufficient in the commodity for decades.
Based on the exploratory drill by U.S. based Noble Energy the prospect, which lies south of the island, contains a gross mean of 7 tcf of gas, Cypriot President Demetris Christofias said in a statement.
Petroecuador sees oil output up 10 pct in 2012
QUITO, Dec 28 (Reuters) - Ecuador's state oil company Petroecuador expects oil production next year will rise 10 percent from 2011 to 60 million barrels, General Manager Marco Calvopina said on Wednesday.
Calvopina told reporters Petroecuador was set to produce 55.3 million barrels this year.
Gas exports from Norway's Ormen Lange resume-Shell
OSLO, Dec 28 (Reuters) - Gas exports from Shell's Ormen Lange field, which can provide 20 percent of Britain's gas demand, resumed after a Christmas Day shutdown at the field's processing plant, with operations expected to ramp up later on Wednesday.
The Norway-based plant shut down at 1940 GMT on Christmas Day after a powerful Atlantic storm, nicknamed Dagmar, knocked out power.
Russia's Evraz restarts Siberia coal mining operations
Dec 28 (Reuters) - Evraz , Russia's largest steelmaker, said on Wednesday that it has restarted operations at its Yuzhkuzbassugol coal mine in the Kuznetsk Basin after suspending works due to a strong earthquake in southeastern Russia.
It also restarted works at its Evrazruda iron mining operations in the region.
AGRICULTURE: Corn, wheat snap 8-day rally; soy falls for 2nd day
SINGAPORE, Dec 29 (Reuters) - Chicago wheat slid 1 percent, while corn lost 0.8 percent as the grain markets snapped eight straight sessions of gains on risk aversion which weighed on equities and buoyed the U.S. dollar.
"Right now it seems like a bit of risk off environment as we are seeing that across the equity markets," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne.
La Nina dryness cuts Argentine corn forecasts
BUENOS AIRES, Dec 28 (Reuters) - Argentina's 2011/12 corn crop will be smaller than initial forecasts due to dry weather linked to La Nina, but production should still reach a record, analysts say.
The lowest estimates, figuring in losses caused by the La Nina climate phenomenon, remain higher than the record 23 million tonnes of corn harvested in the 2010/11 season.
Ivorian cocoa buyers seek end to grinders tax break
ABIDJAN, Dec 28 (Reuters) - Major buyers of Ivorian cocoa have urged the government of the world's top producing nation to cut a 20-year old tax break given to local grinders, arguing the incentive handed grinders an unfair market advantage.
Members of an international and local buyers association, which includes France-based commodities firm Sucden and leading cocoa trader Armajaro, said in a letter to Ivorian authorities the tax benefit distorted the market.
Outlook still dry for south Brazil, Argentina soy
BRASILIA, Dec 28 (Reuters) - Brazil's southernmost soy state Rio Grande do Sul will have little rain in the next fortnight, forecaster Somar said on Wednesday, putting the newly sown crop there at greater peril of losses while Argentina's soy regions also remain dry.
Drought fears in South America have been a key driver behind a rise in Chicago soybean futures, which surged 3 percent to a six-week high on Tuesday. On Wednesday, January soybean futures slid 7-3/4 cents to $11.92 a bushel by 9:33 a.m. CST (1533 GMT), hit by profit-taking.
Brazil's Bahia cocoa main crop now past peak
BRASILIA, Dec 28 - Warehouse deliveries in Brazil's top cocoa-producing state Bahia slowed in the week to Dec. 25 from the previous week, data from Bahia Commercial Association showed, marking the start of the harvest's declining phase.
"Arrivals from Bahia have started to diminish but still maintained a volume that is the highest for the Christmas week of the last 15 years," said Bahia-based cocoa analyst Thomas Hartmann.
Russian 2011 grain crop seen at 93.8 mln T - AgMin
MOSCOW, Dec 28 (Reuters) - Russian 2011 grain crop is preliminarily estimated at 93.8 million tonnes, up from 61 million tonnes in the drought-hit 2010, but down from 97 million in 2009, the Agriculture Ministry said on Wednesday.
This volume will allow Russia to cover all domestic needs and to export 25 million tonnes of grain in the 2011/12 crop year, the ministry said in a statement. BASE METALS: Copper drops as firm dollar weighs; Italy bond sale eyed
KUALA LUMPUR, Dec 29 (Reuters) - London copper fell, dropping for a second straight session as a firm dollar weighed, while investors eyed an important Italian bond auction later in the day for further trading cues.
LME copper has dropped about 23 percent this year, coming after a 30 percent gain in 2010 and a 140 percent jump in 2009.
MMX signs deal to transport iron ore through 2026
SAO PAULO, Dec 28 (Reuters) - Brazilian mining company MMX, controlled by billionaire Eike Batista, signed on Wednesday a contract for railway services with MRS Logistica SA to move iron ore to a port it plans to build on the coast of Rio de Janeiro.
The contract includes an annual volume of up to 36 million tons of iron ore through 2026 that will be taken from Minas Gerais state, MMX said in a securities filing.
STEEL NEWS: EU starts antidumping probe on some Chinese steel
LONDON, Dec 28 (Reuters) - The European Commission has opened an anti-dumping investigation on some Chinese organic coated steel products and imposed definitive antidumping duty on imports of Chinese stainless steel seamless pipes and tubes.
The EU body started the investigation after the European steel producers association, EUROFER, filed a complaint earlier this year alleging China was selling pre-painted sheet and plastic-coated sheet metal at extra low prices, threatening the domestic industry, it was reported in the Official Journal of the European Union last week. PRECIOUS METALS: Gold wallows near 3-month low; Italy bond sale eyed
SINGAPORE, Dec 29 (Reuters) - Gold wallowed near a three-month low, remaining under pressure due to a firm dollar, while investors fretted over an important Italian bond auction later in the day.
"Gold is still up on the year and there are relatively few markets moving in the positive territory," said Nick Trevethan, Senior Commodity Strategist at ANZ. "People close their profitable positions to cash out before the year-end." GLOBAL MARKETS: Asian stocks inch lower, euro extends drop
SINGAPORE, Dec 29 (Reuters) - Asian stocks fell, taking cues from weak U.S. and European shares, as players cut positions heading into the year end with an Italian debt auction later in the day keeping markets nervous.
"Everyone is holding onto their cash and people are not willing to invest in risk assets. With this kind of market sentiment, there's nowhere for the cash to go," said Hajime Nakajima, a sales trader at Cosmo Securities. CHART OF THE DAY: SHANGHAI COPPER - 24 HRS TECHNICAL OUTLOOK BEYOND THE HEADLINES: Vietnam's coffee supply squeeze to perk up global prices
SINGAPORE/HANOI, Dec 28 (Reuters) - Global coffee prices may surge early next year as tighter bank lending in top robusta producer Vietnam chokes off cash to exporters, cutting supply and pushing up premiums even as the harvest rolls in.
London robusta prices could rise by about 10-20 percent, leaving roasters with no choice but to pay up until farmers in Vietnam decide to release stocks and beans from other key coffee growers resurface in the second quarter of 2012.
France offers Petroplus aid as closures loom
LONDON/PARIS, Dec 28 (Reuters) - France's government on Wednesday offered embattled Swiss refiner Petroplus help in its talk with lenders as the firm neared a stoppage of its plants in five European countries due to a lack of crude while an angry trade union called for their nationalisation.
The French government said it will do all it can to help Petroplus negotiate with bankers after the freezing of about $1 billion of the Swiss oil refiner's borrowing allowances sent shares of Europe's top independent refiner down to an all-time low.
West ought to withdraw Iran oil ban plan-official
DUBAI, Dec 28 (Reuters) - Iran's OPEC governor told Reuters on Wednesday the West ought to withdraw plans to impose sanctions on Iran's oil, a move that would hurt the market and prompt Tehran to retaliate by blocking Gulf OPEC crude exports going through the Strait of Hormuz.
Iran warned on Tuesday it would stop the flow of oil through the Strait of Hormuz if sanctions from the West were imposed on its crude exports.
Huge Vale ship unloading iron ore cargo at China port -sources
BEIJING/SHANGHAI, Dec 28 (Reuters) - Vale's giant dry bulk ship, Berge Everest, has begun unloading its iron ore cargo at China's Dalian port, shipping sources said on Wednesday.
The ship is the first of Vale's huge vessels to gain access to Chinese ports, a major breakthrough for the Brazilian miner after months of uncertainty over the fleet's access to the world's top steelmaker. | | |
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