To download the full report (PDF document) please click here ENERGY: Brent falls near $112 as global growth concerns counter Iran
SINGAPORE, Jan 6 (Reuters) - Brent crude fell toward $112 a barrel as unabated euro zone debt woes and a surprise build in U.S. oil stockpiles tempered gains from fears of supply disruption on mounting tensions between Iran and the West.
"Oil could see-saw as the U.S. and Iran play brinkmanship," said Tony Nunan, a risk manager at Mitsubishi Corp, adding that the global oil demand outlook was murky as the euro zone crisis dragged on.
Fidel Castro says world marching into abyss with shale gas
HAVANA, Jan 5 (Reuters) - Former Cuban leader Fidel Castro said on Thursday the world was on an "inexorable march toward the abyss," which he blamed in part on the discovery and exploitation of vast reserves of so-called "shale gas" around the world.
Shale gas is natural gas locked in rock formations that in the past decade has been found in great abundance around the world and is now considered a top source of future energy.
Japan crude stocks rise despite strong crude runs
TOKYO, Jan 6 (Reuters) - Japan's commercial crude inventories rose 1 percent last week, despite the highest weekly crude runs since March, implying that crude imports were robust in the final week of 2011, industry data showed on Friday.
Crude stocks in the world's third-biggest oil consumer increased by nearly 1 million barrels from the week before to 15.38 million kilolitres (96.7 million barrels) in the week to Dec. 31, the Petroleum Association of Japan (PAJ) said.
Sinopec Group says 2011 crude runs up 2.7 pct y/y
BEIJING, Jan 6 (Reuters) - Crude oil throughput and oil product output by China Petrochemical Corp (Sinopec Group) increased 2.7 percent from a year earlier in 2011, Asia's largest refiner said on Friday. The parent of China Petroleum and Chemical Corp (Sinopec Corp) did not give outright volumes in the report published on one of its websites ( www.sinopecnews.com.cn).
BP, ConocoPhillips, Exxon discuss Alaska gas export plan
ANCHORAGE, Alaska, Jan 5 (Reuters) - The chief executives of BP and ConocoPhillips , two of Alaska's three major oil producers, said on Thursday that the only profitable way to exploit a vast but stranded quantity of Alaska's North Slope natural gas is to export it to Asian Pacific markets.
In a dramatic change from decades-old plans to send North Slope natural gas to domestic U.S. markets by overland pipeline through Canada, the BP and ConocoPhillips CEOs said they will work with Exxon Mobil , the third major North Slope oil producer, to develop an LNG project that would export to Asia.
AGRICULTURE: Corn, soy steady; Argentine rain forecast weighs
SINGAPORE, Jan 6 (Reuters) - U.S. corn and soybean futures were little changed, after last session's heavy losses, as forecasts of rain across parched farms in Argentina continued to weigh on sentiment.
"Rain for Monday and Tuesday looks certain for Argentina, but overall they are still below average," said Adam Davis, a senior commodity analyst at Merricks Capital in Melbourne.
Argentina to revamp wheat export system
BUENOS AIRES, Jan 5 (Reuters) - Argentina will reform its unpopular wheat export system, scrapping incremental quotas to try to improve prices for farmers by boosting competition in the local market, the agriculture minister said on Thursday.
The government intervenes in wheat and corn trade now by granting export permits bit by bit and subsidizing local millers. This is aimed at guaranteeing affordable food supplies in high-inflation Argentina, a major global grains exporter.
Snowless winter a worry for U.S. crops
CHICAGO, Jan 5 (Reuters) - It is early January, a time when farm fields in the U.S. Midwest should be blanketed with white snow.
Instead, the only color is brown. The soil lies uncovered missed by this season's snow storms and deprived of moisture needed to give crops a proper start this spring and during the hot summer growing season.
La Nina - herald of drought - may linger into spring
ORLANDO, Fla., Jan 5 (Reuters) - La Nina, the weather phenomenon blamed for searing drought in the southern United States and South America, may last longer than expected into the Northern Hemisphere spring and could spark another crop-killing dry spell, the U.S. Climate Prediction Center warned on Thursday.
The CPC's monthly update said the latest sea-temperature data suggests La Nina "will be of weak-to-moderate strength this winter, and will continue thereafter as a weak event until it likely dissipates sometime between March and May".
Cargill to shutter Des Moines, Iowa soy plant
CHICAGO, Jan 5 (Reuters) - Cargill Inc on Thursday said it will shutter its soybean processing plant in Des Moines, Iowa, and invest $20 million to improve its crushing plant in Cedar Rapids.
The company will close the Des Moines plant on Feb. 4, with 22 jobs to be eliminated, said Cargill spokesman Mark Klein.
Argentine corn, soy to get ample rains-exchange
BUENOS AIRES, Jan 5 (Reuters) - The Buenos Aires Grains exchange kept its estimate for Argentina's 2011/12 commercial corn area unchanged on Thursday, predicting that rains over the two weeks ahead will revive parched fields.
Farmers in grains exporting powerhouse Argentina have been worried about recent dry weather and a feared repetition of the devastating drought of 2009, which scorched grains fields and wiped out entire herds of cattle.
Drought dents hope for bumper Brazil soy, corn crop
SAO PAULO, Jan 5 (Reuters) - Two important Brazilian corn and soy producers Parana and Rio Grande do Sul made sharp cuts to crop forecasts on Thursday after weeks of harsh, dry weather dented prospects for a soy crop that as recently as this week some still expected to be a record.
Brazil's biggest soy state Mato Grosso which grows nearly a third of the crop has been spared weather havoc this year but traders are closely watching losses in other states and in Argentina. Markets grow more tense with each dry day.
BASE METALS: London copper rises as U.S. data improves outlook
KUALA LUMPUR, Jan 6 (Reuters) - London copper rose, erasing declines from earlier this week, after jobs data pointed to a recovery in the U.S. economy which offset concerns that the euro zone crisis is dragging demand growth lower.
The most-traded March copper contract on the Shanghai Futures Exchange inched up 0.34 percent to 56,250 yuan ($8,900) a tonne. First Quantum, ENRC settle Congo mine dispute
LONDON, Jan 5 (Reuters) - Kazakh miner ENRC said it has agreed to a $1.25 billion settlement with Canada's First Quantum Minerals to end a long-running dispute over ownership of the Kolwezi project in the Democratic Republic of Congo.
ENRC said on Thursday it will pay $750 million plus a deferred consideration of $500 million as part of the settlement with First Quantum, the former owner of Kolwezi until its licence was revoked by the DR Congo government in 2009.
Output still curbed at Rio UK aluminium smelter
LONDON, Jan 5 (Reuters) - Rio Tinto Alcan's Lynemouth aluminium smelter in northeastern England is still running at a reduced rate following a power cut in December which knocked out more than half its capacity, a spokesman said on Thursday.
"One production line (potline) is completely down and 25 percent of the other is also down. No decisions have been taken yet on pot restarts" John McCabe, corporate affairs director, Alcan Aluminium UK Limited said in an e-mailed response to questions.
Rio declares force majeure on Canadian aluminum
TORONTO, Jan 4 (Reuters) - Rio Tinto Alcan said on Wednesday that it had declared force majeure on aluminum output from two of its smelters in Canada due to separate operational and labor issues that have curtailed production at the sites.
The company, a unit of Anglo-Australian mining giant Rio Tinto , started slashing production at its Alma smelter in Quebec on Jan. 1, when it locked out more than 750 unionized workers after contract talks broke down.
Zambia union calls off First Quantum mine strike
LUSAKA, Jan 5 (Reuters) - Workers at First Quantum Minerals' flagship Zambian copper mine have resumed work after a two-day strike, the mine workers' union and company said on Thursday.
Workers at the Kansanshi mine, Zambia's largest copper mine which produced 231,000 tonnes of the red metal in 2010, downed tools on Tuesday demanding 100 percent pay rises.
PRECIOUS METALS: Gold steady on Europe woes, dollar weighs
SINGAPORE, Jan 6 (Reuters) - Gold hovered around $1,620 an ounce as investors remained nervous over the euro zone debt crisis and sought safety in bullion, while a firm dollar weighed on sentiment.
"Liquidity is back in the market," said a Shanghai-based trader. "With the Europe outlook still grim, investors would prefer to put their dollar in some safety assets, such as gold." GLOBAL MARKETS: Europe woes weigh on shares, euro; U.S. job data eyed
TOKYO, Jan 6 (Reuters) - Asian shares fell and the euro hovered near a 16-month low against the dollar on worries that the euro zone debt crisis is crippling European banks, with players hoping U.S. job data later in the day will help improve sentiment.
"Euro area stresses remain elevated," said Standard Chartered in a research note. "Poor economic data, sovereign downgrades and weak demand for government bond issues remain key threats to the region."
CHART OF THE DAY: SHANGHAI COPPER - 24 HRS TECHNICAL OUTLOOK 
BEYOND THE HEADLINES: Screws tighten on Iran as big buyers shun its oil
TEHRAN, Jan 6 (Reuters) - Iran faced the prospect of cutbacks in its oil sales to China and Japan as new measures to block Tehran's crude exports over its nuclear programme appeared to be driving its economy to the wall.
The developments in Asia on Thursday followed news 24 hours earlier that EU leaders had agreed to halt European purchases of Iranian crude.
China pork prices to hog global indicator limelight
BEIJING, Jan 6 (Reuters) - The price of pork in China could soon rival U.S. payrolls as the world's most watched economic indicator.
International investors are increasingly focused on domestic demand in the world's second-largest economy as their key measure of global economic health.
Norsk Hydro may reduce aluminium output
OSLO, Jan 5 (Reuters) - Norwegian aluminium producer Norsk Hydro sees economic uncertainty denting demand and is prepared to lower production if prices for the metal stagnate, its chief executive said on Thursday.
"It is too early to say how 2012 will turn out, but we see now that the uncertainty is influencing our end user markets," Chief Executive Svein Richard Brandtzaeg told Reuters on the sidelines of a conference on Thursday.
Norsk Hydro CEO says uncertainty hitting demand
OSLO, Jan 5 (Reuters) - Norwegian aluminium producer Norsk Hydro sees economic uncertainty denting demand and stands prepared cut production if aluminium prices stay at current levels, its chief executive said on Thursday.
"It is too early to say how 2012 will turn out, but we see now that the uncertainty is influencing our end-user markets," Chief Executive Svein Richard Brandtzaeg told Reuters on the sidelines of a conference.
Clock ticking for rains to save Argentine soy crop
BUENOS AIRES, Jan 5 (Reuters) - Unrelenting sun in Argentina has scorched as much as a fifth of its corn crop and the drought will start biting into the country's vast soy harvest unless rains come to the rescue this month or next.
Benchmark Chicago corn and soybean prices have both rallied more than 10 percent in the past three weeks as a hot, dry southern hemisphere summer has roasted grain fields across Argentina's legendary Pampas farm and cattle region.
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