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TOP STORIES
> Colombian FARC guerrillas 'cracking' - deserter [nN19192465]
> Nazi 'Dr Death' Heim may be in Chile's Patagonia [nN19562294]
> Venezuela says US violated its Caribbean airspace [nN19556672]
> Top U.S. diplomat ferried cash to dissident: Cuba [nN19553834]
> Brazil director explores Amazon faith at Cannes [nN19527534]
> Brazil's Lula vows to fight inflation [nN19526775]
> Four thought to be Americans killed in Mexico [nN19557590]
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Page editor: Reese Ewing +55 11 5644-7721
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Keywords: *TOP NEWS* Latin America
By Daniel Bases
NEW YORK, May 19 (Reuters) - Investors pushed Argentine sovereign debt higher on Monday in case a deal is made between striking farmers and the government while rising oil prices propelled Venezuelan bonds higher.
Record high oil prices viewed through the prism of energy company profits pushed stock prices higher and helped lift emerging market equity indexes to their best levels this year and in the case of Latin America another record high.
Trading volumes however were low on Tuesday, leaving price movements exaggerated, traders said. Turkey, one of the more heavily traded credits, had a market holiday that contributed to the dearth of volume.
Yield spreads on the benchmark JPMorgan Emerging Markets Bond Index Plus <11EMJ><.JPMEMBIPLUS> were unchanged at 256 basis points over slightly stronger U.S. Treasuries.
Argentine spreads narrowed by 13 basis points to 539 basis points on the JPMorgan index.
Farmers in Argentina, the world's No. 2 corn exporter and No. 3 soy supplier, went on strike for the second time in two months on May 8 over a sliding-scale export tax that farmers say effectively caps prices for their goods. A farm leader said on Monday there was consideration in the ranks to restart talks with the government.
"No one wants to be short in the event there is a resumption of negotiations between the government and the farmers. I think this is just tactical speculative flows... Any sign they are willing to move back to the table to negotiate should be interpreted positively," said Paul Biszko, senior emerging markets analyst at RBC Capital Markets in Toronto.
Argentina's benchmark Discount Bonds rose 1.0 point in price to bid 83.00 on Monday <ARGGLB33=RR>.
Venezuela's yield spread on the EMBI+ index narrowed by 7 basis points to 640 basis points as the surging price of oil - above $127 a barrel -- fills Caracas' coffers with more oil revenues.
Venezuela's benchmark 2027 bond <VENGLB27=RR> rose 0.75 points in price to bid 89.938, yielding 10.471 percent.
"Yield spreads are pretty flat and trading volumes are low. Emerging stocks are following broader market averages higher and oil is giving a boost to Venezuela," said one credit trader in New York.
The rise in oil prices and the follow-through positive impact on energy company profits was one reason cited for a rise in global stock markets.
In emerging markets, where oil is often the big export, the Morgan Stanley Capital International emerging markets stock index <.MSCIEF> climbed 0.75 percent on Monday to its best closing level since mid-December.
MSCI's Latin American stock index closed up 1.26 percent on Monday, lifting the index to its third successive record close <.MILA00000PUS>.
One market that will draw more focus in the coming months is Turkey, which faces major political upheaval if the country's Constitutional Court says the ruling AK Party and its leaders breached the nation's secular constitution by supporting Islamist activities. The AK Party denies the charges and says they are politically motivated.
A government minister, speaking to Reuters said that the Islamist-rooted AK Party now believes the chances for its survival are bleak and has begun planning how to return to power as a new movement.
(For full story, click on [ID:nL18278566])
Turkish assets have been sold off but the selling pressures have subsided for the time being. RBC's Biszko believes that may not last through through the middle of the year.
"The fact is this is still two to three months away at the earliest, so no one is really concerned about it yet. As we near closer to July or August, I think that would be the timing we would be looking at to scale down exposure," Biszko said. ((daniel.bases@reuters.com; +1 646 223 6131; Reuters Messaging: daniel.bases.reuters.com@reuters.net)) Keywords: MARKETS EMERGINGDEBT/
NEW YORK, May 19 (Reuters) - U.S. copper futures ended lower on Monday after a large build in London warehouse stocks and lingering concerns over China's near-term demand outlook slowed the market's bullish momentum from late last week, analysts said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> settled down 5.10 cents at $3.7755 a lb on the COMEX metals division of the New York Mercantile Exchange. Range spanned from $3.7425 to $3.8580 -- considered an inside day as it holds inside of Friday's range of $3.7395-$3.8595.
* By 1 p.m. EDT (1700 GMT), COMEX copper volumes reached 13,280 lots. Final volumes on Friday totaled 17,102 lots.
* Open interest in the market rose 934 lots to 99,009 contracts open as of May 16.
* Copper trapped within relatively broad trading range, with a weak U.S. dollar, South American labor issues, and last week's earthquake in China running up against rising stockpiles in London and questionable demand levels.
* The number of countervailing forces will prevent a major breakout in either direction on most metals - MF Global metals analyst Edward Meir.
* London Metal Exchange (LME) copper stockpiles rose by 1,500 tonnes on Monday to 122,725 tonnes, up 13 percent during the past two weeks. Since the start of the year, LME copper stocks are down 38 percent.
* COMEX copper stocks fell by 102 short tons to 10,658 short tons on Friday.
* The key factor for the market is the lack of Chinese buying interest - David Rinehimer, director of Citi Futures Perspective in New York.
* China's imports of unwrought copper dropped 17 percent in the first four months of the year, but demand could see a pick-up in the coming months as the country rebuilds cities, factories and power networks devastated by last week's powerful earthquake. [ID:nPEK282260]
* Copper prices supported by concerns of supply tightness after subcontract workers at Codelco, Chile's state-owned copper giant, threatened to resume strikes that they had halted last week. [ID:nN16562011]
* Weekly trade data showed the net long position held by noncommercial investors in U.S. copper futures fell to 2-1/2 month lows during the week of May 13.
* Noncommercial investors were net long on 4,188 lots of copper compared with the previous week's tally of 7,194 lots, according to data from the U.S. Commodity Futures Trading Commission. [ID:nN16443865]
* LME three-month copper <MCU3> was last quoted at $8,315/8,320 a tonne, down $124 from Friday's close, when the metal rallied 1.5 percent. (Reporting by Chris Kelly; Editing by John Picinich) ((chris.kelly@thomsonreuters.com; +1 646 897 1898; Reuters Messaging: chris.kelly.reuters.com@reuters.net))
For the latest news and prices, click on the codes in brackets:
LME overview <RING>
LME Warehouse stocks <LME/STX1>
Spot gold/silver <XAU=><XAG=>
COMEX copper futures <0#HG:>
COMEX metals warehouse stocks <CMWST>-<CMWSV>
N.Y. metals hourly volumes <IZQI>
Vols/open interest <MTXM>
RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER/COMEX
NEW YORK, May 19 (Reuters) - U.S. copper futures fell at the open on Monday after a hefty influx of material into London warehouses weighed on sentiment, but the losses were limited as investors continued to calculate the impact of last week's powerful earthquake in China, analysts said.
NOTE: For detailed report, click on [MET/L].
* Copper for July delivery <HGN8> was trading down 5.65 cents at $3.77 a lb by 10:27 a.m. EDT (1427 GMT) on the COMEX metals division of the New York Mercantile Exchange. Morning range spanned $3.7425 to $3.8580.
* Futures volumes estimated at 4,349 lots by 9 a.m.
* Copper trapped within relatively broad trading range, with a weak U.S. dollar, South American labor issues, and the Chinese quake offset by rising stocks and questionable demand levels.
* The number of countervailing forces will prevent a major breakout in either direction on most metals - MF Global metals analyst Edward Meir.
* China has tapped more than 1,100 diesel generators to boost power supply in quake-hit Sichuan province. [ID:nPEK333891]
* London Metal Exchange (LME) copper stockpiles rose by 1,500 tonnes on Monday to 122,725 tonnes, up 13 percent during the past two weeks.
* Since the start of the year, LME copper stocks are down 38 percent.
* COMEX copper stocks fell by 102 short tons to 10,658 short tons on Friday.
* Copper finds support amid concerns of tighter supply after subcontract workers at Codelco, Chile's state-owned copper giant, threatened to resume strikes that they had halted last week. [ID:nN16562011]
* Weekly trade data showed the net long position held by noncommercial investors in U.S. copper futures fell to 2-1/2 month lows during the week of May 13.
* Noncommercial investors were net long on 4,188 lots of copper compared with the previous week's tally of 7,194 lots, according to data from the U.S. Commodity Futures Trading Commission. [ID:nN16443865]
* LME three-month copper <MCU3> last traded at $8,315 a tonne, down $124 from Friday's kerb close. (Reporting by Chris Kelly) ((chris.kelly@thomsonreuters.com; + 1 646 223 6042; Reuters Messaging: chris.kelly.reuters.com@reuters.net))
For the latest news and prices, click on the codes in brackets:
LME overview <RING>
LME Warehouse stocks <LME/STX1>
Spot gold/silver <XAU=><XAG=>
COMEX copper futures <0#HG:>
COMEX metals warehouse stocks <CMWST>-<CMWSV>
N.Y. metals hourly volumes <IZQI>
Vols/open interest <MTXM>
RELATED NEWS AND OTHER TOPICS Precious metals news [GOL] All metals news [MTL] All commodities news [C] Metals diary [MTL/DIARY] Ldn Bullion Mkt Assoc <LBMA01> Foreign exchange rates <FX=S> Keywords: MARKETS COPPER/COMEX
TOP NEWS SUMMARIES ON OTHER SUBJECTS
|Equities [TOP/EQU] | General [TOP/G] | Features [TOP/FEA]|
|Forex [TOP/FRX] | Commodities [TOP/C] | All Top News[TOP/]|
...............................................................
((Xtra clients: double click on
http://topnews.session.rservices.com to see Top News Pages in
multimedia Web format.))
................................................................
For news and data double click on the codes in brackets.
Access to some items may depend on subscription level.
................................................................
TOP STORIES
> Election propels Dominican president to third term [nN17453025]
> Striking Argentine farmers to meet to discuss strike[nN18492324]
> Chavez must explain FARC rebel files -US official [nN18473784]
> Venezuela protests Colombian troop 'incursion' [nN17471433]
> Ecuador leaders says to quit if rebel links proved [nN17464443]
> Mexico police chief quits after drug gang threats [nN18374564]
> Brazil mulls new taxes for health-official [nN18478230]
> Gov't candidate has slight lead in Sao Paulo race [nN18480816]
> Brothers seek path out of poverty in Brazil film [nL17542317]
INTERVIEW
> Biofuels, trade dominate EU-Latin American summit [nN16399087]
> Colombian sugar miller sweet on biofuels [nN16449848]
.................................................................
UP-TO-THE-MINUTE HEADLINES
Economic indicators [ECI-LATAM] Earnings news [RES-LATAM]
Economic news [E-LATAM] Political news [POL-LATAM]
.............................................................
LIVE PRICES & DATA
Brazil's Bovespa stock index <.BVSP> Mexico's IPC index <.MXX>
Argentina's Merval index <.MERV> Foreign exchange <LFX=>
................................................................
HOW TO FIND INFORMATION YOU NEED
| <REUTERS> | <NEWS> | <PHONE/HELP> |
| <EQUITY> | <BONDS> | <MONEY> | <COMMODITY> | <ENERGY> |
................................................................
Page editor: Reese Ewing +55 11 5644-7721
................................................................
Keywords: *TOP NEWS* Latin America
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