The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
(Local)
France Manufacturing PMI (AUG) 53.4 53.9 9:00
Eurozone Manufacturing PMI (AUG) 56.1 56.7 9:00
Germany Manufacturing PMI (AUG) 60.5 61.2 9:30
Chicago Fed Nat Activity (JUL) -0.10 -0.63 8:30
U.S. Corn Inspections (Weekly) 31.13 11:00
U.S. Corn Condition (Weekly) 69% 16:00
METALS PRICES: ($/ton)
Last % Chg RSI
Copper 7,255 -0.7 54
Aluminum 2,040 -1.3 41
Zinc 2,058 -1.5 54
Lead 2,056 -2.3 51
Nickel 21,550 -1.1 54
Tin 20,650 -2.1 58
OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 83.024 +0.7 +5.9
Crude Oil $73.46 -1.3 +1.3
Gold $1,227.8 -0.4 +31
MSCI World Index 1,093.77 -1.2 +2.9
COMMODITY EXCLUSIVES:
Rice Climbing in Widest Discount to Wheat Since 2008
Rice, this year’s worst-performing grain, is set to rally as consumers and investors seek alternatives to wheat after heat waves, wildfires and floods ruined crops across the Northern Hemisphere.
Aluminum Surplus Seen More Than Expected in 2010, Sumitomo Says
Global aluminum production may outstrip demand this year by more than expected because of expansion led by China, the world’s biggest supplier and consumer, Japan’s third-largest trading house said.
Potash Corp. Said to Get Sinochem, Vale’s Inquiries
Potash Corp. of Saskatchewan Inc. was contacted by China’s Sinochem Group and Brazil’s Vale SA as the company tries to fend off a hostile takeover from BHP Billiton Ltd., said a person with knowledge of the matter.
PRECIOUS METALS:
Gold Gains as Wilting Economic Recovery Fuels Investor Interest
Gold advanced in Asia, rebounding from its biggest decline in more than a week, as concerns that the global economic recovery is faltering helped fuel investor interest in the metal as a store of value.
INDUSTRIAL METALS:
China’s Refined Copper Imports Were 224,723 Tons in July
Refined copper imports by China, the world’s largest consumer, totaled 224,723 metric tons in July, customs office said today.
Copper Advances in Asia on Signs China’s Demand Is Improving
Copper climbed in Asia as some investors who bet on falling prices made purchases to lock in gains following the recent decline, and on optimism China’s demand will offset consumption weakness in the U.S. and Europe.
Japan’s Copper Cable Shipments Increase 2.9% in July (Update1)
Japan’s copper wire and cable shipments climbed 2.9 percent in July from a year earlier, gaining for the seventh straight month, as the country’s export- led economy grew.
Posco CEO Chung Proposes Regional Steel Committee
Posco Chief Executive Officer Chung Joon Yang proposed an industry committee comprising South Korea, Japan and China to tackle issues including raw material price gains, oversupply and emission cuts.
MINING:
BHP, Rio Gain on Optimism Mining Tax May Be Dropped After Poll
BHP Billiton Ltd. and Rio Tinto Group rose in Sydney trading after the ruling Australian Labor party failed to win a majority at the weekend election, raising optimism its proposed mining tax may be scrapped or diluted.
Chile Turns to Retrieving Trapped Miners Found Alive Yesterday
Chile is preparing to start drilling a hole to retrieve 33 miners trapped in an underground mine for more than two weeks after they were found alive yesterday.
Oakajee Ore Port Signs Accords With Three Potential Customers
Oakajee Port & Rail Pty, a venture between Japan’s Mitsubishi Corp. and Australia’s Murchison Metals Ltd., signed initial agreements with three potential customers of its iron ore rail and port project.
BHP Credit Swaps May Invert on Bid to Buy Potash: Chart of Day
Short-dated default insurance on BHP Billiton Ltd. may become more expensive than longer-term protection for the first time amid concern about $45 billion of debt needed to buy Potash Corp. of Saskatchewan Inc.
AGRICULTURE:
Wheat, Corn Advance on Signs of Rising Demand for U.S. Exports
Wheat and corn advanced on signs of increased demand for U.S. shipments, and on speculation that Russia may open talks on buying from overseas after a drought slashed output and prompted the government to ban exports.
Rubber Drops for Second Day as Slower Economy May Curb Demand
Rubber declined for a second day, extending a retreat from a three-month high, on concern that the economic recovery is faltering, capping demand for the commodity used to make tires.
Palm Oil Gains as Worst Weekly Drop in 10 Months Lures Buyers
Palm oil futures climbed after the biggest weekly drop in more than 10 months lured some investors and as rival soybean oil advanced on concerns dry weather will reduce yields in the U.S., the largest grower and exporter.
Cocoa May Rise on Civil ‘Crisis’ in the Ivory Coast, WSJ Says
Cocoa prices may rise because of a civil “crisis” in the Ivory Coast, the world’s largest grower of the beans, the Wall Street Journal reported, citing unidentified industry participants.
Philippines Crop Yields May Drop, Undersecretary Rudinas Says
Philippine crops are vulnerable to La Nina weather and yields may drop, Agriculture Secretary Joel Rudinas said. La Nina, which can bring above-average rainfall in parts of Asia, is expected in the Southeast Asian nation by September and may extend up to February 2011, the agriculture department said.
China July Corn Imports Surge as Supplies Dwindle
China’s corn imports in July surged after traders bought the most overseas grain in more than 10 years to replenish shrinking domestic supplies.
(bloomberg.com)
