Nov. 19 (Bloomberg) -- The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
(N.Y.)
Cattle on Feed-Feedlots YoY% OCT 2.9% 2.9% 15:00
Cattle on Feed-Marketings YoY% OCT -1.1% 2.0% 15:00
Cattle on Feed-Placements YoY% 0.3% 3.1% 15:00
Metal Prices: ($/ton)
Last % Chg
Aluminum 2,293 -0.6
Copper 8,355 -0.8
Lead 2,291 -1.0
Zinc 2,172 -0.6
Nickel 21,622 -1.0
Tin 25,000 -0.4
Other Markets:
Last %Chg %YTD
Dollar Index 78.63 +0.1 +1.0
Crude Oil $81.56 -0.4 +2.8
Gold $1,354.80 +0.1 +24
MSCI World Index 1,234.78 +0.1 +5.7
TOP STORY:
China Vows Adequate Grain Supply to Combat Inflation
China will ensure adequate grain supplies to manage inflation after consumer prices advanced at the quickest pace in more than two years and over 80 million people are expected to need food support this winter.
EXCLUSIVES:
Wheat’s Jump Makes Buyers Book Cargoes Further Out, Group Says
Wheat buyers are purchasing cargoes further ahead to ensure that they receive supplies of the staple as prices climb, according to U.S. Wheat Associates Inc.
Copper May Rise on Speculation Prices Fell Too Far, Survey Shows
Copper may rise on speculation that prices fell too far as shrinking inventories and stronger orders to draw metal from stockpiles signal steady demand, a survey showed.
Kiwifruit Rescue Package May Not Be Enough, Zespri Chief Says
The New Zealand government’s rescue package for kiwifruit growers may not be enough to save the industry from a bacterial disease, according to the world’s largest marketer of the fruit.
Sugar May Gain on Potential Export Limits in India, Survey Shows
Sugar futures may rise on concerns that India, the second- biggest cane grower, may restrict exports to boost domestic inventories, according to a survey.
Gold May Climb as Irish Debt Concern Spurs Demand, Survey Shows
Gold may rise as concern about Ireland’s debt woes spurs demand for a protection of wealth, a survey found.
INDUSTRIAL METALS:
Copper Poised for Biggest Loss in Two Months on China Tightening
Copper in London fluctuated, heading for the biggest weekly drop in two months, on concern additional tightening measures may damp demand from the biggest consumer.
Japan Copper Cable Shipments Drop First in 10 Months
Copper wire and cable shipments in Japan fell 3.9 percent in October from a year earlier, declining for the first time in 10 months as the export-led economy slowed, a group said.
Japan Says Rare Earth Shipments From China Are Improving
China is making it easier to import rare earth metals to Japan after a period in which shipments were disrupted, the Japanese trade ministry said.
MINING:
Fortescue Approves $8.4 Billion Iron Ore Expansion
Fortescue Metals Group Ltd., Australia’s third-biggest iron-ore producer, approved an $8.4 billion expansion of its operations in Western Australia to almost triple output.
Murchison Signs $100 Million Bridge Finance Facility
Murchison Metals Ltd., developing an iron ore project in Australia with Mitsubishi Corp., said it has agreed to a $100 million bridge finance facility.
PRECIOUS METALS, MINERALS:
Gold Trades at $1,352.10, Erasing Earlier Gain; Silver Declines
Gold for immediate delivery traded little changed at $1,352.10 per ounce at midday in Singapore, erasing an earlier advance of as much as 0.8 percent. Spot silver dropped 0.2 percent to $26.9150 an ounce, also losing earlier gains.
Silver-Coin Sales May Surge 50% as Demand Rises, Canada Says
Canada’s sales of silver coins will jump more than 50 percent this year and will continue to climb in 2011, said David Madge, the director of sales at the Royal Canadian Mint.
Platinum May Rise By Year End on Power ‘Problems,’ Natixis Says
Platinum may rebound by the end of the year because of power “problems” in South Africa, the largest supplier of the metal, Natixis Commodity Markets Ltd. said.
AGRICULTURE:
China Should Open Reserves to Calm Food Prices, Group Says
China, India and countries with large grain reserves should release supplies to calm surging commodity markets that are raising the global hunger risk, the head of the International Food Policy Research Institute said.
Brazil Reports First Possible Case of Mad Cow in Human Being
Brazil, the world’s largest beef exporter, reported its first suspected case of Creutzfeldt-Jakob disease, which is known to be linked to a cattle illness known as mad cow.
SOFT COMMODITIES:
Rubber Gains for Second Day on Tight Supply, U.S. Economic Data
Rubber, set for a weekly gain, climbed a second day as U.S. jobless claims and manufacturing data boosted optimism that the economic recovery is gathering pace, amid tight supply from major producers in Southeast Asia.
Cotton Futures Decline 4.3% to $1.2371 Per Pound in New York
Cotton futures slumped 4.3 percent to $1.2371 a pound on ICE Futures U.S. in New York at 11:35 a.m. Singapore time, after jumping by the daily limit yesterday.
Thai Rubber Cash Price Climbs to Record 132.25 Baht/Kilogram
The natural-rubber cash price in Thailand, the largest producer, rose to a record 132.25 baht ($4.42) per kilogram as heavy rain and floods in the south damaged trees, tightening supply, according to the Rubber Research Institute of Thailand.
ECONOMICS:
Bernanke Takes Stimulus Defense Abroad, Turns Tables on China
Federal Reserve Chairman Ben S. Bernanke took his defense of the U.S. central bank’s monetary stimulus abroad, saying it will aid the world economy, and implicitly criticized China for keeping its currency weak.
China Rate Rise Looms as Price Controls May Be ‘Insufficient’
China’s plans to attack inflation with subsidies, sales of food reserves and the threat of price controls are likely to prove insufficient, and the central bank will have to raise interest rates further, economists said.
OTHER MARKETS:
Oil Trades Below $82 on Speculation Ireland Bailout Not Enough
Oil traded below $82 a barrel, retracing earlier gains, on concerns that a European Union-led bailout of Ireland may not be enough to stabilize sovereign debt concerns in the region.
Euro Is Set for Weekly Gain Before Data on Prices, Consumers
The euro headed for a weekly gain against the yen before reports that economists said will show German prices and consumer confidence rose.
(Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=aPyG9D8LP4ZY)
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