The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE EVENTS:
Forecast Prior Time
(N.Y.)
Euro zone trade balance SEP 1.0B -1.4B 5:00
U.S. Advanced retail sales OCT 0.7% 0.6% 8:30
U.S. Empire manufacturing NOV 14.0 15.73 8:30
U.S. business inventories SEP 0.8% 0.6% 10:00
Metal Prices: ($/ton)
Last %Chg Aluminum 2,374 -1.3 Copper 8,494 -1.4 Lead 2,420 -4.0 Zinc 2,290 -4.3 Nickel 22,450 -1.0 Tin 25,700 -1.7
Other Markets:
Last %Chg %YTD U.S. Dollar Index 78.244 +0.2 +0.5 Crude Oil $84.75 -0.2 +6.8 Gold 1,364.70 -0.3 +20 MSCI World Index 1,234.83 -0.1 +5.1 *T
TOP STORY:
Farm Economy Heading for Record Driving Surge in U.S. Cropland
The best second-half for commodities in a generation is pushing U.S. farm incomes and agricultural land prices toward record highs.
EXCLUSIVES:
China Needs to Import 20 Million Bales of Cotton, Olam CEO Says
China, the biggest cotton importer, may buy 20 million bales this year to meet rising demand, sustaining price gains, Olam International Ltd. said. The amount would be a record.
Vale Targeting Full Nickel Production at Goro Mine by 2013
Vale SA, the world’s second-largest nickel producer, will reach full production at its Goro nickel project in 2013, as it ramps up to capacity after cost overruns and delays.
Thai Sugar Exports May Drop as Local Demand Gains, Prasert Says
Sugar exports from Thailand, the second-largest shipper, may fall 5 percent in 2011 as local buyers are allotted a higher share of output, the Office of the Cane and Sugar Board said.
Codelco Plans to Raise Japan Copper Surcharge by 31% in 2011
Codelco, the world’s biggest copper producer, will increase the surcharge on cathode sales to Japan next year by 31 percent, the second straight annual gain, said three industry officials familiar with the matter.
INDUSTRIAL METALS:
Copper Declines on Concerns China May Tighten Monetary Policy
Copper in London declined amid growing concerns that China, the largest user, may take more measures to cool its economy. Futures in New York and Shanghai swung between gains and losses as some investors expect supply to lag behind demand.
China Lead Demand Growth May Slow to 11% on Lower Auto Sales
China’s lead consumption is expected to grow at 11 percent in 2010, down from 16.5 percent last year, as demand from auto production and telecommunications slows, according to Beijing Antaike Information Development Co.
Nickel Outlook Strong on Demand, Projects Risky, Macquarie Says
The outlook for the nickel market is “strong” on the back of growing stainless steel consumption, currently limited supply and the risk attached to new projects, Macquarie Group Ltd. said.
Rusal Aluminum Sale Price to Rise in 4th Quarter, Deripaska Says
United Co. Rusal , the largest aluminum company, estimates its aluminum price in the fourth quarter will rise on greater demand from Asia, Chief Executive Officer Oleg Deripaska said.
MINING:
China to Speed Up Exports of Rare-Earth Metals, Japan Says
China, the world’s largest producer of rare-earth metals, will speed up exports of the minerals after delays disrupted supply, according to Japan’s Trade Minister Akihiro Ohata.
BHP Resumes Buyback After Scrapping $40 Billion Potash Bid
BHP Billiton Ltd., the world’s largest mining company, resumed a share buyback after abandoning its hostile $40 billion takeover offer for Canada’s Potash Corp. of Saskatchewan Inc. in the face of government opposition.
PRECIOUS METALS:
Spot Gold Falls as Much as 0.4%, Reversing Earlier Gains
Gold for immediate delivery dropped as much as 0.4 percent to $1,363.50 an ounce, reversing earlier gains.
India Gold Imports Rise 65% in October, Financial Express Says
India’s gold imports rose 65 percent in October to 43 metric tons from 26 tons a year earlier driven by festival demand even as prices rose, the Financial Express said, citing data from the Bombay Bullion Association.
AGRICULTURE:
Argentina in Talks Over Corn Exports to China, Ministry Says
Argentina, the world’s second-largest corn exporter, is in talks with China on a so-called sanitary protocol that would allow it to export the grain to the Asian nation, according to the Ministry of Agriculture.
Rubber Declines for Second Day Amid Concern China to Hike Rates
Rubber in Tokyo tumbled for a second day after climbing to a record last week on concern that China, the largest user, may increase borrowing costs to curb inflation, reducing demand for the commodity used to make tires and gloves.
Rice Harvest in Philippines to Trail Demand by 3.2 Million Tons
Rough-rice production in the Philippines, the world’s biggest buyer, will trail demand by 3.2 million metric tons next year, a government official said.
Palm Oil Drops for a Second Day, Tracking Losses in Soybean Oil
Palm oil dropped for a second day, tracking losses in rival soybean oil, on speculation China may increase borrowing costs, likely cooling demand for commodities.
ECONOMIES:
Ireland in Talks With EU Officials as Merkel Pushes for Bailout
Ireland is in talks with European officials about “market conditions” as Germany pushes it to accept a bailout and help reverse a bond sell-off across the euro-region’s periphery.
China to Exceed U.S. by 2020, Standard Chartered Says
China will overtake the U.S. to become the world’s largest economy by 2020, helped by faster expansion and an appreciation of its currency, according to Standard Chartered Plc.
China’s 4 Big Banks to Halt Property Loans, Newspaper Reports
China’s four biggest state banks will not issue any new loans to property developers for the remainder of the year, the state-run China Real Estate Business reported, citing unidentified executives at the banks.
OTHER MARKETS:
Yuan Bets Reined In After ‘Masterful Job’ at G-20: China Credit
Investors are paring bets on yuan gains after China deflected U.S. criticism of its currency policy at a Group of 20 summit, saying money-printing by the Federal Reserve may destabilize the global financial system.
Oil Trades Near $85, Paring Earlier Gains, as Dollar Rebounds
Oil traded near $85 a barrel as a rebound in the dollar tempered earlier gains driven by speculation Asia’s recovery will stoke fuel demand.
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