ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
(N.Y.)
Housing Starts NOV 550K 519K 08:30
Building Permits NOV 560K 550K 08:30
Current Account Balance 3Q -$126.0B -$123.3B 08:30
Initial Jobless Claims DEC 11 425K 421K 08:30
Philadelphia Fed DEC 15.0 22.5 10:00
USDA Export Sales DEC 9 08:30
Metal Prices: ($/ton)
Last %Chg RSI
Copper 9,015.75 -0.9 65
Aluminum 2,311 -0.4 49
Zinc 2,247 -0.5 49
Lead 2,396 -1.2 55
Nickel 24,310 -1.0 63
Tin 25,820 -0.0 55
Other Markets:
Last %Chg %YTD
U.S. Dollar Index 80.252 +0.0 +3.1
Crude Oil $88.36 -0.3 +11
Gold $1,380.85 -0.0 +26
MSCI World Index 1,256.77 -0.2 +7.6
TOP STORY: Rubber to Extend Record Rally as Supply Dwindles: Chart of Day
Natural-rubber prices may extend their rally, climbing 22 percent to a record, as plantations in Thailand and Indonesia enter the low-production season, Newedge Japan Inc. forecast.
COMMODITY EXCLUSIVES: China Corn Imports May Rise to Record, U.S. Group Say
China may boost corn imports to a record next year as the U.S., the world’s biggest grain exporter, may face increased competition from rival Argentina, the U.S. Grains Council said.
Aluminum May Gain 29% on Copper-Substitute Demand, Niimura Says
Aluminum may advance as much as 29 percent to $3,000 a ton as record copper prices spur end-users to use the light metal as an alternative, researcher Market Risk Advisory said.
INDUSTRIAL METALS: Copper Declines for a Third Day as Global Inventories Expand
Copper declined for a third day as stockpiles expanded and renewed concern that Europe’s debt crisis may hamper the global economic recovery hurt the outlook for demand.
China to Raise Temporary Export Tax on Neodymium to 25 Percent
China plans to impose a temporary export tax of 25 percent on neodymium and lanthanum next year, according to a statement from the Ministry of Finance.
MINING: Rio Tinto Raises $499 Million Selling Shares in Cloud Peak
Rio Tinto Group, the world’s third-largest mining company, raised $499 million selling shares in its former U.S. coal unit, Cloud Peak Energy Inc.
Macarthur Coal Cuts Profit Forecast After Rain
Macarthur Coal Ltd., the world’s largest producer of pulverized coal used in steelmaking, cut its first-half profit forecast after wet weather disrupted production.
PRECIOUS METALS: Gold May Decline as U.S. Data, European Debt Concern Aid Dollar
Gold, trading little changed, may decline as further signs of an economic recovery in the U.S. and mounting concern about European sovereign debt boost the dollar, hurting demand for the metal as an alternative asset.
AGRICULTURE: India to Review Sugar-Export Plans as Output Rebounds
India, the world’s second-biggest sugar producer, plans to review its export policy in January amid projections that output will top domestic demand for the first time in three years.
Soybeans, Corn Advance as Dryness in Argentina May Hurt Output
Soybeans and corn advanced in Chicago on concern that dry weather in Argentina may threaten crops, potentially curbing global supplies even as import demand from China increases.
China Grain Center Increases 2010 Corn Output Forecast
China’s corn production this year is projected to be 172.5 million metric tons, up from a previous estimate of 169 million, according to the China National Grain & Oils Information Center.
Rubber May Drop as European Debt Concerns Hurt Demand Outlook
Rubber, little changed, may decline for a second day after Moody’s Investors Service said Spain’s credit rating may be cut, raising concern that Europe’s debt crisis may worsen and the region’s economic recovery may stall.
China May Approve Rejected Modified Corn Strain, U.S. Group Says
China may approve imports of a strain of genetically modified corn after at least one cargo from the U.S. containing the variety was rejected, the U.S. Grains Council said.
Palm Oil Drops as Malaysian Exports Fall in First Half of Month
Palm oil fell for a third day after a drop in exports from Malaysia, the world’s second-largest producer, and as some investors sold the commodity to lock in gains.
Milk-Powder Price Gains as Drought Cuts N.Z. Output
Whole-milk powder prices advanced to a three-month high as drought in New Zealand, the biggest milk exporter, cut output, and ANZ National Bank Ltd. forecast further increases next year.
SHIPPING: Daewoo Shipbuilding May Win $1.3 Billion Order from Chevron
Daewoo Shipbuilding & Marine Engineering Co. may win a $1.3 billion order for an offshore platform, the company said in an e-mailed statement today.
ECONOMIES: EU Faces ‘Gridlock’ on Debt Crisis, Nears Deal on Post-2013 Tool
European Union divisions widened over how to contain the debt contagion that threatens the euro, limiting a summit starting today to agreeing on a crisis-management mechanism that takes effect in 2013.
Germany’s Economic Recovery Will Broaden in 2011, S&P Says
Germany’s economic recovery will broaden next year as Europe’s largest economy benefits from faster growth in consumer demand and business investment, Standard & Poor’s said.
New Zealand Business Confidence Near Five-Month High
New Zealand business confidence was little changed near a five-month high this month as expectations for hiring and investment improved while the outlook for housing slumped.
OTHER MARKETS: Asian Stocks Fall for Second Day as Commodity Companies Decline
Asian stocks fell for a second straight day, driving the MSCI Asia Pacific Index to its first back-to-back drop in three weeks, as lower metal prices dragged down materials shares.
China’s Stocks Rise as Consumer Staples, Coal Producers Climb
China’s stocks rose as consumer staples producers gained after spirits maker Kweichow Moutai Co. boosted prices and coal producers climbed on higher fuel demand.
Oil Trades Near a One-Week High After U.S. Stockpiles Decline
Crude oil traded near a one-week high after a report showed U.S. stockpiles declined the most since 2002 and refiners boosted fuel output in the world’s biggest crude consumer.
Dollar Is Near 3-Month High Versus Yen Before U.S. Housing Data
The dollar traded near a three-month high against the yen before data that economists said will show U.S. housing starts and building permits rose last month.
(Source: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=atkTJSLq1UaU)
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