The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS:
Forecast Prior Time
Factory Orders NOV -0.1% -0.9% 10:00
Minutes of FOMC Mtg. 14:00
ABC Consumer Confidence JAN 2 -44 17:00
Domestic Vehicle Sales DEC 9.21M 9.27M 17:00
Total Vehicle Sales DEC 12.30M 12.26M 17:00
METALS PRICES: ($/ton)
Last % Chg RSI
Copper 9,669 +0.7 75
Aluminum 2,480 +0.4 64
Zinc 2,461 +0.3 65
Lead 2,570 +0.8 65
Nickel 24,975 +0.9 61
Tin 26,900 +0.0 62
OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 79.128 -0.1 +2.1
Crude Oil $91.81 +0.3 +13
Gold $1,407.7 -0.5 +26
MSCI World Index 1,293.46 +0.4 +8.7
TOP STORY:
Copper Rises to Fourth Straight Record in London on U.S. Growth
Copper rose to a record for a fourth day in London on speculation that signs of growth in the U.S. will support demand for industrial metals.
COMMODITY EXCLUSIVES:
Vietnam Sets Rice-Export Target at 6 Million Tons (Update1)
Rice shipments from Vietnam, the world’s second-biggest exporter, may total “about” 6 million metric tons this year, according Deputy Agriculture Minister Diep Kinh Tan, who said that the target may be revised.
China’s Unipec Halts Diesel Imports as Shortage Eases (Update1)
China International United Petroleum & Chemical Corp., the nation’s largest oil trader, will halt imports of diesel this month, according to a company official with knowledge of the plans, as a domestic shortage eases.
Hedge Funds Raise Crude Bets to Four-Year High: Energy Markets
Hedge funds raised bullish bets on crude oil to the highest level in more than four years on speculation that futures will climb as the U.S. recovers from the deepest recession since the 1930s.
INDUSTRIAL METALS:
S. Korea Seeking to Develop Rare Earths in Kyrgyzstan, Vietnam
South Korea is seeking to develop rare earths mines in Kyrgyzstan, Vietnam, Australia and South Africa to ensure supplies of the raw materials used in electric cars and wind turbines.
Tata Steel to ‘Shortly’ Announce Fundraising Plans (Update1)
Tata Steel Ltd., India’s biggest producer of the alloy, will “shortly” announce plans to raise funds to expand capacity and reduce the cost of loans taken to fund the acquisition of its European unit.
Fortes cue Appoints Neville Power as Chief Operating Officer
Fortes cue Metals Group Ltd. said Neville Power will join the company as chief operating officer.
MINING:
U.K. Wins Global Asset Freeze Against Mining Firm Sinaloa Gold
Britain’s financial regulator won a court order freezing 890,000 pounds ($1.39 million) held by Sinaloa Gold Plc, a London-based mining company accused of violations related to the sale of its shares.
PRECIOUS METALS:
Gold Declines a Second Day in London on Reduced Investor Demand
Gold declined for a second day in London on speculation data showing recovering economies will curb demand for the metal as a protection of wealth.
Silver Futures Turnover on India’s MCX Jumps as Prices Gain
Silver futures trading on the Multi Commodity Exchange of India Ltd., the nation’s biggest such bourse, jumped 38 percent in 2010 as prices for the metal rallied to a 30-year high.
AGRICULTURE:
Sugar Rises as Wet Weather Hurts Australia Exports, India Output
Raw sugar rose for a second day in New York on speculation that wet weather will curb shipments from Australia, the world’s third-biggest exporter, and erode production in India.
Sugar Output in India’s Top Producer May Miss Forecast (Update1)
Sugar output in India’s Maharashtra state, the nation’s biggest producer, may be less than forecast after heavy rain ahead of harvests reduced the recovery rate, a producers’ group said.
Rubber Extends Record Rally on Demand Optimism, Tight Supply
Rubber futures extended a rally to a record after data showed manufacturing in the U.S. expanded at the fastest pace in seven months, raising concern that increased demand will worsen a supply shortage. The Thai cash price also climbed to an all- time high.
Floodwaters May Threaten More Cotton in Queensland, Group Says
Flooding in Australia, the fourth- largest cotton exporter, may threaten more crops in Queensland state as rivers continue to swell and with further rain forecast for growing regions.
Queensland Flooding Halts Grain-Rail Port Deliveries (Update2)
Wheat deliveries by rail to ports in Australia’s Queensland state may be halted by up to two weeks because of flooding, according to GrainCorp Ltd., the largest grain handler in the country’s east.
Rubber Gains to Record on Demand Optimism Amid Supply Shortage
Rubber futures advanced to a record after data showed manufacturing in the U.S. expanded at the fastest pace in seven months, raising concern that increased demand will worsen a supply shortage. The Thai cash price also climbed to an all-time high.
SHIPPING:
Queensland Flooding to Cut Freight Rates as Coal Ships Lie Idle
The worst flooding in Queensland for 50 years may cut freight costs as buyers of the Australian state’s coal cancel ship charters, potentially exacerbating a 41 percent slump in shipping rates since September.
ECONOMIES:
China’s Small-Stocks Risk Rises: Chart of Day (Update1)
The relationship between China’s small- and large-company shares, already near a record low, may move further adrift as rising interest rates drive down valuations of the smaller businesses.
Yuan Gain to Slow in ‘11, Top Forecasters Say: China Credit
The yuan’s appreciation may slow this year after the currency strengthened beyond 6.6 per dollar for the first time in 17 years, as China seeks to stem inflows that may fuel inflation, the most-accurate forecasters for 2010 said.
German Unemployment Climbs on Early Winter Onslaught (Update2)
German unemployment unexpectedly rose in December for the first time since June 2009 as the coldest weather in more than 40 years led companies to shed staff.
European Inflation Accelerates More Than Forecast (Update2)
European inflation accelerated more than economists estimated in December on surging energy prices, exceeding the European Central Bank’s limit for the first time in more than two years.
OTHER MARKETS:
Stocks, Dollar Gain on Economy Prospects as Gold, Franc Decline
Stocks rose as emerging-market shares extended the longest rally in two months and U.S. index futures gained on speculation reports this week will add to evidence the American economy is improving. The dollar strengthened and the Swiss franc declined.
Dollar Rises a Second Day on Signs U.S. Recovery Gathering Pace
The dollar strengthened for a second day against the yen before reports that may show orders placed with U.S. factories fell at a slower pace and payrolls gained, adding to signs the U.S. recovery is gaining traction.
Asian Stocks Rise to 2 1/2-Year High as U.S. Data Fuel Optimism
Asian stocks rose, with the regional benchmark extending a 2 1/2-year high, as U.S. manufacturing expanded at a faster pace, boosting optimism that a recovery in the world’s largest economy is strengthening.
Pimco, Loomis Favor Convertibles as Stocks Rise: Credit Markets
Pacific Investment Management Co. and Loomis Sayles & Co. are betting convertible debt will rally as stocks rise and Treasuries fall.
Wien Sees GDP Growth, Treasury Yields Rising to 5% (Update2)
Blackstone Group LP’s Byron Wien, who called the bottom for U.S. stocks in 2010 while failing to predict the size of the ensuing rally, said economic growth and 10-year Treasury yields will approach 5 percent this year and gold will surge above $1,600 an ounce.
Oil Trades Near 27-Month High on U.S., Europe Economic Growth
Oil traded near a 27-month high in New York on signs that the economic recovery is gathering momentum and reining in excess fuel stockpiles.
SPORTS:
Cook Takes England Within 113 of Australia in Ashes (Update1)
Alastair Cook hit an unbeaten half- century to lift England to 167-3 in reply to Australia’s 280 on day two of the series- deciding Ashes cricket Test in Sydney.
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