Related News:
Asia Commodity Day Ahead: Commodities Fall to 6-Week Low on Weaker Data
The following are the top stories on metals, agriculture and shipping.
ECONOMIC RELEASES, AGRICULTURE REPORTS:
Forecast Prior Time
(Local)
Ifo Pan Germany Business Climate 105.7106.210:00
US Durable Goods Orders (JULY) 3.0% -1.0% 8:30
US New-Home Sales (JULY) 0.0% 23.6%10:00
Metal Prices: ($/ton)
Last % Chg RSI
Copper 7,137 -1.6 49
Aluminum 2,028 -0.6 40
Zinc 1,991 -2.6 46
Lead 2,012 -1.8 47
Nickel 20,600 -2.8 44
Tin 20,400 -0.3 55
Other Markets:
Last % Chg % YTD
U.S. Dollar Index 83.365 +0.3 +7.1
Crude Oil $71.63 -2.0 -9.7
Gold $1,229.50 +0.1 +12.0
MSCI World Index 1,079.04 -1.3 -7.7
COMMODITY EXCLUSIVES:
Brazil Sugar Output May Drop on ‘Irreversible’ Damage (Update2)
Sugar output in Brazil’s Center South, the world’s largest producing region, may be cut by 1 million metric tons as dry weather is reducing the crop’s size, Brazil’s Copersucar said.
Commodities Fall to Six-Week Low on Concern Recovery Is Slowing
Commodities fell to a six-week low as figures showing weaker-than-expected U.S. home sales fanned concern that the global economic rebound is slowing.
INDUSTRIAL METALS:
Copper Falls as U.S. Housing Slump May Hurt Demand (Correct)
Copper fell the most in almost two weeks as a bigger-than- estimated slump in U.S. home sales fueled concern that the economic recovery is faltering, signaling weaker demand for metal used in electrical wires and plumbing.
Copper Market Had Shortage in May Again, Copper Study Group Says
Refined copper production fell behind demand by 93,000 metric tons in May, the third consecutive monthly shortage, according to the International Copper Study Group.
Antofagasta Profit Jumps 91% as Output, Prices Climb (Update2)
Antofagasta Plc, the copper producer controlled by Chile’s Luksic family, said first-half profit jumped 91 percent after output and prices rose.
MINING:
BHP May Face Holder Vote Should It Raise $40 Billion Potash Bid
BHP Billiton Ltd., the world’s biggest mining company, may need to seek approval from shareholders should it raise last week’s $40 billion offer for Potash Corp. of Saskatchewan Inc.
BHP to Post Near-Record Profit, Driving Potash Bid (Update3)
BHP Billiton Ltd., the world’s largest mining company, may post a near-record annual profit tomorrow, helping to drive its $39 billion hostile takeover offer for Potash Corp. of Saskatchewan Inc.
Chilean President Sees Miners Rescued by Christmas (Update2)
Chilean authorities expect to rescue 33 miners trapped in an underground copper and gold mine by Christmas as the nation prepares to start drilling through to reach the men, President Sebastian Pinera said today.
Xstrata’s Sphere Deal Is ‘a Steal,’ Liberum Says (Update1)
Xstrata Plc’s plan to buy Australian iron-ore developer Sphere Minerals Ltd. for A$428 million ($378 million) is “a steal,” Liberum Capital Ltd. said.
PRECIOUS METALS:
Gold Rebounds on Investor Demand for Haven as Equities Tumble
Gold rose, rebounding from the biggest drop in four weeks, as some investors purchased the metal as a haven from tumbling equity markets.
AGRICULTURE:
Corn, Soybeans Fall as Favorable Weather May Boost U.S. Crops
Corn fell the most in five weeks and soybeans declined on speculation that ample rain and cooler temperatures have boosted prospects for crops in the U.S., the biggest exporter of both commodities.
Wheat Falls as Rainfall in Russia, Australia May Boost Output
Wheat fell the most in a week on speculation that wet weather will boost crop prospects globally.
Cattle, Hogs Fall as Equities’ Drop Trims Meat-Demand Prospects
Cattle and hog futures fell the most in two weeks as a plunge in U.S. equities raised speculation that consumer demand for meat will shrink as the economy slumps.
Tyson Recalls Meat Sold to Wal-Mart Over Listeria (Update1)
A Tyson Foods Inc. unit is recalling about 380,000 pounds (172 metric tons) of deli meat distributed to Wal-Mart Stores Inc., because the meat may be contaminated with Listeria monocytogenes.
Cocoa Falls to Three-Month Low as Equities Drop; Cotton Rises
Cocoa futures fell to a three-month low in New York on signs of weaker demand for commodities as the dollar rallied and equities slumped. Cotton prices rose.
Raw Sugar Rises as China Import Gain Signals Increased Demand
Raw sugar gained for a third straight session on signs that importers in Asia are stepping up purchases of the sweetener.
Orange Juice Rises on Storm Speculation, Signs Prices Oversold
Orange-juice futures rose the most in almost eight weeks on speculation that a tropical storm may be developing in the Atlantic Ocean that may damage citrus groves in Florida, the world’s second-largest grower.
SHIPPING:
Stagnating Iron Ore May Temper Ship Rally, M2M Management Says
The rally in commodity shipping costs that drove rates to a two-month high may be tempered by stagnating prices for iron ore and steel, according to hedge-fund manager M2M Management Ltd.
Global Ship-Fuel Prices Decline 0.4%, Data Show (Table)
Global ship fuel prices, the biggest running cost for vessel owners, fell 0.4 percent, according to prices compiled by Bloomberg.
ECONOMIES:
U.S. Economy: Home Sales Plunge as Tax Credit Wanes (Update1)
Sales of existing houses plunged by a record 27 percent in July as the effects of a government tax credit waned, showing a lack of jobs threatens to undermine the U.S. economic recovery.
Hatzius Says Fed Will Move Toward Additional Stimulus (Update1)
The Federal Reserve will probably ease monetary policy further as the U.S. economy weakens, said Jan Hatzius, chief U.S. economist at Goldman Sachs Group Inc. in New York.
Stiglitz Says Europe at Risk of Double-Dip Recession (Update1)
Nobel Prize-winning economist Joseph Stiglitz said the European economy is at risk of sliding back into a recession as governments cut spending to reduce their budget deficits.
Fed’s Evans Says U.S. Economy Not ‘Out of the Woods’ (Update2)
Federal Reserve Bank of Chicago President Charles Evans said that while the housing market and U.S. economy have shown signs of improvement, recovery isn’t yet assured.
OTHER MARKETS:
Stocks, Oil Tumble on Home-Sales Plunge; Treasuries, Yen Rally
Stocks tumbled, the 10-year Treasury yield fell to the lowest in 17 months and the yen surged to the highest versus the dollar since 1995 as a record plunge in home sales stoked concern the economy may relapse into a recession. Oil fell below $72 a barrel.
Yen Rises to 15-Year High, Dollar Slips on U.S. Housing Plunge
The yen advanced to the strongest in 15 years against the dollar, while the greenback erased gains and fell versus the euro, after data showing a drop in U.S. sales of existing homes boosted concern the economy is slowing.
European Stocks Slump After U.S. Housing Data; Rio, CRH Drop
European stocks dropped to a one-month low, led by a selloff in construction and basic-resources companies, after U.S. housing data added to evidence that growth in the world’s largest economy is slowing.
Oil Falls to Lowest Level in 11 Weeks as U.S. Home Sales Plunge
Oil dropped to its lowest level in 11 weeks as sales of previously owned U.S. homes fell more than forecast in July, boosting speculation that economic growth is slowing and curbing fuel demand.
Coffee Falls Most in Two Years on Concern Recovery Is Faltering
Coffee declined the most in more than two years as a bigger-than-expected plunge in U.S. home sales stoked concern the economy may relapse into a recession, eroding demand for commodities.
SPORTS:
Nike’s Tiger Woods Apparel Line Snubbed by Consumers (Update3)
Tiger Woods fans have put up with the philandering, the text messages and the domestic spats. Now comes what may be the hardest thing of all to tolerate: Losing.
Robinho to Meet With Fenerbahce in Hope of Move: Soccer Roundup
A roundup of soccer stories from U.K. newspapers with clickable links to the Web.
Rate These Stories
Rate this Page