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U.S. Commodities Day Ahead: China's Iron Ore Imports May Climb to Record
The following are the top stories on metals, agriculture and shipping.
Economic Events:
Forecast Prior Time
(London)
U.S. second-quarter GDP 1.4% 2.4% 13:30
U.S. personal consumption 1.6% 1.6% 13:30
U. of Michigan Confidence 69.6 69.6 14:55
METALS PRICES:
($/ton)
Last % Chg RSI
Copper 7,326 +0.3 56
Aluminum 2,024 +0.0 41
Zinc 2,056 +0.3 53
Lead 2,041 +0.8 50
Nickel 20,725 +1.3 47
Tin 21,570 +1.0 66
Other Markets:
Last % Chg % YTD
U.S. Dollar Index 82.919 +0.0 +6.3
Crude Oil $73.67 +0.4 +1.6
Gold $1,237.8 +0.0 +31
MSCI World Index 1,077.72 +0.0 -0.7
COMMODITY EXCLUSIVES:
China Iron Ore Imports to Rebound to Record, NYK Says (Update2)
Iron ore imports by China, the largest buyer, are likely to recover next quarter and break last year’s record as lower prices and depleted stockpiles spur purchases by steel mills, Nippon Yusen K.K. said.
BlueGold Said to Hire Ex-Touradji Metals Analyst Austin Brown
BlueGold Capital Management LLP, the London-based energy hedge fund, hired Austin Brown, a former metals analyst at Touradji Capital Management LP, according to two people with direct knowledge of the appointment.
Climate Failures May Stoke Record Coal Trading: Energy Markets
Coal trading is poised to rise to an all-time high this year as prices at less than half their 2008 peak stoke demand, defying government efforts to phase out the most-polluting fossil fuel.
Goldman, UBS Competing to Manage Steel Authority Sale (Update1)
Goldman Sachs Group Inc., UBS AG and 15 other banks are competing to manage the share sale of state- run Steel Authority of India Ltd., part of a record asset-sale program by the government.
Gold Demand to Surge in Vietnam as Dong, Stocks Slump (Update2)
Gold demand in Vietnam, which consumes more of the precious metal per head than India and China, is set to surge as the third devaluation in the past year and a stock-market slump combine to spur sales.
INDUSTRIAL METALS:
Copper May Fall in London Before Report on U.S. Economic Growth
Copper may fall in London before the release of figures expected to show the economy in the U.S., the world’s second- biggest consumer of the metal, expanded less than initially estimated.
Zinc Stockpiles in Shanghai Drop to Five-Month Low; Copper Gain
Zinc stockpiles in Shanghai slumped this week to the lowest level in more than five months, the Shanghai Futures Exchange said in a report on its website. Copper stockpiles in Shanghai expanded.
MINING:
Chinese Steel Prices Post First Decline in Six Weeks on Economy
Benchmark Chinese steel prices fell 1.9 percent this week, the first decline in six, as the government studied a property tax and economic concerns eroded purchases of the material used in houses and cars.
South African Union Starts Pay Strike at BHP, Rio Tinto Venture
South Africa’s National Union of Mineworkers started a strike over pay at Richards Bay Minerals Ltd., a venture between BHP Billiton Ltd. and Rio Tinto Plc, the labor union said.
Asian Mining Stocks, Oil Drop as U.S. Falters; Yen Declines
Asian mining stocks and commodities declined on concern a flagging U.S. economic recovery will hamper global growth. The yen weakened on speculation Japan will take steps to slow the currency’s advance.
Japan Copper Alloy Product Output Rises for 9th Month (Update1)
Japan’s output of copper-alloy products climbed for the ninth straight month in July from a year earlier because of demand from the semiconductor and auto industries, the Japan Copper and Brass Association said.
PRECIOUS METALS:
Gold Fluctuates in London as Climb to 8-Week High Spurs Selling
Gold fluctuated in London as some investors sold the metal after prices rallied to an eight-week high on concern that economies are stalling.
Gold to Jump to $1,300 on Investor Demand, GFMS Says (Update1)
Gold, headed for a 10th annual gain, may reach at least $1,300 an ounce this year as investors seek a shield against financial turmoil, weak currencies and inflation, according to GFMS Ltd.
AGRICULTURE:
Coffee Advances in London on Stronger Demand for Robusta Beans
Coffee rose for a second day in London as reduced supplies of arabica beans contributed to stronger demand for the cheaper robusta variety.
Rubber Rises to Four-Month High on Japan Car Sales, Low Supply
Rubber advanced for a second day, climbing to the highest level since April 30, as increased car sales in Japan and limited supply from Thailand boosted the appeal for the commodity used to make tires.
Palm Oil Futures Gain on Soybean Oil, Festival Demand Outlook
Palm oil futures advanced for the second day after rival soybean oil climbed and demand climbed from Asian nations including India and China as the countries celebrate festivals.
Wheat Climbs for Second Day as Council Cuts Harvest Estimate
Wheat advanced for a second day on speculation that demand for U.S. supplies may increase after the International Grains Council lowered its global production forecast. Corn also gained.
Coffee May Decline to $1,515, Sucden Says: Technical Analysis
Robusta coffee, down 12 percent this month in London trading, may fall a further 5 percent to $1,515 a metric ton, according to technical analysis by Sucden Financial using Fibonacci levels.
Sugar-Cane Harvesting in Australia Delayed by Rains, Group Says
Sugar harvesting in Australia, the third-largest exporter, is being delayed by rainfall, raising concern that output may be reduced, according to producers’ group Canegrowers.
Wheat Rally Unlikely to Be Sustained, Olam CEO Says (Update1)
The rebound in wheat futures will probably fade because there is enough global supply to cover production losses caused by drought in Russia, Ukraine and Kazakhstan, Olam International Ltd. said.
SHIPPING:
Frontline Profit to Drop After Tanker-Rate Collapse (Update1)
Frontline Ltd., the world’s largest operator of supertankers, said earnings will decline after charter rates for its ships slumped.
ECONOMIES:
China May Stop Corn Buying on Price, Crop Size: Chart of Day
China probably won’t order any more corn imports this year as global prices climb and on speculation that the domestic harvest will be better than expected, according to Wanda Futures Co.
ICBC Second-Quarter Profit Rises 38% on Loan Margins (Update3)
Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, posted a 38 percent gain in second-quarter profit as margins widened and demand for loans and fee-based services increased.
Bernanke, Trichet Economic Paths May Diverge at Jackson Hole
Federal Reserve Chairman Ben S. Bernanke and European Central Bank President Jean-Claude Trichet, who united to fight the worst global recession in six decades, may be diverging over the outlook for their economies.
El-Erian Says ‘Alarming’ Data Show Economy Slowing (Update3)
U.S. economic data are “alarming,” signaling the recovery is losing momentum, Mohamed A. El-Erian, Pacific Investment Management Co.’s chief executive officer, wrote in an opinion piece in the Washington Post.
Cameron ‘Chopping Block’ May Worsen U.K. House-Price Slowdown
Evan Hillier knew his ambition to own a home would mean years of saving. With his job threatened by U.K. government spending cuts, it may now be impossible.
U.K. Economy Grows Most Since 2001 on Construction (Update2)
The U.K. economy expanded faster than previously estimated in the second quarter in the biggest growth spurt since 2001 as companies rebuilt stocks and construction work surged.
Economy in U.S. Probably Grew at Slower Pace in Second Quarter
The U.S. economy probably slowed in the second quarter even more than initially estimated as companies reined in inventories and the trade deficit widened, economists said before a report today.
OTHER MARKETS:
U.S. Futures Gain, Treasuries Fall on Fed Bets; Yen Weakens
U.S. index futures rose, indicating stocks will pare their third week of declines, on speculation Federal Reserve Chairman Ben S. Bernanke will signal measures to stimulate the economy. The yen weakened as Japan’s Naoto Kan pledged “bold” action to prevent further gains in the currency.
Yen Falls on Speculation Japan Will Act to Curb Currency Gains
The yen fell as Prime Minister Naoto Kan said Japan is willing to take “bold” action on currencies, fanning speculation policy makers will move to halt the yen’s advance.
Japan Presses BOJ as Yen’s Climb Threatens Expansion (Update1)
Prime Minister Naoto Kan’s government is stepping up pressure on the Bank of Japan to spur growth as it tries to jump start a slowing economy under threat by a currency at a 15-year high.
European Stocks Decline, Extending Weekly Drop; EADS Retreats
European stocks retreated, following U.S. shares lower, as investors awaited a report that may show the American economy slowed in the second quarter. Asian equities and U.S. index futures advanced.
Asian Stocks Rise on Earnings; Japan Shares Gain on Yen Pledge
Asian stocks rose, paring a weekly decline for the benchmark index, on optimism over corporate earnings and as Japan pledged “appropriate” action to curb the yen’s gains.
Oil Recoups Losses as Equities Rebound Before Bernanke Speech
Oil reversed earlier losses as equity markets rebounded before a speech from Federal Reserve Chairman Ben S. Bernanke that may indicate new measures to stimulate the economy.
USDA’s Vilsack Takes Meat Probe to Colorado as Farms Dwindle
U.S. Agriculture Secretary Tom Vilsack takes a livestock- industry investigation to Colorado today in a probe that may lead to new rules governing how Tyson Foods Inc., Cargill Inc. and other processors operate.
Carter Wins Release of American in N. Korea as Kim Visits China
Former U.S. President Jimmy Carter secured the release of an American citizen detained in North Korea for illegal entry, leaving the country without having a reported meeting with leader Kim Jong Il.
Kim Jong Il Focuses on China as Carter Wins Prisoner’s Release
Guards blocked off the state guesthouse in China’s Jilin province bordering North Korea, reinforcing speculation Kim Jong Il is in the region to seek aid after floods exacerbated his country’s economic crisis.
Turkish Floods, Mudslide Kill 11 in Northeast, Bloomberg HT Says
Eleven people died in flooding and mudslides in the northeast of Turkey after heavy rain, Bloomberg HT reported today.
Jordan to Sign Nuclear Deal With Japan Within Weeks, Times Says
Jordan and Japan are due to sign a nuclear cooperation treaty to allow Japanese companies to export atomic technology to the Middle Eastern kingdom, Minister of Planning and International Cooperation Jaafar Hassan was cited as saying by the Jordan Times.
Wars Hinder U.S. Hunt for Deadliest Weapons, Top Commando Says
The effort to keep weapons of mass destruction out of the hands of terrorists has been slowed by the wars in Iraq and Afghanistan, according to the head of U.S. special forces.
Raphael, Gauguin, Dead Egyptians Parade Across Europe: Preview
Whether there’s a double-dip recession or not, London’s autumn exhibitions indicate a return to a confident, blockbuster mode. The first to open is small, though it may well be thrilling.
Thomas Kaplan Seeks Gold in Transylvania While Saving Big Cats
Don’t confuse Thomas Kaplan with a run-of-the-mill gold speculator.
Top Commando Says War Demands Hinder Hunt for Deadliest Weapons
The commitment of elite commandos to the wars in Afghanistan and Iraq has compromised their hunt worldwide for weapons of mass destruction, according to the head of U.S. special forces.
Netanyahu to Hold Consultations on Naming Negotiating Team
Israeli Prime Minister Benjamin Netanyahu will start holding consultations on who to name to his negotiating team with the Palestinians, a statement from his office said today. Netanyahu will seek to name a small, close team, it added.
Palestinian Reconciliation Critical to Peace Talks, Masri Says
The establishment of a Palestinian unity government is critical to the success of peace talks with Israel, said Munib Masri, a member of the Palestine Central Council and a billionaire businessman.
Indonesia, Romania Plan to Sell Debt: Emerging Bond Alert
The following emerging-market borrowers are expected to sell international bonds. New information is followed by previously reported plans.
Israeli Army’s Head Counsel Defends Legality of Gaza Raid
Israel’s top military legal authority defended the country’s maritime blockade of the Gaza Strip and said that Israel didn’t violate international law when it raided an aid flotilla outside of its territorial waters.
SPORTS:
Barcelona Agrees to Sign Mascherano, May Trade Ibrahimovic
Barcelona agreed to sign Liverpool midfielder Javier Mascherano and may trade striker Zlatan Ibrahimovic to AC Milan for as much as 40 million euros ($50.8 million).
Rangers Welcome ‘Lucrative’ Manchester United Matchup (Update1)
Alex Ferguson faces a trip to the team he supported as a boy after the Champions League soccer draw paired Manchester United with Rangers. For the Scottish champion, the financial boost is more important than sentiment.
Liverpool Agrees to Sell Midfielder Mascherano to Barcelona
Liverpool midfielder Javier Mascherano is set to join Barcelona after the English Premier League soccer team said it “agreed terms” for the transfer of the Argentina captain.
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