Related News:
Asia Commodity Day Ahead: Corn Jumps to 14-Month High in Chicago on Demand
The following are the top stories on metals, agriculture and shipping.
ECONOMIC RELEASES, AGRICULTURE REPORTS:
Forecast Prior Time
(Local)
EU Consumer Confidence (AUG) -12 -12 10:00
EU Manufacturing Confidence (AUG) -4 -4 10:00
US Personal Spending (JUL) 0.3% 0.0% 8:30
Metal Prices: ($/ton)
Last % Chg RSI
Copper 7,459 +2.1 61
Aluminum 2,058 +1.7 47
Zinc 2,095 +2.2 57
Lead 2,090 +3.2 55
Nickel 21,050 +2.9 50
Tin 21,640 +1.4 67
Other Markets:
Last % Chg % YTD
U.S. Dollar Index 82.918 -0.0 +6.5
Crude Oil $75.17 +2.5 -5.3
Gold $1,238.10 +0.0 +13
MSCI World Index 1,089.24 +1.1 -6.8
TOP STORIES:
Corn Jumps to 14-Month High, Soybeans Gain on Rising Demand
Corn rose to a 14-month high and soybeans gained for a second straight day on signs of increased demand for U.S. supplies, after drought reduced crops in Russia and parts of Europe and flooding cut acreage in Canada.
COMMODITY EXCLUSIVES:
Samuel Cole Leaves Hedge Fund BlueMountain Capital (Update1)
Samuel Cole has left BlueMountain Capital Management LLC, where he served as chief operating officer and co-head of trading for the $4 billion fund whose founders helped create credit-default swaps.
Brazil Sugar Port Backlog to Ease Next Two Weeks on Dry Weather
Sugar loading at Brazil’s two main ports will accelerate because of dry weather, further easing a backlog of more than 100 ships waiting to pick up the sweetener.
INDUSTRIAL METALS:
Copper Rises to One-Week High After U.S. Growth Tops Forecast
Copper rose to the highest price in a week after a report showed the economy in the U.S., the second-largest copper buyer after China, grew faster than forecast in the second quarter.
MINING:
Chile to Drill Second Tunnel to Speed Rescue of Trapped Miners
Chile plans to drill a second tunnel in a bid to free 33 workers trapped in a collapsed copper mine sooner than the 120 days originally forecast.
Vale to Spend $12 Billion to Challenge Potash Production Lead
Vale SA said it will invest $12 billion by 2014 to become the world’s second-largest phosphate and potash producer amid rising demand for the nutrient used to promote crop growth.
Potash Bid Speculation Sparks Vale Bond Plunge: Brazil Credit
Vale SA’s bonds are posting their biggest decline since May relative to other Brazilian corporate debt on speculation it may bid for Canadian fertilizer producer Potash Corp. of Saskatchewan Inc.
PRECIOUS METALS:
Gold Futures Rise on Dollar Outlook, Cap Fourth Weekly Gain
Gold futures rose in New York, capping the fourth straight weekly gain, on speculation that the dollar will weaken, boosting the appeal of the precious metal as an alternative asset.
AGRICULTURE:
Cotton Declines From 30-Month High; Orange Juice Advances
Cotton prices dropped from a 30- month high in New York amid signs of speculative selling. Orange juice gained.
Wheat Rises on Falling World Output, Increased U.S. Exports
Wheat rose for a second day on forecasts for declining global production caused by adverse weather in Russia and the European Union and on strong demand for grain from the U.S., the world’s largest exporter.
Cattle, Hogs Fall as U.S. Meat Demand May Slow After Summer
Cattle futures fell for a fourth straight day on speculation that U.S. meat demand will slow after the Labor Day holiday as the weather cools.
Sugar Gains Most in Two Weeks; Coffee Rallies; Cocoa Declines
Sugar prices gained the most in two weeks on concern that dry weather will lower production in Brazil, the world’s biggest producer. Coffee rose the most in nine weeks, while cocoa retreated.
Attorney General ‘Concerned’ About U.S. Egg Recall (Update1)
Attorney General Eric Holder said he is “very concerned” about a salmonella outbreak in the U.S. that led to this month’s recall of more than a half billion eggs and may have sickened almost 1,500 people.
SHIPPING:
Frontline Profit to Drop After Tanker-Rate Collapse (Update2)
Frontline Ltd., the world’s largest operator of supertankers, said earnings will decline after charter rates for its ships slumped.
Baltic Index Advances on Demand to Transport Iron Ore in Asia
The Baltic Dry Index, a measure of commodity-shipping costs, rose for the first time in three days on stronger charter costs for capesize vessels that typically carry iron ore.
ECONOMIES:
Bernanke Says Fed Ready to Provide Stimulus If Needed (Update3)
Federal Reserve Chairman Ben S. Bernanke said the U.S. central bank “will do all that it can” to ensure a continuation of the economic recovery and that more securities purchases may be warranted if growth slows.
Reinhart’s Seven More Years of High Unemployment Hit Fed Today
As a seven-year-old in Cuba, Carmen Reinhart memorized the routes of ships carrying silver from Peru and Bolivia to Spain. By 16, she had moved to Miami and got a job at a Sears Holdings Corp. store reviewing credit applications and payment records.
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.
U.S. Economy: Growth Decelerates More Than Previously Estimated
The economic recovery in the U.S. weakened in the second quarter more than previously estimated, highlighting the risks of a prolonged slackening in growth.
Roubini Says Fed Is ‘Running Out of Policy Bullets’ (Update1)
Nouriel Roubini, the New York University professor who forecast the U.S. recession more than a year before it began, said the Federal Reserve is running out of effective ways to stimulate the economy.
OTHER MARKETS:
Stocks Advance, Treasuries Retreat on Bernanke, Economy
Stocks and commodities surged while Treasuries retreated after Federal Reserve Chairman Ben S. Bernanke pledged to safeguard the recovery and economic growth slowed less than estimated in the second quarter.
Yen Tumbles as Bernanke Vows Fed Will Safeguard U.S. Recovery
The yen dropped against all of its 16 most-traded counterparts after Federal Reserve Chairman Ben S. Bernanke pledged to safeguard the economic recovery, damping investor appetite for haven currencies.
U.S. Lumber Lobby May File Softwood Complaint, RBC’s Quinn Says
The U.S. Coalition for Fair Lumber Imports may file a trade complaint against British Columbia wood producers over increased processing of timber that has low government harvesting fees, RBC Capital Markets said.
SPORTS:
Liverpool Beats West Brom, Man. City Loses in Premier League
Fernando Torres got his first goal of the season to give Liverpool a 1-0 win against West Bromwich Albion in English soccer’s Premier League, while Manchester City lost 1-0 at Sunderland on an injury-time penalty.
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