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U.S. Commodities Day Ahead: Russia Says Don't Panic About Grains After Ban
The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS:
Forecast Prior Time
(London)
Japan Manpower Survey -- 6.0 22:00
METAL PRICES:
Last % Chg RSI
Copper $7,677 +0.4 67
Aluminum $2,179 +1.5 63
Zinc $2,185 +1.6 62
Lead $2,190 +1.0 62
Nickel $22,010 +1.9 59
Tin $21,025 -0.9 56
OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 82.072 -1.2 +5.4
Crude Oil $74.44 -0.2 -6.2
Gold $1,249.48 +0.2 +14
MSCI World Index 1,136.36 +0.4 -2.8
TOP STORY:
Russia Says World Shouldn’t Panic About Grains Supply (Update1)
Global grain supplies are adequate to meet demand and any “panic” isn’t warranted, Russian Deputy Agriculture Minister Alexander Petrikov said.
COMMODITY EXCLUSIVES: Copper May Rise to $7,875 on ‘Elliott Wave:’ Technical Analysis
Copper may rise to $7,875 a metric ton ths week after prices formed an Elliott Wave, a chart pattern signaling the potential for even more gains, according to technical analysis by Sucden Financial Ltd.
Hedge Funds Turn Bearish on Gasoline Futures: Energy Markets
Hedge-fund bets against gasoline exceeded wagers that prices will rise for the first time in almost four years as the fuel fell in the final week of the U.S. driving season.
Wheat Gain Not at ‘Global Crisis Status,’ FAO Says (Update1)
A surge in wheat prices caused by floods and drought in the Northern Hemisphere doesn’t constitute a “global crisis” and should spur more plantings to bolster supply, the Food and Agriculture Organization said.
INDUSTRIAL METALS:
Copper Gains for Fourth Day on Weaker Dollar, Lower Stockpiles
Copper rose for a fourth day in London as a weaker dollar fueled demand for commodities as an alternative investment and stockpiles shrank further.
KGHM Heads for Four-Month High After Raising Profit Forecast
KGHM Polska Miedz SA, Poland’s sole copper producer, extended gains, climbing 1.4 percent to 112.6 zloty at 3:38 p.m. in Warsaw and heading for the highest close in more than four months after the company said its 2010 profit will 35 percent higher than earlier forecast.
MINING:
Zijin Mining Abandons Acquisition of Platmin Congo (Update1)
Zijin Mining Group Co., saddled with regulatory probes in China over a toxic spill, said it called off the acquisition of Platmin Congo Ltd.
Hochschild’s Investments to Boost Output as It Seeks New Mines
Hochschild Mining Plc, Peru’s second-largest silver company, is relying on its investments in other precious-metal producers to increase output in the next three years as it explores for future mining projects.
PRECIOUS METALS: UniCredit’s Hitzfeld Raises 2011 Gold Forecast 12% to $1,400
UniCredit SpA’s Jochen Hitzfeld, the most accurate gold forecaster tracked by Bloomberg in the last three quarters, raised his 2011 estimate for the metal to $1,400 an ounce, from $1,250.
Gold May Gain on Weakening Dollar; Silver Near 2 1/2-Year High
Gold, little changed in London, may gain as rising prices of other metals and a weakening dollar boost demand. Silver traded near the highest level in almost 2 1/2 years.
AGRICULTURE: Ukraine Grain Planting Progresses at Same Pace as Year Before
Ukraine’s winter-grain planting has progressed at the same pace as a year previously, UkrAgroConsult said.
Raw-Sugar Forward Curve May Switch Into Contango, SocGen Says
Raw-sugar prices for contracts closest to delivery may trade once more below longer-dated contracts as bottlenecks at Brazilian ports ease, Societe Generale said in a report.
Cocoa Climbs in London on Speculation About Reduced Inventories
Cocoa climbed for a third day in London on speculation inventories will shrink before farmers can produce enough beans to satisfy demand for the chocolate ingredient.
Baltic Index Climbs to 12-Week High on Demand to Haul Cereals
The Baltic Dry Index, a measure of commodity-shipping costs, rose to the highest level in almost 12 weeks on demand for panamax vessels to transport cereals after Russia extended a ban on grain exports.
ECONOMIES: Nowotny Says ECB Will Hold Off Exit Discussion Until December
European Central Bank Governing Council member Ewald Nowotny said policy makers will wait until December before discussing how to withdraw emergency measures to give the economy time to gather strength.
EU to Defend Its Clout at IMF as U.S. Seeks Overhaul (Update1)
European finance ministers this week will try to protect their clout at the International Monetary Fund after the U.S. unexpectedly forced a debate on which countries sit on the institution’s board of directors.
OTHER MARKETS: Vietnam Arrests Four More Former Vinashin Officials (Update1)
Vietnamese police arrested four former officials of Vietnam Shipbuilding Industry Group, known as Vinashin, as the government extended its investigation into financial difficulties at the state-owned company.
Dollar Weakens Against Higher-Yielders on Global Recovery Signs
The dollar fell against higher-yielding currencies as stocks advanced on signs the global economic recovery remains in place, sapping demand for the greenback as a haven.
IMF’s Lipsky Says ‘Modest Recovery’ Underway for Global Economy
John Lipsky, the second-ranking official at the International Monetary Fund, said Group of 20 nations deputies showed confidence about the global economic recovery, even taking into account challenges and risks.
SPORTS:
Andy Murray Loses, Nadal Wins as U.S. Open Finishes First Week
Andy Murray heads to 2011 still in search of his first Grand Slam tennis title after losing to Stanislas Wawrinka during the third round of the U.S. Open.
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