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European Commodity Day Ahead: Rainfall Hurts Rubber, Indonesian Group Says
The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
(N.Y.)
U.S. Trade Balance (July) -$47.0B -$49.9B 8:30
U.S. Initial Jobless Claims 9/4 470K 472K 8:30
Continuing Claims 4450K 4456K 8:30
METALS PRICES: ($/ton)
Last % Chg RSI
Copper 7,675 +0.6 65
Aluminum 2,160 -0.2 59
Zinc 2,219 +1.4 64
Lead 2,235 +2.3 65
Nickel 22,900 +3.2 66
Tin 21,675 +3.5 62
OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 82.590 -0.4 +6.8
Crude Oil $74.92 +1.1 +5.4
Gold $1,255.0 -0.0 +26
MSCI World Index 1,128.58 +0.4 +2.7
COMMODITY EXCLUSIVES:
Rubber Output to Miss Target in Indonesia on Rains, Group Says
Natural-rubber output in Indonesia, the world’s second- largest grower, may miss an industry group’s target for this year as heavy rains disrupt tapping, adding to signs that wet weather is hurting commodity production.
Rice Prices ‘Worrisome’ as Global Supplies Tighten
Rice prices are becoming “worrisome” as global supplies tighten on crop losses in some of the largest exporters, according to the Philippines, the world’s biggest buyer.
Japan Aluminum Fee to Drop to Lowest in Year in Final Quarter
Aluminum premiums charged by producers to buyers in Japan, Asia’s largest importer, will drop next quarter to the lowest in a year as the economic recovery slows and the effects of government stimulus measures fade.
Aurubis Melts Computers for Metal as Smelters Battle for Copper
Aurubis AG, Europe’s biggest copper smelter, is turning to unwanted computers for its raw material as the world’s mining companies struggle to dig up enough ore.
Calpers After Scandal Embraces Risk Facing $240 Billion Gap
Joe Dear is giving a pep talk to more than two dozen colleagues at the California Public Employees’ Retirement System. As Dear paces before his people on this July afternoon in Sacramento, he implores them to shake off the funk of the pension fund’s recent troubles.
Elephant God Marks India Boom for Cars, $12,500 Suits
S.K. Singhal, head of textiles at India’s biggest fabric maker, bought the finest wool Australia ever auctioned this year to make fifty $12,500 suits. In the wedding and festival season starting tomorrow, he expects to sell the lot.
Volcan Seeks Zinc, Copper Mines as Prices Rise, Herrera Says
Volcan Cia. Minera SAA, a Peruvian zinc producer, plans to develop new mines to benefit from rising zinc, silver and copper prices, Chief Executive Officer Juan Jose Herrera said.
Galaxy, Set to ‘Make Money’ in 2011, Seeks Projects
Galaxy Resources Ltd., aiming to become the world’s fourth- biggest lithium-carbonate producer, expects to “make money” next year and is seeking new projects in Australia and Canada as demand rebounds.
Palm Oil Imports by Pakistan May Drop as Floods Destroy Demand
Pakistan, the world’s third-biggest importer of palm oil, may buy 10 percent less of the commodity in October and November than in July after the country’s worst-ever floods destroyed villages, a traders’ group said.
INDUSTRIAL METALS:
China Power Cuts May Trim Steel, Aluminum Supply
Power cuts in China, the biggest energy consumer, may trim steel supply by 9.6 percent for the rest of the year, adding to reduction from the closures of obsolete plants, according to Mysteel Research Institute.
Copper Drops on U.S. Fed Survey, China Commodities Tumble
Copper declined on signs that U.S. economic growth may be slowing and on a selloff in Chinese commodities after a report that regulators may be investigating large futures positions in Shanghai. Zinc dropped 6.5 percent.
MINING:
Medusa, Kingsgate May Be Takeover Targets, Citigroup Says
Medusa Mining Ltd. and Kingsgate Consolidated Ltd. may be takeover targets as part of a “wave of consolidation” in the mid-size sector of the Australian gold industry, Citigroup Inc. said.
Anatolia to Buy Avoca Resources for C$1 Billion
Anatolia Minerals Development Ltd., which is developing a gold mine in Turkey, agreed to buy Avoca Resources Ltd. for C$1.01 billion ($970 million) to add production in Australia.
PRECIOUS METALS:
Gold, Little Changed, May Decline as Equity Rally Cuts Demand
Gold, little changed in Asian trading, may decline after rising to a near-record level yesterday, as a rally in equities eroded demand for the precious metal as a store of value.
AGRICULTURE:
Wheat Futures Advance in Chicago, Erasing Earlier Losses
Wheat futures advanced, erasing earlier losses. The December-delivery contract gained as much as 0.5 percent to $7.145 a bushel on the Chicago Board of Trade, before trading at $7.14 a bushel at 1:56 p.m. Singapore time.
Rubber Reaches Two-Week Low as Shanghai Slumps on Probe Talk
Rubber in Tokyo dropped to a two- week low as investors locked in profits and after the price in Shanghai slumped on speculation that regulators may be investigating large futures positions.
Palm Oil Ends Five-Day Rally Before Holiday, Paring Weekly Gain
Palm oil dropped for the first time in six days after some investors sold ahead of a long weekend.
India Monsoon May Exceed Forecast, Boosting Cotton, Sugar Cane
India’s monsoon, the main source of irrigation for the nation’s 235 million farmers, may exceed a previous forecast as the withdrawal of the rain-bearing clouds is delayed, the state- run forecaster said.
China Commodity Prices Fall on Probe, Securities Times Says
Commodity prices in China declined today on market speculation that regulators were investigating large positions in natural rubber futures, the Securities Times said on its website, citing people it didn’t identify.
Russia May Ban Export of Sunflower Seeds and Oil, Vedomosti Says
Russia’s sunflower refiners asked the government to ban exports of seeds and oil from mid- September to curb price rises after the worst drought in at least half a century, Vedomosti reported.
ECONOMIES:
China Surplus May Exceed $20 Billion, Stoking Tension
China may say that its trade surplus topped $20 billion for a third month in August in a report that risks stoking American lawmakers’ calls for protection from Chinese imports.
Yuan Trading Against Ruble Said to Start Within Weeks
China may start yuan trading versus the Russian ruble within weeks, seeking to encourage use of its currency for global trade instead of the dollar, according to three bankers with knowledge of the matter.
Japan Plans to Seek Discussions With China on Bond Purchases
Japan’s government said it will seek discussions with China over the nation’s record purchases of Japanese bonds as an appreciating yen threatens to undermine an economic recovery.
China to Increase Property Measures, Jones Lang Says
China’s government will issue more measures to curb property speculation because of policy makers’ determination to reduce housing prices, according to Jones Lang LaSalle Inc. Chief Executive Officer Colin Dyer.
Fed Banks Saw ‘Widespread Signs of a Deceleration’
The Federal Reserve said the U.S. economy maintained its expansion while showing “widespread signs of a deceleration” in mid-July through the end of August, according to a survey.
Malaysia Growth at Risk as Dagger-Waving Repels Ethnic Chinese
Prime Minister Najib Razak is trying to build a Malaysian economy as powerful as in the 1990s, when stock prices almost quintupled in the decade through 1996. Now his efforts to lure investors are stirring opposition from some members of the ethnic-Malay majority that put him in office.
Bank of Korea Leaves Rate Unchanged Amid Global Risks
The Bank of Korea unexpectedly left its benchmark interest rate unchanged, a sign of concern that slowing external demand will hurt exports in Asia’s fourth- biggest economy.
OTHER MARKETS:
Asia Stocks Climb, Australian Dollar Gains, Commodities Drop
Asian stocks rose for the first time in three days and the Australian dollar gained to a four-month high as employment grew more than expected. Commodities fell on a report China’s government was investigating rubber trades.
Euro Falls as Stark’s Comments Add to Europe Financial Concerns
The euro declined versus the dollar and the yen on speculation European banks will struggle to raise funds amid signs the recovery in the 16-nation region is slowing.
Geithner Says China Needs to Let Market Drive Up Yuan
U.S. Treasury Secretary Timothy F. Geithner said China must let the yuan rise more quickly to show trading partners that it’s following through on its promises.
Oil Pares Gains on Forecast of U.S. Demand Drop, Inventory Gain
Oil pared gains in New York on expectations stockpiles will increase as U.S. demand falls following the end of the peak summer demand period.
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