Europe Commodity Day Ahead: Soros Gold Bubble Expanding

The following are the top stories on metals, agriculture and shipping.

ECONOMIC EVENTS, AGRICULTURE EVENTS:

                                     Forecast  Prior     Time
                                                        (N.Y.)
Chicago Fed Nat Activity Index OCT  -0.24    -0.58       8:30
Euro zone consumer confidence  NOV  -11      -11        10:00
Grain-Export Inspections NOV 18      --        --       11:00
Cold Storage-Pork Bellies OCT        --        4.8      15:00
Crop Progress-Wheat Cond. NOV 21     --        45%      16:00
Crop Progress-Cotton Harvest NOV 21  --        78%      16:00

Metal Prices: ($/ton)

Last %Chg Aluminum 2,308 +2.1 Copper 8,513 +1.3 Lead 2,322 +2.0 Zinc 2,209.25 +2.3 Nickel 22,235 +1.8 Tin 25,300 +1.2

Other Markets:

Last %Chg %YTD U.S. Dollar Index 78.098 -0.5 +0.3 Crude Oil $82.74 +1.5 +4.3 Gold 1,362.50 +0.7 +24 MSCI World Index 1,239.62 +0.4 +6.1 *T

TOP STORIES:

Soros Gold Bubble Expanding as ETPs Hold 9 Years of U.S. Output

Gold’s 23 percent surge this year to a record is proving no deterrent to George Soros, John Paulson and Paul Touradji, whose investments signal more gains for the longest winning streak in at least nine decades. EXCLUSIVES:

Record U.S. Exports Reflect Midwest Boom With 3.7% Unemployment

The unemployment rate in North Dakota is 3.7 percent, and “if it wasn’t for cable news, we probably wouldn’t have any idea that the rest of the country was any different,” said Doug Johnson, co-owner of crop insurer TCI Insurance in West Fargo, who added six new employees this year.

Silver Sales to Surge on Investor Demand, Perth Mint Forecasts

Silver-coin sales will climb as investors seek to protect their wealth from weakening currencies, according to the Perth Mint, producer of about 6 percent of the world’s gold bullion. INDUSTRIAL METALS:

Copper Gains as Dollar Drop Boosts Demand; Aluminum, Zinc Rise

Copper advanced in London as the dollar weakened against its major counterparts, raising the investment appeal of the metal. Aluminum and zinc also gained.

MINING:

New Zealand’s West Coast Holds Vigil for Trapped Miners

Families and friends of 29 men trapped in a coal mine on New Zealand’s West Coast are waiting for the start of a rescue operation more than three days after an explosion at the pit.

Nickel Asia Jumps 29 Percent in Debut; May Add Two Nickel Mines

Nickel Asia Corp., the largest Philippine nickel producer, rose as much as 29 percent in its Manila trading debut after the company’s President Gerard Brimo said it’s in talks with investors in its copper and gold prospects and it may add up to two nickel mines by 2013.

PRECIOUS METALS:

Gold Rises as Weaker Dollar Boosts Demand for Alternative

Gold advanced after a second weekly loss, as the dollar fell against the euro on optimism a deal to rescue Ireland’s banks may curb a spread of the debt crisis. Silver climbed to the highest level in more than a week.

AGRICULTURE:

China Grain Prices to Rise 10% in 2011, Goldman Sachs Says

China’s grain prices will “rise steadily” at about 10 percent next year, benefiting the nation’s seed and fertilizer companies, according to Goldman Sachs Group Inc.

Malaysia Not Revising 2010 Palm Oil Output Forecast, Dompok Says

Malaysia has no plans to revise its 2010 palm oil output forecast even as the La Nina weather may impact production, Bernard Dompok, minister of plantation industries and commodities, said in Kuala Lumpur today.

Corn Jumps From 7-Week Low, Soybeans Rally as Dollar Retreats

Corn rallied from a seven-week low and soybeans rose as the dollar fell amid optimism that an agreement to rescue Ireland’s banks will prevent contagion spreading across European debt markets.

Rubber Gains for Third Day on Ireland Bailout, Tight Supplies

Rubber advanced for a third day as the yen weakened against the euro amid optimism that an agreement to rescue Ireland’s banks will prevent contagion across European debt markets, while supply remained tight. The cash price in Thailand climbed to a record.

ECONOMIES:

Ireland Seeks Bailout as ‘Outsized’ Problem Overwhelms Nation

Ireland applied for a bailout to help fund itself and save its banks, becoming the second euro member to seek a rescue from the European Union and the International Monetary Fund.

OTHER MARKETS:

Oil Climbs After Ireland Agrees With EU on Bank Rescue Package

Oil rose, rebounding from its biggest weekly loss in three months, amid optimism that an agreement to rescue Ireland’s banks may reduce European sovereign-debt concerns.

To contact the reporter on this story: Chanyaporn Chanjaroen in Singapore at cchanjaroen@bloomberg.net

To contact the editor responsible for this story: James Poole at jpoole4@Bloomberg.net

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