Europe Commodity Day Ahead: Sushi Purchases From Japan Canceled
The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
(N.Y.)
MBA Mortgage Applications MAR 25 2.7% 7:00
Challenger Job Cuts YoY MAR 20.0% 7:30
ADP Employment Change MAR 208K 217K 8:15
Agriculture Prices Rec’d MAR 15:00
USDA Broiler Eggs Set MAR 25 208444 15:00
Metal Prices: ($/ton)
Last %Chg RSI
Copper 9,610 +0.3 51
Aluminum 2,649.75 +0.0 61
Zinc 2,379 +0.2 50
Lead 2,693 +0.2 58
Nickel 26,625 +0.1 48
Tin 31,700 +0.4 60
Other Markets:
Last %Chg %YTD
U.S. Dollar Index 76.276 +0.1 +3.5
Crude Oil $104.56 -0.2 +14.4
Gold $1,420.10 +0.1 -0.1
MSCI World Index 1,327.39 +0.3 +3.1
EXCLUSIVES: Sushi Purchases From Japan Canceled Amid Radiation Concerns
Exports of Japanese seafood have been canceled by foreign buyers on concern that the products may have been contaminated by radiation leaking from the crippled Fukushima nuclear plant, a government official said.
New Zealand Log Exports to Japan May Climb on Quake Rebuild
Log and lumber shipments from New Zealand to Japan may increase as the country starts to rebuild towns along its northeastern coast that were destroyed or damaged by this month’s record earthquake and tsunami.
INDUSTRIAL METALS: Copper Heads for Quarterly Decline on Speculation Demand to Slow
Copper in London declined on speculation global economic growth may slow after Japan’s worst earthquake on record and China’s monetary tightening measures this year raised concern that demand may weaken.
Chinese Aluminum Products Face U.S. Duties Criticized by Embassy
The U.S. Commerce Department imposed dumping and subsidy duties on $503 million of aluminum products imported from China, a step the Chinese embassy said was “unwelcome” and may harm trading relations.
Shanghai Futures Exchange, Dalian May Cut Margin Requirements
The Shanghai Futures Exchange, China’s biggest futures market by turnover, and the Dalian Commodity Exchange may reduce margin requirements on some contracts from next month, according to separate statements.
MINING: Lundin Ends Inmet Deal, Adopts ‘Poison Pill’ to Thwart Equinox
Lundin Mining Corp., target of a C$4.3 billion ($4.4 billion) unsolicited cash-and-stock takeover offer from Equinox Minerals Ltd., will seek alternate bids after ending an agreed rival deal with Inmet Mining Corp.
BHP Says Has Progressed to Feasibility Study at Olympic Dam
BHP Billiton Ltd. has progressed to a feasibility study at Olympic Dam and expects a final decision on the project from state and federal governments in the second half of the year, according to an e-mailed statement.
PRECIOUS METALS: Gold Declines on Speculation U.S. May Pare Stimulus on Recovery
Gold fell for a fifth straight day, set for the worst run since January, on speculation that the U.S. may tighten monetary policy, possibly paring a stimulus program that has contributed to the metal’s surge to a record.
AGRICULTURE: Rubber Production Loss in Thai Floods Estimated at 20,000 Tons
The flooding in southern Thailand has caused a loss in rubber production of 20,000 metric tons in the past seven days, said Luckchai Kittipol, president of the Thai Rubber Association. The country’s rubber production totaled more than 3 million tons in 2010, he said in a phone interview.
Wheat May Advance as Dry Weather Threatens to Curb U.S. Yields
Wheat futures may gain as dry weather persisted in some growing areas of the U.S., continuing to stress the crop in the world’s largest shipper.
Rubber Climbs for Second Day as Thailand Floods May Cut Output
Rubber futures climbed for a second day as floods in the south of Thailand fueled concern that supplies will tighten.
Palm Oil Gains on Concern U.S. Farmers May Cut Soybean Planting
Palm oil rose on speculation U.S. farmers may plant fewer soybeans, reducing output of the crop used to make a rival cooking oil.
Cocoa Arrivals From Brazil’s Bahia Region Decline, Hartmann Says
Cocoa arrivals from Bahia, Brazil’s biggest growing region, declined 34 percent from a week earlier, according to analyst Thomas Hartmann.
Cotton Arrivals in India Increase 2.3% to 26.4 Million Bales
Cotton sales by growers in India, the second-biggest producer, climbed 2.3 percent in the season that began Oct. 1, according to the nation’s biggest buyer.
SHIPPING: China Cosco Expects 32% Bulk-Cargo Slump on Global Overcapacity
China Cosco Holdings Co., Asia’s largest shipping company by market value, forecast a 32 percent drop in dry-bulk traffic this year as expansion in the global fleet outpaces demand.
Japan Ports Still Open to World’s Biggest Supertanker Operator
Frontline Ltd., the world’s biggest operator of supertankers, said it will still travel to the ports of Tokyo Bay, joining other shipping companies in judging the area to be safe for crew and vessels.
ECONOMIES: Japan’s Industrial Production Increases Before Earthquake
Japan’s industrial production unexpectedly rose in February, another sign that the economy was recovering before the nation’s strongest earthquake this month shut factories and caused power shortages.
G-20 Criticism of Fed Easing May Be Muted at China Meeting
Group of 20 leaders may limit criticism of the Federal Reserve for flooding the world with money when they meet in China as Europe’s debt crisis and Japan’s disaster take precedence.
Sri Lankan Growth Quickens to Three-Decade High After War Ends
Sri Lanka’s economy expanded at the fastest pace in more than three decades as the end of a 26-year civil war in May 2009 boosted consumer demand and investment.
Taiwan May Raise Key Rate as Asia Strives to Curb Inflation
Taiwan will probably increase borrowing costs for a fourth straight quarter tomorrow, becoming the eighth Asian economy to tighten monetary policy this month as the region fights price pressures.
OTHER MARKETS: Oil Falls as Rising U.S. Stockpiles May Signal Faltering Demand
Oil declined in New York as signs of rising U.S. crude supplies stoked speculation demand may falter in the world’s biggest consumer of the commodity.
Asian Stocks Rise on Growth Outlook, Japanese Factory Restarts
Asian stocks rose, driving the regional benchmark index toward its highest level since the March 11 earthquake in Japan, as Japanese companies began resuming production and those in China reported earnings that beat estimates.
Aussie Rises to Record, Gains Versus Yen on Growth Prospects
Australia’s dollar rose to the strongest against the greenback since it was freely floated in 1983 and strengthened versus the yen on prospects global growth will boost demand for commodities.
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
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