COMMODITIES DAYBOOK: Record Nickel Supply Threatens Rally
By Sungwoo Park and Mathew Carr -
2012-02-22T12:35:05Z
Mining companies and refineries are producing more nickel than at any time in history, expanding a glut that threatens to reverse this year’s rally.
WHAT TO WATCH:
(ALL TIMES NEW YORK)
1:30 p.m. IP Week Dinner, BP CEO Robert Dudley Speaking
2:00 p.m. USDA Cattle Slaughter
2:00 p.m. USDA Hog Slaughter
3:00 p.m. Pork Bellies Cold Storage
4:30 p.m. API U.S. Oil Inventories
All Day: International Zinc Conference, Rancho Mirage, CA
TOP STORIES
-Record Nickel Supply Expanding Glut Thwarts Rally: Commodities
-Shell Bids $1.6 Billion for African Oil Explorer Cove Energy
-Russia Seeks ‘Foothold’ in Asian Wheat Market to Rival U.S.
-Investor Rogers Compares Myanmar Reforms to China’s Opening
-Goldman Cuts 12-Month Commodity Return Forecast to 12% From 15%
-INTL FCStone’s Jeffrey Rhodes Is ‘Cautious Bull’ on Gold Prices
-Oil Declines From Nine-Month High on Signs of Europe Slowdown
-Winter Wheat May Get Boost From Wetter Season in East Australia
-China Manufacturing Data Shows Risk of Deeper Slowdown: Economy
-IAEA Inspectors Depart After Iran Talks Yield No ‘Way Forward’
ON THE FRONT PAGES
-Lukoil Plans to Invest $25b in Russian Refining to 2016: IFX
-TNK-BP Plans to Sign 2-Year ESPO Crude Supply Deal, IOD Reports
-China to Embrace New Round of Home Price Cuts: Securities News
-Rio Tinto Said to Seek Sale of Some Ivanhoe Mine Assets: WSJ
ECONOMIC DATA
(ALL TIMES NEW YORK)
10:00 a.m. U.S. January Existing Home Sales
MARKETS (5:45 a.m. NY Time):
Last Chg %Chg
WTI Crude Oil $105.89 -0.36 -0.3
Gasoline $3.05 -0.015 -0.5
Natural Gas $2.61 -0.020 -0.8
Copper $8,405.00 -44.00 -0.5
Gold $1,753.88 -5.25 -0.3
Wheat $6.35 -0.023 -0.4
U.S. Dollar Index 79.18 +0.08 +0.1
MSCI All-Country Index 329.77 -0.63 -0.2
To contact the reporters on this story: Sungwoo Park in Seoul at spark47@bloomberg.net; Mathew Carr in London at m.carr@bloomberg.net
To contact the editors responsible for this story: Richard Dobson at rdobson4@bloomberg.net; Stephen Voss at sev@bloomberg.net
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