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U.S. Commodities Day Ahead: Raw Materials Rise After Price Slump

Sept. 26 (Bloomberg) -- The following are the top stories on metals, agriculture and shipping.

ECONOMIC EVENTS, AGRICULTURE REPORTS:
                                       Forecast  Prior      Time
                                                          (N.Y.)

U.S. New Home Sales           AUG       293K      298K     10:00
U.S. New Home Sales MoM       AUG       -1.7%     -0.7%    10:00
Dallas Fed Mfg. Activity      SEP       -8.0      -11.4    10:30
Export Inspections-Corn       SEP 22              22.39    11:00
Export Inspections-Soybeans   SEP 22              10.01    11:00
Export Inspections-Wheat      SEP 22              33.33    11:00
Crop Condition-Corn           SEP 23              51%      16:00
Crop Condition-Soybeans       SEP 23              53%      16:00
Crop Condition-Cotton         SEP 23              27%      16:00

METAL PRICES: ($/ton)
                 Last  % Chg RSI
Copper          7,213   -2.0  16
Aluminum        2,224   +0.8  29
Zinc            1,896   -0.8  24
Lead            1,968   +0.7  25
Nickel         18,300   +0.2  29
Tin            20,800   +3.0  32

OTHER MARKETS:
                       Last  % Chg % YTD
U.S. Dollar Index    78.238   -0.3  -1.0
Crude Oil            $79.93   +0.1   -13
Gold               $1,623.1   -2.0   +14
MSCI World Index   1,097.78   +0.3   -14

TOP STORY:

Commodities Advance as Drop to 10-Month Low Attracts Buyers

Commodities advanced after tumbling to their lowest level in almost 10 months as price declines attracted buyers. Sugar rose the most in more than a month in New York.

COMMODITY EXCLUSIVES:

German Coal Renaissance Threatens Climate Goals, Researcher Says

Germany’s nuclear exit is threatening climate-protection efforts as Europe’s biggest economy burns more coal to make up for lost reactor capacity, according to the country’s Institute for Economic Research.

Maersk to Double U.K. North Sea Production by 2017 on New Fields

Maersk Oil, a unit of A.P. Moeller- Maersk A/S, may double U.K. North Sea crude and natural gas production by 2017 on new projects and exploration.

Levine’s President Petroleum Looks to Add Fields in Argentina

President Petroleum Co., the oil producer backed by former Imperial Energy Corp. Chairman Peter Levine, will use cash from new wells to finance field acquisitions in Argentina.

Raw-Materials Rout Drives Bullish Futures Down 20%: Commodities

Speculators cut bets on rising commodities prices by the most in 19 months as raw materials tip into their first bear market since 2008 and investors anticipate more losses.

Armajaro Trading Moving Focus From Futures to Actual Commodities

Armajaro Trading Group Ltd., a supplier of sugar, cocoa and coffee, is switching focus to supply the actual commodities instead of trading the futures as part of a development that led co-founder Anthony Ward to step down from the company’s board.

INDUSTRIAL METALS:

Copper, Zinc Tumble as European Debt Crisis May Curb Growth

Copper in London plunged to the lowest price in more than a year on concern that a failure to contain Europe’s sovereign-debt crisis may curb world growth and spur a slump in demand. Zinc also declined.

Indonesia’s Biggest Tin Producing Region May Suspend Exports (2)

Bangka Belitung, the biggest tin producing province in Indonesia, will discuss suspending exports today to stem a slide in the metal prices, two industry executives said.

LME Facing Takeover as Record Commodity Volumes Draw Bidders (2)

The London Metal Exchange, founded 134 years ago above a hat shop in the financial district, may be the latest major mutual exchange to be bought after record trading volumes attracted the interest of multiple bidders.

MINING:

AngloGold May Lift Output 68% by 2020 Excluding Acquisitions (1)

AngloGold Ashanti Ltd., the third- largest producer of the metal, may increase output 68 percent by 2020 excluding any acquisitions as it seeks to reverse declines.

Metals, Mining Equities Will Fall ‘For a While,’ JPMorgan Says

Metals and mining equities will fall “for a while,” with a 10 to 15 percent “downside risk to the sector,” JPMorgan Chase & Co. said.

Indonesia’s Biggest Tin Producing Region May Suspend Exports (1)

Bangka Belitung, the biggest tin producing province in Indonesia, will discuss suspending exports today to stem a slide in the metal prices, two industry executives said.

Mongolia Seeks Bigger Stake in Rio, Ivanhoe Copper Mine (2)

Mongolia wants to increase its stake in one of the world’s largest undeveloped copper mines two years after the nation agreed with Rio Tinto Group and Ivanhoe Mines Ltd. to cap government control until 2039.

PRECIOUS METALS:

Gold Slides More Than Comex Margins as Investors Cover Losses

Gold slid below $1,600 an ounce and headed for the biggest two-day slump in a month, while silver erased its gains this year, as some investors sold the metals to cover losses in other assets. Bullion futures dropped more than margin requirements for a second consecutive day.

Silver Plunges 15%, Drops Below $27 for the First Time Since Jan

Cash silver plunged as much as 15 percent to $26.4550 an ounce, dropping below $27 for the first time since January. December-delivery futures slumped as much as 12 percent to $26.50 an ounce.

AGRICULTURE:

Palm Oil Drops to One-Year Low on Concern Demand May Decline

Palm oil fell to the lowest level in almost a year after a survey showed that prices may drop for the first time in three years as favorable weather boosts supplies and a global slowdown weakens demand for commodities.

Corn Rebounds From Early Losses as U.S. May Cut Output Forecast

Corn gained, reversing earlier losses, on speculation that the U.S. Department of Agriculture will have to lower production estimates again in an October report. Wheat also rallied.

Cocoa Falls as Supply May Exceed Use a Second Year, Sugar Rises

Cocoa fell for a third day in London on speculation supplies will outpace demand for a second year after a record surplus in 2010-11. White sugar rose.

Egypt’s SIIC Buys 50,000 Metric Tons of Raw Sugar, Ahmed Says

Egypt’s state-run Sugar and Integrated Industries Co. bought 50,000 metric tons of raw sugar at a tender yesterday, paying $628.60 a ton to Eridania, Hussein Ahmed, a purchasing manager at the company said.

Corn, Soybeans Should Be Sold, as Cattle Gains, Hackett Says (1)

Commodities that will rebound this week won’t be able to sustain rallies as prices may decline to “new lows,” Hackett Financial Advisors Inc. said.

SHIPPING:

Japan Tsunami Debris Still Litters the Pacific Ocean, U.S. Says

Debris from the March 11 earthquake and tsunami continues to litter the Pacific Ocean, the U.S. Department of Transportation said.

Supertanker Earnings Estimate Cut by at Least 50% at Pareto (1)

Supertankers will earn $15,000 a day next year and in 2013 because of slumping demand and too many ships, said Pareto Securities AS, an Oslo-based investment bank, lowering previous estimates.

ECONOMIES:

China Stocks Fall to Lowest Since July 2010 on Inflation Concern

China’s stocks fell, dragging the benchmark index to the lowest level in more than 14 months, as comments from the central bank governor that inflation remained the nation’s “top concern” fanned speculation policies to curb rising prices will slow economic growth.

Record Cash Crunch to Ease Amid Global Slowdown: China Credit

China’s biggest cash shortage will ease in the fourth quarter as the risk of a global economic slump prompts the central bank to halt monetary tightening, a survey of bond analysts showed.

Yuan to Become ‘Fully Convertible’ in 5 Years, Adviser Says (1)

China’s yuan may become a fully convertible currency in five years, said Li Daokui, an adviser to the People’s Bank of China.

Yuan Offshore Rates Weaker on ’Forced Sales’: Chart of the Day

China’s yuan is trading at a record discount in Hong Kong compared with the exchange rate in Shanghai, as investors in Europe and the U.S. are “forced” to divest emerging-market assets amid losses at home.

World Finance Chiefs’ Patience Ebbing as Pimco Sees Slump (2)

Pacific Investment Management Co., which runs the world’s biggest bond fund, is forecasting that advanced economies will stall over the next year as Europe slides into a recession, underscoring mounting investor concern about the global economic outlook.

Merkel Says Greece Needs ‘Barrier’ Erected to Stave Off Default

German Chancellor Angela Merkel said euro-region leaders must erect a firewall around Greece to avert a cascade of market attacks on other European states that would risk breaking up the currency area.

OTHER MARKETS:

European Stocks, U.S. Index Futures Rise as Euro Pares Declines

European stocks and U.S. index futures rose, reversing earlier declines, while the euro pared losses as finance chiefs including U.S. Treasury Secretary Timothy F. Geithner urged more efforts to solve the debt crisis. Copper, gold and silver led commodities lower.

Euro Drops to Decade Low Versus Yen on Debt Concern; Kiwi Drops

The euro slumped to a decade low against the yen on speculation European policy makers are struggling to resolve the debt crisis as the region’s economy slows, damping demand for the region’s assets.

Oil Falls to Seven-Week Low on Bets Europe Crisis to Cut Demand

Oil fell to its lowest price in almost seven weeks in New York, extending last week’s 9.2 percent decline, on bets Europe’s sovereign debt crisis will cut fuel demand.

SPORTS:

Van Persie Not Ready to Sign New Contract, Mirror Says: Roundup

The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web.

Wales Gets Record 81-7 Rugby World Cup Win to Go Second in Pool

Wales routed Namibia 81-7 for its biggest Rugby World Cup victory to grab second place in Pool D and move closer to a quarterfinal place.

Pocock Boosts Wallabies, Russian Hooker Cited: World Cup Roundup

The following is a roundup of stories from the 2011 Rugby World Cup in New Zealand.

To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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