SF: U.S. Commodities Day Ahead: Wheat Extends Gains on U.S. Weather
Oct. 28 (Bloomberg) -- The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS:
*T
Forecast Prior Time
(N.Y.)
U.S. Initial Jobless Claims 455K 452K 8:30
U.S. Cotton Export Sales xxx 565.4 8:30
U.S. Corn Export Sales xxx 212.5K 8:30
METALS:
Last % Chg RSI
Copper 8,348 +0.6 58
Aluminum 2,340 +0.7 51
Zinc 2,498 -0.5 62
Lead 2,500 -1.7 61
Nickel 23,015 +0.9 45
Tin 26,250 +0.8 58
*T
OTHER MARKETS:
Last % Chg % YTD U.S. Dollar Index 77.646 -0.6 +1.6 Crude Oil $82.15 +0.3 +6.1 Gold $1,328.5 +0.2 +29 MSCI World Index 1,219.38 +0.5 +10.0
*T
COMMODITY EXCLUSIVES:
Ivory Coast Cocoa Farmers Hoarding Beans Until Prices Improve
Cocoa farmers in Ivory Coast, the world's largest producer
of the chocolate ingredient, said they are refusing to sell
their beans unless buyers raise prices.
Noreco Considers Sale, Merger to Boost Asset Value (Update2)
Norwegian Energy Co. ASA, a Stavanger-based oil producer,
said it's weighing "strategic alternatives" including a sale
or merger to enhance the value to shareholders. The shares
jumped the most in 18 months.
Enel Cuts Valuation of Renewables Unit IPO After Investors Balk
Enel SpA cut the valuation of the renewable energy unit
it's selling in an initial public offering to 8 billion euros
($11.1 billion) after money managers balked at the price because
it was too high compared with competitors.
INDUSTRIAL METALS:
Lead May Gain to $2,700 After Breaking Trend: Technical Analysis
Lead may rise to about $2,700 a metric ton after breaking a
long-term downtrend, implying a gain of about 6.3 percent,
according to technical analysis by independent analyst Jim
Stellakis.
China Raises Export Quotas for Some Metals, Cuts Tin (Update1)
China has increased its export quotas for silver, tungsten
and antimony for 2011 and cut the quota for tin, according to a
statement posted on the Ministry of Commerce website today.
Copper Advances as Weaker Dollar Increases Demand for Metals
Copper rose in London, rebounding from a two-day decline,
as a weaker dollar stoked demand for industrial metals as an
alternative investment.
MINING:
Potash Corp. Profit Beats Estimates; Forecast Raised (Update1)
Potash Corp. of Saskatchewan Inc., the target of a $40
billion hostile takeover offer from BHP Billiton Ltd., reported
third-quarter profit that beat analysts' estimates and raised
its full-year earnings forecast.
Lonmin Threatened With Strike Over Pay in South Africa (Update1)
Lonmin Plc, the world's third- largest platinum producer,
is being threatened with strike action by as many as 18,000
workers after wage talks broke down yesterday, South Africa's
National Union of Mineworkers said.
Coal of Africa Plans to Restart Vele Project This Year (Update1)
Coal of Africa Ltd., an Australian miner of the fuel,
expects to resume work on its Vele colliery project in South
Africa this year after delays following opposition to the
development from the environment ministry.
Kazakhmys Third-Quarter Copper Output Falls 9.2% on Lower Grades
Kazakhmys Plc, Kazakhstan's biggest copper producer, said
third-quarter output of the finished metal from its own ore fell
9.2 percent as it mined lower grades.
Molycorp Says Rare-Earth Price Gains Real, No Bubble (Update2)
Molycorp Inc., owner of the world's, largest non-Chinese
deposit of rare-earth metals, said the surge in prices is
sustainable because of production and export cuts by China, the
world's biggest supplier.
Energizer Plans More Talks in China on Madagascar Vanadium Mine
Energizer Resources Inc., the Canadian mineral-exploration
company, will hold a second round of talks with a Chinese
company about becoming a strategic partner in a vanadium project
in Madagascar.
PRECIOUS METALS:
Gold Increases as Dollar Declines for First Time in Three Days
Gold gained as the dollar declined for the first day in
three, increasing demand for the precious metal as a haven
against weakening currencies.
HSBC, JPMorgan Accused in Suit of Placing 'Spoof' Silver Orders
HSBC Holdings Plc and JPMorgan Chase & Co. were accused in
an investor's lawsuit of placing "spoof" trading orders to
manipulate silver futures and options prices in violation of
U.S. antitrust law.
AGRICULTURE:
Wheat Heads for Longest Rally Since August; Rice Gains 13th Day
Wheat rose for a fifth day in Chicago, heading for the
longest streak since August, on concern that dry weather may
damage U.S. winter crops. Rice climbed for a 13th day to the
highest price in almost 10 months.
Sugar Rises in London, New York on India's Exports Speculation
Sugar climbed in London and New York on speculation India,
the world's second-largest producer, needs to hold back on
exports to rebuild domestic supplies.
Indonesia's Kharisma Sells 4,000 Tons of Palm Oil (Table)
PT Kharisma Pemasaran Bersama Nusantara, which sells palm
oil from Indonesia's state-owned plantations, sold the entire
4,000 metric tons it offered in an auction in Jakarta today.
Cameroon Boosts Cocoa Output in Central Region With New Plants
Cameroon's state cocoa authority said it has boosted
production of the beans in the country's central region by more
than 10 percent by handing out young, high-yield plants to
growers.
Rubber Pares Losses Amid Thailand's Worst Floods in 50 Years
Rubber pared an earlier drop as Thailand's most severe
floods in five decades raised concerns that supply will likely
tighten, boosting prices.
SHIPPING:
Marseille Port Strike Leaves 38 Crude Tankers in Queue, ISS Says
A strike at the Fos and Lavera oil terminals at the French
port of Marseille left 38 crude-oil tankers and 29 product
tankers waiting to load or discharge, Inchcape Shipping Services
said in a notice on its website.
Frontline Removed From Goldman Sachs Buy List, Rated 'Neutral'
Frontline Ltd. was removed from Goldman Sachs Group Inc.'s
Buy List and rated "neutral" because of a decline in demand
for floating oil storage and lower ton-mile demand from China.
ECONOMIES:
China Toymakers Shun Customers as Yuan Crimps Margins (Update1)
Lucy Liang, a sales manager for Jiangsu Zhongxin Toys Co.,
disappointed potential clients from the U.S. and Europe
inspecting the pink and yellow teddy bears crowding the
toymaker's stall at China's biggest trade fair.
Southeast Asia Seeks Common Currency Stance to Protect Exports
Southeast Asian leaders pushed for greater coordination on
currency policies ahead of a Group of 20 summit next month to
stave off a drop in exports as U.S. and Chinese measures
increase capital flows to emerging markets.
Fed Asks Dealers to Estimate Size of Debt Purchases (Update1)
The Federal Reserve asked bond dealers and investors for
projections of central bank asset purchases over the next six
months, along with the likely effect on yields, as it seeks to
gauge the possible impact of new efforts to spur growth.
U.K. House Prices Fell to Eight-Month Low in October (Update1)
U.K. house prices fell in October to the lowest level in
eight months as the deepest government spending cuts since World
War II sapped confidence, a report by Nationwide Building
Society showed.
Bank of Japan Moves Up Meeting, Plans to Buy Lower-Rated Debt
The Bank of Japan brought forward the date of its next
policy meeting, a move to accelerate stimulus for a slowing
economy that prompted a jump in Japanese bond prices on
speculation of further easing steps.
Insane Fed Should Beware Unquantifiable Outcomes: Mark Gilbert
Albert Einstein defined insanity as doing the same thing
repeatedly and expecting different outcomes. The crazy gang at
the Federal Reserve should heed those words when debating how
much more market manipulation to inflict on the world of fixed
income.
Spain's Deficit Cuts Rewarded With Cheaper Funding: Euro Credit
Spain is cutting its deficit faster than Ireland, Portugal
or Greece, seeking to reassure investors that the nation
deserves cheaper borrowing costs than its peers.
OTHER MARKETS:
Stocks, U.S. Futures Rise on Earnings; Irish Bonds, Dollar Fall
Stocks and U.S. index futures gained as companies from
Canon Inc. to Sanofi-Aventis SA raised profit forecasts. Irish
and Portuguese bonds sank on concern debt burdens are worsening,
while the dollar weakened.
Dollar Declines as Investors Seek Higher Yield; Kiwi Advances
The dollar fell for the first day in three amid renewed
demand for higher-yielding currencies, including the New Zealand
dollar, as the Federal Reserve considers extending its bond-
buying program.
IPOs in Asia Grab Record Share of Funds as U.S. Offers Dry Up
Record demand for initial public offerings in Asia is
reducing the share of U.S. IPOs to an all- time low as companies
from China to Malaysia and India flood the market with more
equity than ever.
Oil Trades Near One-Week High on Dollar, Gasoline Supply Report
Oil traded near its highest price in a week as the dollar
weakened, boosting investor demand for raw materials, and after
a report yesterday showed U.S. gasoline stockpiles fell by the
most in a year.
SPORTS:
Liverpool's Torres, Reina May Exercise Escape Clauses: Roundup
The following is a roundup of soccer stories from U.K.
newspapers, with clickable links to the Web.
Spain, Portugal Formally Deny World Cup Collusion (Update1)
Spain and Portugal's joint bid to host the 2018 World Cup
denied making an improper deal to trade votes with Qatar, which
is attempting to host the 2022 event.
Spain, Portugal Bid Formally Denies World Cup Vote Collusion
Spain and Portugal's joint bid to host the 2018 World Cup
formally denied colluding with Qatar to illegally influence the
vote on Dec. 2.
--Editor: Claudia Carpenter
To contact the editor responsible for this story:
Stuart Wallace in London at swallace6@bloomberg.net
