The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS: Forecast Prior Time (N.Y.) Initial Jobless Claims MAR 26 380K 382K 8:30 Continuing Claims MAR 19 3705K 3721K 8:30 Chicago Purchasing Manager MAR 69.9 71.2 9:45 Bloomberg Consumer Comfort MAR 27 -48.9 9:45 NAPM-Milwaukee MAR 63.0 10:00 Factory Orders FEB 0.5% 3.1% 10:00 USDA All Wheat Prosp. Plant 1Q 57250K 53827K 8:30 USDA Corn Prosp. Plant 1Q 91754K 88798K 8:30 USDA Cotton Prosp. Plant 1Q 10505K 8:30 USDA Soybean Prosp. Plant 1Q 76875K 78098K 8:30 Net Export Sales Cotton MAR 24 544.9 8:30 Net Export Sales Corn MAR 24 895.1 8:30 METAL PRICES: ($/ton) Last % Chg RSI Copper 9,369 -0.1 44 Aluminum 2,628 0.0 58 Zinc 2,327 -0.5 45 Lead 2,654 0.0 55 Nickel 26,000 -0.1 43 Tin 31,500 +0.8 58 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 75.791 -0.4 -4.1 Crude Oil $105.28 +1.0 +15 Gold $1,433.3 +0.7 +0.9 MSCI World Index 1,338.11 +0.2 +4.5 TOP STORY: Commodities Set for Third Quarterly Advance on Global Recovery Commodities headed for a third quarterly advance as the global economy extended its recovery, and as crude oil climbed on concern that conflict in Libya and unrest in the Middle East would curb supplies. COMMODITY EXCLUSIVES: Food Commodities Surge Seen Swamping Consumers With Inflation Coffee, sugar and cocoa prices will rise five- to 10-fold by 2014 because of shortages that will mean consumers getting “swamped” by food inflation, according to Superfund Financial. Power Shortages in Japan to Drive Demand for Lead Imports (1) Demand for lead in Japan, the third-biggest economy, is set to climb as the country seeks batteries and generators to help it recover from the destruction caused by its strongest earthquake on record and tsunami. U.K. Tax May Result in Europe’s Most Costly Power, Group Says The U.K. may be left with Europe’s most-expensive power as a result of plans to introduce in 2013 a carbon tax designed to reduce emissions blamed for climate change, the Association of U.K. Coal Importers said. Offshore Wind Power Valued at $273 Billion by 2050 in Study (1) The global offshore wind-power market could be worth up to 170 billion pounds ($273 billion) a year by 2050, the U.K. government-funded Carbon Trust said. Ruble Bonds Top Emerging Markets on Oil Gains: Russia Credit Bonds in rubles are beating debt in every emerging-market currency for the best quarterly returns since 2009, as soaring oil prices boost investment in the world’s biggest energy exporter. INDUSTRIAL METALS: Copper May Advance Before Figures on Manufacturing in China Copper may rise in London, rebounding from the biggest drop in three weeks, before a report that might show stronger manufacturing growth in China, the world’s biggest consumer of the metal. China Extends Ban on New Rare-Earth Projects, Exploration (1) China, the world’s largest exporter of rare-earth metals, tungsten, and antimony, has extended by 12 months a ban on exploring for the minerals and opening new mines, while raising production limits for existing projects. China Aluminum Smelters Restart as Power Returns, CRU Says (1) Most of the aluminum-production capacity in China that was halted on power curbs last year has been restarted, according to researcher CRU International Ltd., boosting output in the world’s largest consumer of the metal. MINING: Petropavlovsk Profit Slumps 86% on Costs, Missing Estimates (1) Petropavlovsk Plc, a miner of gold in Russia, said full- year profit slumped 86 percent after costs rose, missing analyst estimates. Evraz May Resume Dividends in First Half, Depending on Earnings Evraz Group SA, the Russian steelmaker part-owned by Roman Abramovich, said it may resume dividend payouts in the first half of the year, depending on the company’s financial results. Harmony Gold Mining Says Worker Killed in Accident at Joel Mine Harmony Gold Mining Ltd. said a worker was killed in a fatal accident at its Joel mine in South Africa’s Free State province. Vedanta Aluminium May Get Bauxite Mines in Orissa, BUTV Says Vedanta Aluminium Ltd. may win two bauxite mines for its refinery in the eastern Indian state of Orissa, Bloomberg UTV television channel reported today, citing people it didn’t identify. The provincial government may decide on the allocation next month, the report said. Kazakhmys to Start Aktogay Copper Plant in 2014, Government Says Kazakhmys Plc, Kazakhstan’s biggest copper producer, will start output of copper concentrate at its Aktogay project in 2014, the government said. Nickel Asia Says Venture to Spend $1.4 Billion on Nickel Plant Nickel Asia Corp. said a venture that includes Sumitomo Metal Mining Co. Ltd. estimates it will spend $1.4 billion for a second nickel processing plant in the Philippine province of Surigao del Norte, President Gerard Brimo said today. Nickel Asia will have about 22.5 percent stake in the project and Sumitomo will have about 55 percent, he said. Iluka Shares Rise to Record on Price Gains, Takeover Talk (2) Iluka Resources Ltd., the world’s biggest zircon producer, rose to a record in Sydney trading, driven by price gains fueled by demand from China and takeover speculation. PRECIOUS METALS: Gold Rises, Heads for 10th Quarterly Gain on Libya, Debt Concern Gold rose in London, heading for the longest streak of quarterly gains in three decades, as fighting in Libya and concerns about European debt spurred demand for an alternative investment. Faber Says Investors Should Hold Gold Amid U.S. Monetary Policy Marc Faber, publisher of the Gloom, Boom & Doom report, said investors should have from 10 to 20 percent of their portfolio in gold as an inflation hedge. AGRICULTURE: Rouen Weekly Grain Loadings Jump 50% on North Africa Cargoes Grain loaded for export from the French port of Rouen jumped 50 percent in the week through yesterday to the highest in five months as the volume of wheat cargoes to Morocco and Algeria increased. Cocoa Falls to 11-Week Low on Speculation of Ivory Coast Exports Cocoa fell to an 11-week low in London on speculation progress by rebels in the Ivory Coast, the world’s largest grower, will lead to increased exports. Soybeans Gain as Brazil Rain, U.S. Seeding Cuts May Curb Supply Soybeans gained on speculation that reduced planting in the U.S., the world’s largest exporter, and rain in Brazil that is slowing collection of the oilseeds will curb production. SHIPPING: World’s Biggest Shipping Lines Still Sailing to Tokyo Bay Ports The world’s biggest oil-tanker firms, dry bulk carriers and container lines are servicing Japanese ports, judging there to be no threat to vessels or crew from radiation leaking from a crippled nuclear plant. Golar LNG Gains Most in Two Weeks in Oslo as Unit Heads for IPO Golar LNG Ltd., a shipper of liquefied natural gas, gained the most in two weeks in Oslo trading after saying it will sell shares in a unit as part of the subsidiary’s initial public offering. Hapag-Lloyd Says Resuming Calls to Ports of Tokyo, Yokohama Hapag-Lloyd AG said it will be calling again at the Ports of Tokyo and Yokohama, commenting in a statement on its website. LNG Tanker Insurance Rates May Rise on Japan Quake, Drewry Says Insurance costs for sending liquefied natural gas tankers to earthquake-hit Japan may increase, driving up operating costs, a shipping consultant said. ECONOMIES: U.S., France Signal Openness to Larger Yuan Role at G-20 (1) The U.S. and France signaled openness to a greater role for the yuan while stressing the importance of exchange-rate flexibility as Group of 20 officials met in China to discuss the international monetary system. PBOC Boosts Bill Sales Before Redemptions Surge: China Credit The People’s Bank of China, striving to cap inflation at 4 percent, is selling the most bills in a year to soak up funds as maturing debt and expiring repurchase agreements flood the financial system with cash. ICBC Forecasts Loans to Expand at Slowest Pace in 3 Years (1) Industrial & Commercial Bank of China Ltd., the world’s largest lender by market value, said credit may grow at the slowest pace in three years as Chinese banks heed a government call to restrain loans. Yuan Forwards Gain Most in 2 Months as G-20 Finance Chiefs Meet Yuan forwards rose the most in two months on speculation China will face renewed calls to allow faster appreciation at a meeting of finance ministers from the Group of 20 nations that starts today. China May Be ‘Quietly’ Pressed on Yuan as G-20 Chiefs Gather (1) China may face pressure from nations including the U.S., India and Brazil to allow a stronger yuan during today’s Group of 20 seminar, former U.S. Trade Representative Susan Schwab said. Europe Inflation Quickens on Energy Before ECB Rate Meeting (2) European inflation unexpectedly accelerated to the fastest in more than two years in March as European Central Bank policy makers prepared to raise interest rates to fight increasing price pressures. Irish Bank Stress Tests Set to Trigger More Government Aid (1) Ireland’s top finance officials will today seek to show investors, taxpayers and the rest of the euro region that the banking crisis that crippled what was once Europe’s most dynamic economy might be nearing an end. German Unemployment Fell in March for 21st Straight Month (2) German unemployment fell twice as much as economists forecast in March as instability in the Middle East and the crisis in Japan failed to deter companies from hiring. Bank of Japan Is Said to Consider Emergency Lending Program The Bank of Japan is considering offering temporary loans to banks to encourage lending to companies with cash-flow shortages in the wake of the record March 11 earthquake, three people familiar with the matter said. OTHER MARKETS: Irish, Portuguese Bonds Fall Before Stress Tests; Oil Advances The bonds of Europe’s most-indebted nations fell, the cost of insuring against a Portuguese default jumped to a record and financial stocks slid as Ireland prepared to give banks more aid. Oil rose and the dollar weakened. Euro Strengthens as Inflation Accelerates; Aussie Dollar Gains The euro strengthened against the dollar and the yen as data showed euro-region inflation unexpectedly accelerated in March, bolstering the case for tighter monetary policy. Japan Sold 692.5 Billion Yen in March, Ministry of Finance Says Japan sold 692.5 billion yen ($8.4 billion) from Feb. 25 to March 29, the Ministry of Finance said in Tokyo today, showing the nation’s efforts to bring the currency down from a postwar high that threatened a recovery from its biggest-ever earthquake. European Stocks Retreat as Inflation Unexpectedly Accelerates European stocks declined, halting a six-day winning streak, as the European Union’s statistics office reported that inflation unexpectedly accelerated to the fastest pace in more than two years in March. Asian shares rallied, while U.S. futures were little changed. Asian Stocks Erase Losses Since Japan Quake on Economy, Earnings Asian stocks rose, with the benchmark regional index erasing losses since Japan’s March 11 earthquake, as a jobs report boosted optimism in the U.S. economy and Chinese companies posted earnings that beat analyst estimates. NATO Takes Command of Libya Operation as Qaddafi Hit by Defector NATO took sole command of air operations over Libya as the defection of Muammar Qaddafi’s foreign minister may help push the Libyan regime toward a “tipping point,” a former U.K. Cabinet member said. Kuwait Cabinet Submits Resignation After Questioning Call (1) Kuwait’s government submitted its resignation to Emir Sheikh Sabah al-Ahmed al-Sabah, days before parliament was scheduled to question three ministers from the ruling family. BASF’s Wintershall Says Libya Oil Production Future in Doubt (1) BASF SE, which generates about 1.3 billion euros ($1.8 billion) in annual operating profit from Libyan oil fields, said the future of operations in the North African state is in doubt as wells remain sealed by unrest. SPORTS: 888 Net Income Falls 68%; CEO Sees ‘Gaps’ in Ladbrokes Talks 888 Holdings Plc, the U.K.-listed Internet gambling company that supplies services to Caesars Entertainment Corp., said full-year profit fell 68 percent, hurt by competition for gamblers from soccer’s World Cup. Balotelli Fined for Throwing Darts at Youth Team: Roundup The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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