BLBG: U.S. Commodities Day Ahead: Lead Advances to Three-Year High
The following are the top stories on metals, agriculture and shipping.
Economic Events, Agriculture Reports:
Forecast Prior Time
(N.Y.)
Export Inspections-Corn MAR 31 32.23 11:00
Export Inspections-Soybeans MAR 31 30.65 11:00
Export Inspections-Wheat MAR 31 25.97 11:00
Crop Progress-Plantings/Cotn APR 1 16:00
Metal Prices: ($/ton)
Last % Chg RSI
Copper 9,470 +1.2 48
Aluminum 2,645 +0.5 59
Zinc 2,430 +1.7 55
Lead 2,765 +2.5 63
Nickel 25,845 +1.0 43
Tin 31,730 +0.5 59
Other Markets:
Last % Chg % YTD
U.S. Dollar Index 75.878 +0.1 -4.0
Crude Oil $108.32 +0.4 +19
Gold $1,435.6 +0.5 +1.0
MSCI World Index 1,344.82 +0.3 +5.1
COMMODITY EXCLUSIVES:
Copper Seen Rising 17% on Biggest Mine Shortages Since 2004 (2)
Copper’s worst start in a decade may extend into this quarter as stockpiles expand, Chinese imports plunge and Japan reels from its nuclear disaster, before rebounding to a record when shortages take hold.
China Buries Obama’s ‘Sputnik’ Goal for Clean-Energy Use (2)
China is beating the U.S. in the race to supply clean- energy technologies to the world, helped by a government bank whose advisers include Henry Kissinger.
Tepco Swaps Show Bondholders Will Survive Crisis: Japan Credit
Tokyo Electric Power Co. credit-default swaps show that while shareholders may be wiped out by losses and claims tied to a crippled atomic plant, traders are betting the utility won’t default on its $60 billion of debt.
INDUSTRIAL METALS:
Lead Reaches Three-Year High on Demand Speculation; Copper Rises
Lead rose to the highest price in almost three years in London on speculation that rebuilding in Japan after last month’s earthquake and revived car sales will spur demand. Copper climbed.
Aluminum May Rise on 100-Day Moving Average: Technical Analysis
Aluminum may advance 6.1 percent with prices holding above the 100-day moving average, according to technical analysis by Barclays Capital.
China Stops New Orders for Japan Scrap Steel, Umetal Says (1)
Chinese buyers stopped new orders of scrap steel from Japan and blocked some existing cargoes because of concern over radiation from a crippled nuclear plant, researcher Umetal.com said.
Mitsubishi Materials to Boost Lead Output by 16% on Demand (1)
Mitsubishi Materials Corp., Japan’s third-largest copper producer, said it will boost lead output by 16 percent in the April-to-September period to meet increasing demand for batteries after a record earthquake and tsunami.
Japan Recovery, Nuclear Worries to Drive Commodity Imports (1)
Copper, iron ore and beef are likely to benefit from rising demand in Japan as the country recovers from a record earthquake and tsunami that wiped away towns and triggered a nuclear crisis.
MINING:
Coal of Africa Climbs in Johannesburg on Vele Water License (1)
Coal of Africa Ltd., a producer of the fuel in South Africa, rose the most in almost five months in Johannesburg trading as its Vele project gained a water license, moving the company closer to resuming output halted in August.
Minmetals May Need to Raise C$6.3 Billion Equinox Bid by 29%
Minmetals Resources Ltd., a unit of China’s biggest metals trader, may need to raise its ($6.5 billion) unsolicited cash offer for Equinox Minerals Ltd. about 29 percent to win over investors in the copper producer.
PRECIOUS METALS:
Gold Advances on Libya, European Debt; Silver at 31-Year High
Gold gained in London as the conflict in Libya, concerns about European debt and rising inflation spurred demand for an alternative investment. Silver climbed to a 31-year high.
AGRICULTURE:
Corn Jumps to Highest Since 2008 as Stockpiles Shrink on Demand
Corn rose for a third day to the highest price since 2008 in Chicago on concern that a planned increase in sowing in the U.S. will fail to rebuild global inventories drained by increased demand.
Palm Oil Rises, Tracking Gain in Soybeans, Corn on Inventories
Palm oil increased, paced by gains in corn and soybeans after a U.S. government report showed inventories fell from last year and soybean plantings will drop.
Cocoa Seen Dropping 12% Once Fight for Ivory Coast Power Ends
Cocoa may slump 12 percent once an end to fighting between two rivals for the presidency of Ivory Coast means exports from the biggest producer can resume.
Tainted Pork Adds to Pressure on China Inflation: Chart of Day
The cost of fixing China’s interest rates for five years will rise as a scandal over illegal additives in pig feed becomes the latest driver of food inflation, according to Bank of America Merrill Lynch.
SHIPPING:
Maersk Would Be Able to Send Ships to Ivory Coast ‘Immediately’
A.P. Moeller-Maersk A/S, the world’s largest container shipping line, would be able to send ships to the Ivory Coast ports of Abidjan and San Pedro “immediately” if European Union sanctions against the country are lifted, according to Sonny Dahl, director of West Africa services.
Capesize Rates May Fall on Lack of Brazil Cargoes, Arctic Says
Charter rates for capesize ships, the most common iron-ore transporters, may decline because of a lack of Brazilian cargoes, according to Arctic Securities ASA.
ECONOMIES:
Fed Answers Brazil-China-Germany Axis Over QE2 With U.S. Growth
Federal Reserve Chairman Ben S. Bernanke is proving critics wrong as his stimulus program’s weight on the dollar boosts U.S. growth without slowing a global expansion or diminishing demand for America’s financial assets.
Spain Deficit Fight Risks Setback as Zapatero Quits Election (1)
Spain’s efforts to reduce its budget deficit and rebuild investor confidence may suffer a setback as Prime Minister Jose Luis Rodriguez Zapatero bows out of next year’s election.
OTHER MARKETS:
Commodities Climb to Two-Year High as Stocks Gain on Takeovers
Commodities rose to a two-year high on evidence economic growth is being sustained, while more than $20 billion of takeovers spurred gains in stocks for a second day. U.S. index futures advanced.
Asia Stocks Gain on Recovery, Takeovers; Oil at 30-Month High
Asian stocks climbed while South Korea’s won and crude oil reached 30-month highs after economic reports bolstered optimism the global economic recovery is strengthening and as takeovers increased.
Euro Snaps Four-Day Rally on Concern Rate Rise Will Hurt Economy
The euro snapped a four-day advance against the dollar on concern a likely interest-rate increase by the European Central Bank this week will hurt the economies of the most-indebted nations in the 17-member bloc.
Euro Has Best First Quarter as Trichet Transforms Into Hawk (2)
The euro, seen as a potential failure 10 months ago, had its strongest start to a year on record as German growth accelerates and policy makers prepare to boost interest rates.
European Stocks Extend Three-Week High as Rhodia Surges on Bid
European stocks climbed, extending a three-week high, as a rally in chemical companies outweighed a drop in financial shares. Asian equities and U.S. index futures advanced.
Oil Climbs to 30-Month High on Demand Outlook After U.S. Jobs
Oil climbed to the highest level in 30 months in New York on speculation that U.S. economic growth may support demand and a protracted conflict in Libya will curtail supply.
SPORTS:
Benitez Looks to Return to Premier League, Mail Says: Roundup
The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web.
Gambhir, Yuvraj Earnings to Climb 30% After World Cup Victory
India’s first cricket World Cup victory in 28 years may help players Yuvraj Singh and Gautam Gambhir boost their earnings by 30 percent as companies including BP Plc and Canon Inc. vie for their endorsements in the world’s second-most populous country.
To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net
