The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS, AGRICULTURE REPORTS: Forecast Prior Time (N.Y.) Initial Jobless Claims APR 16 390K 412K 8:30 Continuing Claims APR 9 3675K 3680K 8:30 Bloomberg Econ. Expectations APR -8 9:45 Bloomberg Consumer Comfort APR 17 -43.6 -43.0 9:45 House Price Index MoM FEB -0.3% -0.3% 10:00 Leading Indicators MAR 0.3% 0.8% 10:00 Philadelphia Fed. APR 36.8 43.4 10:00 Net Export Sales Cotton-Total APR 14 69.5 8:30 Net Export Sales Corn-Total APR 14 1101.5 8:30 Net Export Sales SoyB-Total APR 14 79.4 8:30 Net Export Sales Wheat-Total APR 14 545.6 8:30 Cattle on Feed-Feedlots YoY MAR 5.3% 5.0% 15:00 Cattle on Feed-Placemnts YoY MAR 5.1% -0.6% 15:00 Cattle on Feed-Marketing YoY MAR 2.7% 4.5% 15:00 METAL PRICES: ($/ton) Last % Chg RSI Copper 9,645 +0.7 54 Aluminum 2,749 +0.7 66 Zinc 2,370 +0.6 47 Lead 2,625 +0.5 47 Nickel 26,804 +1.5 53 Tin 32,700 +0.2 59 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 73.857 -0.7 -6.5 Crude Oil $112.05 +0.5 +23 Gold $1,507.5 +0.3 +6.1 MSCI World Index 1,358.54 +0.6 +6.1 TOP STORY: Gold Climbs to Record on Dollar, Debt Concern; Silver Advances Gold climbed to a record in London and New York for a fifth day, trading above $1,500 an ounce, as a weaker dollar and debt concerns boosted demand for the metal as an alternative investment. Silver rose to a 31-year high. COMMODITY EXCLUSIVES: Mongolia Rail Eases China Rare Earth Grip: Freight Markets (1) Mongolia’s aim of quadrupling its rail network will send coal, copper and rare earths to nations such as Japan and South Korea under a plan to reduce reliance on the Chinese market and boost economic development. Tepco Must End ‘Whack-a-Mole,’ Protect Reactors From Storms (2) Tokyo Electric Power Co. must speed up plans to cover reactors at its crippled nuclear plant and drain tainted water to prevent more radiation leaks as Japan’s typhoon season approaches, engineering professors said. Thermal Coal to Beat Oil, Gas After Japan Quake: Energy Markets Thermal coal may outpace oil and gas this year, rising more than 30 percent to a record, as demand from China and India accelerates and Japan boosts imports to make up for nuclear power lost after the March earthquake. Irish Sea’s Irradiated Lobsters Mean Safe Sushi, Doctors Say (1) Radiation from fish and lobsters near the U.K.’s biggest nuclear polluter suggest radioactive material dumped into the sea from Japan’s Fukushima Dai-Ichi power plant isn’t a long- term health threat, scientists said. ‘Misleading’ Claims Harm Emissions-Project Owner, Executive Says Grupo Dinant, owner of an emissions-cutting project in Honduras, said “misleading” claims linking it to human-rights abuses may force the company to close. INDUSTRIAL METALS: Copper Rises for Third Day on Strengthening U.S. House Sales Copper rose for a third day in London after a report showed stronger-than-estimated house sales in the U.S., the world’s second-largest consumer of the metal. China Copper Imports Drop, Exports Surge to Record on Prices (2) Refined-copper imports by China, the largest consumer, plunged 43 percent in March from a year earlier, and exports rose to a record as high prices prompted overseas sales. China Copper Output to Reach Record in 2011, Association Says Copper production in China, the world’s biggest user, may climb 9.4 percent to a record this year as capacity expands and domestic demand remains robust, according to China Nonferrous Metals Industry Association. MINING: Anglo’s Bid to Increase Copper, Iron Ore Output Hit by Rain (2) Anglo American Plc, the world’s biggest platinum producer, posted falls in output of copper, coal and iron-ore during the first quarter as heavy rainfall in the southern hemisphere hindered plans to boost production. Glencore May Be Valued at Up to $68.7 Billion, IPO Analysts Say Glencore International AG, which began the year’s largest initial public offering last week, may be valued at as much as $68.7 billion before the IPO, according to analysts briefed by the Swiss commodities trader in March. Petropavlovsk First-Quarter Gold Production Increases 15% (1) Petropavlovsk Plc, a producer of gold in Russia, said first-quarter output increased 15 percent, boosted by operations at its Malomir mine. Anglo American Platinum Output Jumps 19%, Copper Falls 14% (1) Anglo American Plc, the world’s biggest platinum producer, said first-quarter production of the metal jumped 19 percent while excessive rain curbed output of both copper and iron-ore. African Barrick First-Quarter Net Falls 5.1% as Costs Gain (1) African Barrick Gold Plc, the biggest London-listed producer of the metal, said first-quarter profit slid 5.1 percent after output declined and costs rose. PRECIOUS METALS: Silver to Drop as Price Crosses Ratio to Gold: Chart of the Day Silver, trading at a 31-year high, is set to decline as the metal is the most expensive relative to gold in almost three decades, said Taurus Funds Management Pty. AGRICULTURE: Palm Oil Heads for Weekly Advance on Improved Demand Outlook Palm oil ended little changed, heading for a weekly advance, on prospects for improved demand and as crude oil gained on signs of increasing fuel use in the U.S., the biggest consumer. Wheat Advances as Dry U.S., EU Weather Threatens to Hurt Crops Wheat futures advanced after the International Grains Council said higher production would fail to boost stockpiles and as dry weather threatened to curb yields in the U.S., Europe and China. Cocoa Falls as Ivory Coast May Resume Shipments; Sugar Slides Cocoa fell for a fourth day in London on speculation shipments will resume from Ivory Coast, the world’s largest producer. Sugar and coffee also slid. Palm Oil Gains on Improved Demand Outlook, Costlier Crude Oil Palm oil advanced on improved prospects for demand and as crude oil gained on signs of increasing fuel use in the U.S., the biggest consumer. Rubber Declines as Toyota Extends Production Cuts After Quake Rubber declined on concern that demand may weaken after Toyota Motor Corp., the world’s largest automaker, extended production cuts in some regions because of a parts shortage triggered by Japan’s record quake last month. India Food Inflation Accelerates, Maintaining Pressure on Rates India’s food inflation accelerated for the first time in four weeks, maintaining pressure on the central bank to raise interest rates. Wheat Advances as Dry U.S., EU Weather Threatens to Hurt Crops Wheat futures advanced, set for a weekly gain, on concern that dry weather will stress crops from Europe to the U.S., amid expanding global demand. SHIPPING: China’s Coal Imports Decline 41% as Higher Prices Deter Buyers China’s coal purchases in March slumped 41 percent from a year earlier as higher global prices deterred imports by the world’s biggest consumer of the fuel. ECONOMIES: Retailer Bonds Lead Gains as Shoppers Spend More: China Credit Bonds of companies that sell non- essential goods are handing investors the best returns in China’s corporate debt market as consumer spending withstands credit curbs designed to control inflation. China Money Rate Gains Most in 3 Months on Reserve-Ratio Rise China’s overnight money-market rate jumped the most in three months as this year’s fourth increase in lenders’ reserve- requirement ratios took effect today, draining cash from the financial system. Australia Won’t Manipulate Aussie Now at Record, Rudd Says (1) Australia won’t “manipulate” its currency, which has reached a record, and countries that do will “pay a price,” Foreign Minister Kevin Rudd said. Bernanke Market Signals No Shift With Obama Deficit Cutting (1) The Federal Reserve can be counted on to keep its balance sheet big and interest rates low if President Barack Obama and Republican lawmakers agree on a multi-year deal to slash the $1.4 trillion budget deficit. U.K. Retail Sales Unexpectedly Increased in March on Food (3) U.K. retail sales unexpectedly rose in March as the biggest jump in spending on food in 10 months outweighed a decline at other shops. OTHER MARKETS: Stocks, U.S. Futures, Commodities Rise on Earnings; Euro Gains Stocks and commodities rallied for a third day and the euro strengthened to a 16-month high against the dollar as better- than-estimated earnings boosted confidence in the global economy. U.S. futures indicated the Dow Jones Industrial Average will extend a two-year high. Libyan Rebels Take Control of Tunisia Crossing Point, Tap Says Libyan rebels took control of the Libyan side of the Dhiba crossing point with Tunisia after clashes with forces loyal to Muammar Qaddafi, the state-run Agence Tunis Afrique Presse reported today, citing an eyewitness. Yemeni President, GCC Chief to Meet in Effort to Resolve Crisis The head of the Gulf Cooperation Council will hold talks with Yemeni President Ali Abdullah Saleh, the bloc’s third meeting this week with the country’s political leaders aimed at ending a crisis sparked by anti-government protests. SPORTS: Inter Milan May Try to Sign Tottenham’s Modric: Soccer Roundup The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. Aston Villa Coach Gerard Houllier Treated in Hospital, Sky Says Gerard Houllier, manager of Premier League soccer club Aston Villa, is being treated in hospital after becoming ill last night, Sky News reported. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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