The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS, AGRICULTURE REPORTS: Forecast Prior Time (N.Y.) S&P/CS 20 City Mom% SA APR -0.20% -0.23% 9:00 S&P/CS Composite-20 YoY APR -3.95% -3.61% 9:00 S&P/CS Home Price Index APR 138.16 10:00 Consumer Confidence JUN 61.0 60.8 10:00 Richmond Fed Mfg. Index JUN -3 -6 10:00 METAL PRICES: ($/ton) Last % Chg RSI Copper 9,015 +0.5 48 Aluminum 2,522 +0.5 42 Zinc 2,256 +0.1 53 Lead 2,571 +0.2 57 Nickel 22,430 +1.0 45 Tin 25,325 +1.0 40 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 75.389 +0.1 -4.6 Crude Oil $91.05 +0.5 -0.4 Gold $1,502.1 +0.3 +5.7 MSCI World Index 1,282.90 +0.1 +0.2 TOP STORY: Asian Beef Binge Doubling U.S. Market Share: Freight Markets The U.S. may ship the most beef ever in 2011, after doubling its share of the world market in four years, as demand from Asia revives a $3.84 billion export industry decimated by mad-cow disease. COMMODITY EXCLUSIVES: Petronet Has Held Talks With Cheniere Energy for LNG Supply (1) Petronet LNG Ltd., India’s biggest importer of liquefied natural gas, has held talks with Cheniere Energy Inc. on supply contracts as it expands capacity to meet demand in Asia’s second-biggest energy consumer. Oil Supply Falls in Survey on July 4 Fuel Demand: Energy Markets U.S. crude oil supplies fell to the lowest level in two months as refiners boosted gasoline output before the Fourth of July holiday and imports declined, a Bloomberg News survey showed. Sri Lanka Apparel Exports May Gain on China Costs, Brandix Says Sri Lanka’s apparel makers may gain as rising labor costs in China spur customers to place more orders in cheaper South Asia, according to Brandix Lanka Ltd., the nation’s biggest garment exporter. Rand Depreciation View Makes Coronation Buy Anglo American (2) The rand may tumble as much as 30 percent, boosting exporters’ profit and mining shares, according to Coronation Fund Managers Ltd., whose Core Equity Fund was South Africa’s top performer over the past three years. Jinchuan Said to Consider Making Bid for Vale Target Metorex (1) Jinchuan Group Co., the biggest Chinese nickel producer, is considering making a bid for Metorex Ltd., the target of a $1.1 billion offer from Vale SA, two people familiar with the deal said. EDF Will Sell 15% of Nuclear Output to Rivals From July (1) Electricite de France SA, Europe’s biggest power producer, will sell about 15 percent of its nuclear output to rivals after a law aimed at opening up the French market starts on July 1. Norilsk to Invest $370 Million to Double Shipments Across Arctic OAO GMK Norilsk Nickel, the largest Russian mining company, plans to spend $370 million to double its shipments across the Arctic Ocean by 2016 as global warming allows the route to rival the journey through the Suez Canal. Gladstone’s Coal Exports to Drop for First Time in ‘Decades’ (2) Gladstone Ports Corp. expects coal shipments to fall as much as 14 percent, the first decline in at least two decades, after Queensland floods disrupted deliveries to Australia’s third-largest export harbor for the fuel. INDUSTRIAL METALS: Copper Rises in London as Lower Oil Costs May Help Boost Demand Copper climbed in London on speculation lower crude-oil costs will support growth and demand for industrial metals. China Nickel Pig-Iron Output to Cap Prices, Morgan Stanley Says Nickel, the worst performer on the London Metal Exchange this year, may extend a decline as China leads a switch among users to a low-cost substitute, hurting refined-metal prices, according to Morgan Stanley. MINING: Jinchuan Said to Consider Making Offer for Vale Target Metorex Jinchuan Group Co., the Chinese producer of industrial and precious metals, is considering making a bid for Metorex Ltd., the target of a $1.1 billion offer from Vale SA, two people familiar with the deal said. Rio Tinto CEO Sees Underlying Demand Strength in Next Decade Rio Tinto Group, the world’s second-largest mining company, sees underlying demand strength for commodities in the next decade. Tom Albanese, chief executive officer of Rio Tinto, made the comment in Perth today. PRECIOUS METALS: Gold Gains for First Time in Four Days on European Debt Woes Gold gained for the first time in four days in London as concern about Greece’s debt crisis spurred demand for the metal as a protection of wealth. Palladium May Fall 6.8%, Commerzbank Says: Technical Analysis Palladium may fall to about $686.50 an ounce, implying a drop of as much as 6.8 percent, according to technical analysis by Commerzbank AG. Silver Head-and-Shoulders Signals 11% Slump: Technical Analysis Silver prices that have slumped from a 31-year high in April may drop a further 11 percent by the end of next month, according to technical analysis by Fain Shaffer, the president of Infinity Trading Corp. AGRICULTURE: Corn, Wheat Advance After USDA Reports Worsened Crop Conditions Corn and wheat futures climbed for the first time in five days after the U.S. Department of Agriculture reported worsened crop conditions. India Notifies Rules for Exports of 500,000 Tons of Sugar Sugar mills in India, the second- biggest producer, can seek government permits to export a further 500,000 metric tons of sweetener from today, the food ministry said. Palm Oil Climbs After U.S. Soybean Crop Conditions Deteriorate Palm oil advanced for the first day in five, rebounding from the lowest close in eight months, after the condition of the U.S. soybean crop deteriorated, boosting prices of the oilseed that’s crushed to make a rival product. Sugar Gains as Group May Cut Brazil Crop Estimate; Cocoa Drops Sugar rose the most in a month in London on speculation an industry group may cut its estimate for the cane harvest in Brazil, the world’s biggest producer. Cocoa fell. Tunisia Said to Be Seeking 18,000 Tons of White Sugar in Tender Tunisia is seeking to buy 18,000 metric tons of white, or refined, sugar in a tender today, according to two people with direct knowledge of the process. SHIPPING: U.S. Crude Release May Boost Floating Storage, Petromatrix Says The release of crude oil from the U.S. Strategic Petroleum Reserve may boost floating storage in the Gulf Coast, according to Petromatrix GmbH. LNG Ship Rents May Rise to 8-Year High as Japan Cargoes Expand The cost of hiring ships to haul liquefied natural gas may exceed $100,000 a day for the first time since 2003 as Japanese demand for the fuel expands, according to Arctic Securities ASA. ECONOMIES: China Near Rate-Rise Cycle End, Swaps Suggest: Chart of the Day China will refrain from raising interest rates again in 2011, after four increases since September, as a credit crunch cools the economy, according to ING Groep NV. Bond Vigilantes Ensnare Good, Bad and Greek Alike: Euro Credit Bondholders are demanding extra compensation to lend to Europe’s AAA rated countries as well as the region’s most- indebted nations as the sovereign debt crisis rolls into its second year. Greeks Strike as Papandreou Pleads for Lawmaker Support (1) Greek unions shut down government services, halted public transport and disrupted flights as Prime Minister George Papandreou urged lawmakers to obey their “patriotic conscience” and back tougher austerity measures. Siemens Sees Growth Easing as Recovery ‘Tailwind’ Ends (1) Siemens AG said it must increase efforts to grow in the second half because the stimulus from an economic recovery is fading, sending the shares of Europe’s largest engineering company on their biggest drop in 15 weeks. U.K. Economy Expanded 0.5% in First Quarter, Led by Exports (2) Exports returned the British economy to growth in the first quarter as soaring food and energy costs eroded household incomes and curbed consumer spending. European Creditors Move Closer to Greek Debt Rollover Plan (3) Greek creditors may be headed toward a rollover agreement involving 70 percent of their bonds to prevent a default and meet politicians’ calls that they contribute to Greece’s second rescue in as many years. OTHER MARKETS: U.S. Stock Futures Fall, Treasuries Rise as Commodities Rebound U.S. stock-index futures fell and Treasuries rose before a report that will probably show home prices declined. European stocks were little changed as Greek lawmakers prepared to vote on austerity measures, while commodities rebounded from a five- month low. Euro Fluctuates Versus Dollar Before Greek Vote on Austerity The euro swung between gains and losses against the dollar before Greek lawmakers vote on austerity measures needed to prevent the currency union’s first sovereign default. Asian Currencies Gain as Greek Debt Concerns Ease on Roll-Over Asian currencies advanced, led by Malaysia’s ringgit and South Korea’s won, on optimism Greece’s creditors will agree to extend the nation’s debt maturities. European Stocks Little Changed; Prudential Rises, TomTom Slides European stocks are little changed as Greek Prime Minister George Papandreou called on his country’s lawmakers to back tougher austerity measures. Asian shares advanced and U.S. futures retreated. Oil Trades Near Four-Month Low Before U.S. Fuel-Supply Report Crude oil traded near a four-month low before an Energy Department report that may show gasoline stockpiles in the U.S. climbed to the highest in 12 weeks. Obama, Republicans Focus on Narrower Deal as Deadline Nears (1) President Barack Obama and Republicans are narrowing the debate on a deficit-cutting plan to a reduction of $1 trillion to $2 trillion, though whether that would settle the issue through the 2012 presidential election remains in doubt, according to budget and debt experts. SPORTS: Barcelona to Raise Fabregas Bid to $56 Million: Soccer Roundup The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. Australia Appoints Ex-Test Wicketkeeper Rixon as Fielding Coach Cricket Australia hired former wicketkeeper Steve Rixon as the national team’s fielding coach. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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