The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS, AGRICULTURE REPORTS: Forecast Prior Time (N.Y.) (No reports, events scheduled on U.S. Independence Day holiday.) METAL PRICES: ($/ton) Last % Chg RSI Copper 9,479 +0.4 64 Aluminum 2,499 -0.2 39 Zinc 2,387 +0.9 68 Lead 2,679 +0.2 65 Nickel 23,173 +0.8 54 Tin 25,800 +0.6 46 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 74.281 0.0 -6.0 Crude Oil $95.17 +0.2 +4.1 Gold $1,495.8 +0.5 +5.3 MSCI World Index 1,347.99 +0.3 +5.3 TOP STORY: Funds Cut Commodity Bets to One-Year Low on Growth Outlook (2) Funds reduced bullish bets on commodity prices to the lowest level in almost a year on speculation that slowing global growth will curb demand for metals, energy and grains. COMMODITY EXCLUSIVES: Thai Rice May Rally After Pro-Thaksin Party Forms Government (2) Rice prices in Thailand, the biggest exporter, may rally 56 percent by yearend as the party that won parliamentary elections implements a policy to buy the crop from farmers above current rates, according to a survey. Novolipetsk Steel May Weigh Asia, Middle East Acquisitions (1) OAO Novolipetsk Steel, billionaire Vladimir Lisin’s steelmaker, may consider acquisitions in Asia and the Middle East after paying Duferco Group $600 million to gain control of seven mills in Europe and the U.S. China Metal Acquisition Binge Led by Rhodes Scholar (2) Andrew Michelmore, the Rhodes Scholar who plotted China’s biggest metals takeover bid, said Beijing isn’t calling the shots when it comes to buying commodities for the world’s fastest-growing major economy. Fourth of July Costs for Barbecue Fare Climbs: Chart of the Day Rising prices for barbecue staples including beef, white bread and ice cream mean that Americans may pay the most ever for outdoor grilling during this year’s Fourth of July holiday. INDUSTRIAL METALS: Copper May Extend Advance to $10,000 a Ton: Technical Analysis Copper may extend gains by more than 5 percent to $10,000 a metric ton, according to technical analysis from China Merchants Futures Co. Zinc Warehouse Orders Jump to 9-Month High on Gains in Malaysia Orders to withdraw zinc from warehouses monitored by the London Metal Exchange jumped to the highest level in more than nine months on gains in Malaysia, exchange data showed today. Copper Climbs to Two-Month High as China Tightening May Pause Copper rose to a two-month high in London on speculation China, the world’s biggest consumer of the metal, may refrain from tightening monetary policy further after figures indicated weaker growth. MINING: Freeport’s Grasberg Mine Workers Start Strike Over Contracts (1) Workers at Freeport-McMoran Copper & Gold Inc.’s Grasberg mine in Indonesia’s Papua province started a seven-day strike demanding wage increases, a spokesman said. China’s Coal Price Unchanged for First Time in One Month (1) China’s benchmark power-station coal price at the nation’s largest port for the fuel was unchanged for the first time in one month as stockpiles rose. PRECIOUS METALS: Gold Gains in London on Decline to Six-Week Low, Weaker Dollar Gold gained for the first time in three days in London as some investors bought the metal after its drop to a six-week low and as a weaker dollar spurred demand for an alternative asset. Gold, Diamonds Valued at $20 Billion Unearthed at Indian Temple Gold coins, diamonds and other precious stones discovered in vaults at a Hindu temple in southern India may be worth $20 billion, officials said as they prepared to open two more underground chambers at the site. AGRICULTURE: Palm Oil Rebounds From Eight-Month Low on U.S. Soybeans Outlook Palm oil rebounded from the lowest level in eight months on speculation lower soybean acreage in the U.S., the world’s biggest exporter, will reduce global vegetable oil supplies. Paris Wheat Futures Gain as Price Drops Signal Demand Increase Milling wheat futures in Paris gained on speculation that falling grain prices will boost demand for raw materials used to make food. Indian Sugar Mills Want Government to End Control on Sale (2) Sugar mills in India, the world’s second-biggest producer of the sweetener, want the government to end control on the sale of the commodity in the domestic market, a producers’ group said. Coffee Rises on Limited Vietnam, Indonesia Supplies; Sugar Falls Coffee rose in London, erasing some of the previous session’s losses, on concerns supplies from Vietnam and Indonesia, the world’s largest and third-largest growers of the robusta variety, will be limited. Sugar fell. Cotton Planting May Gather Pace as India Rains Set to Revive (1) Cotton planting in India, the second-biggest producer and exporter, may gather pace as monsoon rains revive over the main- growing regions after stalling for more than a week. SHIPPING: BP to Sail Supertanker of Fuel Oil to Singapore, Ship Data Show BP Plc will load a supertanker tomorrow bound for Singapore in the first fuel-oil shipment this month from Europe to Asia’s biggest oil-trading and storage center, shipping fixtures and data compiled by Bloomberg show. Capesizes at Anchor Fall to 136 From 140, Global Ports Says The number of capesize ships anchored worldwide fell to 136 last week from 147 a week earlier, Truro, England-based Global Ports said in a report. ECONOMIES: Taiwan Jobs Sucked to China by Failure to Mimic Singapore (1) A decade ago, Wu Wen-nan earned $726 a month at a Taiwan factory run by Foxconn Technology Group, maker of Apple Inc.’s iPhones and iPads. Today, he peddles magazines and takes handouts from a charity. Greece Buys Time as Europeans Press to Conclude Bailout (1) Europe pulled Greece back from the brink of default, gaining time to hammer out a formula for ending the debt crisis. China Services Slowdown Boosts Speculation Tightening May Ease China’s non-manufacturing industries expanded at the slowest pace in four months in June, sending stocks higher on speculation the government may ease monetary tightening policies aimed at taming inflation. Vietnam’s Central Bank Cuts Repurchase Rate to 14% From 15% (2) Vietnam’s central bank cut its repurchase rate by one percentage point even after inflation accelerated to one of the fastest in the world. Germany Raises Borrowing Targets More Than 10% on Bailout Costs German Chancellor Angela Merkel’s government raised borrowing targets by more than 10 percent for the three years through 2015 after pledging contributions to a future European bailout fund, its multi-year budget plan shows. OTHER MARKETS: Stocks, Greek Bonds Advance on Aid Approval as Franc Weakens Stocks rose in Europe and Greek two-year notes advanced for a fifth day after officials approved an aid payment to Greece to prevent a default. Copper climbed to a two-month high and the Swiss franc weakened. Euro Falls Versus Yen; S&P Says Greece May Be Selective Default The euro weakened versus the yen after Standard & Poor’s said a debt-rollover plan for Greece may prompt a “selective default” rating for the country. Ruble Gains Fifth Day Versus Dollar in Longest Run Since April The ruble gained against the dollar for a fifth day, poised for its longest winning streak in two months, as oil rose in New York. Most European Stocks Gain After Greek Aid Approval; LSE Advances Most European stocks rose, extending the biggest weekly advance for the Stoxx Europe 600 Index in a year, as finance ministers approved an aid payment to Greece. Asian shares climbed while U.S. index futures fell. Asian Stocks Advance as U.S. Manufacturing Unexpectedly Gains Asian stocks advanced, with the regional benchmark index set for its longest winning streak in six months, as exporters climbed after U.S. manufacturing unexpectedly grew and Europe prevented a default by Greece. Oil Trades Near Two-Week High After EU Authorizes Loan to Greece Oil in New York traded near a two-week high after the European Union authorized a loan payout for Greece, easing speculation the country’s debt crisis will derail the region’s economic recovery. SPORTS: Man. City Plans $43.5 Million Bid for Nasri, Mail Says: Roundup The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. Kewell’s Return to Australia With A-League Club in Doubt (1) Socceroos forward Harry Kewell is unlikely to play in the A-League next season after negotiations with Football Federation Australia broke down, his manager Bernie Mandic said. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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