Last %Chg RSI
Copper $9,691 +0.2 64
Aluminum $2,502 +0.3 44
Zinc $2,389 +0.5 59
Lead $2,718.25 +0.4 60
Nickel $24,166 +0.1 61
Tin $27,200 -0.8 56
Other Markets:
Last %Chg %YTD
U.S. Dollar Index 75.476 +0.5 -4.5
Crude Oil $97.16 -0.1 +6.3
Gold $1,596.10 +0.2 +12.3
MSCI World Index $1,311.85 -0.1 +2.5
TOP STORY:
Gold Climbs to Record Above $1,600 on U.S., Europe Debt Concerns
Gold rose to a record above $1,600 an ounce as debt concerns in Europe and the U.S. boosted demand for the metal as a protection of wealth. Bullion in euros and pounds rose to all- time highs and silver topped $40 an ounce.
COMMODITY EXCLUSIVES:
Pork Prices Peaking as Corn Bust Spurs Expansions in Hog Herds
The biggest slump in corn in three years may mean the end of record pork prices as cheaper feed spurs farmers to expand hog herds for the first time since 2007.
Copper May Extend Rally to Record on China Demand, Maike Says
Copper may rally to a record $12,000 a metric ton in the first quarter as stronger-than-expected demand from China, the largest user, and tumbling inventories spur imports, according to Maike Futures Co.
Posco’s India Steel Mill Agreement Said to Exclude Ore Exports
Posco, the world’s third-largest steelmaker, may be barred from exporting any iron ore from its proposed $12 billion Indian mine and steel project, two people with direct knowledge of the matter said.
El Nino Food-Price Risk Spurs Asia Currency Gains: Chart of Day
El Nino weather conditions may spur a surge in food prices, forcing policy makers in South Korea and Taiwan to allow currency appreciation to curb imported inflation, Barclays Plc said.
INDUSTRIAL METALS:
Copper Gains for Second Day as Trichet Comments Lift Confidence
Copper advanced for a second day on expectations of higher Chinese demand and after European Central Bank President Jean- Claude Trichet said Europe can surmount its sovereign debt crisis by showing the will and determination to do so.
MINING:
China’s Hanlong Makes A$1.2 Billion Bid for Rest of Sundance (1)
China’s Sichuan Hanlong Group offered A$1.2 billion ($1.3 billion) in cash for the shares of Sundance Resources Ltd. it doesn’t own to gain control of a $4.7 billion iron ore project in West Africa.
Fortescue Says It May Seek to Sell $1 Billion of Bonds in 2012
Fortescue Metals Group Ltd. may seek to raise at least $1 billion selling bonds in the quarter ending March 31 next year, spokeswoman Elizabeth Gosch said by phone from Perth today.
Zhaojin Mining Gets Approval to Resume Production in Shandong
Zhaojin Mining Industry Co. received approval from Zhaoyuan city government to resume production at its mines in Shandong province, China, after they were inspected, according to a statement to the Hong Kong stock exchange today.
CST Mining Says Glencore Agrees to Pay $475 Million for Unit
CST Mining Group Ltd. said Glencore International AG agreed to pay $475 million for CST Resources Ltd., a CST unit that owns 70 percent of Peruvian miner Marcobre S.A.C., according to statement from CST to the Hong Kong stock exchange today. Marcobre owns the Mina Justa Project, it said.
PRECIOUS METALS:
Investors Boost Bullish Commodity Bets as Gold Demand Gains (1)
Funds boosted bets on rising commodity prices by the most in almost a year as traders added gold amid escalating debt crises in the U.S. and Europe.
Tanzania Gold Exports $1.7 Bln in Year, Bank of Tanzania Says
Gold exports from Tanzania amounted to $1.7 billion in the year ending May compared with $1.4 billion the previous year, the Bank of Tanzania said in an e- mailed report.
AGRICULTURE:
Wheat Drops for Third Day as Egypt Buys Cheaper Russian Wheat
Wheat futures declined for a third straight day on speculation demand for U.S. supplies may wane as importers switch to cheaper exports from Russia.
Soybean Imports by China May Fall for First Time Since 2004 (1)
China’s soybean imports, the world’s biggest, may decline this year for the first time since 2004 as processors use more domestic crops and lower hog numbers decrease demand for feed, a state-owned researcher said.
China Removes Edible-Oil Price Limits, Evening News Cites NDRC
China removed price limits on edible oils, the Quanzhou Evening News reported yesterday, citing an unidentified official from the National Development and Reform Commission’s price department.
Canola Production in Australia Seen Surging to 15-Year High (1)
Canola production in Australia, the third-largest exporter, may jump 21 percent to the highest level in 15 years after rains in Victoria and Western Australia boosted yield prospects, according to an industry group.
Rice Exports From Vietnam Climb to 4.1 Million Tons, Group Says
Vietnam, the world’s second-largest rice exporter, shipped 4.1 million metric tons from the start of the year to July 14, the Vietnam Food Association said.
SHIPPING:
Capesizes at Anchor Climb to 139 From 125, Global Ports Says
The number of capesize ships anchored worldwide rose to 139 last week from 125 a week earlier, Truro, England-based Global Ports said in a report.
ECONOMIES:
Contagion in Three Forms Now Has Grip on Europe: Simon Johnson
There are three types of contagion in a financial crisis, when the potential collapse of a firm, bank or country threatens to spiral out of control. The European Union today has all three.
China’s New Home Prices Quicken in Shanghai, Beijing (1)
New home prices rose in 67 Chinese cities in June, with growth in Beijing and Shanghai accelerating for the first time since the government stepped up efforts this year to curb growth.
Obama Pushes for Debt Deal While Dismissing Republican Plan (1)
While President Barack Obama publicly presses congressional leaders for a multitrillion- dollar agreement in deficit-cutting talks he said are “running out of time,” aides privately are negotiating the framework of a possible compromise.
OTHER MARKETS:
Euro, Asia Stocks Drop on European Crisis Concerns; Silver Rises
The euro fell the most in a week against the dollar, Asian shares slumped for a third day while bond risk climbed amid concern Europe’s debt crisis is worsening.
Asian Stocks Decline on U.S. Economic Concern; Samsung Falls
Asian stocks fell for a third day after U.S. President Barack Obama said the government is “running out of time” in negotiating an agreement to cut the fiscal deficit, hurting the outlook for Asian exporters.
Brent Oil Falls on Europe Debt Crisis; New York Crude Fluctuates
Brent crude declined in London as investors bet that Europe’s worsening debt crisis may slow the economy and crimp fuel demand. Futures in New York swung between gains and losses.
To contact the reporter on this story: Chanyaporn Chanjaroen in London at cchanjaroen@bloomberg.net
To contact the editor responsible for this story: James Poole at jpoole4@bloomberg.net
