METAL PRICES: ($/ton)
Last % Chg RSI
Copper 7,516 +3.4 26
Aluminum 2,241 +1.7 33
Zinc 1,939 +3.0 31
Lead 1,977 +5.3 31
Nickel 18,746 +4.1 35
Tin 21,600 +6.3 40
OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 77.999 -0.1 -1.3
Crude Oil $82.45 +2.8 -9.8
Gold $1,669.0 +2.6 +17
MSCI World Index 1,126.02 +1.5 -12
TOP STORY:
Commodities Advance for Second Day as Copper Climbs, Oil Gains
Commodities rose for a second day, the best run this month, as copper rebounded from a 14-month low and oil rose on speculation that European policy makers will intensify efforts to contain the region’s debt crisis.
COMMODITY EXCLUSIVES:
Record Tire Sales Rally Rubber on China-Japan Trend: Commodities
Record demand for autos in China, the world’s largest market, and the biggest increase in Japanese vehicle production in three decades means tiremakers will make the most sales ever, reigniting a rally in rubber prices.
U.S. Gasoline Supplies Rise as Demand Declines: Energy Markets
U.S. gasoline inventories climbed last week to the highest level in two months as consumption declined with the slowing economy and the end of the summer driving season, a Bloomberg News survey showed.
Vattenfall CEO Says Energy Prices, Margins Are ‘Under Pressure’
Vattenfall AB, the biggest Nordic utility, is seeing continued pressure on energy prices and margins, said Chief Executive Officer Oystein Loseth.
Kudrin Exit Exacerbates Bond Slump Fueled by Oil: Russia Credit
Russian bonds are sliding to record lows as Finance Minister Alexei Kudrin’s ouster undermines confidence in the world’s largest energy exporter among investors already rattled by falling oil prices and slowing economic growth.
Fukushima Desolation Worst Since Nagasaki as Residents Flee (2)
Beyond the police roadblocks that mark the no-go zone around Japan’s wrecked Fukushima nuclear plant, six-foot tall weeds invade rice paddies and vines gone wild strangle road signs along empty streets.
Gazprom Seeks Strategic Asset Swap to Expand Sakhalin-2 LNG
OAO Gazprom may seek an asset swap with a foreign partner before committing reserves off Sakhalin Island for the expansion of Russia’s only liquefied natural-gas plant, Deputy Chief Executive Officer Alexander Medvedev said.
TMK May Spend $3 Billion on Pipe Production in U.S., Russia (1)
OAO TMK, the world’s largest maker of oil and gas pipes by output, may spend as much as $3 billion this decade on projects in Russia, Romania and the U.S. as rising profit drives technology upgrades and growth.
Ship Owner Losses Persist on Glut as Mine Profits Boom: Freight
Ship owners may face losses until 2015 even with mining companies poised to increase global iron-ore supplies by almost as much as China imports in a year.
INDUSTRIAL METALS:
Copper Rebounds as Investors Close out Bets on Lower Prices
Copper rebounded in London on speculation investors were buying the metal, used in tubing and wiring, to close out bets on lower prices.
Tin Surges as Indonesia Plans Shipment Halt to Counter Rout (3)
Indonesia, the biggest exporter of tin, plans to halt overseas shipments from Oct. 1 to support prices after a slump, said Johan Murod, director at PT Bangka Belitung Timah Sejahtera, a group of smelters. Futures rallied.
MINING:
Palmer’s Australasian May Raise $1.1 Billion for Ore Mine (3)
Australasian Resources Ltd., an iron ore developer controlled by billionaire Clive Palmer, is in talks to raise about $1.1 billion to build a mine in Western Australia. The shares rose the most in more than four years.
Australian State to Restrict New Coal Mines on Farm Land (2)
The Queensland government is set to introduce laws restricting development of new open-cut coal mines on protected agricultural land in Australia’s eastern state, the biggest exporter of steelmaking coal.
PRECIOUS METALS:
Gold Gains as Biggest Three-Day Drop Since 2008 Spurs Buying
Gold gained for the first time in five days in London as the biggest three-day drop since October 2008 spurred some investors to buy the metal on concern about economic growth and debt crises.
Gold Physical Demand Is ‘Exceptionally Strong,’ UBS Says
Physical demand for gold is “exceptionally strong,” UBS AG said.
Gold Price Slump Stokes Jewelry, Investment Demand in India (1)
A slump in gold prices from a record will fuel demand for the precious metal before a festival season in India, the world’s largest consumer, according to the nation’s biggest jewelry retailer.
AGRICULTURE:
Palm Oil Gains on Europe Debt Crisis Optimism, Spurring Demand
Palm oil gained for the first time in five days on speculation that European leaders may be closer to agreeing ways to contain the region’s sovereign-debt crisis, stoking demand for commodities.
Indian Sugar Mills Ask Government to Build 2-Million Ton Reserve
India, the second-biggest sugar producer, should stockpile 2 million metric tons of sweetener and allow more exports to prevent a decline in prices as output surges to a five-year high, a producers’ group said.
Bangladesh Invites Bids to Import 50,000 Tons of Wheat
Bangladesh is seeking to import 50,000 metric tons of wheat, the Directorate General of Food said on its website.
Corn, Wheat Gain for Second Day as Price Declines Spur Demand
Corn and wheat advanced for a second day on speculation that price declines last week increased demand for the crops. Soybeans also gained.
Sugar Climbs as Lower Prices May Spur Demand; Coffee Advances
Sugar climbed for a second day in London on speculation lower prices have spurred buying interest. Coffee advanced as commodities gained.
ECONOMIES:
Property Bonds Plunge Most Since 2008 on Curbs: China Credit
China’s property company bonds are delivering the biggest losses in the world among developers this quarter amid speculation the banking regulator may close another avenue of funding.
China’s Developers Face More ‘Severe’ Credit Outlook, S&P Says
Chinese developers face an “increasingly severe” credit outlook, which may force them to cut prices and turn to costlier funding sources as sales weaken, Standard & Poor’s said.
China’s Industrial Profits Rise 28.2% for January-to-August (1)
Chinese industrial companies’ profits rose 28.2 percent in the first eight months of 2011 from a year earlier, aiding the expansion of the world’s second- biggest economy.
Hong Kong’s Tsang Sees ‘Soft Landing’ for Property, Backs Peg
Hong Kong Financial Secretary John Tsang predicted a “soft landing” for the property market and said the city will keep its currency peg to the U.S. dollar, blamed for helping drive home values up about 70 percent.
Merkel Shifts Her Stance as Crisis Destroys Taboos: Euro Credit
German Chancellor Angela Merkel has stepped up her defense of the euro and toned down calls to punish Greece for its fiscal sins as the region’s debt crisis spread to Europe’s biggest economies.
Geithner Predicts Europe Will Step Up on Crisis After Chiding
U.S. Treasury Secretary Timothy F. Geithner predicted that European governments will step up their response to their region’s debt crisis after a chiding from counterparts around the world.
OTHER MARKETS:
Stocks, Metals Gain on European Crisis Outlook; Treasuries Fall
Stocks gained for a third day and commodities rallied, with copper snapping a seven-day slump, on optimism European leaders will solve the region’s debt crisis. Treasuries and bunds declined.
Dollar, Yen Decline Against High-Yielders on European Optimism
The dollar and yen weakened against higher-yielding currencies as stocks rallied around the world on optimism European leaders are nearing an agreement to contain the debt crisis, damping demand for refuge assets.
Asian Stocks Surge by Most Since ‘09 Bull Run on Europe Optimism
Asian stocks rebounded from a 16- month low, sending the benchmark regional index to its biggest advance since April 2009, amid optimism that European leaders may agree on ways to tame the region’s credit crisis.
Freeport May Adjust Wage Offer in Indonesia Labor Dispute (1)
Freeport-McMoRan Copper & Gold Inc. said it may adjust its wage offer to help end a strike at its Grasberg mine in Indonesia’s Papua province.
Obama Attacks Republicans on Taxes in Hollywood Fundraising Trip
President Barack Obama, in a fundraising foray to Hollywood and the West Coast, attacked Republicans for favoring the wealthy and stepped up a campaign- style drive to win support for his $447 billion jobs package.
Kudrin May Head Central Bank in Putin’s Return, Kostin Says (1)
Former Russian Finance Minister Alexei Kudrin, ousted by President Dmitry Medvedev for insubordination, may regain policy influence as chairman of the central bank in a Vladimir Putin administration, VTB Group chief Andrei Kostin said.
Oil Gains for a Second Day on Bets Europe Will Tame Debt Crisis
Oil rose for a second day in New York on speculation European governments will contain their sovereign-debt crisis, limiting its impact on the global economy and demand for raw materials.
SPORTS:
UBS-From-Plumber Career Helps Brooklynite Earn Rugby Slot (1)
Mike Petri juggled jobs at UBS AG and his family’s plumbing business to help seal a spot on the U.S. Rugby World Cup squad. The Eagles’ vice-captain is now making his mark at the global championship.
Italy Beats U.S. 27-10, Japan and Canada Tie at Rugby World Cup
Italy beat the U.S. 27-10 at the Rugby World Cup to cut the gap to Pool C leader Ireland to three points before they meet in the final group game. Canada and Japan drew 23-23, the third tie in tournament history.
Wigan, Portsmouth Vie to Sign Diouf, Guardian Says: Roundup
The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web.
To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net
