The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS: Forecast Prior Time (N.Y.) ICSC Chain Store Sales YoY NOV 1.6% Initial Jobless Claims NOV 27 424K 407K 08:30 Continuing Claims NOV 20 4200K 4182K 08:30 Pending Home Sales MoM OCT -1.0 -1.8% 10:00 RPX Composite 28dy YoY SEP -2.68% 16:00 Net Export Sales Cotton NOV 25 284.4 08:30 Net Export Sales Corn NOV 25 823 08:30 Net Export Sales Soy Meal NOV 25 293.5 08:30 Net Export Sales Soybeans NOV 25 948.9 08:30 Net Export Sales Soy Oil NOV 25 -0.7 08:30 Net Export Sales Wheat NOV 25 745.2 08:30 METAL PRICES: ($/ton) Last % Chg RSI Copper 8,675 +1.0 59 Aluminum 2,365 +1.1 55 Zinc 2,210 +2.3 47 Lead 2,319 +2.2 48 Nickel 23,885 +1.4 59 Tin 25,300 +2.0 52 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 80.593 -0.2 +7.9 Crude Oil $86.63 -0.1 +13 Gold $1,390.6 +0.2 +14 MSCI World Index 1,223.87 +0.6 +4.3 TOP STORY: China’s Gold Imports Soar Almost Fivefold on Inflation Concern China’s gold imports jumped almost fivefold in the first 10 months from the entire amount shipped in last year as concern about rising inflation increased its appeal as a store of value, said the Shanghai Gold Exchange. COMMODITY EXCLUSIVES: OPEC to Keep Quota, $80-$85 Oil Is Fine, Angola Says (Update1) OPEC is unlikely to change its production quota when it meets at the end of next week, said Jose Maria Botelho de Vasconcelos, Angola’s Minister of Petroleum. Structured Bonds Lifted by $269 Billion Oil Plan: Brazil Credit Brazil’s planned 461 billion reais ($271 billion) of investment in its oil and gas industry is spurring interest in structured bond sales as companies tap investor demand for debt tied to the nation’s crude reserves. Sweden’s OMX 30 Index May Return 35 Percent by 2012, Nordea Says Sweden’s OMX Stockholm 30 Index may have a total return of 35 percent by the end of 2012, driven by a rebound in company earnings and emerging market exposure, according to the Nordic region’s largest lender. CIBC Ousts TD as Corporate Bond Sales Surge: Canada Credit Canadian Imperial Bank of Commerce ranks among the top three banks managing corporate bond sales in Canada for the first time since 2004, displacing Toronto- Dominion Bank as company issuance surges to a three-year high. OPEC to Keep Existing Oil Output Quota, Angolan Minister Says OPEC is unlikely to change its production quota when it meets at the end of next week, said Jose Maria Botelho de Vasconcelos, Angola’s Minister of Petroleum. Weakening Ruble Snubbed as Eurobonds Top Sales: Russia Credit Russian companies are turning to the dollar for financing as slower-than-forecast economic growth spurs the most bearish outlook for the ruble in eight months and drives up local borrowing costs. China Refusal to Condemn N. Korea Limits U.S. Options (Update2) China’s refusal to condemn North Korea for its expanding nuclear program and its attack on a South Korean island limits the retaliatory options for the U.S., Japan and South Korea. INDUSTRIAL METALS: Copper Advances on Shrinking Metal Inventories, Higher Premium Copper rose in London to the highest level in almost three weeks as inventories shrank the most since September and the premium for immediate-delivery metal climbed further, signaling steady demand. Collahuasi Talks to Continue at Strike-Hit Chile Mine (Update4) Wage talks between union leaders and company representatives at Anglo American Plc and Xstrata Plc’s Collahuasi venture will extend into a fourth day in a bid to end a strike at the world’s third-biggest copper mine. MINING: Rare-Earth Boom Prompts RBS to Issue Notes Tied to 15 Miners Royal Bank of Scotland Group Plc issued its first notes based on the performance of a basket of rare-earth miners including Molycorp Inc., Arafura Resources Ltd. and Neo Materials Technologies Inc. ArcelorMittal, Kumba Appoint Arbitrator as Row Drags (Update1) ArcelorMittal South Africa Ltd., a unit of the largest steelmaker, and supplier Kumba Iron Ore Ltd. appointed a third arbitrator to try to resolve their dispute over prices that has dragged on for the past nine months. Palmer Agrees 20 Million Ton Coal Pact With Vitol (Update1) Resourcehouse Ltd., controlled by Australian mining billionaire Clive Palmer, agreed to supply 20 million metric tons of coal a year to commodity trader Vitol Group from its yet to be built project in Queensland state. PRECIOUS METALS: Gold May Gain for 4th Day on Europe Debt Concerns, China Imports Gold may rise for a fourth day in London as concern about Europe’s debt crisis spurs demand for a protection of wealth and as China’s bullion imports surged. Palladium climbed to a nine- year high. AGRICULTURE: Wheat Gains to Three-Week High on Australian Rain, U.S. Dryness Wheat rose to a three-week high in Chicago on speculation that excessive rainfall in Australia will curb production and dry weather in the U.S. southern Great Plains may hurt newly planted crops. White Sugar Advances on Indian Supply Concern; Cocoa Also Rises White sugar rose in London for the second day after heavy rain cut output in India, the world’s second-largest producer after Brazil. Cocoa gained as Ivory Coast’s presidential run-off election remained undecided. Wheat Quality in Queensland Hurt by Rains, Group Says (Update1) More than half of the wheat crop from Australia’s Queensland state may deteriorate to feed grade following heavy rain, tightening milling-quality supplies and potentially helping to extend a rally in prices. Rubber Climbs as U.S. Payroll, Auto Sales Boost Demand Prospect Rubber climbed for a fourth day to a one-week high as data showed bigger-than-forecast growth in U.S. employment and higher vehicle sales, boosting optimism that demand will grow for the commodity used in tires. Japan Buys 209,297 Tons U.S. Milling Wheat in Tender (Update1) Japan bought 209,297 metric tons of U.S. milling wheat in a regular tender today, the Ministry of Agriculture, Forestry and Fisheries said. SHIPPING: Frontline, Teekay Cut as Platou Predicts Weaker Year for Tankers Frontline Ltd., Teekay Corp. and seven other tanker companies had their recommendations cut at RS Platou Markets AS after RS Platou Economic Research said market conditions will deteriorate next year. ECONOMIES: Yuan Defies Europe Crisis With Biggest Asian Gain: China Credit China’s yuan is climbing the most in Asia as investors from UOB Asset Management Ltd. to Union Investment predict the world’s biggest foreign reserves will help the currency withstand the spreading debt crisis in Europe and tensions on the Korean peninsula. China PBOC Adviser Li Urges Savings Shift to Stocks (Update1) China should channel its high level of savings from banks to the stock market in order to avoid risks to the financial system and further develop the capital markets, according to central bank adviser Li Daokui. Shanghai’s Housing Rents, Hotel Rates Fall Up to 50% After Expo Shanghai’s apartment rents and hotel room rates near the World Expo site fell as much as half as China’s biggest international event this year ended. Fed May Be ‘Central Bank of the World’ After UBS, Barclays Aid Federal Reserve data showing UBS AG and Barclays Plc ranked among the top users of $3.3 trillion from emergency programs is stoking debate on whether U.S. regulators bear responsibility for aiding other nations’ banks. Trichet ‘Held Hostage’ as Market Pressure Mounts (Update1) The last time Jean-Claude Trichet refused to bow to market pressure, he was forced into a U-turn. This time the stakes may be even higher. Bernanke Faces Attacks Over Economy With Foxhole Buddy Geithner On the morning of Nov. 4, two days after the midterm elections, Timothy Geithner was scheduled to fly to Kyoto for a dinner with Asian-Pacific finance ministers. At the last minute, Geithner postponed his trip; there was just too much going on in Washington. The dimensions of the electoral drubbing that President Barack Obama had taken were still sinking in when the Treasury Secretary arrived at the White House to plot strategy at the President’s cabinet meeting. Trucking Shipments Signal U.S. Economy Gaining: Chart of Day Shipments along the nation’s highways continue to rise for U.S. trucking companies, another sign the economic expansion is gathering momentum. OTHER MARKETS: Stocks, Euro Gain as ECB Meets; Spanish Bonds, U.K. Gas Rise Stocks extended the biggest rally in a month, U.S. index futures rose and the euro strengthened on speculation the European Central Bank will act to stem the region’s debt turmoil. Spanish bonds and U.K. gas gained. Euro Climbs as Demand Rises at Spanish Bond Auction, Before ECB The euro strengthened for a second day against the dollar as demand rose at a Spanish sale of three-year notes and before the European Central Bank announces its decision on interest rates. Aussie Dollar Falls on Drop in Retail Sales; Kiwi Dollar Climbs Australia’s dollar slid against all of its major peers after data showed retail sales unexpectedly declined and imports slumped to the least since February. European Stocks Rise as Investors Await ECB Decision; BHP Gains European stocks rose, with the Stoxx Europe 600 Index extending its biggest rally in three months, amid speculation the European Central Bank will act to stem the region’s debt crisis. Asian equities and U.S. futures advanced. Santander in Spain Valued at Zero on Debt Risk: Chart of the Day Banco Santander SA’s Spanish business has 4,856 branches, 15 million customers and reported 2.1 billion euros ($2.8 billion) in profit so far this year. For stock investors, it’s worthless. Bridgestone Aims to Halve Rubber Use by 2020 on Record Prices Bridgestone Corp., the world’s largest tiremaker, expects to cut rubber consumption by 50 percent in the next decade after prices more than quadrupled to a record from their 2008 low. Natural Gas Slump Boosts Heating Oil Trading: Energy Markets The natural gas market in New York is contracting as prices head for the first three-year drop on record, helping to expand trading in heating oil. IMF Says Crisis Shouldn’t Be Underestimated, Pledges Support International Monetary Fund Managing Director Dominique Strauss-Kahn said the current European debt crisis shouldn’t be underestimated and pledged to support member countries who seek help from the lender. SPORTS: World Cup Bidders Make Final Attempt to Sway Voters (Update1) Countries looking to host the 2018 and 2022 World Cups made their final attempts to convince soccer’s governing body to award them the world’s most-watched sporting event when it votes today. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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