BLBG: U.S. Commodities Day Ahead: Wheat Peaking in Goldman Forecast
The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS:
Forecast Prior Time
(N.Y.)
Advance Retail Sales FEB 1.0% 0.3% 8:30
Retail Sales Less Autos FEB 0.7% 0.3% 8:30
Retail Sales Ex Auto & Gas FEB 0.5% 0.2% 8:30
U. of Michigan Confidence MAR P 76.3 77.5 9:55
JOLTs Job Openings JAN 3063 10:00
Business Inventories JAN 0.8% 0.8% 10:00
METAL PRICES: ($/ton)
Last % Chg RSI
Copper 9,046 -1.6 31
Aluminum 2,520 -2.6 45
Zinc 2,264 -1.0 34
Lead 2,395 -1.4 36
Nickel 25,599 -1.7 33
Tin 29,251 -0.5 34
OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 77.288 +0.1 -2.2
Crude Oil $99.63 -3.0 +9.0
Gold $1,406.0 -0.4 -1.0
MSCI World Index 1,307.90 -0.4 +2.2
TOP STORY:
Wheat Peaking in Goldman Sachs Forecast as Inventory Improves
The surge in crop prices that drove food costs to a record last month may be peaking because global inventories are now forecast to be more plentiful than previously expected, Goldman Sachs Group Inc. said.
COMMODITY EXCLUSIVES:
Ivory Coast’s Workers Queue for Salaries as Crisis Drags On
Jacques Kouassi, a literature teacher in Ivory Coast’s commercial capital, Abidjan, waited for six hours to get his February salary as a political crisis in the West African nation deepened into a financial crunch.
Dong’s 2010 Profit Gains Fivefold, Sees Rising 2011 Output (1)
Dong Energy A/S, Denmark’s biggest energy company, said profit jumped fivefold last year as energy prices and gas sales gained, and forecast that output will gain this year as production restrictions are lifted.
Africa Gets $35 Billion Rail Led by China: Freight Markets (1)
Record commodity prices are driving Africa’s biggest railway boom since the 19th century as the world’s largest untapped mineral reserves prompt miners from Brazil to China to ignore a history of war and economic chaos.
Eni Plans Halts at Sannazzaro, Livorno Plants for Maintenance
Eni SpA, Italy’s largest oil company, outlined plans to halt processing units at four of its refineries in Italy for maintenance this year.
INDUSTRIAL METALS:
Copper Falls Below $9,000 a Ton After Earthquake Strikes Japan
Copper fell for a third day in London, dropping below $9,000 a metric ton for the first time since December, after an earthquake struck Japan, one of the world’s largest consumers of the metal.
Shanghai Copper Stockpiles Rise First Time in Three Weeks (1)
Copper stockpiles monitored by the Shanghai Futures Exchange rose for the first time in three weeks, according to weekly exchange data.
Map of Japan’s Mines, Refineries, Smelters and Quake Location
Following is a map of Japan’s mines and metal refineries and smelters, including the location of today’s magnitude 8.9 earthquake north east of Tokyo.
Mitsubishi Materials Shuts Copper Refinery After Japan Quake
Mitsubishi Materials, Japan’s third largest copper refiner, stopped operations at its Onahama copper refinery in Fukushima prefecture after an 8.8 earthquake struck the country, company spokesman Toshiaki Yamada said today by phone.
China Hongqiao Said to Revive IPO, Seeking $943 Million (1)
China Hongqiao Group Ltd., the nation’s largest privately owned aluminum producer, plans to raise as much as HK$7.35 billion ($943 million) in a renewed bid to sell shares in Hong Kong, said two people with knowledge of the matter.
Copper May Drop 13% on Signs of Ample Supplies: Chart of the Day
Copper may extend this month’s slump and drop another 13 percent as metal consumers pay less for immediate delivery than for three months from now, signaling supplies may be ample, according to T. Rowe Price Group Inc.
MINING:
CEZ to Face Higher Brown Coal Prices in 2013, Supplier Says
Czech Coal Group, a miner that sells brown coal to power producer CEZ AS, may raise prices more than twofold after long- term supply contracts run out at the end of next year.
PRECIOUS METALS:
Gold May Fall as Investors Sell to Cover Drop in Other Assets
Gold may decline in London and head for the first weekly retreat since January as some investors sell the metal to raise cash as other assets drop.
Gold May Gain on Unrest, European Debt Concern, Survey Shows
Gold may gain as concern about unrest in North Africa and the Middle East and Europe’s debt crisis boost the metal’s appeal as an alternative investment, a survey found.
AGRICULTURE:
Cocoa Falls After Report of Higher Inventories; Coffee Declines
Cocoa fell after a report that bean inventories in European warehouses have climbed, adding to signs that supplies are plentiful amid prospects for a resumption in exports from the Ivory Coast, the world’s largest producer.
Tata’s Huq Says Company ‘Reaping’ Benefit of High Prices (2)
Tata Coffee Ltd., Asia’s biggest publicly traded grower of the bean, is “reaping” the benefit of high prices helping boost the company’s shares, Managing Director Hameed Huq said.
Philippines Orders Tsunami Evacuation in Rice-Growing Regions
The Philippines, the world’s biggest buyer of rice, advised residents living in coastal areas in 19 provinces, to seek higher ground after raising its tsunami alert, the government said.
Japan Quake Impact on Grains “Not Significant,” Unipac Says
The largest earthquake Japan has ever experienced is unlikely cause significant damage to feed and food production in the nation, the world’s largest corn importer, said Nobuyuki Chino, president of Unipac Grain Ltd.
Rubber Tumbles to Lowest in Three Months After Quake Hits Japan
Rubber extended a slump to the lowest level in almost three months after an 8.9-magnitude earthquake struck Japan, spurring concerns the disaster may hurt the economy and weaken demand.
SHIPPING:
Libya Oil Exports Drop to Below 500,000 Barrels a Day, IEA Says
Crude exports from Libya fell “well below” 500,000 barrels a day as fighting intensified in North Africa’s largest oil producer, the International Energy Agency said.
Tokyo Shipping Crew Changes Delayed by Earthquake, Agent Says
Crew changes on ships at ports in Tokyo Bay were disrupted after an 8.9 magnitude earthquake hit the north of the country and caused a tsunami, an agent that organizes the switchovers said.
Ice Blocks Russia’s St. Petersburg Port; 100 Tankers Stranded
About 100 tankers are backed up at the Russian port of St. Petersburg because of ice, a port official said.
Japanese Earthquake Is ‘Negative’ for Shipping, Fearnley Says
An earthquake that struck the coast of Japan today, causing a tsunami as high as 10 meters (33 feet), may depress dry-bulk shipping markets for the next several months, Fearnley Consultants A/S said.
Map of Tankers, Dry Bulk, Ports Around Japan and Quake Location
Following is a map of ports, oil tankers, dry bulk carriers and other vessels around Japan and the location of today’s earthquake north east of Tokyo.
ECONOMIES:
Asian Shares, Currencies Drop on Middle East, Japan Earthquake
Asian stocks fell, dragging the region’s benchmark index toward its biggest weekly loss since August, and currencies in the region dropped as unrest in the Middle East spread, U.S. jobless claims rose and an earthquake struck Japan.
Yuan Pressure Falls on Trade Deficit, Wage Growth: China Credit
Traders in yuan options are the least optimistic in six months that China will allow faster appreciation, having pared expectations as wage increases erode the competitiveness of the nation’s exports.
Yen Falls to Lowest Since Feb. 22 Versus Dollar After Earthquake
The yen fell versus all 16 of its most-traded counterparts after an 8.8 magnitude temblor struck northeast of Tokyo.
China’s inflation and industrial production exceeded forecasts in February, underscoring the challenge for Premier Wen Jiabao as he seeks to prevent price increases from stirring social unrest.
EU Leaders Meet as Bond Market Sees Greek Default: Euro Credit
As European Union leaders haggle over their second plan to stem the financial crisis, traders are betting Greece won’t be able to pay its debts.
OTHER MARKETS:
Stocks Slide as Insurers Fall After Japan Earthquake; Bunds Gain
Stocks fell for a third day, led by insurers, and U.S. index futures dropped after Japan was hit by the biggest earthquake in at least a century. German bunds rose as euro-area leaders prepared to discuss the debt crisis.
China Considers More Than Inflation for Rates, PBOC’s Zhou Says
China’s central bank considers more than consumer-price increases when making interest rate decisions, including the impact on capital flows, said Governor Zhou Xiaochuan.
European Stocks Fall as Insurers Slide After Japanese Earthquake
European stocks dropped for a third day, erasing this year’s advance, as insurers tumbled after the biggest Japan earthquake in at least a century triggered a 10 meter tsunami. U.S. index futures and Asian shares retreated.
Oil Declines as Japan’s Refiners Shut Plants After Earthquake
Oil fell below $100 a barrel in New York for the first time in more than a week after Japan’s strongest earthquake in at least a century forced refiners to shut processing plants.
Qaddafi Drives Rebels From Ras Lanuf as NATO Debates Measures
Libyan government forces drove rebels from the Mediterranean oil hub of Ras Lanuf after Muammar Qaddafi’s son pledged to mount a full-scale attack against an uprising that has split the country.
Sarkozy Backs ‘Targeted’ Strikes to Counter Qaddafi Violence
French President Nicolas Sarkozy said he backed “targeted” strikes against the Libyan regime as it pushes back against insurgents.
SPORTS:
Young Holds Out for Manchester United Move, Mail 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
