The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS: Forecast Prior Time (N.Y.) Cattle on Feed-Feedlots YOY% FEB 5% 5.6% 15:00 Cattle on Feed-Marketing YOY% FEB 2.7% 0.1% 15:00 Cattle on Feed-Placements YOY% FEB -2.0% 4.1% 15:00 METAL PRICES: ($/ton) Last % Chg RSI Copper 9,530 -0.4 50 Aluminum 2,547 +1.0 51 Zinc 2,343 +0.4 45 Lead 2,699 +1.8 62 Nickel 26,252 +1.3 44 Tin 29,650 +0.9 44 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 75.861 -0.2 -4.0 Crude Oil $103.14 +1.7 +13 Gold $1,418.5 +1.1 -0.2 MSCI World Index 1,283.70 +0.3 +0.3 TOP STORY: Record Beef Price Gains as Corn Cost Slows Feedlot Cattle Buying U.S. feedlots probably bought fewer cattle to fatten for slaughter last month as surging corn costs spurred losses, signaling smaller herds this year and further gains in beef prices that already are the highest ever. COMMODITY EXCLUSIVES: Commodities Set for Weekly Gain on Mideast Oil-Supply Concern Commodities gained to a one-week high as unrest in the Middle East unrest boosted oil prices and after the Group of Seven intervened in the currency markets to help Japan cope with the impact of last week’s earthquake. Alrosa, Biggest Diamond Producer, Plans $3 Billion Offering (1) Alrosa, the world’s biggest diamond company by production last year, plans to raise as much as $3 billion in an initial public offering in 2012, according to Chief Executive Officer Fyodor Andreev. Nuclear Fallout Sinks Uranium Mergers 28% Below Offers: Real M&A Japan’s worst crisis since World War II is making takeovers of uranium miners the most likely to fail, and that has enabled some traders to anticipate returns approaching 40 percent. Solar Rally After Nuclear Crisis May Fizzle, Investors Say (1) The rally in solar shares after Japan’s atomic accident may fizzle because the crisis won’t quickly boost demand for renewable power, investors including First Empire Asset Management’s Michael Obuchowski said. Norway Oil Fund Japan View Not Changed to Large Extent, CEO Says Norway’s sovereign-wealth fund, the world’s second largest, won’t change its view on Japan “to a large extent,” after the country was hit by an earthquake and tsunami, Chief Executive Officer Yngve Slyngstad said in an interview in Oslo today. Alrosa, Biggest Diamond Producer, Plans $3 Billion Offering (1) Alrosa, the world’s biggest diamond company by production last year, plans to raise as much as $3 billion in an initial public offering in 2012, according to Chief Executive Officer Fyodor Andreev. INDUSTRIAL METALS: Copper Falls, Paring Weekly Gain, on Renewed Oil-Price Concern Copper fell in London, paring the biggest weekly gain in six weeks, on renewed concern that higher oil prices may curb economic growth, eroding demand for industrial metals. Lead Climbs to Highest Since April 2008 on China Futures Launch Lead in London jumped to the highest level since April 2008 on speculation demand will increase after China starts futures trading next week. MINING: Uranium Companies Face ‘Extreme’ Volatility, JPMorgan Says (1) Paladin Energy Ltd. and Energy Resources of Australia Ltd., Australian uranium producers whose shares slumped in Sydney this week, face “extreme volatility” after Japan’s nuclear crisis, JPMorgan Chase & Co. said. First Uranium Says Mining Operations Resume at Ezulwini First Uranium Corp. said all mining operations, with the exception of the board and pillar section where a fatal accident occurred, resumed with the night shift on March 17. Alrosa, Biggest Diamond Producer, Plans $3 Billion IPO for 2012 Alrosa, the world’s biggest diamond company by production last year, plans to raise as much as $3 billion in an initial public offering in 2012, according to Chief Executive Officer Fyodor Andreev. Vale Venture Beyond Iron Propels Bonds Past Rio: Brazil Credit Vale SA, the world’s biggest iron-ore producer, is beating rival Rio Tinto Group in the bond market as a two-fold increase in its copper and nickel output helps the Rio de Janeiro-based company cut debt ratios. PRECIOUS METALS: Gold Futures Advance in New York on Alternative to Currencies Gold climbed for a third day in New York as investors sought an alternative to currencies. The metal pared some gains as oil prices dropped after Libya announced a cease-fire. Swiss & Global Silver ETP Holdings Drop 4.7% to 10.3 Million Oz Swiss & Global Asset Management Ltd. said its silver exchange-traded product held almost 10.31 million ounces as of yesterday, down 4.7 percent from March 14. AGRICULTURE: Sugar Climbs as Commodity-Demand Concerns Ease; Cocoa Fluctuates Sugar climbed for a third day in London and advanced in New York as concerns about a global slump in demand for commodities eased. Cocoa fluctuated. Palm Oil Advances as Rains May Hurt Soybean Harvest in Brazil Palm oil advanced the most in more than three months, tracking a surge in soybeans, on concern that rain in Brazil may damage the oilseed crop, and as crude jumped on unrest in Libya. Rice Planting May Be Disrupted in Tsunami-Hit Japan Areas (2) Farmers in some rice-growing areas in northern Japan, northeast Asia’s biggest importer, may be unable to plant the crop after the March 11 tsunami swept salt water six miles inland, according to the USA Rice Federation. Wheat Set for Biggest Two-Day Gain Since August, Corn Advances Wheat futures are set for the biggest two-day gain in more than seven months, and corn advanced as import demand for U.S. grain surged, spurred by the plunge in prices after the earthquake in Japan. Rubber Gains as G-7 Weakens Yen, Producers Weigh Export Curbs Rubber in Tokyo climbed as a weaker yen made prices denominated in the Japanese currency more attractive and Asian producers said that they may curb shipments. Radiation Leak May Make Japanese Wagyu Beef, Rice Shunned (1) Agricultural production and exports by Japan, including premium “wagyu” beef and rice, are under threat of radioactive contamination as the nation struggles to stem pollution from the damaged Fukushima nuclear plant. ECONOMIES: China Raises Bank Reserve Requirements to Cool Prices (1) China raised banks’ reserve requirements for the third time this year after inflation and industrial output exceeded economists’ forecasts in February. China’s Smaller Cities Lead Gains in February’s Home Prices China’s smaller cities led gains in home prices last month as Beijing, Shanghai and other larger metropolitan areas introduced local housing measures following new curbs from the central government. G-7 Statement on Currencies, ‘Concerted Intervention’ (Text) The following is a joint statement released today by officials from the Group of Seven industrial nations. The G-7 includes the U.S., Japan, Germany, France, the U.K., Italy and Canada. Vietnam Bets $21 Billion on Ports to Beat China: Freight Markets Vietnam is pouring billions of dollars into building ports for the world’s largest container ships in a drive to draw export industries from China. Record Rate Paid by Banks for Government Deposits: China Credit China’s banks paid record interest rates for deposits from the government this week as curbs on cash in the financial system drive up borrowing costs. G-7 Sells Yen as Japan Seeks Post-Quake Floor for Currency (1) The Group of Seven jointly intervened in the foreign exchange market for the first time in more than a decade after Japan’s currency soared, threatening its recovery from the March 11 earthquake. OTHER MARKETS: Yen Tumbles Most in Two Years After G-7 Announces Intervention The yen tumbled the most in more than two years against the dollar as the Group of Seven nations said they will jointly intervene in foreign-exchange markets for the first time in more than a decade. G-7 Interventions Marked Currency Turning Points: Chart of Day Joint intervention helped mark turning points for currencies targeted on three occasions during the Clinton administration, a history that may today encourage bets against the yen as the Group of Seven acts. Most European Stocks Gain on G-7 Intervention; Parmalat Rallies Most European stocks climbed as the Group of Seven nations agreed to sell the yen to ease concern that Japan will sink into recession following the March 11 earthquake. U.S. index futures and Japanese stocks rose. Japan Stocks Climb as BOJ, G-7 Begin Intervention on Yen Japanese stocks climbed, paring their worst weekly performance since 2008, as the yen tumbled after the Bank of Japan and some Group of Seven countries said they began intervening in currency markets as the country battles to control a nuclear accident. S&P Lowers Ratings on Bahrain Two Notches, May Cut Further (2) Standard & Poor’s Ratings Services lowered Bahrain’s short- and long-term sovereign credit ratings by two levels, citing increasing political tensions in the Persian Gulf country. UN Resolution on Libya ‘More Than a No-Fly Zone,’ Martonyi Says A United Nations Security Council resolution to ground the air force of Libyan leader Muammar Qaddafi and to protect civilians and population centers constitutes a mandate that goes beyond the creation of a no-fly zone, Hungarian Foreign Minister Janos Martonyi said. Treasuries Fluctuate Amid Yen Intervention, Libya Concern Treasuries fluctuated after Group of Seven nations said they would intervene in the currency market to weaken the yen and the United Nations Security Council authorized the use of air attacks and a no-fly zone over Libya. SPORTS: Chelsea to Host Manchester Utd. in Champions League Quarterfinal Chelsea will host fellow Premier League soccer team Manchester United and Real Madrid will play Tottenham at home to start the quarterfinals of the Champions League. Porto, Benfica Advance in Europa League; Liverpool Ousted (1) Portuguese clubs Porto, Benfica and Braga last night advanced to the quarterfinals of soccer’s Europa League, as Liverpool and Manchester City were eliminated. Mohamed Bin Hammam to Challenge Sepp Blatter for FIFA Presidency Asia’s head of soccer today announced that he will run against incumbent Sepp Blatter for the presidency of the sport’s governing body, FIFA. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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