The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS, AGRICULTURE REPORTS: Forecast Prior Time (N.Y.) Import Price Index MoM MAR 2.1% 1.4% 8:30 Import Price Index YoY MAR 8.6% 6.9% 8:30 Trade Balance FEB -$44.0B -$46.3B 8:30 IBD/TIPP Eco. Optimism APR 45.0 43.0 10:00 METAL PRICES: ($/ton) Last % Chg RSI Copper 9,756 -1.0 56 Aluminum 2,674 -0.5 59 Zinc 2,513 -1.3 61 Lead 2,820 -1.2 63 Nickel 27,379 -1.2 56 Tin 33,065 -0.7 67 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 74.966 -0.1 -5.1 Crude Oil $109.59 -0.3 +20 Gold $1,461.9 -0.1 +2.9 MSCI World Index 1,340.92 -0.6 +4.8 TOP STORY: Glencore Said to Plan $9 Billion to $11 Billion Share Sale (3) Glencore International AG, the world’s largest commodities trader, plans to raise as much as $11 billion from an initial public offering in London and Hong Kong, said a person with knowledge of the matter. COMMODITY EXCLUSIVES: Ex-Goldman Oil Trader Saiz’s Fund Said to Gain 15% Last Quarter Vector Commodity Management LLP, a hedge fund run by Gilbert Saiz, a former Goldman Sachs Group Inc. trader, returned about 15 percent in the first three months, said two people with direct knowledge of the matter. Fed’s ‘Center’ Yellen Sees No Rush to Tighten: Chart of the Day Federal Reserve Vice Chairman Janet Yellen’s comments yesterday that the latest increase in food and fuel costs will have a temporary effect on inflation signals the central bank will be in no rush to remove record monetary stimulus. SacOil Aims to Raise $100 Million for Its Nigerian Projects (1) SacOil Holdings Ltd., the oil and gas explorer, is considering raising as much as $100 million in an equity offering to accelerate the development of its projects in Nigeria, Chief Executive Officer Robin Vela said. Oltchim Needs Up to EU100 Mln to Restart Arpechim Petrochemicals Oltchim SA, a state-owned PVC maker, needs 50 million euros to 100 million euros just to restart the petrochemical operations at the Arpechim refinery, according to Victor Cazana, an official at Romania’s Ministry of Economics. African Minerals Studies $2 Billion Expansion Using Cash, Debt African Minerals Ltd., building a $1.2 billion iron-ore project in Sierra Leone, said it’s studying a plan to fund a $2 billion expansion through cash flow and debt as an alternative to teaming up with a Chinese partner. INDUSTRIAL METALS: Copper Declines for Second Day on Japan Nuclear-Crisis Concern Copper fell for a second day in London on speculation investors may avoid riskier assets after Japan raised the severity rating of its nuclear crisis to the highest level, matching the 1986 Chernobyl disaster. Alcoa Drops After Revenue Trails Estimates as Dollar Weakens (1) Alcoa Inc., the largest U.S. aluminum producer, fell in New York trading after reporting first-quarter sales that missed analysts’ estimates as the dollar weakened. Pacific Metals Restarts Hachinohe Plant in June After Quake (1) Pacific Metals Co., Japan’s largest ferro-nickel producer, will resume operations at its Hachinohe plant in mid-June after the March 11 earthquake and tsunami damaged facilities and cut power supply. Toho Zinc Partially Restarts Annaka Smelter After Earthquake Toho Zinc Co., Japan’s third-largest producer of the metal, has partly restarted operations at its Annaka smelter in Gunma prefecture, north of Tokyo, after the March 11 earthquake cut power supply at the plant. MINING: Fortescue to Cut Debt Funding on Strong Cash Flow, CFO Says (1) Fortescue Metals Group Ltd., Australia’s third-biggest producer of iron ore, said cash flow from high prices will reduce the amount of debt funding the company needs for its $8.4 billion expansion. Iluka’s Mineral Sands Quarterly Sales Gain 51% on Output (2) Iluka Resources Ltd., the world’s biggest zircon producer, said first-quarter sales rose 51 percent because of higher output and prices. PRECIOUS METALS: Gold Is Set to Rise as Industrial Metals Decline, UBS Says (1) Gold is poised to rise over the next few months as industrial metals drop on concern global growth may slow, UBS AG said. Gold May Gain in London on Debt Concerns, Libya, Japan Crisis Gold, trading near a record in London, may gain as Europe’s debt crisis, fighting in Libya and Japan’s nuclear disaster spur demand for the metal as an alternative investment. Gold May Advance to $1,560, Commerzbank Says: Technical Analysis Gold may rise to $1,560 an ounce by the end of the year, indicating a 7 percent gain, according to technical analysis by Commerzbank AG. Goldman Ends Advice to Buy Basket of Commodities Led by Oil (2) Goldman Sachs Group Inc. ended a recommendation to buy a basket of commodities including crude oil, copper, cotton and platinum because the risks outweigh any further potential gain. AGRICULTURE: Gbagbo Capture Sets Ivory Coast on Difficult Recovery Path (2) The capture of Ivory Coast’s former leader Laurent Gbagbo may mark the end of 11 years of conflict that culminated in an assault on the largest city, Abidjan, stalling the economy of the world’s largest cocoa producer. Cocoa Rises as Ivory Coast Exports May Be Delayed; Coffee Falls Cocoa rose for a second day in London on concerns shipments from Ivory Coast, the world’s largest producer, will be delayed even after former leader Laurent Gbagbo was captured. Coffee fell. Japan Seeks to Buy 147,712 Tons of Milling Wheat in Tender Japan is seeking to buy 147,712 metric tons of milling wheat from the U.S. in a tender on April 14, the Ministry of Agriculture, Forestry and Fisheries said. Palm Oil Drops After Output Surges, Mistry Predicts Price Slump Palm oil declined after output in Malaysia gained by the most in almost 12 years last month and trader Dorab Mistry forecast that the tropical oil may tumble to less than 3,000 ringgit as supplies increase. Malawi’s Sugar Earnings Fell 24% Last Year, Reserve Bank Says Malawi earned 6.5 billion kwacha from exports of sugar last year, 24 percent less than in the previous 12 months, according to the country’s central bank. Rubber Drops From Five-Week High on Oil’s Fall, Growth Concerns Rubber declined from a five-week high after the International Monetary Fund cut growth forecasts for the U.S. and Japan, pushing oil lower and raising concerns that demand for the commodity used to make tires may slow. Corn Futures Drop as Feed Millers Seek Cheaper Grain Substitutes Corn futures declined on speculation the grain’s advance to a 33-month high may have encouraged feed millers to seek cheaper grain substitutes. Wheat and soybeans also fell. SHIPPING: Rio Profits Signal No Boon for Shipping: Freight Markets (1) Rio Tinto Group and BHP Billiton Ltd. will report record profits this year as Australia ships more iron ore than ever and still fails to meet Chinese demand that has increased sevenfold in a decade. Gulf Navigation Appoints Sebjornsen as CEO, Replacing Wistoft Gulf Navigation Holding PJSC, Dubai’s only publicly traded oil-tanker owner, appointed Atle Sebjornsen as chief executive officer with effect May 1. ECONOMIES: China Official Sees Imbalances as G-20 ‘Political Tool’ (1) A Chinese government official said guidelines on imbalances in trade and capital flows may be used as a “political tool” against his nation by Group of 20 members, set to meet this week in Washington. Asian Central Banks Want to Add Yuan to Reserves, Tetangco Says Asia’s central banks want to diversify their growing foreign-exchange reserves into yuan-denominated debt issued by China’s government, according to Bangko Sentral ng Pilipinas Governor Amando Tetangco. Auction Clampdown as Non-Payers Hurt $10 Billion Asia Market The $10 billion market for Chinese antiques is about to be transformed by the unexpected fallout from an auction at a salesroom in a suburb of London. Japan Sees Greater Hit to Economy as Nuclear Crisis Deepens (1) Japan’s Economic and Fiscal Policy Minister Kaoru Yosano said the March 11 earthquake may result in a larger hit to the economy than previously seen, indicating a greater appetite for stimulus one month after the disaster. U.K. Inflation Unexpectedly Slows as Stores Cut Food Prices (3) U.K. inflation unexpectedly slowed in March for the first time in eight months as discounting at supermarkets prompted food prices to plunge. U.K. Retail Sales Plunged Most on Record in March, BRC Says (2) U.K. retail sales dropped by a record in March as accelerating inflation squeezed households’ finances and concerns about employment prompted consumers to cut back, the British Retail Consortium said. German Inflation Unexpectedly Accelerated in March on Oil (1) German inflation unexpectedly accelerated to the fastest pace in 2 1/2 years in March after energy prices jumped. German Investor Confidence Fell More Than Forecast in April (1) German investor confidence fell more than economists forecast in April after the European Central Bank raised interest rates to curb inflation. OTHER MARKETS: Stocks, Metals Decline on Japan as Bonds, Swiss Franc Gain Stocks fell the most in a month, led by emerging markets, while metals retreated and bonds and the Swiss franc gained as further earthquakes struck Japan. U.S. index futures slid as Alcoa Inc.’s sales trailed estimates. Yen Climbs as Quakes Boost Demand for Refuge; Dollar, Franc Rise The yen, dollar and Swiss franc strengthened after more earthquakes shook buildings in Tokyo and Japan raised the severity rating for the nuclear crisis that began last month, reviving demand for the safest assets. Strong Australia Dollar Imposes Burden on Economy, Swan Says (2) Treasurer Wayne Swan said the appreciation of Australia’s currency was a burden on parts of the nation’s economy, echoing comments made by Prime Minister Julia Gillard last month. European Stocks, U.S. Index Futures Drop; BHP Billiton Retreats European stocks and U.S. futures slipped after Tokyo Electric Power Co. said its earthquake-hit nuclear power plant may release more radiation than Chernobyl and Alcoa Inc. posted sales that missed analysts’ estimates. Asian stocks also retreated. Asia Stocks Drop Most in a Month on IMF Outlook, Radiation Risk Asian stocks fell the most in almost a month after the International Monetary Fund yesterday cut its economic growth forecasts for the U.S. and Japan, where the government said problems at a stricken nuclear plant are worse than previously stated. Oil Rises in London as IEA Stands by Global Demand Forecast Oil advanced in London as the International Energy Agency stood by its demand forecast and Libyan rebels rejected a cease- fire plan, damping optimism that the nation’s exports may be restored soon. Japan Nuclear Accident Rated at Chernobyl Level on Radiation (3) Japan raised the severity rating of its nuclear crisis to the highest, matching the 1986 Chernobyl disaster, after increasing radiation prompted the government to widen the evacuation zone and aftershocks rocked the country. SPORTS: Man. City, United Vie for Udinese Striker Sanchez: Roundup The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. Rugby World Cup May Attract as Many as 95,000 to New Zealand This year’s Rugby World Cup in New Zealand may attract as many as 95,000 foreign visitors following strong ticket sales to overseas markets, tournament organizer Rugby New Zealand 2011 Ltd. said. Colony Seeks Buyer for PSG Football Team, Le Parisien Reports Colony Capital LLC plans to hire an advisor to sell the Paris Saint-Germain soccer team, Le Parisien reported, citing people close to the firm. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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