The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS, AGRICULTURE REPORTS: Forecast Prior Time (N.Y.) Export Inspections-Corn JUNE 9 34.14 11:00 Export Inspections-Soybeans JUNE 9 3.4 11:00 Export Inspections-Wheat JUNE 9 23.36 11:00 Crop Condition-Corn JUNE 12 67% 16:00 Crop Condition-Cotton JUNE 12 16:00 Crop Condition-Soybeans JUNE 12 16:00 Crop Conditions-Winter Wheat JUNE 12 34% 16:00 Crop Progress-Cotton Plantings JUNE 12 87% 16:00 Crop Progress-Soy Plantings JUNE 12 68% 16:00 METAL PRICES: ($/ton) Last % Chg RSI Copper 8,897 -0.5 44 Aluminum 2,600 -0.7 47 Zinc 2,239 -0.7 49 Lead 2,517 -1.1 52 Nickel 22,425 -1.9 38 Tin 24,675 -2.7 25 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 74.732 -0.1 -5.4 Crude Oil $97.99 -1.3 +7.2 Gold $1,526.1 -0.4 +7.4 MSCI World Index 1,288.64 0.0 +0.7 TOP STORY: Nickel Plunging Into Bear Market on Biggest Glut in Four Years At a time of scarcity in everything from crude oil to copper to corn, nickel is heading for the biggest glut in four years, driving prices lower into 2012. COMMODITY EXCLUSIVES: PhosAgro Said to Plan $1 Billion London IPO Starting This Week OAO PhosAgro, the world’s second-largest maker of phosphate fertilizers, may this week start a London initial public offering seeking as much as $1 billion, according to two people with knowledge of the matter. South African ‘Emerging’ Stocks May Grow 15%, Sasfin Says (1) South African stocks that do business in emerging markets, including BHP Billiton Plc and Kumba Iron Ore Ltd., will rise 10 percent to 15 percent annually over the next three years, Sasfin Holdings Ltd. said. Cnooc 52% Discount Shows Julius Baer Bargains in China (2) This month’s tumble in China Shenhua Energy Co.’s Hong Kong shares dragged valuations to 73 percent below global peers. Cnooc Ltd., China’s largest offshore oil producer, sells at a 52 percent discount to Woodside Petroleum Ltd., while Ping An Insurance Group Co. trades at its lowest level versus net assets in 11 weeks. Hedge Fund Bets on Gas Climb to 15-Month High: Energy Markets Hedge funds raised bullish bets on natural gas to the highest level in more than 15 months on speculation record temperatures in the U.S. East will boost air conditioning demand. INDUSTRIAL METALS: Tin May Fall to $24,200 on Trading Range: Technical Analysis Tin may decline to $24,200 a metric ton after the metal fell below a trading range, according to technical analysis by independent analyst Jim Stellakis. Copper Declines on Concern Slowing Economy Will Erode Demand Copper fell in London, extending two weekly declines, on concern a weakening global economy will trim demand for industrial metals. Aluminum Bookings Advance From LME Warehouses Across Asia (2) Bookings to remove aluminum held in warehouses in Asia have surged to the highest level in at least 13 years, prompting speculation that record fees for supplies in the U.S. and Europe may be drawing away inventories. Tungsten May Rally to Record on Tight Supply, Antaike Says (1) Tungsten concentrate prices in China, the largest producer, may exceed a record set last month on strong demand at home and abroad and amid potential supply disruptions, said Beijing Antaike Information Development Co. MINING: Kazakhmys Gains on $1.5 Billion Aktogay Loan; Keeps Ownership Kazakhmys Plc, Kazakhstan’s biggest copper producer, rose the most in more than four months in London trading after arranging a $1.5 billion loan for the Aktogay mine that will allow it to keep control of the project. ENRC Rises Most in 7 Months in London on Glencore Bid Report (1) Eurasian Natural Resources Corp., a producer of metals in Kazakhstan, advanced the most in more than seven months in London trading after the Sunday Times reported Glencore International Plc was studying a takeover. PRECIOUS METALS: Gold Declines as Investors Cover Losses in Commodities, Equities Gold declined for a second day in London as some investors sold the metal to cover losses in other commodities markets and equities. Rhodium to Rise 35% on Cars, Mining Outlook, Standard Bank Says Rhodium will climb as much as 35 percent to $2,800 an ounce by the end of the year on increased carmaker demand and production difficulties for mining companies in South Africa, according to Standard Bank Plc. AGRICULTURE: Wheat Production in India May Climb to Record 86 Million Tons Wheat production in India, the second-biggest grower, may advance 6.4 percent to a record for a fourth year after favorable weather and high prices boosted planting, a government official said. Cameroon Arabica Coffee Price Fell 0.7% in Week Through June 12 Cameroon’s arabica coffee price fell 0.7 percent in the week through June 12, the Cocoa and Coffee Board said. Sugar Rises on Concern About Supply From Brazil; Coffee Falls Sugar rose for a second day in London on concern an industry group may say output will trail estimates in the main Brazilian producing region. Coffee fell. Kenya Delays Resumption of Coffee Sales as Weather Slows Drying Kenya delayed the resumption of coffee sales by two weeks until June 28 after cold weather slowed the drying the beans, the Nairobi Coffee Exchange said. Rubber Drops to Two-Week Low on Concern Chinese Demand May Ease Rubber declined to the lowest level in more than two weeks on speculation that China’s economic growth may be slowing, curbing demand from the world’s biggest consumer of the commodity used in tires and gloves. Wheat Rises as Rains May Not Prevent U.S., France Yield Losses Wheat rose for a second day on concern that rain in the U.S. southern plains and France came too late to reverse crop damage in the two largest shippers of the grain amid rising demand for feed substitutes to corn. SHIPPING: Capesizes at Anchor Advance to 138 From 134, Global Port Says The number of capesize ships anchored worldwide rose to 138 last week from 134 a week earlier, Truro, England-based Global Ports said in a report. China’s May Natural Gas Imports More Than Double, NDRC Says (1) China, the world’s biggest energy consumer, more than doubled natural gas imports in May from a year earlier as demand for the cleaner-burning fuel increased, the National Development and Reform Commission said. ECONOMIES: Oil Declines for a Second Day on Growth Concerns, Equity Slump Oil declined for a second day in New York before reports that may show slowing economic growth in the U.S. and China, curbing fuel demand in the world’s two largest crude consumers. Dim Sum Bankers Crowd Sales Up 173% This Quarter: China Credit The number of banks jostling for deals in Hong Kong’s dim sum debt market almost doubled this year as arrangers sought to capitalize on record issuance. China’s Lending Is Below Analyst Estimates as Economy Cools (3) China’s lending tumbled in May and money supply grew at the slowest pace since 2008, adding to signs that the world’s second-biggest economy is cooling. Roubini Says ‘Perfect Storm’ May Threaten Global Economy (2) A “perfect storm” of fiscal woe in the U.S., a slowdown in China, European debt restructuring and stagnation in Japan may converge on the global economy, New York University professor Nouriel Roubini said. ECB-German Standoff Risks Damage That May Force Compromise (1) The confrontation between the European Central Bank and Germany over bailing out Greece risks causing so much damage that officials may be forced to compromise. ECB’s Greek Stance Boosts Costs for Italy, Spain: Euro Credit European Central Bank President Jean-Claude Trichet’s spat with German Finance Minister Wolfgang Schaeuble over Greece threatens to boost yields for the region’s high-deficit nations as they peddle debt this week. Trichet ‘Holding a Gun to Own Head’ on Greece: Chart of the Day The European Central Bank is playing a “high stakes game of chicken” with Germany by threatening to disqualify Greek debt as collateral in the event of a bond restructuring, according to Baring Asset Management. OTHER MARKETS: Portuguese, Spanish Bonds Fall on Debt Concerns; Stocks Steady Portuguese and Spanish bonds dropped and the cost of European government debt-default insurance rose for a sixth day. New Zealand’s dollar depreciated after quakes, while European stocks and U.S. futures were little changed. Euro Reaches Weakest This Month on Greek Bailout Uncertainty The euro traded less than a cent from its weakest level this month as European leaders struggled to find common ground on a Greek bailout. European Stocks Advance as ENRC Shares Rally in London European stocks rose, rebounding from a 2 1/2 month low, as shares of Eurasian Natural Resources Corp. advanced. First Spending Gains Since 2007 Show Europe Rally Intact (1) Companies in Europe are boosting spending on plants, computers and equipment for the first time in four years, a sign to investors that stocks will overcome the region’s sovereign debt crisis as economic growth builds. Obama Meets With Immelt-Led Panel Seeking to Boost Confidence President Barack Obama meets today with almost two dozen current and former company leaders including General Electric Co. Chief Executive Officer Jeffrey Immelt to try and convince the business community as well as voters that the slowing economy doesn’t undercut his policies. SPORTS: Chelsea Will Pay $49 Million for Neymar, Metro Says: Roundup The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. Frazar Gets First PGA Tour Win 2 Weeks After Son’s Prediction Harrison Frazar’s middle son, Ford, predicted two weeks ago that his father was about to end his 13-year wait for a first victory on golf’s U.S. PGA Tour. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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