The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
（N.Y.）
Sentix Investor Confid. （SEPT.） 9.0 8.5 4:30
Metal Prices: （$/ton）
Last % Chg RSI
Copper 7,646 +0.1 66
Aluminum 2,147 +0.1 59
Zinc 2,151 -1.1 59
Lead 2,168 +0.6 61
Nickel 21,600 -0.2 55
Tin 21,200 -1.1 58
Other Markets:
Last % Chg % YTD
U.S. Dollar Index 82.396 -0.6 +5.8
Crude Oil $74.60 -0.6 -6.0
Gold $1,251.10 -0.2 +14
MSCI World Index 1,119.15 +0.7 -4.2
TOP STORY:
Corn Rises to 14-Month High on Supply Concern, Informa Forecast
Corn rose, extending a rally to a 14-month high, after hot, dry weather last month in the Midwest increased the chances of lower yields in the U.S., the world’s biggest producer and exporter.
COMMODITY EXCLUSIVES:
EOG Hires BMO to Sell All Assets in Gulf of Mexico （Update2）
EOG Resources Inc., the second-best performer in the Standard & Poor’s 500 index of energy explorers and producers in the past year, retained BMO Capital Markets Ltd. to sell all of its Gulf of Mexico assets as the company shifts spending to oil projects and away from natural gas.
Higher Carbon Price Needed to Drive Innovations, Hedegaard Says
The European Union Climate Commissioner said higher carbon prices are needed to drive innovations as nations establish a framework to cut emissions.
Anglo Seeking Coking Coal Assets in Russia, Indonesia （Update2）
Anglo American Plc, the third-largest producer of steelmaking coal, is seeking an acquisition that may more than double output to meet rising demand from India and China.
INDUSTRIAL METALS:
Copper Rises After U.S. Payrolls Data Ease Concern Over Economy
Copper prices rose, capping the biggest weekly gain in a month, after payroll data eased concern the economic recovery is faltering in the U.S., the largest metals user after China.
MINING:
Chile Miners to Get Advice From ‘Alive’ Survivors （Update2）
The 33 miners trapped in an underground mine in northern Chile will receive a message of unity from survivors of the 1972 Andes Mountains plane crash, whose story is told in the movie “Alive.”
Namibia Uranium Mine May Ship $700 Million a Year, Extract Says
Extract Resources Ltd.’s Namibian unit, Swakop Uranium, said its Husab mine may export as much as 5 billion Namibian dollars （$700 million） of uranium a year once it starts operating in early 2014.
Anglo’s Kumba Says Imperial Sishen Application Is ‘Fraudulent’
Kumba Iron Ore Ltd., a unit of Anglo American Plc, said an application by Imperial Crown Trading for a partial right over its Sishen ore mine in South Africa is “fraudulent.”
PRECIOUS METALS:
Gold Falls as Equity Rally Cuts Haven Demand; Silver Rallies
Gold prices fell after a rally in equities reduced demand for the precious metal as a haven.
Goldcorp Bids $3.5 Billion for Andean Resources, Trumping Rival
Goldcorp Inc., the second-biggest Canadian gold producer, agreed to buy Andean Resources Ltd. for C$3.6 billion （$3.5 billion）, exceeding a rival offer to gain control of an Argentinean mine.
Roubini Says Dollar, Franc May Beat Gold in Any New Recession
New York University Professor Nouriel Roubini said the dollar, the yen and the Swiss franc may be a better investment than gold if the world economy slips back into recession.
AGRICULTURE:
Wheat Rises on Russian Export Ban; Mozambique Riots Over Food
Wheat rose to the highest level in three weeks on signs of increased demand for U.S. supplies as world inventories are forecast to fall for the first time in three years.
Cotton Prices Fall on U.S. Economy Concerns; Orange Juice Drops
Cotton fell from the highest price since March 2008 on signs the U.S. economic recovery will be fragile. Orange-juice futures dropped the most in more than three weeks.
Pakistan Cotton Imports to Almost Double, USDA Unit Says
Pakistan’s cotton imports will almost double to 3.5 million bales in the year ending July 31 from 1.8 million a year earlier, the U.S. Department of Agriculture’s attache said in a report posted today on the agency’s website. Production will drop to 8.75 million bales from 9.92 million “because of considerable losses caused by floods,” the agency said.
Cocoa Advances on Higher Demand; Sugar Declines; Coffee Climbs
Cocoa futures rose the most in a month in New York on speculation that demand for chocolate is rising. Sugar declined, while coffee gained.
Soybeans Rise as China Imports More to Produce Meat, Dairy
Soybeans rose the most in seven weeks on speculation that China, the world largest consumer, will buy more supplies from the U.S. to boost production of animal feed and cooking oil.
SHIPPING:
U.S. Coast Guard Reopens Portion of Mississippi River
The U.S. Coast Guard reopened a two-mile stretch of the Mississippi River that was shut for dredging. The waterway is open to all commercial and recreational traffic between mile markers 305 and 307, the Coast Guard said on its website.
Middle East Supertanker Returns Slide 5.9% on Surplus Vessels
Rental income from shipping Saudi Arabian crude oil to Japan fell because there are more ships for hire than there are cargoes.
Baltic Dry Index Climbs Fifth Day as Demand Surge Causes Delays
The Baltic Dry Index, a measure of commodity-shipping costs, climbed for a fifth session in London as a surge in demand last month translates into port delays now.
ECONOMIES:
China Home Prices to Fall From This Month, BNP Says （Update1）
China’s home prices will decline from this month as the government maintains its lending curbs and increases the supply of public housing, forcing property developers to cut prices to boost sales, BNP Paribas said.
U.S. Economy: Recession Concerns Ease on Private Jobs （Update2）
Companies in the U.S. added more jobs than forecast in August, easing concern the world’s largest economy is sliding back into a recession.
Service Companies in U.S. Expand Less Than Forecast （Update2）
Service industries expanded in August at the weakest pace in seven months, indicating the U.S. economy may be slow to strengthen in the second half of the year.
OTHER MARKETS:
Stocks Surge, Treasuries, Dollar Retreat on Employment Report
Stocks rallied, extending the biggest weekly gain since July for the Standard & Poor’s 500 Index, while Treasuries and the dollar fell as better-than-estimated growth in private payrolls bolstered optimism the economy will avoid relapsing into a recession.
Dollar, Yen Decline as U.S. Job Gains Boost Appetite for Risk
The dollar and yen fell against most major counterparts as U.S. private employers added more jobs than forecast in August, easing concern the recovery in the world’s biggest economy is slowing and fueling risk appetite.
Bullishness on U.S. Stocks Jumps From 17-Month Low （Update1）
Optimism about U.S. stocks increased by the most since July as economic reports emboldened investors following three straight weekly losses in the Standard & Poor’s 500 Index, according to a survey from the American Association of Individual Investors.
Crude Oil Falls as U.S. Service Industries Grow at Slower Pace
Crude oil fell after service industries grew in August at the weakest pace in seven months, bolstering concern that the U.S. economic rebound will slow.
Obama Pledges New Measures Next Week to Boost Economic Growth
President Barack Obama said there is “no quick fix” for the U.S. economy as it emerges from the worst recession in more than seven decades and promised to lay out new ideas next week to boost growth and hiring.
Too Early to ‘Declare Victory’ as Housing Revives, Donovan Says
The housing market is showing progress two years after the credit crunch drove down home prices, though it’s too soon to “declare victory,” Housing and Urban Development Secretary Shaun Donovan said.
SPORTS:
Murray Knocked Out of U.S. Open, Nadal Advances to Fourth Round
Andy Murray was bounced out of the U.S. Open today in four sets by Stanislas Wawrinka, becoming the highest men’s seed to lose in the tournament’s opening week.
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