Copper Declines on Stockpile Increase, China Tightening Concerns
Copper declined for a third day in London as stockpiles expanded and amid speculation that China may raise interest rates again as it seeks to control inflation.
COMMODITY EXCLUSIVES:
Sevan Considers Selling, Listing Drilling Unit as Rates Climb
Sevan Marine ASA, a Norwegian owner of offshore rigs and oil production vessels, is considering a sale or listing of its drilling unit as the outlook for the market improves amid a surge in crude prices.
New York, London Exchanges Seek Tie-Up, Micex Says
New York and London stock exchanges are pursuing partnerships with Moscow’s Micex that may lead to partial ownership of the Russian bourse, Micex Stock Exchange President Ruben Aganbegyan said.
IFC to Expand Financing in Western Balkan as Much 10% in 2011
The International Finance Corp., the World Bank’s private sector lending arm, plans to increase investments in the Western Balkans as much as 10 percent next year, the resident representative said.
Uralkali Said to Be Near Deal to Buy Producer Silvinit
OAO Uralkali, Russia’s biggest fertilizer company, is nearing an agreement to buy OAO Silvinit, its largest domestic competitor with a market value of $6.9 billion, according to two people with knowledge of the matter.
U.K. Power Market Needs ‘Single Unified’ Auction, E.ON Says
The U.K. power market would benefit from having a “single unified” auction as APX BV and Nasdaq OMX Group Inc.’s N2EX compete to offer day-ahead electricity, according to E.ON AG, Germany’s biggest utility.
Arbitrage Jumps for Naphtha as Margins Soar: Energy Markets
European profit from processing crude into naphtha tripled to a three-year high as rising Asian petrochemical demand lures shipments to China and Japan.
Jamison Triples Assets as Commodity Fund Advances 19% This Year
Stephen Jamison, who spent 13 years at Morgan Stanley, tripled assets under management at his eponymous commodity hedge-fund firm since its 2009 debut, and beat average returns this year.
INDUSTRIAL METALS:
Aluminum May Gain 29% on Copper-Substitute Demand
Aluminum may advance as much as 29 percent to $3,000 a metric ton next year as record copper prices spur end-users to use the light metal as an alternative, said a partner at Tokyo- based research company Market Risk Advisory.
Aluminum Supply Grows Off London Metal Exchange, Trafigura Says
Aluminum traders may be storing more metal outside warehouses monitored by the London Metal Exchange “so it’s not as apparent as it could be” before the introduction of an exchange-traded fund in the metal, according to Simon Collins, head of refined metals at Trafigura Beheer BV in Lucerne, Switzerland.
MINING:
Vedanta’s Konkola Unit to Double Production, Invest $1 Billion
Konkola Copper Mines Plc, a Zambian copper unit of Vedanta Resources Plc, plans to double output by 2012 and invest $1 billion in the next three to four years.
Iron Ore Price ‘Consensus’ for 2011 is About $120, JPMorgan Says
Iron ore prices may be $120 a metric ton next year, based on a consensus, JP Morgan Chase & Co. said in a report.
China Raises Export Taxes of Some Rare Earths to 25%
China, which supplies more than 90 percent of the world’s rare earth minerals, will raise the export taxes for some elements to 25 percent next year, the Ministry of Finance said.
PRECIOUS METALS:
Gold May Gain in London on Demand for Alternative to Currencies
Gold may rise in London as Europe’s debt woes spur demand for a protection of wealth and as investors seek an alternative to currencies.
Commodity Assets Rise to Record, Barclays Says
Commodity assets under management rose $11 billion last month to a record $354 billion, led by demand for index-linked investments, Barclays Capital said.
AGRICULTURE:
Cocoa Rises in London as Ivory Coast Violence May Curb Exports
Cocoa rose in London as street protests following Ivory Coast’s disputed presidential election spilled over into violence, threatening to disrupt exports from the world’s top producer.
Soybeans, Corn Climb as Dry Weather in Argentina May Hurt Yields
Soybeans and corn advanced in Chicago on concern that dry weather in Argentina may threaten crops, potentially curbing global supplies even as import demand from China increases.
Coffee Stockpiles Will Be Free of ‘Aged Flavors,’ Exchange Says
Arabica coffee stockpiles monitored by ICE Futures U.S. in New York will be free of “aged flavors in the cup,” the exchange said as part of changes planned for its coffee futures in 2013.
Palm Oil Drops as Malaysian Exports Fall in First Half of Month
Palm oil fell for a third day after a slump in exports from Malaysia, the second-largest producer, and as some investors sold the commodity to lock in gains.
India to Review Sugar-Export Plans as Output Rebounds
India, the world’s second-biggest sugar producer, plans to review its export policy in January amid projections that output will top domestic demand for the first time in three years.
SHIPPING:
Arbitrage Jumps for Naphtha as Margins Soar: Energy Markets
European profit from processing crude into naphtha tripled to a three-year high as rising Asian petrochemical demand lure shipments to China and Japan.
ECONOMIES:
Junk Spreads Narrow to 2007 Level on Fed’s QE2: Credit Markets
Relative yields on junk bonds narrowed to a three-year low as investors gained confidence in Federal Reserve Chairman Ben S. Bernanke’s efforts to stimulate the economy.
China’s Debt Rating Raised by Standard & Poor’s
China’s debt rating was raised by Standard & Poor’s, which cited its “substantial” foreign-exchange reserves and strong fiscal position.
Yuan Forwards Are Asia’s Best 2011 Bet at Goldman: China Credit
Goldman Sachs Group Inc. and Nomura Holdings Inc. say yuan forwards are the best way to make money in Asia’s foreign- exchange market in 2011.
China to Act on Software Piracy, Spur Farm Exports
China agreed to take steps that would counter mounting losses for U.S. software companies from piracy and spur shipments of farm goods, as the two nations sought to ease trade tensions.
China May Raise Rates 6 Times Through 2011, Mizuho’s Suzuki Says
China may raise interest rates up to six times by the end of next year as inflation becomes more entrenched in the economy, according to Mizuho Research Institute Ltd.
EU Faces Debt ‘Gridlock,’ Nears Deal on Post-2013 Tool
European Union divisions widened over how to contain the debt contagion that threatens the euro, limiting a summit starting today to agreeing on a crisis- management mechanism that takes effect in 2013.
Spain Bond Sale Misses Maximum Target as Moody’s Threatens Cut
Spain’s Treasury sold 2.4 billion euros （$3.2 billion） of bonds, less than its maximum target, as borrowing costs surged after Moody’s Investors Service said it may downgrade the country’s credit rating.
OTHER MARKETS:
Asian Stocks, Copper Decline Before European Debt Crisis Talks
Asian stocks and copper declined, while Treasuries snapped a two-day drop, before European Union leaders meet to discuss the region’s debt crisis and the U.S. publishes data that may show jobless claims rose.
Euro Gains Before EU Meeting to Tackle Crisis-Fighting Mechanism
The euro gained before European Union leaders met to discuss how to contain the debt contagion that has threatened the single currency.
Merkel Channeling Antony Comes to Praise Euro While Burying It
Every time German Chancellor Angela Merkel talks about how investors will have to swallow losses in future debt crises, financial markets shudder.
No More Bears for Emerging Markets Unsettles Investors
Individual investors are pouring money into emerging-market stocks at the fastest pace since 2007 as the biggest rally in 16 years spurs three of the world’s largest banks to predict shares will hit record highs next year.
Crude Falls From One-Week High on Forecasts for Warmer Weather
Crude oil fell from a one-week high on speculation that cold weather in the U.S. may abate and reduce demand for heating fuel.
SPORTS:
England Reaches 29-0 After Dismissing Australia for 268 in Ashes
England reached 29-0 on day one of the third Ashes cricket Test after vindicating Andrew Strauss’s decision to bowl first in Perth by dismissing Australia for 268.
Qatar Makes $65 Billion Bet on World Cup Makeover
The stadium where Qatar will host the 2022 World Cup final isn’t built yet. Neither is the city.
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