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ECONOMIC EVENTS, AGRICULTURE REPORTS:
Forecast Prior Time
(N.Y.)
Net Long-Term TIC Flows MAY $40.0B $30.6B 9:00
Total Net TIC Flows MAY $68.2B 9:00
NAHB Housing Market Index JUL 14 13 10:00
Export Inspections - Corn JUL 14 31.65 11:00
Export Inspections - Soybeans JUL 14 4.49 11:00
Export Inspections - Wheat JUL 14 21.11 11:00
USDA Cattle Slaughter JUL 18 127000 14:00
USDA Hog Slaughter JUL 18 383000 14:00
Crop Condition - Corn JUL 17 69% 16:00
Crop Condition - Soybeans JUL 17 66% 16:00
Crop Condition - Cotton JUL 17 28% 16:00
METAL PRICES: ($/ton)
Last % Chg RSI
Copper 9,675 +0.0 64
Aluminum 2,488 -0.3 42
Zinc 2,431 +2.3 64
Lead 2,734 +1.0 62
Nickel 23,822 -1.4 56
Tin 27,100 -0.4 56
OTHER MARKETS:
Last % Chg % YTD
U.S. Dollar Index 75.641 +0.7 -4.3
Crude Oil $96.85 -0.4 +6.0
Gold $1,601.1 +0.5 +13
MSCI World Index 1,305.62 -0.6 +2.0
TOP STORY:
Gold Climbs Above Record $1,600 on U.S., Europe Debt Concerns
Gold rose to a record above $1,600 an ounce as debt concerns in Europe and the U.S. boosted demand for the metal as a protection of wealth. Bullion climbed to all-time highs in euros and pounds and silver topped $40 an ounce.
COMMODITY EXCLUSIVES:
Romania May Get 15%-20% Less Than Planned in Petrom Share Sale
Romania may get 15 percent to 20 percent less than the 2.56 billion lei ($843 million) it wants in the sale of a stake in OMV Petrom SA as concerns the European debt crisis may spread eastward makes investors reluctant.
Aquamarine Power Seeks Funds for Commercial Output, Chief Says
Aquamarine Power Ltd., a Scottish marine energy company, is seeking a further 30 million pounds ($48 million) from investors over the next three years to make its machines commercial.
Posco’s India Steel Mill Accord Said to Exclude Ore Exports (1)
Posco, the world’s third-largest steelmaker, may be barred from exporting any iron ore from its proposed $12 billion Indian mine and steel project, two people with direct knowledge of the matter said.
Pork Prices Peaking as Corn Bust Spurs Hog-Herd Expansions (1)
The biggest slump in corn in three years may mean the end of record pork prices as cheaper feed spurs farmers to expand hog herds for the first time since 2007.
Hedge Funds Cut Natural Gas Bets to 16-Week Low: Energy Markets
Hedge funds reduced bullish bets on natural gas to the lowest level in 16 weeks on speculation that record output will surpass demand for the power-plant fuel even as air-conditioning use rises.
INDUSTRIAL METALS:
Copper May Rally to Record on Demand From China, Maike Says (1)
Copper may rally to a record $12,000 a metric ton in the first quarter as stronger-than-expected demand from China, the largest user, and tumbling inventories spur imports, according to Maike Futures Co.
Glencore’s Peru Acquisition ‘Attractively Priced,’ Liberum Says
Glencore International Plc’s $475 million acquisition of a Peruvian copper project from CST Mining Group Ltd. is attractively priced compared with recent transactions, according to Liberum Capital Ltd.
Copper May Rise on Speculation Supply Gap Will Support Prices
Copper may rise in London, extending a third weekly gain, on speculation the prospect of a supply shortfall will keep bolstering prices even as Europe’s debt crisis continues.
MINING:
Rio to Resume Talks With Rossing Labor Union as Pay Strike Ends
Rio Tinto Plc, the world’s second-largest mining company, said it will resume talks with the Mineworkers Union of Namibia today after a pay strike at its Rossing uranium mine in the country ended.
Talvivaara Mining Raised to ’Overweight’ at JPMorgan
Talvivaara Mining Co PLC (TALV LN) was raised to “Overweight” from “Neutral” at JPMorgan by equity analyst Ian Rossouw. The 12-month target price is GBp 520.00 per share.
China’s Hanlong Makes A$1.2 Billion Bid for Rest of Sundance (2)
Sichuan Hanlong Group offered A$1.2 billion ($1.3 billion) in cash for the rest of Sundance Resources Ltd. to gain control of the Australian company’s iron ore project in West Africa.
PRECIOUS METALS:
Gold Prices May Reach $5,000 by 2020, Standard Chartered Says
Gold prices, which rose to a record high of above $1,600 today, may soar to as much as $5,000 an ounce by 2020 on slowing production growth and increasing demand from China and India, according to Standard Chartered Plc.
AGRICULTURE:
Palm Oil Drops as U.S., Europe Debt Crises Spark Demand Concern
Palm oil dropped for a second day on concern that global demand for the cooking oil may drop as Europe and the United States tackle debt crises.
Ghana Plans to Boost Cocoa Output to 1.2 Million Metric Tons (1)
Ghana, the world’s second-largest cocoa producer, plans to increase production to about 1.2 million metric tons of the beans a year by 2015 because of new tree plantings.
Wheat Drops for Third Day as Importers May Shun U.S. Supplies
Wheat fell for a third day in Chicago on speculation demand for U.S. exports may wane as importers switch to cheaper Russian supplies.
India Cotton Yarn Exports to Rebound From September, Group Says
Cotton yarn exports from India, the world’s second-largest producer, may rebound from September as buyers replenish stockpiles, a textile producers’ group said.
Coffee Falls as Economic Woes Threaten Demand; Sugar Retreats
Coffee fell for a third day in London on concerns demand for the beans may decline in developed nations as the economic crisis worsens in the U.S. and Europe. Sugar also slid.
SHIPPING:
Tanker Nord Nightingale Shipped Gasoil to Libya’s Benghazi (1)
The oil tanker Nord Nightingale carried a cargo of gasoil, a fuel used for heating or refined into diesel, to the rebel- held port of Benghazi in Libya, said the company operating the vessel.
Jubba XX Tanker Pirated in Indian Ocean, EU Navfor Says (1)
Jubba XX, a laden oil tanker, was pirated in the northern Indian Ocean while sailing to Berbera in Somalia from the United Arab Emirates, the European Union Naval Force said.
ECONOMIES:
China’s New Home Prices Quicken in Shanghai, Beijing (1)
New home prices rose in 67 Chinese cities in June, with growth in Beijing and Shanghai accelerating for the first time since the government stepped up efforts this year to curb growth.
Bank Yield Spread Quadruples on Bad-Debt Risk: China Credit
The premium investors demand to hold bonds issued by Chinese banks that lend to promote official policies quadrupled in the past eight months as Moody’s Investors Service said local governments may owe more than was estimated in a national audit.
EU Summit Looms on Crisis Deadlock as Contagion Threatens (1)
European leaders will this week seek to revamp their debt crisis-fighting strategy and snap a deadlock that is spooking investors and prompting warnings of contagion from the International Monetary Fund.
Trichet Says Europe Can Resolve Crisis by Showing Determination
European Central Bank President Jean-Claude Trichet said Europe can surmount its sovereign debt crisis by showing the will and determination to do so.
OTHER MARKETS:
Euro, Stocks Decline on European Crisis Concerns; Gold Rises
The euro dropped the most in a week against the dollar, Italian and Spanish bonds slumped, while shares slid on concern Europe’s debt crisis is worsening. Gold topped a record $1,600 an ounce and silver rose for a fourth day.
Franc Is Most Expensive Currency as Taylor Sees Euro Parity (2)
Even after making the Swiss franc the most over-valued major currency, traders are betting on more strength as the European Union’s sovereign-debt crisis begins to infect bigger economies.
European Stocks Retreat as Stress Tests Fail to Calm Debt Crisis
European stocks dropped for a third day after results from bank stress tests failed to allay concern that the region’s sovereign debt crisis will spread. U.S. index futures and Asian shares also declined.
Record S&P 500 Return on Equity Over Bond Yields Spurs Bulls (1)
Standard & Poor’s 500 Index companies are returning more than ever in earnings compared with their borrowing costs, a signal that takeovers and capital spending will help investors overcome a slowing U.S. economy.
Brent Crude Declines for a Third Day on European Debt Concerns
Brent crude declined for a third day in London as investors bet that Europe’s worsening debt crisis may slow the economy and crimp fuel demand.
source: Bloomberg
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