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Asia Commodity Day Ahead: Copper Soars on Strike at Largest Mine
Jul 27,2011 10:11CST
industry news
Source:SMM
The following are the top stories on metals, agriculture and shipping.

Jul. 27 (Bloomberg) –The following are the top stories on metals, agriculture and shipping.

Economic Events, Agricultural Reports:
                                                                     Forecast   Prior       Time
                                                                                                   (N.Y.)
MBA Mortgage Applications     JUL 22                  15.5%     7:00
Durable Goods Orders          JUN           0.3%       1.9%     8:30
Durables Ex Transportation    JUN         0.5%       0.6%     8:30
CapGoods Orders Nondef Ex Air JUN    1.0%       1.6%     8:30
Cap Goods Ship Nondef Ex Air  JUN                       1.4%     8:30
Fed's Beige Book                                                                     14:00
USDA Cattle Slaughter         JUL 27                       129000    14:00
USDA Hog Slaughter            JUL 27                        405000    14:00
USDA Broiler Eggs Set         JUL 22                       196533    15:00

Metal Prices: ($/ton)
                               Last  % Chg RSI
Copper                  9,820   +1.7  65
Aluminum         2,650   +1.1  64
Zinc                   2,531   +2.5  68
Lead                2,720   +1.7  58
Nickel            24,100   +1.3  58
Tin                28,600   +1.6  67

Other Markets:
                                   Last  % Chg % YTD
U.S. Dollar Index    73.523   -0.8  -7.0
Crude Oil               $99.59   +0.4  +9.0
Gold                  $1,619.30   +0.3  +14
MSCI World Index   1,342.40   +0.1  +4.9

Top Story:
Copper Futures Climb Most in Two Weeks on Escondida Mine Strike

Copper rose the most in more than two weeks on speculation that a strike at the world's biggest mine may worsen a global supply shortage.

Commodity Exclusives:
China Stocks, Metals to Drop on Monetary Plans: Chart of the Day

China's stocks and global commodity prices have yet to bear the “full brunt” of monetary-policy tightening from Beijing designed to fight inflation in the world's second-largest economy, according to MKM Partners LP.

Steelmaker Yields Rise as Record Redemptions Near: China Credit

Steel companies in the world's biggest producer of the metal face a record amount of debt redemptions as an oversupply of the commodity in Asia threatens to slash prices and trim profits.

Industrial Metals:
Rare-Earth Use Cut by Grace in Catalysts to Boost Profit (1)

W.R. Grace & Co., the catalyst producer that's been in Chapter 11 bankruptcy protection for a decade, said it improved profitability after formulating products that use less rare- earth minerals.

LME Seeks Views on Proposed Changes to ‘Chinese Walls' Policy

The London Metal Exchange is seeking views on changes to its rules that would require a third-party verification of the effectiveness of so-called “information barriers” between warehouse companies and trading companies that own them.

Mining:
AK Steel Seeks Iron-Ore Stake as Raw-Material Costs Curb Profit

AK Steel Holding Corp., the third-largest U.S. steelmaker by volume, may buy a stake in an iron-ore mine after posting lower-than-expected second-quarter profit as raw-material costs surged.

Xstrata Thermal-Coal Output Rises on New Mines; Copper Falls (2)

Xstrata Plc, the largest exporter of power-station coal, said first-half output of the fuel rose 4.9 percent as new mines ramped up. Production of copper declined after smelters were shut.

AngloGold, Harmony, Gold Fields Slump as Strike Is Declared (2)

AngloGold Ashanti Ltd., Africa's largest gold producer, fell the most in four weeks in Johannesburg trading as South Africa's National Union of Mineworkers said members would start a pay strike on July 28.

BHP Copper Mine ‘Paralyzed' by Chile Strike as Talks Resume (1)

A strike at BHP Billiton Ltd.'s Escondida copper mine, the world's biggest, entered a fifth day as Chilean labor authorities prepared to mediate talks.

Precious Metals:
Gold Prices Rise for Third Day on Prolonged U.S. Debt Stalemate

Gold futures rose for the third straight session as the prolonged U.S. debt stalemate boosts demand for the precious metal as a haven.

Agriculture:
Cotton Rebounds as U.S. Crop-Outlook Dims; Orange Juice Gains

Cotton rose from a 10-month low on renewed concern that unusually dry weather may crimp output in the U.S., the world's biggest exporter. Orange juice advanced.

Corn, Soybeans Rise as Hot, Dry Weather Threatens U.S. Yields

Corn and soybeans gained as unseasonably hot weather in the U.S. Midwest threatened to erode yields for the nation's biggest crops.

Wheat Rises on Concern Adverse Weather to Cut U.S. Spring Crop

Wheat rose on concern that heavy rain in the northern U.S. Great Plains will reduce production.

Sugar Rises on Bets Brazil Output to Ebb; Coffee, Cocoa Advance

Sugar futures rose for the fourth time in five sessions on speculation that supplies will shrink in Brazil, the world's biggest exporter. Cocoa and coffee also gained.

Hogs Drop on Signs of Rising Supply, Ebbing Demand; Cattle Gain

Hog futures fell for the second straight day on signs that supplies of U.S. pork are increasing amid waning demand. Cattle rose the most in two weeks.

Shipping:
Commodity Shipping Costs Slide for 13th Session as Demand Slows

Commodity shipping costs slid for a 13th session as demand for vessels slowed, leaving owners contending with a glut of carriers.

Economies:
U.S. Economy: Sales of New Houses Unexpectedly Dropped in June

Sales of new U.S. homes unexpectedly fell for a second month and a gauge of property values also dropped, showing the industry that sparked the recession is stagnating.

ISI's Laperriere Calls U.S. Rating Downgrade ‘Base Case' (1)

The odds of the U.S. failing to reach a budget deal by Aug. 2 are about 40 percent, and a reduction of the nation's credit rating “now seems the base case,” according to Andrew Laperriere, a managing director at International Strategy & Investment in Washington.

Consumer Confidence in U.S. Unexpectedly Increased in July (2)

Confidence among U.S. consumers unexpectedly rose in July from an eight-month low, led by a rebound in the outlook for jobs over the next six months.

Other Markets:
U.S. Stocks Decline Amid Debt Concerns, Profit Forecast From UPS

U.S. stocks fell for a second day amid wrangling between lawmakers over plans to raise the federal debt limit and forecasts from 3M Co. and United Parcel Service Inc. that disappointed investors.

Dollar Declines to Record Versus Franc on U.S. Deficit Deadlock

The dollar fell against all of its most-traded counterparts as politicians struggled to agree on raising the U.S. debt ceiling and reducing its deficit.

Brazil Real Climbs as Interest Rates Lure Foreign Investors

Brazil's real gained as the country's economic expansion and world's second-highest inflation-adjusted interest rates lured investors seeking refuge from the debt crises in Europe and the U.S.

European Stocks Fall for Second Day; BP, UBS Drop on Earnings

European stocks retreated for a second day as companies from BP Plc to UBS AG reported earnings that missed analysts' estimates and concern grew that U.S. lawmakers may fail to increase the nation's debt limit.

Crude Oil Increases as U.S. Confidence Gains and Dollar Declines

Crude oil rose after U.S. consumer confidence climbed from an eight-month low and as concern the country will default on its debts sent the dollar lower.

Sports:
Soccer Player Ashley Cole Sues News Corp. Over Phone Hacking (1)

England soccer player Ashley Cole sued News Corp.'s U.K. unit and the private investigator who was jailed for hacking into celebrities' voice mails to get scoops for the News of the World tabloid.

Premier League TV Rights Ruling Set For Oct. 4 at EU Top Court

The European Union's highest court will rule Oct. 4 on the legality of the Premier League's exclusive contracts with broadcasters such as British Sky Broadcasting Group Plc to televise its soccer matches, the press service of the Luxembourg-based EU court said today.

 

commodity;copper

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