This entry was posted on Friday, March 18th, 2011 at 8:43 am and is filed under Rubber News. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.
The following are the top stories on metals, agriculture and shipping.
Economic Events:
Forecast Prior Time
(N.Y.)
Net Export Sales – Cotton 476.9 8:30
Net Export Sales – Corn 776.0 8:30
Net Export Sales – Soybeans 470.1 8:30
U.S. Consumer Price Index 0.4% 0.4% 8:30
U.S. Industrial Production 0.6% -0.1% 9:15
U.S. Leading Indicators 0.9% 0.1% 10:00
Metal Prices: ($/ton)
Last % Chg RSI
Copper 9,410 +1.6 45
Aluminum 2,506 +2.0 45
Zinc 2,329 +1.8 43
Lead 2,656 +2.9 59
Nickel 25,620 +2.7 38
Tin 29,275 +2.4 41
Other Markets:
Last % Chg % YTD
U.S. Dollar Index 75.938 -0.4 -3.9
Crude Oil $99.95 +2.0 +9.4
Gold $1,403.2 +0.3 -1.2
MSCI World Index 1,267.48 +0.6 -1.0
COMMODITY EXCLUSIVES:
Soaked Midwest Soil Boosts Flood Risk for Wheat, Sandbag Cities
Excessive snow in the northern Great Plains and Midwest may spur floods that rival the record- setting deluge of 2009, threatening U.S. wheat crops and livestock as cities in the region stockpile sandbags.
Ex-Goldman Oil Trader Saiz’s Fund Said to Gain 8.2% in Feb. (1)
Vector Commodity Management LLP, a hedge fund run by former Goldman Sachs Group Inc. trader Gilbert Saiz, made 8.2 percent last month, six times the industry average, said two people with direct knowledge of the matter.
Thailand, Indonesia May Curb Rubber Exports to Stem Drop (1)
Thailand, Indonesia and Malaysia, the world’s biggest rubber growers, will probably delay exports to counter a price slump as demand outpaces supply during the low production period, according to a producers’ group.
EBX to Issue Deals for Three Supertanker Conversions This Year
EBX Group Ltd., headed by Brazilian billionaire Eike Batista, plans to award deals for converting three supertankers into floating oil production and storage vessels this year as it develops South American oilfields.
INDUSTRIAL METALS:
Copper Rises as Demand May Climb on Japanese Rebuilding Efforts
Copper rose for a second day in London on speculation that demand may increase as Japan rebuilds after last week’s earthquake and tsunami.
MINING:
Rio Tinto Adds Uranium Resources at Rossing Mine in Namibia (1)
Rio Tinto Group said estimates of uranium resources more than doubled at its Namibian Rossing mine, the world’s third- biggest producer of the nuclear fuel.
Vale Iron Ore Sales to Japan Unaffected by Quake, Zhu Says (1)
Vale SA, the world’s largest iron- ore producer, said that shipments to Japan haven’t been affected by the recent earthquake and that clients are still honoring contracts.
PRECIOUS METALS:
Gold May Gain as Japan Crisis, Middle East Unrest Spur Demand
Gold may gain for a second day in London as unrest in the Middle East and North Africa and Japan’s nuclear crisis boost demand for a protection of wealth. Platinum and palladium touched three-month lows.
Deutsche Bank Hires Mulholland for South Africa Precious Metals
Deutsche Bank AG’s South African unit hired Anna Mulholland as head of precious metals research.
AGRICULTURE:
Indonesia Rubber Group Says $4 Price Should Be Defended (1)
The Rubber Association of Indonesia wants a price of $4 per kilogram defended and urged its members not to sell in a panic after prices plunged.
Coffee Climbs to Three-Year High on Vietnam Crop; Sugar Gains
Coffee rose to a three-year high in London on speculation dry weather in Vietnam, the world’s top grower of the robusta variety, may hurt production from the next harvest in October. Sugar advanced.
Rubber in Tokyo Jumps Most in Two Years on Thai Supply Concerns
Rubber jumped the most in more than two years as supply tightened after the Thai government asked exporters to halt shipments and as Japanese tire plants resumed production after last week’s earthquake.
Tocom Says May Suspend After-Hours Trade in Case of Blackouts
The Tokyo Commodity Exchange said after-hours trading for rubber and other futures may be suspended today in case of power outages in the area, the bourse said in a faxed statement.
Thailand, Indonesia May Delay Rubber Shipments, Consortium Says
Thailand, Indonesia and Malaysia, the world’s biggest rubber producers, will probably delay shipments to counter a price slump as demand outpaces supply during the low production period, according to the International Rubber Consortium Ltd.
SHIPPING:
St. Petersburg Port Says Ships Blocked by Ice Declined to 80
About 80 ships are backed up at the Russian port of St. Petersburg because of ice, fewer than a week ago, a port official said.
ECONOMIES:
G-7 to Discuss Japan Tomorrow After Yen Climbs to Postwar High
The yen strengthened to a post- World War II high as Group of Seven officials prepare to meet to discuss the threat to the world’s third-largest economy from last week’s earthquake and a worsening nuclear crisis.
India Raises Rates for Eighth Time in a Year to Curb Prices (2)
India’s central bank increased interest rates for the eighth time in a year after raising its inflation forecast twice in three months. Stocks and bonds fell.
Japan May Face ‘Irreversible’ Blow to Power Capacity (1)
Japan may face “irreversible” damage to power-supply capacity from the March 11 earthquake, limiting business activity, Citigroup Inc. said.
OTHER MARKETS:
Commodities Gain for Second Day; Oil Rises on Middle East Unrest
Commodities gained for a second consecutive day, led by oil after fighting in Libya intensified, renewing concern that Middle East supplies may be further threatened in Africa’s third-largest fuel producer.
European Stocks, U.S. Futures Gain; Yen Slips From Postwar High
European stocks advanced, ending a six-day slide, and U.S. futures climbed on speculation Group of Seven officials will act to calm markets roiled by Japan’s nuclear disaster. The yen touched a post-World War II record before retreating.
U.S. Stock Futures Advance; Lockheed Martin, Qualcomm Climb
U.S. stock-index futures climbed, indicating the Standard & Poor’s 500 Index will rebound from the lowest level since December, amid speculation Group of Seven nations will move to calm markets after Japan’s tremor.
European Stocks Gain, Ending Six-Day Slide; U.S. Futures Advance
European stocks advanced, halting a six-day slide, amid speculation Group of Seven nations will move to calm markets after Japan’s earthquake-induced nuclear crisis. Japanese shares pared their losses and U.S. futures gained.
Oil Gains as Libya Fighting Escalates; UBS Raises Brent Forecast
Oil rose for a second day as concerns that political unrest may cut Middle Eastern exports countered estimates that the earthquake in Japan will curtail fuel demand.
Emerging Stocks Drop to Three-Week Low on Japan; Micex Advances
Developing-nation stocks fell, sending the MSCI Emerging Markets Index to a three-week low, as concern deepened that a nuclear disaster in Japan may curb global economic growth.
Source: Bloomberg