Bloomberg News

Asia Commodity Day Ahead: Copper Tumbles More Than 5% in N.Y.

September 28, 2011

Sept. 29 (Bloomberg) -- The following are the top stories on metals, agriculture and shipping.

TOP STORY:

Copper Declines on Concern Slowing Economies Will Reduce Demand

Copper tumbled more than 5 percent in New York on concern that stagnating global growth will reduce demand for raw materials.

COMMODITY EXCLUSIVES:

Coffee Falls in Rout as Starbucks Cup Costs $1.50: Commodities

Farmers from Vietnam to Brazil will supply a record robusta crop in the marketing year that begins next month, extending a slump in coffee futures that spurred Kraft Foods Inc. and J.M. Smucker Co. to cut prices.

MINING:

Interros May Seek to Increase Norilsk Stake After Buyback (1)

Billionaire Vladimir Potanin’s Interros Holding Co. may seek permission to gain a controlling stake in OAO GMK Norilsk Nickel after the nickel producer buys back $4.5 billion in stock and cancels shares, safeguarding its control over the company amid a dispute with United Co. Rusal.

Yancoal May Use Market Turmoil to Spend $1 Billion on New Mines

Yancoal Australia Ltd., a unit of China’s fourth-largest coal producer Yanzhou Coal Mining Co., is considering spending more than $1 billion buying mines in Australia as the global market turmoil makes assets cheaper.

PRECIOUS METALS:

Gold Declines as Dollar Rebounds, Equities, Commodities Slump

Gold declined for the fifth time in six sessions as the dollar’s rebound eroded demand for the metal as an alternative investment, and concerns that the global economy will falter drove equities and raw materials lower.

U.S. Mint September Gold-Coin Sales May Drop From Month Earlier

The U.S. Mint sales of American Eagle gold coins may fall in September from a month earlier as growing optimism that Europe will resolve its debt crisis eroded demand for a haven investment.

AGRICULTURE:

Cocoa Falls on Global Surplus Outlook; Coffee, Sugar Decline

Cocoa prices fell for the first time in three days on speculation that global supplies will outpace demand for the second straight year. Coffee and sugar futures also declined.

Wheat Futures Drop on Speculation U.S. Exports Will Decrease

Wheat fell, extending this month’s decline, on signs that slowing economies and ample global supplies are eroding demand for grain from the U.S., the world’s largest exporter.

Orange Juice Falls on Outlook for Ample Supply; Cotton Drops

Orange-juice futures fell for the fifth time in six sessions on signs that supplies will remain ample as crops increase in Brazil, the world’s leading grower, and Florida, the second-biggest. Cotton also dropped.

Cattle Rise on Signs of Tighter U.S. Beef Supplies; Hogs Steady

Cattle futures advanced for a fourth straight session on signs that U.S. feedlots may have fewer animals available for beef processors. Hog were unchanged.

U.S. Hog-Breeding Herd Grows 0.6% as Profit Spurs Expansion (1)

The U.S. hog-breeding herd on Sept. 1 was 0.6 percent bigger than a year earlier and more than analysts forecast as profitability prospects encouraged producers to expand.

Soybeans, Corn Drop as European Debt Crisis May Slow Demand

Soybeans fell the most since March and corn dropped to an 11-week low on concern that European leaders are divided on plans to tame the region’s sovereign-debt crisis, potentially prolonging fiscal woes and slowing commodity demand.

SHIPPING:

Ore-Ship Launches to Reach Lowest Level in More Than Two Years

The number of new capesize vessels launched from shipyards in Asia in the third quarter is poised to fall to the lowest since July 2009, curbing fleet growth.

ECONOMIES:

Demand for U.S. Capital Goods Rises by Most in Three Months (1)

Orders for U.S. capital goods climbed in August by the most in three months, a sign business investment continues to support the recovery.

Euro Crisis Makes Fed Lender of Only Resort as Funding Ebbs (3)

The Federal Reserve, chastised by Congress for lending money to foreign institutions including a Libyan-owned bank, is once again the lender of last resort for banks around the world it knows little about.

OTHER MARKETS:

U.S. Stocks Retreat as Concern Grows Over European Debt Crisis

U.S. stocks declined, halting a three-day rally for the Standard & Poor’s 500 Index, amid growing concern that European leaders are divided over how to handle Greece’s debt crisis.

Euro Drops From 1-Week High on Debt Crisis Containment Concern

The euro dropped against the yen and the dollar amid concern European leaders will fail to agree on a solution for the region’s debt crisis.

European Stocks Slide, Snapping Three-Day Rally; Man Group Sinks

European stocks declined, snapping the biggest three-day rally in 16 months, amid concern that holders of Greek bonds will suffer larger losses than previously agreed upon.

Oil Falls on Europe Debt Crisis, Heading for Quarterly Decline

Crude oil fell in New York, heading for the biggest quarterly drop since 2008, on concern that Europe’s debt crisis will linger and on rising U.S. stockpiles.

Emerging Stocks Retreat on Concern Over Europe’s Debt Crisis

Emerging-market stocks fell, following the benchmark index’s biggest gain in more than two years yesterday, as concern grew that European leaders are divided over how to handle Greece’s debt crisis.

SPORTS:

Manchester City Suspends Carlos Tevez Pending Investigation

Manchester City soccer club suspended striker Carlos Tevez for as long as two weeks while it investigates his alleged refusal to play in a 2-0 Champions League loss at Bayern Munich last night.

--Editors: Daniel Enoch, Patrick McKiernan.

To contact the editor responsible for this story: Steve Stroth at sstroth@bloomberg.net


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