The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS, AGRICULTURE REPORTS: Forecast Prior Time (N.Y.) Initial Jobless Claims DEC 25 415K 420K 08:30 Continuing Claims DEC 18 4084K 4064K 08:30 Chicago Purchasing Mgr. DEC 61.0 62.5 09:45 Pending Home Sales MoM NOV 0.8% 10.4% 10:00 Pending Home Sales YoY NOV -22.4% 10:00 NAPM-Milwaukee DEC 59.0 10:00 U.S. Export Sales DEC 23 08:30 Agriculture Prices Recd. DEC 16.9% 15:00 Metal Prices: ($/ton) Last % Chg RSI Copper 9,514 +1.2 69 Aluminum 2,464 +0.4 62 Zinc 2,413 +0.5 60 Lead 2,535 +0.2 63 Nickel 24,145 +1.3 50 Tin 26,800 +0.9 59 Other Markets: Last % Chg % YTD U.S. Dollar Index 79.68 -0.1 +2.3 Crude Oil $91.20 +0.1 +15 Gold $1,414.25 +0.2 +29 MSCI World Index 1,281.55 +0.2 +9.7 TOP STORY: Copper Climbs to Records In London, N.Y. on Recovery, Yuan Gains Copper in London and New York climbed to records on speculation the global recovery is gaining pace and that a strengthening Chinese yuan will spur more imports by the world’s largest consumer. COMMODITY EXCLUSIVES: Shanghai Pushing Gold to $1,600 Thwarts Fight to Shut Mines China’s hunger for gold will both help drive the price of the metal higher, and at the same time undermine the country’s goal of gaining control of its Wild West mining industry, interviews with more than two dozen miners, analysts and labor activists show. Copper May Rally to $11,000 in First Half: Technical Analysis Copper, which has surged 27 percent this year, may extend a rally to reach a record $11,000 a metric ton in the first half of next year, according to a technical analyst with Samsung Securities Co. Mining IPOs May Set Record as Investors Bet on Metal Demand Global initial public offerings by mining and basic material companies may reach a record next year, after the biggest gain of any industry in 2010, as China and India drive up metal prices and attract investors. INDUSTRIAL METALS: India Bourse Says Steel Futures Growth Slows as Volatility Eases National Commodity & Derivatives Exchange Ltd., India’s second-largest such bourse, said steel-futures trading volumes will grow less than previously forecast this fiscal year because of a reduction in volatility. Potential Holding in London Copper Stockpiles Shrinks to 80-89% The potential share of London Metal Exchange copper stockpiles held by one unidentified company fell to 80 percent to 89 percent, from at least 90 percent. MINING: BHP Declares Force Majeure for Some Queensland Coal Products BHP Billiton Ltd. declared force majeure for some specific coal products mined at its Bowen Basin operations in Australia’s Queensland state. Nunavut Boosts Baffinland Bid Ahead of Rival Deadline (Update4) Nunavut Iron Ore Acquisition Inc., the venture formed to buy Baffinland Iron Mines Corp., raised its offer for the Toronto-based company ahead of a deadline for shareholders to tender to a friendly offer from ArcelorMittal. PRECIOUS METALS: Gold May Rise on Wealth Protection; Silver Rises to 30-Year High Gold, little changed, may advance for a fifth day, heading for a 10th annual gain, as investors sought to preserve their wealth against inflation and depreciating currencies. Silver touched a 30-year high. AGRICULTURE: Rubber Heads for Second Annual Gain Amid Tight Supply Concern Rubber extended gains, heading for the second straight annual advance, on concern that a shortage may worsen early next year as top exporter Thailand enters a low-production period known as wintering. Soybeans Decline as Forecast Rain Eases Argentina Crop Concern Soybeans fell for a second day, trimming the year’s advance, as forecasts for rain in Argentina eased concerns that crops in the world’s third-largest grower and exporter will be damaged by drought. Palm Oil Futures Decline as Investors Cash in Gains From Rally Palm oil futures declined as investors locked-in gains, trimming a rally that has seen prices surge 40 percent this year as rains disrupted harvesting in Indonesia and Malaysia, the world’s biggest producers. Rice Futures Surge by Chicago Exchange Limit on Supply Concerns Rice futures rose the most allowed by the Chicago Board of Trade on expectations for lower production from Thailand, the world’s biggest exporter, because of flooding. Potash Rises as Corn, Soybeans Seen Extending Gains (Update2) Potash Corp. of Saskatchewan Inc., the world’s largest producer of its namesake crop nutrient, rose the most in more than four months in New York amid speculation corn and soybean futures will extend price gains into next year. Hogs Rise as Corn Costs May Curb Herd Expansion; Cattle Advance Hog futures rose to a four-month high and cattle gained on speculation that U.S. farmers will delay herd expansion after a jump in corn costs. Thai Rice Exports, Output May Rise in 2011, USDA Unit Says Thailand may export 10 million metric tons of rice in 2011, up from an estimated 8.8 million this year, a unit of the U.S. Department of Agriculture said in a report posted today on its website. Sugar Falls From 30-Year High; Coffee Rises; Cocoa Unchanged Sugar declined from a 30-year high on concern that higher prices may lessen demand for the sweetener. Coffee gained, while cocoa was unchanged. Orange Juice Advances on Florida Frost Concern; Cotton Falls Orange-juice gained for the eighth time in nine sessions on speculation that an overnight frost damaged crops in Florida, the second-largest producer. Cotton fell for a fifth day. ECONOMIES: U.K. Home Prices to Drop in 2011 on Loans, Budget, Survey Shows U.K. home prices will fall next year, extending a decline that began in the third quarter, as mortgage restrictions and government spending cuts discourage buyers, a Bloomberg News survey showed. China Manufacturing Grows at Slower Pace, PMI Shows (Update2) China’s manufacturing growth slowed for the first time in five months in December as the government tightened monetary policy and chased energy- efficiency and pollution targets, a survey indicated. Consumers Opening Wallets May Prompt More Corporate Takeovers U.S. consumers put the brakes on dealmaking in 2010. They may be the accelerator next year. Chief executives maintained record levels of cash this year as the recession-weary consumer fueled doubts about an economic recovery. Brazil’s Budget Deficit Widened More Than Forecast (Update2) Brazil’s budget deficit widened more than analysts expected in November to a four-month high, putting additional pressure on the central bank to raise interest rates in 2011. OTHER MARKETS: Asia Currencies, Copper Rally on Recovery; Nikkei 225 Slides Asian currencies strengthened and copper rallied to a record on speculation the global recovery is gathering momentum. Gains in the region’s equity markets were limited by a slump in Japan’s Nikkei 225 Stock Average. Private Trades of Facebook Spur Questions About Transparency Private trading that helped spur paper gains of 50 percent or more in companies such as Facebook Inc. and Twitter Inc. is raising questions about how much investors know about their financial condition. Japan Buyouts Go Native as Locals Lead Private-Equity Revival A decade ago, global private-equity firms like J.C. Flowers & Co. LLC brought buyouts to Japan, challenging longstanding relationships between corporate executives and their bankers with billion-dollar takeovers. Oil Falls From Near 26-Month High on Supply, Demand Outlook Crude oil fell from near a 26-month high on speculation U.S. inventories will climb in January as fuel demand drops in the world’s biggest oil-consuming country. Oil Trades Near 26-Month High on Bets U.S. Stockpiles Declined Crude traded near a 26-month high in New York on speculation the U.S. Energy Department will report a drop in weekly stockpiles, signaling demand is growing in the world’s biggest oil-consuming nation. SPORTS: Trump Evokes Doubts of Fading Brand With Golf Courses (Update1) Donald Trump, the real estate developer turned TV personality, is betting his name will boost the value of his golf courses even as the premium for the brand declines on condo properties and ratings slide on his show, “The Apprentice.” Burnley Dismisses Brian Laws After Almost 12 Months as Manager Burnley soccer club fired manager Brian Laws after the English second-division team won only four of its last 14 matches. Strauss Aims Higher After England Retains Ashes Trophy (Update1) Andrew Strauss says he still wants more after his team became the first England cricket squad in 24 years to retain the Ashes. To contact the reporter on this story: Luzi Ann Javier in Manila at ljavier@bloomberg.net To contact the editor responsible for this story: Richard Dobson at rdobson4@bloomberg.net

Source