The following are the top stories on metals, agriculture and shipping. ECONOMIC EVENTS: Forecast Prior Time (N.Y.) Employment Cost Index 4Q 0.5% 0.4% 8:30 GDP QoQ (Annualized) 4QA 3.5% 2.6% 8:30 GDP Price Index 4QA 1.6% 2.1% 8:30 Core PCE QoQ 4QA 0.4% 0.5% 8:30 Personal Consumption 4QA 4.0% 2.4% 8:30 U. of Michigan Confidence Jan F 73.3 72.7 9:55 METAL PRICES: ($/ton) Last % Chg RSI Copper 9,581 +1.5 57 Aluminum 2,460 +1.4 55 Zinc 2,301 +1.8 45 Lead 2,458 +1.6 47 Nickel 26,665 +0.6 66 Tin 29,701 +2.1 83 OTHER MARKETS: Last % Chg % YTD U.S. Dollar Index 77.689 -0.1 -1.5 Crude Oil $85.81 +0.2 +17 Gold $1,313.5 0.0 +21 MSCI World Index 1,319.78 -0.1 +17 TOP STORY: Copper Rises for Third Day on Speculation U.S. Growth to Build Copper rose for a third day in London on speculation that a government report today will show stronger economic growth in the U.S., the world’s second-biggest consumer of the metal. COMMODITY EXCLUSIVES: IEA Asking OPEC to Watch Demand as Rogers Sees Oil Over $100 The International Energy Agency will ask OPEC to watch global oil demand closely and adjust its production accordingly, while Duke Energy Corp.’s Jim Rogers said he expects crude to exceed $100 a barrel this year. Ivory Coast Investors See Default; Hold for Ouattara (Update1) Felix Dornaus is holding onto Ivory Coast notes trading at 37 percent of face value even as the world’s biggest cocoa producer slides closer to default on $2.3 billion of debt. Brookfield to Triple Brazilian Sugarcane Holdings in Three Years Brookfield Asset Management Inc., the manager of $100 billion in assets, plans to almost triple its holdings of Brazilian sugarcane plantations in three years amid increased interest for the fuel-producing crop. INDUSTRIAL METALS: Tin Advances to Record $29,400 a Metric Ton in London Trading Tin for three-month delivery rose $300, or 1 percent, to a record $29,400 a metric ton on the London Metal Exchange. Copper Stockpiles in Shanghai Drop for Second Week (Update1) Copper stockpiles monitored by the Shanghai Futures Exchange fell for a second week, according to exchange data today. MINING: JPMorgan’s Henderson Adds Coal, Iron Stocks on Economic Growth JPMorgan Chase & Co.’s Ian Henderson, manager of $10 billion in natural-resource assets, said he’s added holdings of coking coal and iron ore stocks as the outlook for the global economy improves. Australia Flood to Increase Prices, Slow Economy and Revenue Queensland’s flood disaster will force up prices, slow economic growth and cut government revenue as food and mining production fall, Treasurer Wayne Swan said. PRECIOUS METALS: Gold Fluctuates in London as Drop to 4-Month Low Spurs Purchases Gold fluctuated in London after a drop to the lowest level in almost four months spurred investors to buy the metal. Medusa Says Philippines Mine Estimated to Cost $200 Million Medusa Mining Ltd., Australia’s second-biggest gold company by market value, estimates it will cost $200 million to build the Bananghilig gold and copper mine in the Philippines as it seeks to boost output about fourfold. China 2010 Gold Output Rises 8.6% to 340 Tons, Association Says China’s gold output rose 8.6 percent last year to 340 tons from a year earlier, according to a statement on the website of the China Gold Association. China’s Gold Demand May Advance 15% in First Half, Group Says Gold consumption in China, the second-largest buyer, may gain 15 percent in the first half, fueled by growing demand for alternative investments and a hedge against inflation, according to the China Gold Association. AGRICULTURE: Corn Advances on Concern Dry Weather May Curb Argentine Yields Corn rose in Chicago, reducing a weekly drop, on concern that rain in Argentina came too late to shelter crops in the world’s second-largest exporter from damage caused by dry weather. Sugar Falls in London as EU May Increase Imports to Add Supply Sugar fell in London, paring the biggest gain in two weeks, after the European Union said it may increase imports to boost domestic supplies. Palm Oil Gains for Second Day on Outlook for Argentine Soy Crop Palm oil advanced for a second day on concern that rains may fail to revive soybean crops damaged by dry weather in Argentina, the top exporter of the rival oil. India’s Top Instant-Coffee Exporter Says Profit to Jump on Sales CCL Products Ltd., India’s biggest instant-coffee exporter, expects profit to jump as much as 48 percent this year on rising sales to Europe and Russia amid a surge in global prices. Rubber Advances on Pre-Holiday Demand Amid Tight Supplies Rubber advanced, reversing an earlier fall, as buyers accumulated the commodity ahead of the Lunar New Year holiday amid concerns that demand will continue outpacing production. SHIPPING: EU Actions on U.K. Shipping Pay ‘Regrettable,’ Chamber Says A European Union ruling that the U.K. is in breach of its obligations by retaining a law that affects pay in shipping is “regrettable,” the Chamber of Shipping said in a notice on its website. ECONOMIES: China Said to Plan Raising Ratio If Credit Excessive (Update1) China may order its biggest lenders, including Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp., to raise capital ratios to as high as 14 percent when credit growth is judged excessive, said a person familiar with the matter. IMF’s Zhu Warns Global Imbalances May Worsen on Chinese Exports Global economic imbalances may worsen this year as a stronger expansion in the U.S. reignites Chinese exports, said Zhu Min, an adviser to the International Monetary Fund. China Development’s Yields Jump as Bond Sale Cut: China Credit China Development Bank Corp. is being forced to pay higher bond yields and scale back debt sales just as the nation depends more on the policy lender to secure natural resources and fuel its economic growth. Japan’s Credit Rating Cut to AA- by S&P on Debt Load (Update2) Japan’s credit rating was cut for the first time in nine years by Standard & Poor’s as persistent deflation and political gridlock undermine efforts to reduce a 943 trillion yen ($11 trillion) debt burden. Moody’s Says Time Shortens for U.S. Debt Outlook (Update1) Moody’s Investors Service said it may need to place a “negative” outlook on the Aaa rating of U.S. debt sooner than anticipated as the country’s budget deficit widens. Spain to Pass Pension Bill as Yields Continue to Surge (Update1) The Spanish government will raise the retirement age today in a renewed bid to restore investor confidence after a 20 billion-euro ($27 billion) plan to shore up savings banks failed to tame the nation’s borrowing costs. U.K. Consumer Confidence Plummets Most Since 1994 (Update2) U.K. consumer confidence plunged the most since 1994 this month as an increase in sales tax hurt shoppers’ appetite for spending, a report by GfK NOP Ltd. showed. Growth in U.S. Probably Picked Up on Gains in Spending, Exports The economy in the U.S. probably grew at a faster pace in the fourth quarter, driven by the biggest gain in consumer spending in four years and rising exports, economists projected a report today will show. OTHER MARKETS: Stocks Fall, Yen Gains Before U.S. GDP Report; Egypt Bonds Drop Stocks fell, trimming this week’s advance, and the yen rebounded before a report that will provide the latest evidence on the strength of America’s economic recovery. Egyptian bond yields climbed to an all-time high. Yen Strengthens as Equities Fall; Pound Weakens on Confidence The yen rose against most of its major counterparts as a decline in Asian and European stocks boosted demand for assets perceived to be safer. European Stocks Decline as Investors Await U.S. GDP Report European stocks fell, with the Stoxx Europe 600 Index paring its weekly advance, as investors awaited a report on U.S. gross domestic product. Asian shares and U.S. index futures also declined. Oil Rises, Capping Weekly Decline, on Demand Growth Optimism Oil rose, capping its biggest weekly decline in New York in three weeks, on speculation rising demand may absorb excess inventories in the U.S., the largest consumer of crude. SPORTS: Spurs Plans New Bid for Everton’s Neville, Mirror Says: Roundup The following is a roundup of soccer stories from U.K. newspapers, with clickable links to the Web. Liverpool Rejects $63.6 Million Chelsea Bid for Torres, Sun Says Chelsea may offer 50 million pounds ($79.5 million) for Fernando Torres after Liverpool rejected a 40 million-pound bid for the striker, the Sun reported. To contact the editor responsible for this story: Stuart Wallace in London at swallace6@bloomberg.net

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