(Bloomberg) -- Copper may rise next week as investors and traders consider a decline this week brought prices to a level that will attract consumers.
Eight of 15 people surveyed yesterday and May 16 forecast copper will rise next week. Six expected a drop and one was neutral. Copper for delivery in three months on the London Metal Exchange has dropped 9.7 percent so far this week, its second consecutive weekly decline.
Read more at Bloomberg Commodities News
Thursday, May 17, 2007
Asian Stocks Fall to a Two-Week Low; BHP Billiton, Nippon Steel Decline
(Bloomberg) -- Asian stocks fell to a two-week low, led by Sumitomo Metal Mining Co. and BHP Billiton Ltd., after the prices of copper, nickel and zinc tumbled.
``Metals were markedly lower and their influence is evident'' on resources stocks, said Michael Birch, who helps manage $133 million at Wallace Funds Management in Sydney. ``BHP and other miners have reached record highs this month so a breather was due.''
Read more at Bloomberg Stocks News
``Metals were markedly lower and their influence is evident'' on resources stocks, said Michael Birch, who helps manage $133 million at Wallace Funds Management in Sydney. ``BHP and other miners have reached record highs this month so a breather was due.''
Read more at Bloomberg Stocks News
China Regulators to Start Futures Investor Protection Fund to Spur Growth
(Bloomberg) -- China will set up an 800 million yuan ($104 million) fund to protect investors from failures at futures brokers, as it prepares for more trading in such contracts to spur capital market development.
Futures exchanges will contribute 15 percent of their reserves to the fund initially, and 3 percent of transaction fees they charge members every quarter in the future, the China Securities Regulatory Commission and Ministry of Finance said in a statement. The fund will start operation Aug. 1 and will invest in bank deposits and bonds.
Read more at Bloomberg Emerging Markets News
Futures exchanges will contribute 15 percent of their reserves to the fund initially, and 3 percent of transaction fees they charge members every quarter in the future, the China Securities Regulatory Commission and Ministry of Finance said in a statement. The fund will start operation Aug. 1 and will invest in bank deposits and bonds.
Read more at Bloomberg Emerging Markets News
Zambia says will leave the kwacha to the market
(Reuters) - Zambia is quite happy to let market forces determine the value of the kwacha, Finance Minister Ng'andu Magande said on Thursday.
Asked whether he was concerned that the rise in the value of the local currency was a threat to Zambian exporters, Magande said: "Not really. I have decided that I'll leave this to the market."
Read more at Reuters Africa
Asked whether he was concerned that the rise in the value of the local currency was a threat to Zambian exporters, Magande said: "Not really. I have decided that I'll leave this to the market."
Read more at Reuters Africa
Sudan official cautions China on oil investments
(Reuters) - A Sudanese central bank official told China on Thursday its oil investments could exacerbate conflicts in Sudan unless it pressed the government to engage local populations and share revenues.
China, which buys much of Sudan's oil, has been under fire internationally for doing business with a regime condemned in the West for its actions in Darfur, but the banker's comments were a rare critical voice coming from Khartoum.
Read more at Reuters Africa
China, which buys much of Sudan's oil, has been under fire internationally for doing business with a regime condemned in the West for its actions in Darfur, but the banker's comments were a rare critical voice coming from Khartoum.
Read more at Reuters Africa
Zimbabwe prices doubled during April, data show
(Reuters) - Zimbabwe's cost of living doubled in a single month in April as annual inflation surged to 3,713.9 percent, a further sign of economic turmoil in a country where four in five people are jobless.
The Central Statistical Office said on Thursday prices jumped by 100.7 percent last month after a 50.5 percent rise in March, when annual inflation had been 2,200.2 percent.
Read more at Reuters Africa
The Central Statistical Office said on Thursday prices jumped by 100.7 percent last month after a 50.5 percent rise in March, when annual inflation had been 2,200.2 percent.
Read more at Reuters Africa
SABMiller says beer can costs cap profits
(Reuters) - SABMiller, the world's second largest brewer, reported a 10 percent rise in annual earnings on Thursday driven by strong growth in Europe and Latin America from brands like Tyksie in Poland and Aguila in Colombia.
The growth was tempered by tough trading at its Miller unit in the United States and the weakness of the rand which diluted its South African earnings, while the group gave a warning over rising commodity prices, especially aluminium beer cans.
Read more at Reuters Africa
The growth was tempered by tough trading at its Miller unit in the United States and the weakness of the rand which diluted its South African earnings, while the group gave a warning over rising commodity prices, especially aluminium beer cans.
Read more at Reuters Africa
Oil up $1, nears fresh year high on US gasoline
(Reuters) - Oil rose above $69 a barrel on Thursday, just a few cents shy of a fresh year high, supported by U.S. refinery closures that are cutting into gasoline supplies just ahead of peak summer demand.
Despite record pump prices above $3 a gallon, there is no let up in robust demand in the world's top consumer. More motorists than a year ago are expected to hit the roads during the May 26-28 U.S. Memorial Day weekend, the traditional start to the driving season.
Read more at Reuters Africa
Despite record pump prices above $3 a gallon, there is no let up in robust demand in the world's top consumer. More motorists than a year ago are expected to hit the roads during the May 26-28 U.S. Memorial Day weekend, the traditional start to the driving season.
Read more at Reuters Africa
Gold clearing statistics fall in April - LBMA
(Reuters) - Gold ounces transferred fell 1.9 percent to a daily average of 20.2 million ounces in April, compared with the previous month, the London Bullion Market Association (LBMA) said on Thursday.
Based on an average fixing of $679.37 an ounce -- $24.50 higher than in March -- value increased to a daily average of $13.7 billion from $13.5 billion the previous month.
Read more at Reuters Africa
Based on an average fixing of $679.37 an ounce -- $24.50 higher than in March -- value increased to a daily average of $13.7 billion from $13.5 billion the previous month.
Read more at Reuters Africa
Argentina, Colombia, Mexico, Venezuela: Latin America Local Bond Preview
(Bloomberg) -- The following events and economic reports may influence trading in Latin American local bonds today. Bond yields are from the previous session.
Argentina: The trade surplus narrowed in April to $1.1 billion from $1.4 billion in the same month a year earlier, the National Statistics Institute said in a statement. Exports rose 9 percent to $4.26 billion while imports gained 23 percent to $3.14 billion, the institute said yesterday in Buenos Aires. The surplus was lower than the $1.2 billion median forecast in a Bloomberg survey of nine economists.
Read more at Bloomberg Bonds News
Argentina: The trade surplus narrowed in April to $1.1 billion from $1.4 billion in the same month a year earlier, the National Statistics Institute said in a statement. Exports rose 9 percent to $4.26 billion while imports gained 23 percent to $3.14 billion, the institute said yesterday in Buenos Aires. The surplus was lower than the $1.2 billion median forecast in a Bloomberg survey of nine economists.
Read more at Bloomberg Bonds News
PIK Group, Russian Realty Developer, Plans to Raise $2 Billion in IPO
(Bloomberg) -- PIK Group, a Russian property company focused on residential construction, plans to sell shares with a price range of $25 to $31 in what may become the largest ever initial public offering by a developer in Europe.
PIK seeks to raise as much as $2.2 billion in the sale, which will value the company at between $11.4 billion and $14.1 billion, the company said in an e-mailed statement today.
Read more at Bloomberg Currencies News
PIK seeks to raise as much as $2.2 billion in the sale, which will value the company at between $11.4 billion and $14.1 billion, the company said in an e-mailed statement today.
Read more at Bloomberg Currencies News
Yen Set for Fourth Weekly Drop Against Dollar on Outlook for Growth, Rates
(Bloomberg) -- The yen headed for a fourth weekly drop against the dollar as signs of weakening growth are likely to keep The Bank of Japan from lifting borrowing costs anytime soon.
The yen has fallen against 14 of the 16 most-traded currencies this week as the BOJ yesterday held interest rates at 0.5 percent, the lowest among major economies, the same day a report showed Japan's growth slowed in the first quarter. The currency traded at a three-month low versus the dollar and reached a record low against the euro this week as the two-year bond spread with the U.S. and Germany widened.
Read more at Bloomberg Currencies News
The yen has fallen against 14 of the 16 most-traded currencies this week as the BOJ yesterday held interest rates at 0.5 percent, the lowest among major economies, the same day a report showed Japan's growth slowed in the first quarter. The currency traded at a three-month low versus the dollar and reached a record low against the euro this week as the two-year bond spread with the U.S. and Germany widened.
Read more at Bloomberg Currencies News
South Africa Speeds Up Land Redistribution, Sparking White Farmers' Anger
(Bloomberg) -- Thateus Letokho breaks into a broad smile, while hundreds around him sing and dance, as he holds aloft the deed to a farm South Africa's apartheid government forced his family and neighbors to leave in 1977.
Following a decade-long struggle, Letokho and 877 members of his rural community are returning to the 1,100-hectare (2,718- acre) Rietkuil farm, 152 miles northwest of Pretoria, after the government handed it back to them in March.
Read more at Bloomberg Exclusive News
Following a decade-long struggle, Letokho and 877 members of his rural community are returning to the 1,100-hectare (2,718- acre) Rietkuil farm, 152 miles northwest of Pretoria, after the government handed it back to them in March.
Read more at Bloomberg Exclusive News
Perilya Cuts Zinc, Lead Output Forecasts After Death at Broken Hill Mine
(Bloomberg) -- Perilya Ltd., an Australian zinc and lead mining company, cut its production forecasts for the metals after operations at its Broken Hill mine were disrupted earlier this year.
Zinc production at the mine will be about 90,000 metric tons be for the year ending June 30, down from an earlier estimate of between 100,000 and 105,000 tons, the Perth-based company said in a statement to the Australian Stock Exchange today. Lead production will be 60,000 tons, it said.
Read more at Bloomberg Commodities News
Zinc production at the mine will be about 90,000 metric tons be for the year ending June 30, down from an earlier estimate of between 100,000 and 105,000 tons, the Perth-based company said in a statement to the Australian Stock Exchange today. Lead production will be 60,000 tons, it said.
Read more at Bloomberg Commodities News
Crude Oil Trades Near Three-Week High on Concern Over U.S. Gasoline Stocks
(Bloomberg) -- Crude oil traded near a three-week high in New York on speculation plant breakdowns will prevent refiners from replenishing U.S. gasoline stockpiles.
Gasoline futures jumped 4.3 percent yesterday after Sunoco Inc. closed a 36,000 barrel-a-day gasoline pipeline supplying Buffalo, New York. ConocoPhillips and Murphy Oil Corp. have shut units for repairs, raising concern that inventories may remain below average during the peak summer demand.
Read more at Bloomberg Energy News
Gasoline futures jumped 4.3 percent yesterday after Sunoco Inc. closed a 36,000 barrel-a-day gasoline pipeline supplying Buffalo, New York. ConocoPhillips and Murphy Oil Corp. have shut units for repairs, raising concern that inventories may remain below average during the peak summer demand.
Read more at Bloomberg Energy News
Poland's J.W. Construction Plans to Raise as Much as $277 Million in IPO
(Bloomberg) -- J.W. Construction Holding SA, Poland's largest homebuilder, plans to raise as much as 777 million zloty ($277 million) to finance expansion in one of the biggest initial public offerings in Warsaw this year.
The company, based in a suburb of the Polish capital, today set a price range of between 58 zloty and 71 zloty for the 10.95 million shares it aims to sell, Mariusz Skowronek, the company's external spokesman, said by telephone.
Read more at Bloomberg Stocks News
The company, based in a suburb of the Polish capital, today set a price range of between 58 zloty and 71 zloty for the 10.95 million shares it aims to sell, Mariusz Skowronek, the company's external spokesman, said by telephone.
Read more at Bloomberg Stocks News
U.S. Stocks Drop on Housing Concerns; Caterpillar, Financial Shares Slide
(Bloomberg) -- U.S. stocks dropped for a third day this week, led by banks, on renewed concerns the housing market will slow economic growth.
JPMorgan Chase & Co. and Citigroup Inc. led financial shares lower, contributing the most to the loss in the Standard & Poor's 500 Index, after Federal Reserve Chairman Ben S. Bernanke said stricter lending rules may spur foreclosures. Caterpillar Inc., the world's largest maker of earthmoving equipment, fell the most in the Dow Jones Industrial Average after Stifel Nicolaus & Co. said a weaker economy may hurt profit.
Read more at Bloomberg Stocks News
JPMorgan Chase & Co. and Citigroup Inc. led financial shares lower, contributing the most to the loss in the Standard & Poor's 500 Index, after Federal Reserve Chairman Ben S. Bernanke said stricter lending rules may spur foreclosures. Caterpillar Inc., the world's largest maker of earthmoving equipment, fell the most in the Dow Jones Industrial Average after Stifel Nicolaus & Co. said a weaker economy may hurt profit.
Read more at Bloomberg Stocks News
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