(Reuters) - Tokyo gold futures fell on Tuesday on profit-taking and platinum futures, which hit a record high the previous day, also retreated as a refiner forecast of a supply surplus this year dampened sentiment.
Johnson Matthey, the world's largest platinum distributor, said in its Platinum 2007 report, released late on Monday, that the market was expected to be in surplus for the second year in a row in 2007.
Read more at Reuters Africa
Monday, May 14, 2007
Corn Declines in Chicago as U.S. Sowing Accelerates; Soybeans, Wheat Down
(Bloomberg) -- Corn futures in Chicago fell for a second day after a U.S. government report showed planting of the U.S. crop accelerated last week. Soybean and wheat futures also declined after the report.
About 78 percent of corn plantings were completed in the top 18 producing states as of May 13, compared with 53 percent a week earlier and 83 percent a year earlier, the U.S. Department of Agriculture said yesterday in a weekly report. The five-year average for the date is 78 percent.
Read more at Bloomberg Commodities News
About 78 percent of corn plantings were completed in the top 18 producing states as of May 13, compared with 53 percent a week earlier and 83 percent a year earlier, the U.S. Department of Agriculture said yesterday in a weekly report. The five-year average for the date is 78 percent.
Read more at Bloomberg Commodities News
Australian Dollar Declines From Two-Week High on Decline in Metal Prices
(Bloomberg) -- The Australian dollar fell from a two- week high on a decline in the prices of copper, gold and other metals the nation exports.
The currency slid as a measure of six metals on the London Metal Exchange dropped 2.5 percent, the most in two months. Australia's dollar reached a 17-year high in April as the index hit a record. Raw material exports contribute about 14 percent to economic growth.
Read more at Bloomberg Currencies News
The currency slid as a measure of six metals on the London Metal Exchange dropped 2.5 percent, the most in two months. Australia's dollar reached a 17-year high in April as the index hit a record. Raw material exports contribute about 14 percent to economic growth.
Read more at Bloomberg Currencies News
Citigroup Says Buy The Canadian Dollar Amid Push to Three-Decade High
(Bloomberg) -- The Canadian dollar will climb to a 30-year high amid surging mergers and acquisitions, higher commodity prices and rising interest rates, according to Citigroup Global Markets Inc.
Citigroup expects the Canadian dollar will appreciate to C$1.0400 this year, from its near 11-month high of C$1.1073. The currency last time reached that level in March 1977. It strengthened to $1.107 today in Toronto.
Read more at Bloomberg Currencies News
Citigroup expects the Canadian dollar will appreciate to C$1.0400 this year, from its near 11-month high of C$1.1073. The currency last time reached that level in March 1977. It strengthened to $1.107 today in Toronto.
Read more at Bloomberg Currencies News
European shares open higher; M&A, results in focus
(Reuters) - European shares rose in early trade on Monday, tracking gains in Asia amid a flurry of merger and acquisition activity and corporate results.
The FTSEurofirst 300 index of top European shares was up 0.28 percent at 1,586.51 points, with shares on Germany's DAX outperforming peers in Britain and France with a 0.5-percent gain.
Read more at Reuters Africa
The FTSEurofirst 300 index of top European shares was up 0.28 percent at 1,586.51 points, with shares on Germany's DAX outperforming peers in Britain and France with a 0.5-percent gain.
Read more at Reuters Africa
Sappi names Ralph Boettger as CEO from July
(Reuters) - Sappi Ltd, the world's biggest maker of fine paper, said on Monday it has appointed Roeloff Jacobus (Ralph) Boettger as its chief executive officer with effect from July 1 this year.
Boettger, 45, is currently an executive director of Imperial Holdings Ltd. and will take over Sappi, which produces paper used in glossy magazines such as Vogue, Elle and Cosmopolitan, at a time when its earnings have improved.
Read more at Reuters Africa
Boettger, 45, is currently an executive director of Imperial Holdings Ltd. and will take over Sappi, which produces paper used in glossy magazines such as Vogue, Elle and Cosmopolitan, at a time when its earnings have improved.
Read more at Reuters Africa
Zambia shuts manganese mine for safety violations
(Reuters) - Zambia has shut down its first manganese mine because the Chinese-owned facility failed to meet safety and pollution standards, an environmental authority said on Monday.
Chiman Manufacturing Ltd would not be allowed to reopen until its safety record improved and emissions from the mine and smelter were brought under control, said Justin Mokosa, spokesman of the Environmental Council of Zambia (ECZ).
Read more at Reuters Africa
Chiman Manufacturing Ltd would not be allowed to reopen until its safety record improved and emissions from the mine and smelter were brought under control, said Justin Mokosa, spokesman of the Environmental Council of Zambia (ECZ).
Read more at Reuters Africa
Gold slips with copper, but dollar helps buoy
(Reuters) - Gold followed copper lower on Monday, but was buoyed by a weaker dollar and firm oil prices, while platinum was supported by forecasts of tight supplies from refiner Johnson Matthey.
Spot gold at 1446 GMT was down at $668.80/668.40 an ounce from $670.60/671.10 late in New York on Friday.
Read more at Reuters Africa
Spot gold at 1446 GMT was down at $668.80/668.40 an ounce from $670.60/671.10 late in New York on Friday.
Read more at Reuters Africa
Nymex Pulls Director From Optionable Over Chief's Prison Time, Person Says
(Bloomberg) -- The New York Mercantile Exchange, the biggest investor in Optionable Inc., removed its representative from the energy broker's board of directors after learning the former chief executive officer served time in prison, said a person with knowledge of Nymex's decision.
Kevin Cassidy, who stepped down as CEO on May 12, was sentenced to 30 months for a felony conviction on credit card fraud in 1997 and six months for income tax evasion in 1993, court records and Federal Bureau of Prisons documents show. Nymex vice president for new product development, Benjamin Chesir, had joined the Valhalla, New York-based company's board last month.
Read more at Bloomberg Energy News
Kevin Cassidy, who stepped down as CEO on May 12, was sentenced to 30 months for a felony conviction on credit card fraud in 1997 and six months for income tax evasion in 1993, court records and Federal Bureau of Prisons documents show. Nymex vice president for new product development, Benjamin Chesir, had joined the Valhalla, New York-based company's board last month.
Read more at Bloomberg Energy News
China Factory, Property Spending Growth May Accelerate, Add Rate Pressure
(Bloomberg) -- China's spending on factories and real estate probably grew 25.3 percent in the first four months of 2007 from a year earlier, suggesting the central bank may need to raise interest rates to cool investment.
That's the median estimate of 19 economists surveyed by Bloomberg News and compares with a 29.6 percent increase in urban fixed-asset investment a year earlier. The statistics bureau releases the figures at 10 a.m. on May 17.
Read more at Bloomberg Emerging Markets News
That's the median estimate of 19 economists surveyed by Bloomberg News and compares with a 29.6 percent increase in urban fixed-asset investment a year earlier. The statistics bureau releases the figures at 10 a.m. on May 17.
Read more at Bloomberg Emerging Markets News
Japan's Government Bonds May Rise After Report Shows Machine Orders Fell
(Bloomberg) -- Japan's government notes may gain after a report showed machinery orders unexpectedly dropped in March, suggesting growth in the world's second-largest economy is slowing.
The report fueled speculation the economy isn't expanding fast enough to convince the central bank to raise interest rates. The government's 2 trillion yen ($16.6 billion) sale of five-year notes drew 3.8 times the amount of debt on offer, higher than the average in the past year of 3.15 times.
Read more at Bloomberg Bonds News
The report fueled speculation the economy isn't expanding fast enough to convince the central bank to raise interest rates. The government's 2 trillion yen ($16.6 billion) sale of five-year notes drew 3.8 times the amount of debt on offer, higher than the average in the past year of 3.15 times.
Read more at Bloomberg Bonds News
America Movil, Gerdau, Vale do Rio Doce: Latin American Equity Preview
(Bloomberg) -- The following stocks may make significant gains or losses in Brazil and Mexico today. Symbols are in parentheses after the company name, and stock prices are from the last session.
In Brazil, preferred shares are the most commonly traded class of stock.
Read more at Bloomberg Stocks News
In Brazil, preferred shares are the most commonly traded class of stock.
Read more at Bloomberg Stocks News
Soybeans Rise to Five-Week High as Biodiesel Alternative; Corn Declines
(Bloomberg) -- Soybeans rose to a five-week high on signs of increasing demand for diesel made from crops such as palm oil, now at an eight-year peak in Malaysia. The price of corn fell as U.S. planting accelerated.
Vegetable oils, used mostly for cooking and to derive chemicals for making soaps and detergents, are increasingly used to make alternative fuels. Makers of biodiesel may switch to soybean oil after palm oil jumped 63 percent in the past year. Soybean oil has risen 36 percent to a three-year high.
Read more at Bloomberg Commodities News
Vegetable oils, used mostly for cooking and to derive chemicals for making soaps and detergents, are increasingly used to make alternative fuels. Makers of biodiesel may switch to soybean oil after palm oil jumped 63 percent in the past year. Soybean oil has risen 36 percent to a three-year high.
Read more at Bloomberg Commodities News
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