Tokyo gold down, platinum retreats from record

(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.


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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.


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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.


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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.


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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.


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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.


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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).


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