Asian Stocks Rise in U.S. Trading, Led by Mining and Oil Shares

By Fabio Alves

June 30 (Bloomberg) -- Asian stocks trading in the U.S. climbed for a second day, led by commodity producers BHP Billiton Ltd. and Cnooc Ltd. as analysts forecast higher iron-ore prices and crude oil touched a record.

BHP Billiton, the world's largest mining company, contributed the most to the advance in the in the Bank of New York Co.'s Asia ADR Index. Cnooc, China's biggest offshore oil producer, had its steepest rise in a week as crude prices topped $143 a barrel. Posco, Asia's third-largest steelmaker, jumped after buying a stake in Australia's Macarthur Coal Ltd.

The Asia ADR index, which tracks the region's American depositary receipts, increased 0.7 percent to 150.03, the highest since June 25. Nikkei 225 Stock Average futures expiring in September traded at 13,535 in Chicago, compared with 13,395 in Singapore and 13,380 in Osaka, Japan.

BHP gained 2.8 percent to $85.19 after Deutsche Bank AG raised its share-price estimate for Cia. Vale do Rio Doce, the world's biggest iron-ore producer, based on an improved price outlook for the metal. BHP is the third-largest iron-ore exporter.

Cnooc jumped 4.2 percent to $173.54. Crude oil rose above $143 a barrel on concern Israel may attack Iran over its nuclear program and disrupt supply from OPEC's second-largest producer. Oil for August delivery pared gains to settle little changed at $140 a barrel in New York Mercantile Exchange trading.

Posco added 3 percent to $129.78 after it agreed to pay about A$424 million ($408 million) for 10 percent of Brisbane- based Macarthur Coal Ltd. The move came after ArcelorMittal raised its stake in the world's largest exporter of pulverized coal.

The ADR index's advance was limited as Tongjitang Chinese Medicines Co. sank 37 percent to a record low of $4.17. The maker of modernized Chinese medications said Chief Executive Officer Xiaochun Wang and director Yongcun Chen withdrew their offer to purchase the company.

Toyota Motor Corp., Japan's biggest automaker, fell 0.4 percent to $94 before its report tomorrow of June U.S. sales data. Auto sales probably dropped again last month because of rising fuel costs, according to a Bloomberg survey of analysts.

To contact the reporter on this story: Fabio Alves in New York at falves3@bloomberg.net.
Last Updated: June 30, 2008 18:11 EDT