Nov. 24 (Bloomberg) -- HudBay Minerals Inc. plunged the most in more than six years after agreeing to acquire Lundin Mining Corp. Copper fell; gold, silver and platinum climbed. International Paper Co. will indefinitely shut a Louisiana mill representing 13 percent of the company’s global pulp capacity. Argentina’s government and the Buenos Aires Cereals Exchange lowered estimates for this year’s wheat and corn harvests. Corn, soybeans and wheat declined.
INDUSTRIAL METALS, MINING
HudBay Plunges on Agreement to Acquire Lundin Mining
HudBay Minerals Inc. plunged the most in more than six years in Toronto after agreeing to acquire Lundin Mining Corp. to gain operations in Europe. HudBay declined C$2.07, or 40 percent, to C$3.16 at 4:17 p.m. in Toronto Stock Exchange trading.
Katanga Halts Output of Cobalt Concentrate Amid Falling Prices
Katanga Mining Ltd. has temporarily halted production of cobalt concentrate because of low prices.
Copper Posts Biggest Weekly Drop in Month on Dim Demand Outlook
Copper futures fell in New York, capping the biggest weekly decline in a month, as slumping equity markets renewed concern that the global recession will curb demand for raw materials including metals. Copper lost 0.1 cent to $1.579 a pound in New York.
BlackRock’s Hambro Says Mining Stocks to Rebound on Cutbacks
BlackRock Inc., the largest publicly traded asset manager in the U.S., said mining stocks are at “ridiculously low levels” and will recover from a record slump after government fiscal stimulus plans and production cutbacks.
FORESTRY PRODUCTS
International Paper Shuts 13% of Global Pulp Capacity
International Paper Co., the world’s biggest maker of corrugated packaging, will indefinitely shut a Louisiana mill representing 13 percent of the company’s global pulp capacity because of declining demand and a weak economy.
PRECIOUS METALS, GEMS
Gold Surges Amid Deflation Concern; Silver, Platinum Rebound
Gold climbed, capping the biggest weekly gain since September, as the global economic slump dragged down asset prices and boosted the appeal of the precious metal as a store of value. Gold jumped $43.10, or 5.8 percent, to $791.80 an ounce in New York. Silver gained 45.6 cents, or 5 percent, to $9.505 an ounce. Platinum climbed $35.60, or 4.5 percent, to $825.70 an ounce. Palladium dropped 80 cents, or 0.4 percent, to $180.25 an ounce.
AGRICULTURAL COMMODITIES
Pork-Belly Supplies Rise as Output Exceeds Demand
U.S. inventories of frozen pork bellies at the end of October were 12 percent higher than a year earlier, the government said, as pork production exceeded consumer demand for bacon.
Argentine Corn, Wheat Crops Damaged After Frost, Drought
Argentina’s wheat and corn crops were damaged by drought and an overnight frost, prompting the government and the Buenos Aires Cereals Exchange to lower their estimates for this year’s harvests.
Grain, Soybeans Drop as U.S. Slowdown Cuts World Food Demand
Corn and soybeans fell to the lowest prices in more than a year and wheat dropped for a fifth straight session on concern that the slowing global economy will depress demand for food, animal feed and fuel made from crops. Corn dropped 25.25 cents, or 6.9 percent, to $3.385 a bushel in Chicago. Soybeans slid 16 cents, or 1.9 percent, to $8.40 a bushel. Wheat tumbled 13 cents, or 2.4 percent, to $5.18 a bushel.
Cattle Drop as Economic Slump May Curb Beef Sales; Hogs Fall
Cattle futures fell for the fifth session in six as tumbling U.S. equities raised concern that an economic slump will prompt consumers to spend less on food. Cattle dropped 1.025 cents, or 1.2 percent, to 85.5 cents a pound in Chicago. Feeder cattle fell 0.35 cent, or 0.4 percent, to 89.4 cents a pound. Hogs declined 0.575 cent, or 0.9 percent, to 64.1 cents a pound.
SOFT COMMODITIES
Cotton Price Rises Amid Bounce in Crude Oil, Equities Markets
Cotton prices rose the most in more than a month, gaining in tandem with other commodities, as U.S. stocks and crude oil rebounded. Cotton futures gained 1.89 cents, or 4.7 percent, to 41.8 cents a pound in New York.
Sugar Falls in New York Amid Credit Crunch, Crude-Oil Decline
Sugar fell in New York, declining for the third week in a row, as the credit crisis stifles purchases by refiners and the plunging price of crude oil erodes the appeal of ethanol made from cane. Raw sugar dropped 0.23 cent, or 2 percent, to 11.28 cents a pound in New York.
Cocoa Rises to Biggest Weekly Gain in Nine; Orange Juice Falls
Cocoa climbed in New York, notching its biggest weekly increase since September, as output declined from Ivory Coast, the world’s largest producer. Cocoa gained $36, or 1.8 percent, to $2,045 a metric ton in New York. Orange juice fell 0.15 cent, or 0.2 percent, to 76.8 cents a pound.
Coffee Prices Post Biggest Weekly Drop in Month Amid Recession
Coffee futures fell, capping the biggest weekly decline in a month, as a widening global recession threatens to curb commodity demand and exports of newly harvested beans increased from Brazil, the biggest grower. Arabica coffee dropped 0.6 cent, or 0.5 percent, to $1.1075 a pound in New York. In London, robusta coffee slipped $6, or 0.3 percent, to $1,813 a metric ton.
CHEMICALS
Celanese Falls on Concern Demand Drop Will Sap Profit
Celanese Corp., the world’s largest producer of acetyl chemicals, fell in New York trading after the company abandoned its 2008 profit forecast, prompting concerns that earnings next year will tumble. Celanese dropped 86 cents, or 10 percent, to $7.60 at 4:15 p.m. in New York Stock Exchange composite trading.
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