Nov. 17 (Bloomberg) -- Lundin Mining Co. is seeking buyers for its Aljustrel mine in Portugal, the chief executive officer said today. Gold, silver, copper and platinum increased. Rusoro Mining Ltd. said it is the Venezuelan government's ``preferred partner'' to develop the country's largest gold deposit. Wheat, soybeans and corn climbed. Dow Chemical Co. said it will take ``radical actions'' to reach earnings targets next year amid a spreading recession.
INDUSTRIAL METALS, MINING
Lundin Mining Seeks Buyer for Aljustrel Zinc Mine
Lundin Mining Co., the Canadian zinc miner that has dropped more than 80 percent this year, is seeking buyers for its Aljustrel mine in Portugal, Chief Executive Officer Phil Wright said today.
Copper Jumps in Tandem With Rally in Asian, European Equities
Copper rose the most in a week as a rally in Asian and European equity markets eased concerns that a worldwide economic slump will slash metal demand. Copper climbed 8.5 cents, or 5.2 percent, to $1.715 a pound in New York.
PRECIOUS METALS, GEMS
Rusoro Says It Is `Preferred Partner' for Venezuelan Mine
Rusoro Mining Ltd. said it is the Venezuelan government's ``preferred partner'' to develop the country's largest gold deposit, which was to be dug by rival Crystallex Resources Ltd. until earlier this month.
Gold, Silver Rally on Inflation Expectations; Platinum Advances
Gold rose the most in eight weeks on speculation that central banks will add more liquidity to unfreeze credit markets, spurring inflation and boosting the appeal of the precious metal. Gold gained $37.50, or 5.3 percent, to $742.50 an ounce in New York. Silver jumped 69 cents, or 7.8 percent, to $9.49 an ounce. Platinum rose $32.10, or 3.9 percent, to $845.10 an ounce. Palladium increased $2.70, or 1.3 percent, to $216.65 an ounce.
AGRICULTURAL COMMODITIES
Corn, Soybeans Rise as Low Prices Slow U.S. Farmer Sales
Corn and soybeans rose on speculation that U.S. farmers, the world's biggest growers and exporters, are withholding newly harvested supplies after prices tumbled to one-year lows. Corn gained 3.25 cents, or 0.9 percent, to $3.8025 a bushel in Chicago. Soybeans climbed 2 cents, or 0.2 percent, to $8.96 a bushel.
Wheat Rises as Dry, Warm Weather May Curb Yields in Argentina
Wheat prices climbed for the fourth straight day as dry, warm weather eroded the prospects for crops in Argentina, expected to be the sixth-biggest exporter of the grain. Wheat rose 15.75 cents, or 2.8 percent, to $5.745 a bushel in Chicago.
Hogs Fall as Consumers May Pick Chicken Over Pork; Cattle Drop
Hog prices fell the most in two weeks on speculation that U.S. consumers may shift to chicken from pork after the poultry price tumbled. Hogs declined 0.625 cent, or 1 percent, to 62.575 cents a pound in Chicago. Cattle dropped 1.05 cents, or 1.1 percent, to 90.675 cents a pound. Feeder cattle tumbled 1.1 cent, or 1.1 percent, to 95.275 cents a pound.
CHEMICALS
Dow Chemical to Take `Radical Actions' to Reach Profit Goal
Dow Chemical Co., the largest U.S. chemical maker, will take ``radical actions'' to reach earnings targets next year amid a spreading global recession, Chief Executive Officer Andrew Liveris said.
SOFT COMMODITIES
Coffee Futures Rise as Low Prices Curb Sales; Cocoa Advances
Coffee futures rose on speculation that producers will withhold sales at prices 10 percent lower than a year ago, and as colder North American weather lifts demand for the hot beverage. Arabica coffee gained 0.5 cent, or 0.4 percent, to $1.1545 a pound in New York. In London, robusta coffee climbed $23, or 1.3 percent, to $1,828 a metric ton. Cocoa advanced $18, or 0.9 percent, to $1,966 a ton in New York.
Cotton Futures Rise as Dollar Drops, Low Prices Attract Buyers
Cotton climbed, posting its first weekly gain in almost a month, as the dollar fell and traders speculated that the lowest prices in six years will attract some buyers. Cotton gained 0.65 cent, or 1.6 percent, to 42.51 cents a pound in New York.
Sugar Rises in N.Y. on Speculation Holiday Demand Sparks Buying
Sugar prices rose for the first time this week amid speculation holiday demand is sparking purchases of cheap supplies. Raw sugar gained 0.23 cent, or 2 percent, to 11.65 cents a pound in New York. In another commodity market, orange juice fell 0.75 cent, or 0.9 percent, to 82.95 cents a pound.
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