Dec. 5 (Bloomberg) -- Cia. Vale do Rio Doce said it will cut nickel output and suspend some operations in Canada because of falling metals demand. Gold, silver, copper and platinum declined. DuPont Co. forecast a fourth-quarter loss and plans to cut 4.2 percent of its workforce. Corn, soybeans and wheat plunged. AbitibiBowater Inc. will reduce paper output by closing or idling paper mills as demand slides.
INDUSTRIAL METALS, MINING
Vale to Cut Nickel Output in Canada as Demand Falls
Cia. Vale do Rio Doce, the world’s second-biggest nickel miner, said it will cut output and suspend some operations in Canada because of falling metals demand.
Freeport Prepared for Third Output Cut as Copper Crashes
Freeport-McMoRan Copper & Gold Inc. Chief Executive Officer Richard Adkerson said he’s prepared to make a third round of cuts at the world’s second-largest copper producer after prices dropped by more than half in three months.
Copper Falls to Lowest Closing Price Since May 2005 on Economy
Copper tumbled to the lowest closing price since May 2005 as plunging equity markets spurred concern that the global economic slump may deepen. Copper dropped 8.5 cents, or 5.5 percent, to $1.4695 a pound in New York.
CHEMICALS
DuPont Forecasts Fourth-Quarter Loss as Demand Declines
DuPont Co., the third-biggest U.S. chemical maker, forecast a fourth-quarter loss and plans to cut 4.2 percent of its workforce because of reduced demand for products used to make houses and automobiles.
FORESTRY PRODUCTS
AbitibiBowater to Slash Paper Output to Reduce Costs
AbitibiBowater Inc., the world’s largest newsprint maker, will reduce paper output by closing or idling paper mills in Canada and the U.S. as demand slides.
AGRICULTURAL COMMODITIES
European Union Backs Monsanto Gene-Modified Soybean for Import
Monsanto Co., the world’s largest seed producer, won European Union approval for the import and processing of its genetically modified “Roundup Ready 2” soybean in the 27-nation bloc.
Smithfield Foods Gains After Addressing Credit Concerns
Smithfield Foods Inc., the world’s biggest pork processor, gained the most in 19 years in New York after saying it cut spending to preserve cash and expects to comply with its credit covenant agreements through April. Smithfield rose $1.31, or 21 percent, to $7.44 in New York Stock Exchange composite trading.
Sanderson Farms Climbs After Cutting Output to Stem Losses
Sanderson Farms Inc., the fourth-biggest U.S. chicken producer, rose the most in eight years in New York after cutting output to boost prices and stem losses from high feed costs and declining demand from restaurants. Sanderson Farms climbed $4.84, or 19 percent, to $30.46 in Nasdaq Stock Market composite trading.
Corn, Soybeans Decline After USDA Report Shows Export Slowdown
Corn and soybeans plunged to 15-month lows as demand for U.S. supplies withered in the past week, even as export prices fell to the lowest in more than a year. Corn fell 14.25 cents, or 4.1 percent, to $3.34 a bushel in Chicago. Soybeans sank 19 cents, or 2.3 percent, to $8.11 a bushel.
Wheat Falls to Lowest in 18 Months on ‘Lousy’ U.S. Export Sales
Wheat plunged to the lowest price in 18 months on signs of waning demand for grain from the U.S., the world’s largest exporter. Wheat fell 33.75 cents, or 6.5 percent, to $4.86 a bushel in Chicago.
Cattle Fall to 2-Year Low on Cooling U.S. Beef Sales; Hogs Drop
Cattle futures fell to the lowest in more than two years on signs that U.S. meatpackers are buying fewer animals as beef demand wanes. Cattle sank 1 cent, or 1.2 percent, to 83.075 cents a pound in Chicago. Feeder cattle slipped 0.25 cent, or 0.3 percent, to 88.1 cents a pound. Hogs dropped 0.725 cent, or 1.1. percent, to 63.65 cents a pound.
PRECIOUS METALS, GEMS
Gold Falls for Second Day as Commodities Drop on Recession
Gold prices fell for the second straight day as commodities and equities tumbled on concern the global recession will deepen. Gold dropped $5, or 0.6 percent, to $765.50 an ounce in New York. Silver slipped 7 cents, or 0.7 percent, to $9.52 an ounce.
Platinum, Palladium Sag on Concern Demand May Slow in Europe
Platinum and palladium declined in New York on concerns industrial demand may fall after the European Central Bank and the Bank of England cut borrowing costs by historic amounts to revive slowing economic growth. Platinum fell $6.30, or 0.8 percent, to $798.80 an ounce in New York. Palladium dropped $2, or 1.1 percent, to $172.25 an ounce.
SOFT COMMODITIES
Cotton Falls Exchange Limit in N.Y. as Recession Cuts Demand
Cotton prices fell the most allowed by ICE Futures U.S. on concern the worsening global economy will reduce demand for the fiber used in clothing and textiles. Cotton dropped the exchange limit of 3 cents, or 6.4 percent, to 43.6 cents a pound in New York.
Coffee Prices Fall to 5-Week Low in N.Y. as Brazil Exports Rise
Coffee prices fell to the lowest in more than five weeks as shipments increased from Brazil, the world’s biggest grower and exporter. Arabica coffee dropped 5.1 cents, or 4.6 percent, to $1.0615 a pound in New York. In London, robusta coffee tumbled $167, or 8.5 percent, to $1,802 a metric ton.
Sugar Futures Fall on Bets Lower Crude Oil May Curb Ethanol Use
Sugar fell to the lowest price in more than five weeks in New York on speculation that demand for ethanol, made from cane in Brazil, will weaken after crude oil slid to the lowest in almost four years. Raw sugar dropped 0.36 cent, or 3.2 percent, to 10.8 cents a pound.
Cocoa Rises as Supplies Tighten on Slow Ivory Coast Shipments
Cocoa climbed for the third straight session on speculation that global supplies will tighten as shipments slowed from Ivory Coast, the world’s biggest producer. Cocoa gained $65, or 3 percent, to $2,248 a metric ton in New York.
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