Feb. 16 (Bloomberg) -- U.S. Steel Corp. halted production at two tubular-products subsidiaries in Texas on Feb. 13. Rio Tinto Group minority shareholders are “deeply concerned” by Aluminum Corp. of China’s $19.5 billion investment, a group said. Gold fell and copper rose. A plunge in corn prices in the second half of 2008 pushed the value of U.S. crops for the year below the record set in 2007, the government said.
INDUSTRIAL METALS, MINING
Rio Investors ‘Deeply Concerned’ on China Deal, Group Says
Rio Tinto Group minority shareholders are “deeply concerned” by Aluminum Corp. of China’s $19.5 billion investment, said a group representing U.K. institutional investors.
U.S. Steel Shuts Texas Tubular-Product Plants, Lays Off 1,200
U.S. Steel Corp., the largest U.S.-based steelmaker by sales, said it halted production at tubular-products subsidiaries in Texas, where it laid off more than 1,200 employees.
Alcoa Rating Cut to Lowest Investment Grade by Moody’s, Fitch
Alcoa Inc., the largest U.S. aluminum producer, had its long-term debt ratings cut to the lowest investment-grade levels at Moody’s Investors Service and Fitch Ratings on concern earnings will remain depressed.
Copper Prices Climb for First Time This Week as Dollar Drops
Copper prices rose for the first time this week as the dollar declined, boosting demand for the metal as a hedge against inflation. Copper rose 0.4 cent, or 0.3 percent, to $1.5385 a pound on Feb. 13 in New York.
First Quantum Cuts Spending, Salaries as Copper Drops
First Quantum Minerals Ltd., owner of the Frontier copper mine in Democratic Republic of Congo, reduced capital spending plans and management salaries to conserve cash and said writedowns cut fourth-quarter profit by $296 million.
ThyssenKrupp Beats Estimates as Elevator Earnings Rise
ThyssenKrupp AG, Germany’s largest steelmaker, said first-quarter profit fell less than analysts estimated as higher earnings from its elevators unit mitigated stockpile writedowns and lower metals demand.
Bolivia May Spend as Much as $200 Million on Lithium Reserves
Bolivia plans to spend $150 million to $200 million to develop lithium reserves at the country´s Uyuni salt flats, according to President Evo Morales.
Alcoa May Need to Use Credit Lines, Lower Dividend, RBC Says
Alcoa Inc., the largest U.S. aluminum producer, may need to draw as much as $1.5 billion from credit lines this year and reduce its dividend even after selling a stake in Rio Tinto Group, RBC Capital Markets said.
Magnitogorsk Has Biggest Steel Cut Among Top Russia Producers
OAO Magnitogorsk Iron & Steel, Russia’s third-largest steelmaker, had the biggest output cut in the fourth quarter among the country’s top six steel companies.
Intrepid Potash’s Avery Says He ‘Screwed Up’ With Claims
Patrick L. Avery, who resigned as president of Intrepid Potash Inc., said he was “stupid” to falsely claim undergraduate and graduate degrees from two universities.
PRECIOUS METALS, GEMS
Gold Falls as Demand Ebbs After Rally Tops $950 Drops
Gold prices fell as demand for the precious metal eased after a three-day rally to the highest since July. Gold dropped $7, or 0.7 percent, to $942.20 an ounce in New York on Feb. 13. Silver rose 11.5 cents, or 0.9 percent, to $13.625 an ounce. Platinum declined $16.90, or 1.6 percent, to $1,061 an ounce. Palladium futures were unchanged at $216.50 an ounce.
AGRICULTURAL COMMODITIES
U.S. Crop Values Fall From Record in 2008 as Corn Price Drops
A plunge in corn prices in the second half of 2008 pushed the value of U.S. crops for the year below the record set in 2007, the government said.
Wheat Boosts Kansas, South Dakota in Top 10 U.S. Farm States
A 25 percent jump in the value of the 2008 wheat crop moved Kansas, the biggest producer of the grain, up three places among the top 10 U.S. agriculture producers and helped South Dakota bump out Washington for the final spot.
Smithfield Foods Amends 300 Million Euro Credit Facility
Smithfield Foods Inc., the world’s biggest pork processor, said it agreed to pay higher interest rates to amend its 300 million euro ($385.8 million) secured revolving credit facility.
Corn, Soybeans Drop as Rains May Revive South America Crops
Corn fell for the sixth straight week and soybeans capped the biggest weekly decline in two months on speculation that demand for U.S. supplies will slow as rains revive drought-stressed crops in Argentina and Brazil. Corn declined 3 cents, or 0.8 percent, to $3.6325 a bushel on Feb. 13 in Chicago. Soybeans dropped 13.75 cents, or 1.4 percent, to $9.5775 a bushel.
Wheat Falls as Rain May Aid Crops in U.S. Great Plains
Wheat fell, erasing earlier gains, on speculation that rain in the U.S. southern Great Plains will boost soil moisture for dormant plants. Wheat fell 3.25 cents, or 0.6 percent, to $5.4825 a bushel in Chicago on Feb. 13.
Cattle Futures Drop as Beef Tumbles to 3-Year Low; Hogs Fall
Cattle futures fell for a third straight day as tumbling beef prices signaled that demand for the meat may be dropping as the U.S. economy slumps. Cattle declined 0.5 cent, or 0.6 percent, to 87 cents a pound on Feb. 13 in Chicago. Hog futures fell 0.05 cent to 63.75 cents a pound.
IFC to Double African Agriculture Investments to $400 Million
The International Finance Corp., the World Bank’s private-sector lending arm, plans to double its investment in African agriculture to $400 million in its next financial year, Chief Executive Officer Lars Thunell said.
SOFT COMMODITIES
Coffee Gains in New York, Halting 3-Day Drop, as Dollar Falls
Coffee prices rose for the first time in four days as the dollar fell, increasing the appeal of some commodities traded in the U.S. Arabica coffee gained 0.55 cent, or 0.5 percent, to $1.15 a pound on Feb. 13 in New York.
Orange Juice Falls as Recession Spurs Slump in Retail Demand
Orange-juice futures fell for the fourth straight day as high retail prices for the beverage eroded demand amid the recession, boosting inventories. Orange-juice futures fell 0.7 cent, or 1 percent, to 68 cents a pound on Feb. 13 in New York.
U.S. Cotton Acres to Fall 14% as Farmers Sow More Corn, Soy
Cotton farmers in the U.S., the world’s biggest exporter of the fiber, will reduce planted acreage by 14 percent this year to sow more profitable soybeans and corn crops, the National Cotton Council said.
Cotton Falls as Report Shows Drop in U.S. Consumer Confidence
Cotton prices fell for the fourth straight day, capping the biggest weekly decline in two months, after U.S. consumer confidence approached the lowest level since 1980, signaling shrinking demand for the fiber. Cotton fell 1.25 cents, or 2.7 percent, to 45.22 cents a pound on Feb. 13 in New York.
India Lowers Cotton Production Target on Rain, Late Sowing
India, the world’s second-biggest cotton producer, may gather 10 percent less fiber than forecast previously after delayed sowing and excess rain damaged the crop in the nation’s biggest growing areas.
Sugar Rises as Dollar Weakens, Crude Oil Rallies in New York
Sugar rose for the first time in three sessions as the dollar fell and crude oil surged the most in three weeks, bolstering the appeal of ethanol made from cane. Raw-sugar futures gained 0.08 cent, or 0.6 percent, to 13.57 cents a pound on Feb. 13 in New York.
Cocoa Rises as Stronger Pound May Reduce West African Supply
Cocoa prices rose, trimming this week’s losses, as the U.K. pound gained against the dollar, discouraging West African producers from exporting the beans. Cocoa climbed $23, or 0.9 percent, to $2,672 a metric ton on Feb. 13 in New York.
West Africa Prepares to Fight Cocoa-Caterpillar Infestation
Liberia and three neighboring countries set up a joint taskforce to fight a new infestation of cocoa-eating caterpillars, which is threatening to decimate agriculture in the region.
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