Overview of global commodity prices
Copper rose from a four-year low on the Comex division of the New York Mercantile Exchange. Gold may advance for a fourth straight week on rising demand for the precious metal as a store of value.
Mining
AngloGold Ashanti says Guinea mines operations are continuing
AngloGold Ashanti Ltd., which owns the Siguiri gold mine in Guinea, said its operations in the West African country are continuing, even after the ruling military junta said it canceled all mining agreements.
Glencore may take control of Katanga Mining, Sunday Times says
Glencore International AG may take control of Katanga Mining Ltd. after extending $265 million in convertible debt to the company, the Sunday Times reported, without saying where it obtained the information.
Ghana’s presidential runoff election
Ghanaians voted in a presidential runoff election that will determine who gets to spend the revenue from recent oil discoveries.
Industrial Metals
Copper rebounds from four-year low on signs demand may recover
Copper prices rebounded from a four-year low on speculation demand for the metal will pick up in 2009 as the U.S. economy climbs out of a recession.
Codelco, China may build smelter in Chile, La Tercera says
Codelco, Chile’s state-owned copper mining company, and China Minmetals Corp. may build a smelter and a refinery in China or in Chile, newspaper La Tercera said, citing Santiago Torres, a Codelco corporate manager.
Precious metals, gems
Gold may rise for fourth week as investors seek store of value
Gold may rise for the fourth straight week on speculation the recession will deepen in 2009, boosting the appeal of the precious metal as a store of value.
Agricultural commodities
Soybeans, corn touch 7-week highs as dry weather stresses crops
Soybean and corn prices climbed to the highest in more than seven weeks on speculation that dry, hot weather will increase stress on young plants in Brazil and Argentina, the two biggest exporters of the crops after the U.S.
Wheat prices rise to highest in two months on slumping dollar
Wheat prices rose to the highest in two months as the dollar declined, enhancing the appeal of U.S. grain for export.
Warrnambool Cheese to invest $72 Million in Kirin Joint Venture
Warrnambool Cheese & Butter Factory Co., an Australian dairy company, will invest A$105 million ($72 million) in a cheese joint venture with Kirin Holdings Co.
Source: Bloomberg