Patricia Mohr News
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Lumber futures may tumble as much as 25 percent from a seven-year high as output increases in Canada, the world’s biggest exporter, according to Forest Economic Advisors LLC.
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The first thing grain farmer Kent Erickson does at 6 a.m. before irrigating his 2,000 acres of wheat is check his BlackBerry for the latest grain prices from buyers like Viterra Inc. With the end of the Canadian Wheat Board’s 70-year-old monopoly last week, he can price, market and sell his crops for the first time.
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Feeder-cattle futures provided the safest returns of all commodities including gold in the second half of 2011, when adjusted for volatility, as high feed costs and drought led to smaller herds and record prices.
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North American lumber mills are operating at the fastest pace in four years as U.S. home building rebounds, just as the worst beetle infestation on record curbs supply.
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Spot gold declined, extending its biggest plunge since February 2010, after CME Group Inc. increased margins on trading at its Comex unit for the second time this month.
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Gold plunged $104 in New York, capping the biggest drop since March 2008, on speculation that financial markets may be stabilizing, eroding the appeal of the precious metal as a haven.
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First Quantum Minerals Ltd. ’s Kansanshi Mining Plc, which operates Africa’s largest copper mine in Zambia, may spend about $900 million increasing production over the next three-to-four years as prices climb.
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Lumber futures that surged more than any other commodity in February may extend a rally to a 10-month high as China boosts imports and the U.S. housing recovers, researcher Wood Resources International LLC said.
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Commodities are beating equities for a fifth consecutive year, a sign that demand from developing economies is sustaining global growth that drove prices up almost fourfold in a decade.
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