Rains in China’s northeast provinces, the country’s top grain-growing region, are helping the growth of corn and soybeans, Grain.gov.cn said.
Copper for delivery in three months declined 0.2 percent to $8,175 a metric ton on the London Metal Exchange, falling for the first time in five days.
Copper declined for the first time in four days to a four-month low as concern that Greece may quit the euro region outweighed a report showing an improvement in U.S. home sales.
A rally in soybeans is spurring Japan, Asia’s second-largest buyer, to seek record imports of palm oil, which is displacing soybean oil in margarine to potato chips.
Japan’s shipments of rolled-aluminum products expanded 1.4 percent in April, the third straight month of increase, as demand from automakers surged.
China, the world’s biggest grain consumer, may begin buying corn from Argentina soon, Norberto Yauhar, the South American nation’s agriculture minister, said.
Aluminum buyers in Japan, Asia’s biggest importer, were asked to accept a 57 percent increase in fees starting in July, as supply decreased after smelters cut output and China boosted purchases.
Copper gained to the highest level in a week as the Chinese government sought to spur its economy and Germany pledged to consider growth measures for Europe, improving the outlook for metals.
The euro weakened for the first time in four days, U.S. equity futures fell and oil slid after Standard & Poor’s cut Spain’s sovereign credit rating. South Korean shares rallied as Samsung Electronics Co. posted higher- than-estimated profit.
China’s corn output, the world’s second-biggest, may rise 3 percent to a record 197.5 million metric tons this year, China National Grain & Oils Information Center said in an e-mailed report today.