Oil Rises Above $78, One-Year High, as U.S. Refiners May Boost Operations

(Bloomberg) -- Crude oil rose above $78 a barrel in
New York, nearing a record, on speculation demand will outpace
supply as refiners increase fuel production in preparation for
the winter.

Bets on rising prices by hedge funds and other speculators
rose to a record earlier this month, according to U.S. Commodity
Futures Trading Commission data. World demand climbs to an annual
peak as refineries begin to make fuels for use in the fall and
winter. A government report tomorrow may show U.S. oil supplies
fell for a fourth week, according to a Bloomberg News survey.


Read more at Bloomberg Commodities News

Italy's S&P/MIB Index Rises , Paced by UniCredit; Impregilo Shares Gain

(Bloomberg) -- Italy's S&P/MIB Index rebounded from
its largest one-day drop in two months. UniCredit SpA and
Impregilo SpA paced the advance.

The S&P/MIB Index added 135, or 0.3 percent, to 41,608 at
9:11 a.m. in Milan as 28 stocks rose, 11 fell and one was
unchanged. Futures expiring in September climbed 88, or 0.2
percent, to 41,875.


Read more at Bloomberg Stocks News

Australian Dollar Trades Near 18-Year High as Commodities Prices Advance

(Bloomberg) -- The Australian dollar traded near an
18-year high against the U.S. currency as prices of raw
materials the country exports rose.

The currency may gain a 12th straight day after the Westpac
Commodity Futures Index, an export weighted average of exchange-
traded commodity futures prices, advanced 4.5 percent on July 20
to an all-time high. The local dollar has surged 17 percent over
the past 12 months as demand from China has pushed up prices of
raw materials, which add about 14 percent to Australia's economy.


Read more at Bloomberg Currencies News

Orange-Juice Rises Most in Two Weeks as Processors Buy After Price Slump

(Bloomberg) -- Orange juice in New York rose the
most in two weeks on speculation processors are taking
advantage of cheap supplies that may become more expensive as
the most active part of Florida's hurricane season nears.

Futures have dropped 34 percent this year partly on
forecasts that Florida, the largest grower after Brazil, will
produce a bigger crop in the harvest starting in October than
the season that wrapped up in June. Prices tend to rise sharply
as hurricanes move closer to Florida's groves.


Read more at Bloomberg Commodities News

Oil Is Steady After Nearing a Record in London on Reduced North Sea Output

(Bloomberg) -- Crude oil was little changed after
approaching a record in London, as a damaged pipeline in the
North Sea curtailed production.

Chevron Corp. and ConocoPhillips cut North Sea output last
week because BP Plc shut an undersea pipeline. Hedge-fund
managers and other speculators increased their net-long position
in New York oil futures, bets on rising prices, to the highest
in at least 13 years, according to U.S. Commodity Futures
Trading Commission data.


Read more at Bloomberg Energy News

Brent Crude Oil Rises Above $78 a Barrel, Nearing Record on Supply Concern

(Bloomberg) -- Brent crude oil rose above $78 a
barrel, nearing a record high, as a damaged pipeline in the North
Sea curtailed supplies and as speculators made their largest bet
yet on higher energy prices.

Brent gained after a BP Plc pipeline in the North Sea shut
down, limiting output from fields run by Chevron Corp. and
ConocoPhillips. Hedge-fund managers and other speculators increased
their bets on rising oil prices to a record last week, according to
U.S. Commodity Futures Trading Commission data.


Read more at Bloomberg Energy News

Feeder Cattle Futures Rise in Chicago on Lower Corn Prices; Hogs Increase

(Bloomberg) -- Feeder cattle futures rose to a nine-
month high in Chicago as lower corn prices increased demand for
cattle sent to feedlots to be fattened for slaughter. Hog futures
also gained.

The price of corn has fallen 18 percent on the Chicago Board
of Trade since June 18, increasing expectations that feeder
cattle supplies will fall as corn-fed beef becomes more
attractive to consumers, said Paul Sedlacek, a broker at Midwest
Futures in Norfolk, Nebraska.


Read more at Bloomberg Commodities News

UPDATE 1-U.S. panel sets July 11 hedge funds risk hearing

(Reuters) - WASHINGTON, July 5 - The U.S. House of
Representatives Financial Services Committee said on Thursday
it will hold a July 11 hearing into systemic risks to the
economy and the financial system posed by hedge funds.




Chairman Barney Frank, a Massachusetts Democrat, said in a
statement that senior officials from the Federal Reserve, the
Treasury Department, the Securities and Exchange Commission and
the Commodity Futures Trading Commission are scheduled to
testify.


Read more at Reuters.com Government Filings News

Oil Rises to 10-Month High on Nigerian Supply Concern, U.S. Fuel Shortfall

(Bloomberg) -- Crude oil rose to a 10-month high, on
concern that unrest in Nigeria may curb oil shipments and
unexpected shutdowns at U.S. refineries will cut fuel production.

Nigerian gunmen kidnapped a three-year-old daughter of a
British expatriate on her way to school in the southern oil city
of Port Harcourt, a police spokesman said. Five contractors were
seized yesterday from a rig operated by Royal Dutch Shell Plc's
Nigerian venture. Futures pared gains after the Energy Department
reported that U.S. oil and fuel supplies rose last week.


Read more at Bloomberg Commodities News

Copper Rises to Three-Week High in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose to a three-week
high in New York as declining global inventories of the metal
increased supply concerns.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today.


Read more at Bloomberg Commodities News

Copper Rises For Third Session in New York as Global Inventories Decline

(Bloomberg) -- Copper futures rose for a third
session in New York as global inventories of the metal shrank.

Chinese stockpiles fell 5.6 percent to 90,617 metric tons,
the biggest decline in six months, the Shanghai Futures Exchange
said in a weekly report today. Inventories in warehouses
monitored by the London Metal Exchange fell 1.4 percent to
114,700 tons today. Copper has gained 20 percent this year,
partly on supply concerns.


Read more at Bloomberg Commodities News

Pound Little Changed Vs Dollar; Yesterday's Rally Viewed as Excessive

(Bloomberg) -- The U.K. pound traded little changed
against the dollar as traders judged its rise to an eight-week
high yesterday was excessive.

The pound broke through the $2 barrier yesterday for the
first time since May 2 as investors bet Bank of England Governor
Mervyn King will this week tell lawmakers interest rates need to
rise further to cap inflation. Futures traders have raised bets
the U.K. currency will rise, pushing so-called net long positions
to a four-month high.


Read more at Bloomberg Currencies News

Shanghai copper down 1.4 percent on faltering LME

(Reuters) - Shanghai copper closed down 1.4 percent on Tuesday as investors cashed in positions after London futures failed to sustain a rally above $7,600 a tonne in the previous session.

The most-active September copper contract on the Shanghai Futures Exchange ended the day at 64,480 yuan a tonne, from 65,400 yuan on Monday.


Read more at Reuters Africa

Shanghai copper up 2.9 percent, supply woes support

(Reuters) - Shanghai copper rose almost 3 percent on Monday, with the market shrugging off warnings from China that it will take further steps to cool the economy, and instead focused on threats to supply and limited world stocks.

The most-active August copper contract on the Shanghai Futures Exchange rose 2.9 percent to 64,930 yuan a tonne at the close, from 63,130 yuan on Friday.


Read more at Reuters Africa

China Copper Imports Fall After Rise in Domestic Stockpiles, Higher Prices

(Bloomberg) -- China's copper imports fell in May
and stockpiles climbed to a three-year high at a time of record
domestic production, fueling concern that supply in the world's
biggest consumer of the metal may be outpacing demand.

Refined copper and alloy imports fell 32 percent to 129,949
metric tons last month, according to preliminary figures issued
by the Beijing-based customs office today. This would be the
biggest drop since October 2005. Shanghai Futures Exchange copper
inventories jumped 6.4 percent to 99,773 tons, the highest since
April 2004, the exchange said in a weekly report.


Read more at Bloomberg Commodities News

Shanghai copper pares gains on stock rise worry

(Reuters) - Shanghai copper edged higher by midday on Friday, paring earlier gains on speculation that Shanghai copper stocks may rise by as much as 10 percent this week.

The most-active August copper contract on the Shanghai Futures Exchange rose 0.3 percent to 63,600 yuan a tonne at midday, from 63,420 yuan on Thursday.


Read more at Reuters Africa

Shanghai copper tracks LME up, but China worries

(Reuters) - Shanghai copper pushed up on Thursday after a rally in London futures in the previous session on strong U.S. economic data and threats to supply, but sentiment was fragile as investors fretted that Chinese demand may slow.

The most-active August copper contract on the Shanghai Futures Exchange rose 0.75 percent to 63,300 yuan a tonne at midday, from 62,830 yuan on Wednesday.


Read more at Reuters Africa