Oct. 11 (Bloomberg) -- The following are the top stories on metals, agriculture and shipping.
ECONOMIC EVENTS, AGRICULTURE REPORTS:
Commodities Soar as Crop Forecasts Cut, U.S. May Buy More Debt
Commodity prices surged to the highest level in almost two years after the U.S. government cut its crop-supply forecasts and the dollar slumped on speculation the Federal Reserve will buy more debt to revive the economy.
Gold May Jump to $2,000 Amid Currency ‘Battle’: Chart of Day
Gold futures may surge 50 percent to $2,000 an ounce next year as central banks ramp up stimulus programs aimed at propping up the economy, said Peter Schiff, president of Euro Pacific Capital in New York.
Feinberg’s Firm Paid More Than $2.5 Million for Claims (Update2)
Kenneth Feinberg and his law firm have been paid more than $2.5 million in 3 1/2 months to administer the $20 billion fund set up by BP Plc to compensate victims of its oil spill in the Gulf of Mexico.
Copper Rises on Bets Fed to Boost Stimulus After U.S. Jobs Data
Copper prices rose to a 27-month high after a larger-than- forecast cut in U.S. jobs spurred speculation that the Federal Reserve will take more steps to bolster the economy, weighing on the dollar.
Alcoa Says Chinese Demand Drives Growth in Aluminum Consumption
Alcoa Inc., the largest U.S. aluminum producer, reported profit that beat analysts’ estimates and said growing Chinese demand will help boost global use by 13 percent this year.
Trapped Miners’ Ordeal Nears End in Chile Rescue (Update1)
Chile’s government is making final preparations to rescue 33 miners as the lead drill advances to less than 50 meters (164 feet) from where they are trapped almost half a mile underground.
Hydro Studies Acquisitions in Brazil, Argentina After Vale Deal
Norsk Hydro ASA, Europe’s third-largest aluminum maker, is considering expansion in Brazil and Argentina after it completes the purchase of $4.9 billion of assets from Vale SA.
Gold Futures Advance as Dollar Drops After U.S. Jobs Report
Gold futures rose, rebounding from the biggest drop since July, as the dollar’s slump boosted the appeal of the precious metal as an alternative asset.
Grain Prices Surge on U.S. Supply Cuts, Boosting Food Costs
Grain and oilseed prices rose the most allowed by the Chicago Board of Trade after the U.S. government said supplies will be smaller than forecast last month, increasing the cost of producing food and fuel.
World Wheat-Inventory Estimate Cut on U.S. Output Drop (Update2)
Global wheat inventories will be smaller than forecast a month ago because of lower U.S. production, the Department of Agriculture said. Grain futures in Chicago surged 9.1 percent.
USDA Cuts Corn Estimate 3.8% as Adverse Weather Trims Yields
The U.S. corn crop will be 3.8 percent smaller than forecast a month ago, the government said, after flooding in June and hot, dry weather in August cut Midwest yields.
Cotton Surges to 15-Year High, Orange Juice Rises on USDA Data
Cotton futures jumped to a 15-year high after the U.S. Department of Agriculture boosted a forecast for global demand. Orange-juice prices also climbed.
Sugar Jumps to Eight-Month High on Demand; Coffee, Cocoa Gain
Sugar jumped to the highest price in almost eight months on concern that demand will outstrip supplies after adverse weather damaged crops in Brazil, the world’s biggest producer. Coffee and cocoa also climbed.
Marseille Oil Port Strike Forces Refineries to Halt (Update1)
A 12-day-old workers strike at the French port of Marseille, expected to continue through the weekend, will force refiners in the region to start halting production, leading to motor fuel shortages.
Baltic Dry Index Has Best Week Since August on Iron Ore Ships
The Baltic Dry Index, a measure of commodity-shipping costs, had its biggest weekly gain since August as Chinese demand for iron ore strengthened.
U.S. Economy: Payrolls Decline More Than Forecast (Update2)
The U.S. lost more jobs than forecast in September as local governments fired teachers and other workers in response to declining tax revenue.
Wholesale Inventories in U.S. Rose 0.8% in August (Update1)
Inventories at U.S. wholesalers rose more than forecast in August as companies kept stockpiles in line with demand.
Dow Tops 11,000, Treasuries Rise on Fed Easing Bets; Crops Jump
Stocks rallied, sending the Dow Jones Industrial Average above 11,000 for the first time since the May 6 crash, while Treasuries climbed and the dollar slipped as a decrease in U.S. jobs bolstered speculation the Federal Reserve will buy more debt to stimulate the economy. Corn, soybeans and wheat surged on concern that supply is dwindling.
Dollar Falls Below 82 Yen for First Time Since 1995 on Job Cuts
The dollar dropped below 82 yen for the first time in 15 years as the U.S. payrolls report showed employers cut more jobs last month than economists forecast, heightening concern the economic recovery is stalling.
Crude Oil Increases After U.S. Loses More Jobs Than Forecast
Crude oil climbed above $82 a barrel amid speculation the Federal Reserve will buy more debt to stimulate the economy after a government report showed the U.S. lost more jobs than forecast in September.
Premier League Approves Red Sox’s John Henry to Buy Liverpool
Boston Red Sox owners John W. Henry and Tom Werner have been cleared by the Premier League to complete their 300- million-pound ($478 million) purchase of England’s most successful soccer team, Liverpool.
--Editors: Millie Munshi, Richard Dobson.
To contact the editor responsible for this story: Steve Stroth at email@example.com