Shanghai Copper Futures Fall Near Limit on Concern U.S. Demand May Decline

(Bloomberg) -- Copper futures on the Shanghai
Futures Exchange fell by almost the maximum daily limit allowed
by the exchange on concern an economic slowdown in the U.S., the
second-largest consumer of the metal, will reduce demand. Zinc
futures also slumped.

Copper for October delivery fell as much as 2,790 yuan, or
4.1 percent, to 65,160 yuan ($8,611) a metric ton from the
previous close. The contract fell near the 4 percent limit
compared with the previous settlement price, and traded at 65,770
yuan a ton, down 3.2 percent, at 9:28 a.m. local time.


Read more at Bloomberg Commodities News

RPT-US RATE FUTURES-View of Fed cut inches up on jobs

(Reuters) - Futures remain priced for the Fed to keep rates steady in
August . Implied chances for a September rate cut rose to
34 percent from 30 percent on Thursday, and prospects for an
October cut firmed to 62 percent from 58 percent.




The Labor Department said 92,000 nonfarm payroll jobs were
created in July, below the median forecast of 130,000. June
payrolls were revised to 126,000 from 132,000 earlier.


Read more at Reuters.com Bonds News

Oil Rises Above $78, Nearing Record 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.

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. Global demand will climb 1.7
percent in 2008, showing no sign of slowing because of high
prices, a Deutsche Bank AG report showed. A government report
tomorrow may show U.S. oil supplies fell for a fourth week.


Read more at Bloomberg Energy News

US RATE FUTURES-Boost gains on GDP, inflation data

(Reuters) - Futures show an 82 percent chance the Fed will ease by
year-end , up from 76 percent overnight. Before
Thursday's rally prospects for a Fed cut this year were below
50 percent.




U.S. second-quarter real GDP growth was reported at 3.4
percent against the consensus Wall Street forecast of 3.2
percent.


Read more at Reuters.com Bonds News

Australian Dollar Set for Record Winning Streak as Commodities Prices Rise

(Bloomberg) -- The Australian dollar headed for a
12th day of gains, the longest winning streak since it was
allowed to trade freely in 1983, as the prices of raw materials
the country exports rose.

The currency traded near an 18-year high as the Westpac
Commodity Futures Index, an export weighted average of exchange-
traded commodity futures prices, advanced 4.5 percent to an all-
time high. The local dollar has surged 17 percent over the past
12 months as demand from China pushed up prices of raw materials,
which add about 14 percent to Australia's economy.


Read more at Bloomberg Currencies News

U.S. senator wants GAO study of SEC, CFTC overlap

(Reuters) - The Securities and Exchange Commission and the Commodity
Futures Trading Commission police markets that increasingly
look alike. But past efforts to rationalize the two agencies'
roles have met resistance from the two bureaucracies and from
congressional committees that have jurisdiction over them.




Rhode Island Democrat Jack Reed, who heads the Senate's
securities, insurance and investment subcommittee, said at a
public hearing that he wants to return to the difficult issue
with a Government Accountability Office study.


Read more at Reuters.com Government Filings News

Hog Futures Rise as Price Decline Spurs Purchases; Cattle Little Changed

(Bloomberg) -- Hog futures rose for the first time
in four sessions in Chicago as meatpackers increased purchases
after prices fell to the lowest in more than three months.
Cattle were little changed.

Futures fell 6.3 percent in the last two weeks of June on
concerns about growing animal supplies. The government last
week said the nation's hog producers expanded breeding herds
0.9 percent in the three months ended May 31 from the year-
earlier quarter -- more than some analysts expected -- as corn
costs held steady and profit improved.


Read more at Bloomberg Commodities News

European 10-Year Bonds Drop for Second Day Before German Confidence Report

(Bloomberg) -- European bonds fell for a second day
before a report that's expected to show business optimism in the
region's largest economy is buoyant, underpinning the case for
the European Central Bank to keep lifting interest rates.

The drop in debt pushed 10-year yields to near a five-year
high as investors reassess the outlook for global borrowing
costs. An index tomorrow is likely to show German business
confidence held near the highest on record this month. Futures
show traders are adding to bets the ECB will raise rates twice
more this year.


Read more at Bloomberg Bonds News

Copper Declines in London as China Says Imports Fell; Nickel, Zinc Drop

(Bloomberg) -- Copper declined in London, snapping
two days of gains, as inventory and import data from China, the
largest user of the metal, indicated rising supply and slowing
demand growth. Nickel, zinc and other industrial metals dropped.

China's imports of copper and copper alloy fell 32 percent
in May from the previous month to 129,949 metric tons, the
Beijing-based customs office said today. That's the largest
decline since October 2005. Deliverable stockpiles monitored by
the Shanghai Futures Exchange jumped 6.4 percent this week to a
three-year high, the exchange said.


Read more at Bloomberg Commodities News