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Tuesday, March 11, 2008

Tuesday News Roundup

Since CNBC has turned into the Eliot Spitzer Scandal-Rama Extravaganza, you have to get business news somewhere. Why not here? Here are some stories I find interesting ...

IEA Cuts Oil Demand Forecast for US, Developed Markets
XX But it raised the forecast for China (where oil imports soared 18% last month) and other developing markets. As a result ...
Taking into account the contrasting demand, the IEA raised its world oil consumption growth forecast by 60,000 barrels a day from its February report due to baseline revisions. The agency sees world oil consumption growing by 1.7 million barrels a day this year.

Weak Dollar Feels New Stress
A rising tide of inflation pressure around the globe is putting more stress on the beleaguered U.S. dollar, as central banks from China to Chile fight rising prices by letting their currencies strengthen.

Metals - Copper rises on bargain hunting, large stock-fall 'The metal we remain most bullish for is copper, as stocks are low and still falling and therefore vulnerable to supply disruptions,' said BaseMetals.Com analyst William Adams. 'Until demand slows enough to allow supply to catch up and for inventory to be replenished, copper is likely to remain vulnerably to bouts of tightness.'

Crude Oil Futures Rise to Record for Fifth Day in New York, Reaching $109 Oil futures rose to a record for a fifth day, rising above $109 a barrel in New York, as the sinking dollar drew investors to commodities.

Gold Advances in London as Sliding Dollar Buoys Demand; Platinum Rebounds Gold advanced for the first time in four days in London as a weaker dollar and record oil prices revived demand for a hedge against inflation. Platinum erased an earlier decline.

Northern China Drought May Continue, Hurt Wheat Crops (XX sorry, this is from a Bloomberg terminal, no web link)
China's northern provinces, the country's biggest grain-growing region, may suffer an extended drought this month as winter wheat crops start to need rain, the China Meteorological Administration said.

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