- December copper climbed .0195 to another new contract high of $1.4475, boosted by strong world (especially Asian) demand. The key to renewed interest is LME inventories at 36-year lows tallying just 36,150 tons, down 40% from this year's peak. The release of unexpectedly strong Chinese May industrial production data Wednesday at 16.6% provided the initial boost. analysts said. "China's economy is growing faster for longer. It's soaking up copper concentrate, primary material and scrap," said Angus MacMillan, metals analyst at Bache Financial .
- The U.S. current account deficit increased to a record high $195.1 billion in the first quarter of 2005
- Analytical firm Informa Economics pegged 2005 soybean planted
acreage at 72.91 million acres, down one million from the U.S. Department of Agriculture's March Prospective Plantings report, according to trade sources. Also the eastern half of the Midwest is expecting dry weather to continue through the weekend and perhaps longer.
- Earnings of companies in the Standard & Poor's 500
stock index that have issued first-quarter reports are running 14.3% higher than year-earlier results, according to Thomson First Call.
- The University of Michigan's index of consumer confidence increased from 86.9 to 94.8, stronger than expected.
- The USDA said that there were 10.769 million head of cattle on feed as of June 1st, up 1.2% from a year ago and slightly less than expected. May placements were down 6.2% and marketing’s were down 1.4% from a year ago.
- Canada's wholesale sales were C$39.4 billion in April, up .9% on the month and up 5.2% from a year ago.
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