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Monday, May 14, 2012
London Metal Exchange dropped 9.3 percent from the all-time high reached in October. Demand will exceed supply by 150,000 metric tons next year, equal to about six months of U.S. mine production, Macquarie Group Ltd. estimates. Prices will average $2,273 a ton in the fourth quarter, 12 percent more than now, according to the median of 18 analyst estimates compiled by Bloomberg.
Italy sold 5.25 billion euros of debt, including a bond with a maturity longer than 10 years for the first time in seven months, as concern eased about Italy’s ability to finance the region’s second-biggest debt. The Treasury sold 3.5 billion euros ($4.5 billion) of its 3- year benchmark bond to yield 3.91 percent, little changed from the 3.89 percent on April 12 and matching the maximum amount set for the auction.
A political stalemate in Greece rattled financial markets worldwide on Monday, sending U.S. stocks lower. The price of oil and Treasury yields hit their lowest levels of the year as investors dumped riskier assets. The euro sank to a three-month low against the dollar and borrowing costs for Spain and Italy spiked as bond traders anticipated that financial stress could spread far beyond Greece.
Nigeria’s $500 million of dollar bonds climbed for a third day after oil fell below $94 a barrel in New York for the first time since December as Europe’s debt crisis worsened. Yields on the Eurobonds of Africa’s biggest oil producer due 2021 rose ten basis points, or 0.10 percent, to 5.471 percent as of 3:12 p.m. in London.
Greece that would probably hand first place to a leftist anti-bailout party.
Canada’s dollar dropped for the first time in three days as concern Greece may be the first member state to exit the euro drove investors to the safety of the U.S. currency. Canada’s currency rose last week against all of its 16 most-traded peers except the yen and the U.S. dollar after employment climbed almost six times more than economists forecast, fueling bets the central bank will be the first in the Group of Seven nations to raise interest rates.
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