Materials- Steel execs jailed for leaking secrets – Asia steel – China price gains eroded by weak demand

·         Asia steel – China price gains eroded by weak demand – Steel prices started to slip back amid continued worries over 2H10 demand. Traders expressed doubt that demand for steel has shown any signs of recovery, although some buyers have begun to replenish their stockpiles after halting purchases for more than two months. Reuters

·         Copper dips as China policy counters risk appetite – Copper slipped on Thursday as moves by China to tighten rules for mortgage lenders outweighed heightened risk appetite as investors looked ahead to jobs data in the United States on Friday. Reuters

·         Gold steadies near $1,200; ETF holdings slip – Gold held firm on Thursday after a week of light buying from jewelers in Asia, but strong equity markets could weigh on the metal as holdings in the ETF fell slightly. Reuters

·         Ag swaps require special treatment in CFTC rules – The US CFTC faces a major policy issue as it draws up rules on ag swaps in an effort to implement new policies to regulate Wall Street. The law implies that farmers trading OTC swaps should have protections beyond what is available to traders of other commodities. Reuters

·         Steel execs jailed for leaking secrets – China’s People’s Court jailed two Chinese steel execs for leaking commercial secrets to employees of Rio Tinto. Recall in March China sentenced four Rio Tinto executives to between 7-14 years in prison after finding them guilty of taking bribes and commercial secrets. Reuters