Metals and Mining
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MELBOURNE, May 21- A spate of profit warnings from Australian mining services firms suggests the country's "once-in-a-century" resources spending boom may have peaked sooner than companies, economists and policymakers had expected.
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SINGAPORE, May 21- London copper recouped early losses on Tuesday, underpinned by confidence in the U.S. economy, although gains were kept in check ahead of a slew of factory data this week that may point to softer global growth.
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SINGAPORE, May 21- London copper edged lower on Tuesday as traders focused on slowing demand growth in top consumer China against a background of a flagging global economy and ahead of key factory figures this week. *The most-traded September copper contract on the Shanghai Futures Exchange climbed 0.87 percent to 53,100 yuan a tonne.
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Hecla Mining Co. rose$. 21 or 6.6 percent, to $3.38. Pan American Silver Corp. rose $1.20 or 10.2 percent, to $12.94. Silver Standard Resources Inc. rose$. 63 or 10.0 percent, to $6.93.
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Arch Coal rose$. 37 or 7.4 percent, to $5.38. Consol Energy Inc. rose $1.09 or 3.2 percent, to $35.06. Peabody Energy rose$. 88 or 4.4 percent, to $21.09.
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Barrick Gold Corp. rose $1.35 or 7.3 percent, to $19.93. Gold Fields Ltd ADS rose$. 18 or 3.1 percent, to $5.99. Newmont Mining Corp. rose $1.65 or 5.4 percent, to $32.28.
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*Gold also shoots up from 1- month low and 7 days of losses. NEW YORK/ LONDON, May 20- Gold and silver prices gained about two percent on Monday after a roller-coaster session that opened with a gut-wrenching dive in silver prices to their lowest in 2-1/ 2 years before an abrupt midday turnaround.
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NEW YORK-- James River Coal Co. shares extended their rally Monday on news that the company reached deals to exchange about $243.4 million of existing debt for $123.3 million in new debt, pushing back the maturity of some of it by three years.
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Hecla Mining Co. rose$. 17 or 5.2 percent, to $3.34. Pan American Silver Corp. rose$. 86 or 7.3 percent, to $12.60. Silver Standard Resources Inc. rose$. 46 or 7.3 percent, to $6.76.
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Arch Coal rose$. 35 or 7.0 percent, to $5.36. Consol Energy Inc. rose $1.44 or 4.2 percent, to $35.41. Peabody Energy rose$. 71 or 3.5 percent, to $20.92.
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Barrick Gold Corp. rose $1.12 or 6.0 percent, to $19.70. Gold Fields rose$. 09 or 1.5 percent, to $5.90. Newmont Mining Corp. rose $1.46 or 4.8 percent, to $32.09.
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BOGOTA, May 20- With Colombia's oil reserves stretching to less than seven years, its biggest challenge is boosting exploration and attracting fresh investment to uncap a "world of discovery" in shale oil, the energy minister said.
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*Japan's reflationary policy helps domestic demand. TOKYO, May 20- Nippon Steel and Sumitomo Metal Corp expects its domestic crude steel output to rise 2 percent in the April-June quarter, as Japan's reflationary policy drives the yen lower and makes the country's goods more competitive.
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Pan American Silver Corp. rose$. 07 or. 6 percent, to $11.81. Silver Standard Resources Inc. rose$. 04 or. 6 percent, to $6.34. Silver Wheaton rose$. 11 or. 5 percent, to $21.88.
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Barrick Gold Corp. rose$. 03 or. 2 percent, to $18.61. Gold Fields fell$. 11 or 1.9 percent, to $5.70. Newmont Mining Corp. rose$. 06 or. 2 percent, to $30.69.
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Arch Coal rose$. 08 or 1.6 percent, to $5.09. Consol Energy Inc. rose$. 69 or 2.0 percent, to $34.66. Peabody Energy rose$. 30 or 1.5 percent, to $20.51.
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*Gold companies' shares drop, rand also under pressure. JOHANNESBURG, May 20- Big wage hikes demanded by the government-allied trade union in South Africa's coal and gold industries helped push the rand to a four-year low on Monday, highlighting the ripple effect of the prospect of more turmoil in the industry.
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Peter Attard Montalto, emerging market economist at Nomura International, talks about the South African mining sector, the potential rise of further union unrest and the impact it would have on the country's economy.
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Stan Shamu, Market Strategist at IG Markets says the yield play continues to be the dominant theme in Australia as the mining sector goes through a downgrade cycle.
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HOUSTON/ NEW YORK, May 20- For the past three years, the boom in the U.S. shale oil industry has outstripped all expectations. News from two of the country's less developed shale plays in Colorado and Ohio last week offer a reality check for the wave of euphoria that has washed across the industry.