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Metals and Mining

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  • *Risk appetite re-emerges as oil, Russia's rouble stabilise. *Barrick says may suspend Zambia copper mine. LONDON, Dec 19- Copper rose more around 1 percent on Friday, leading other base metals higher as recent sharp falls prompted some bargain hunting among investors, who were also encouraged by gains in oil and equities.

  • *Gold cuts weekly loss, other precious metals also firmer. SINGAPORE, Dec 19- Gold edged up above $1,200 an ounce on Friday as buyers helped the metal hold up against rising equity markets, paring losses fueled by worries over a looming hike in U.S. interest rates. A surge in gold prices to above $1,230 an ounce last week from around $1,140 a week earlier has spurred...

  • *Shanghai copper reverses early losses to follow LME up. SYDNEY, Dec 19- Copper futures edged higher on Friday as oil prices rose and on worries over a possible supply disruption in Africa. Barrick Gold Corp said on Thursday it would suspend operations at its Lumwana copper mine in Zambia if legislation is passed to lift royalties on open-pit mining operations to...

  • SINGAPORE, Dec 19- Gold steadied below $1,200 an ounce on Friday and was set to end a two-week rally as the dollar gained on expectations that the U.S. * "Gold prices are currently capped by a stronger dollar and ongoing weak oil prices. Despite this, gold keeps challenging the $1,200/ oz level, " HSBC analysts said in a note.

  • Moving target: How China steel data masks scale of glut Thursday, 18 Dec 2014 | 4:00 PM ET

    SINGAPORE/ BEIJING, Dec 19- China appears to have been routinely underestimating output from its sprawling steel sector, with official figures for last year alone 40 million tonnes below a key industry estimate- an amount equivalent to Germany's entire annual production. "It is not satisfactory to have doubts about the accuracy of steel production statistics,...

  • MOSCOW, Dec 18- Russia's Uralkali, the world's largest potash producer, said flooding at Solikamsk-2 would not affect its overall 2014 output and that it was doing its best to save the damaged mine. With increased capacity utilisation at other mines, Uralkali said it plans to produce 12 million tonnes of potash- a crop nutrient- this year. Uralkali may also consider...

  • *Silver up more than 3 pct; platinum, palladium also rise. LONDON, Dec 18- Gold climbed more than 2 percent on Thursday after the Federal Reserve said it would take a patient approach toward raising interest rates, lifting stock markets and commodities while dampening the dollar. A break of stops above $1,200 an ounce sparked a rally in gold in early European trade,...

  • NEW DELHI, Dec 18- The labour unions of state-run Coal India Ltd have threatened to go on a five-day strike beginning Jan. 6 to protest government plans to sell off a stake and end the company's monopoly in mining and distribution, officials said. The firm often falls short of its output targets due to strikes, delays in getting permissions to expand mines and other...

  • *Teck Resources restarts US zinc mine idled in 2009. SYDNEY, Dec 17- Copper futures firmed on Thursday, nudged higher by stronger oil prices and positive signs from a survey of Chinese companies. Meanwhile, Canadian miner Teck Resources Ltd shipped its first zinc concentrate from the Pend Oreille mine in the U.S. state of Washington, following the restart of the...

  • Joy Global revenue falls as miners cut output Wednesday, 17 Dec 2014 | 12:35 PM ET
    Joy Global mining machinery.

    Joy Global, which gets more than 60 percent of its revenue from coal miners, reported a 4 percent fall in revenue as customers cut production.

  • Dec 16- Mining equipment maker Joy Global Inc, which gets more than 60 percent of its revenue from coal miners, reported a 4 percent fall in quarterly revenue as customers cut production. Joy Global forecast a profit of $3.10- $3.50 per share for 2015, below the average analyst estimate of $3.57, according to Thomson Reuters I/B/E/S. Overall bookings at Joy Global...

  • Mining equipment maker Joy Global's revenue falls 4 pct Wednesday, 17 Dec 2014 | 6:27 AM ET

    Dec 16- Mining equipment maker Joy Global Inc, which gets more than 60 percent of its revenue from coal miners, reported a 4 percent fall in quarterly revenue as customers cut production. Net income rose to $136.9 million, or $1.38 per share, in the fourth quarter ended Oct. 31, from $26.8 million, or 25 cents per share, a year earlier. Revenue fell to $1.13 billion from...

  • *Discovery Metals says prices too low to run Botswana mine. SYDNEY, Dec 17- Copper eased on Wednesday, pressured by a rise in Chinese output and concerns a sharp drop in the rouble could prompt Russian producers to churn out more metal. Copper prices have now plunged by around $1,000 a tonne since the start of the year, underscoring a mounting supply glut, which miners...

  • *Copper down on China, Russian signs of more supply. SYDNEY, Dec 17- Copper eased on Wednesday, dragged down by a rise in Chinese output and concerns a sharp drop in the rouble could see Russian producers step up metals production. Copper prices have now plunged by around $1,000 a tonne since the start of the year, underscoring a mounting supply glut, which miners says...

  • METALS-Copper retreats as China pumps out more metal Tuesday, 16 Dec 2014 | 8:35 PM ET

    SYDNEY, Dec 17- Copper eased in early Asian trade on Wednesday, dragged down by a rise in Chinese output. *The most-traded February copper contract on the Shanghai Futures Exchange slipped 1 percent to 45,680 yuan a tonne. *Discovery Metals Ltd will suspend copper mining in Botswana within the next six months, citing a deteriorating world copper price.

  • Dec 16- California pension plans would divest all assets related to the coal industry under a measure the leader of the state senate said he will propose to reduce support for an industry that critics blame for contributing to climate change. He had just returned from United Nations talks in Lima, Peru on international efforts to fight climate change.

  • *Gold dropped 2.5 pct on Monday after oil slide. LONDON, Dec 16- Gold rose around 2 percent on Tuesday, aided by a diving dollar and lower European stocks, after falling more than 2 percent in the prior session in its deepest 1- day slide in over a year. Gold lost 2.5 percent on Monday on a stronger dollar, its sharpest fall in a day since Dec. 2, 2013.

  • US STOCKS-Futures slide as oil, rouble crumble Tuesday, 16 Dec 2014 | 7:33 AM ET

    NEW YORK, Dec 16- U.S. stock index futures fell on Tuesday as a slide in the Russian rouble and crude oil prices sent traders fleeing risky assets. *Brent crude lost nearly 4 percent after hitting a low of $58.50 and U.S. crude was down 3 percent at $54.21 after hitting $53.80. *Plunging oil prices could heighten geopolitical tensions, trigger defaults by U.S. shale oil...

  • SHANGHAI/ HONG KONG, Dec 16- China will slash export tariffs for coal from Jan. 1 and adjust those for a range of other commodities as part of broader efforts to re-order trade and foster economic growth. Despite the sharp drop in coal export taxes, industry experts said there was little risk of Chinese supplies flooding the Asian Pacific seaborne market as...

  • FORT MCMURRAY, Alberta, Dec 16- The boomtown in the heart of Canada's oil sands region is getting nervous. Fort McMurray, surrounded by the boreal forest of northern Canada, has long drawn thousands with jobs that paid six-figure salaries to a region that produces more crude than anywhere else in the Western Hemisphere. Suncor Energy Inc, Total SA and Statoil ASA...