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Metals and Mining

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  • Dec 4- U.S. proven crude oil and lease condensate reserves increased 9.3 percent to 36.5 billion barrels in 2013, up from 33.4 billion barrels in 2012, the U.S. Energy Information Administration said in a report Thursday. EIA also said proven wet natural gas reserves gained 9.7 percent to 354 trillion cubic feet in 2013, up from 322.7 tcf in 2012..

  • *Brent crude steadies around $70 a barrel. KUALA LUMPUR, Dec 4- London copper rose on Thursday as oil prices recovered and the dollar steadied, though concerns about the outlook for demand from top consumer China limited further gains. Three-month copper on the London Metal Exchange was up 0.8 percent at $6,430 a tonne at 0959 GMT, reversing two days of falls.

  • SHANGHAI, Dec 4- Chinese coal miners are raising spot prices in a domestic market struggling to recover from seven-year lows, desperate for an edge in annual negotiations to supply power plants, key buyers in the world's biggest consumer of coal, industry sources say. Discussions on annual contracts for 2015 are being closely watched abroad as any sustained...

  • Brent nudges up above $70 ahead of U.S. data Wednesday, 3 Dec 2014 | 9:42 PM ET

    SINGAPORE, Dec 4- Brent crude rose above $70 a barrel on Thursday, making small gains along with U.S. futures, as a fall in crude stockpiles in the United States supported prices. Analysts expect prices to head lower despite recent steep falls as U.S. shale oil production growth stays strong while OPEC has decided not to cut supply, preferring to protect market share.

  • SYDNEY, Dec 4- Copper futures strengthened in early Asian trade on Thursday, underpinned by data showing the services sector in China grew marginally faster in November. *Suspected metals fraud in China sparked claims of betrayal by both U.S. bank Citigroup Inc and trade house Mercuria over who would absorb about $270 million in exposure to financing deals, a...

  • SINGAPORE, Dec 4- Gold edged lower on Thursday as the metal's appeal as a hedge declined with the dollar trading at a 5-1/ 2- year high against basket of major currencies. *Gold has been moving in tandem with oil prices recently as the metal is seen as a hedge against oil-led inflation. *South African precious metals mining firms Sibanye Gold and Northam Platinum are...

  • TORONTO, Dec 3- Rio Tinto Plc's re-commitment to diamonds with a $350 million Canadian mine expansion has highlighted the prospects for a handful of smaller players boasting one of the sector's rarest commodities- new mines. Global consumer demand for diamond jewelry is forecast to grow at 4 to 5 percent annually, to $31 billion in 2018 from $25 billion last year,...

  • Dec 3- Cliffs Natural Resources Inc said it expects to record a pretax loss of $375 million to $425 million on the sale of its Logan County coal assets in West Virginia in the fourth quarter. The miner said on Wednesday it would sell the assets to Coronado Coal II LLC for $175 million in cash along with the assumption of certain liabilities. Deutsche Bank Securities...

  • Bearish Chinese bets fuel iron ore rout Tuesday, 2 Dec 2014 | 6:37 PM ET
    Trucks at an iron ore mine

    A halving in the price of iron ore this year has been fueled in part by Chinese speculators who built up huge short positions on the one-year-old futures contract.

  • SINGAPORE, Dec 3- A halving in the price of iron ore this year has been fuelled in part by Chinese speculators who built up huge short positions on the one-year-old futures contract on the Dalian exchange, in the process giving China the pricing power it has long craved. Analysts say its clout on iron ore could become even greater if, as proposed, it lets foreigners...

  • BISHKEK, Dec 2- Kyrgyzstan's President Almazbek Atambayev has said his country must resolve its long-running dispute with Centerra Gold this month, because otherwise it may face the prospect of nationalizing the Canadian company's gold mine. The Toronto- listed company operates Kumtor, the Central Asian nation's largest gold mine. Kumtor accounted for 7.7...

  • Dec 2- Brazil's Vale SA is considering listing part of its global base metals business in Toronto and London, according to multiple sources with knowledge of the plan, as the miner looks to fund capital projects amid a collapse in iron ore prices. Vale could outline the broad details of the plan for Toronto and London as early as Tuesday at an investor day event in...

  • LONDON, Dec 2- Copper and other base metals slid on Tuesday on persistent uncertainty over demand in top metals consumer China, more weak economic data in Europe and further losses in oil prices. Copper nearly erased all of its gains from Monday, when it rebounded from 4-1/ 2 year lows and broke a five-session run of losses. "The market remains in a state of flux and...

  • VANCOUVER/ TORONTO, Dec 1- Brazil's Vale SA is considering listing part of its global base metals business, two sources with knowledge of the matter said on Monday, as the miner looks to fund capital projects amid a collapse in iron ore prices. Vale could outline the plan to list a new entity in Toronto and London as early as Tuesday at an investor day event being held...

  • RBA to stay on hold well into next year: AMP   Monday, 1 Dec 2014 | 10:31 PM ET
    RBA to stay on hold well into next year: AMP

    Shane Oliver, Head of Investment Strategy & Chief Economist at AMP Capital Investors, outlines his expectations for the central bank after it left rates on hold at 2.5 percent on Tuesday.

  • SYDNEY, Dec 2- London copper edged down on Tuesday, but held above 4-1/ 2 year lows, touched the session before, as oil prices stabilised. *Three-month copper on the London Metal Exchange had slipped 0.4 percent to $6,422.50 a tonne by 0127 GMT, paring small gains from the previous session, when prices ended up 1.5 percent after sliding to 4-1/ 2 year lows of $6,230.75 a...

  • SINGAPORE, Dec 2- U.S. crude futures slipped below $69 a barrel on Tuesday after a rebound from five-year lows on signs that shale oil producers are starting to slow down output. *U.S. crude futures for January delivery slipped 12 cents to $68.88 a barrel by 0013 GMT. *Libya is still testing pipelines to restart the southwestern El Feel oilfield, a spokesman for...

  • CALGARY, Alberta, Dec 1- While North America has been gripped by controversy over the Keystone XL pipeline that would ship crude to the United States from the Canadian oil sands, a small Canadian company has been quietly digging in the oil sands of Utah with a secret weapon it thinks may end the environmental argument: citrus. The Calgary- based firm is developing...

  • *Brent rises above $71 after falling below $68; U.S. crude above $68. U.S. crude was up $1.35, or 2 percent, at $67.50, after a five-day bottom hit at $63.72. "There's a sense that the market got a little bit ahead of itself, and we're seeing some producer buying come in and it's driving the market back up," said Phil Flynn, analyst at the Price Futures Group in Chicago.

  • NEW YORK, Dec 1- U.S. oil producers have been racing full-speed ahead to drill new shale wells in recent years, even in the face of lower oil prices. The Organization of Petroleum Exporting Countries last week agreed to maintain its production quota of 30 million-barrels-per-day, despite a 30 percent drop in oil prices since June, triggering an additional 10...