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Metals and Mining

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  • *UBS sees copper prices falling below $3 a pound. SYDNEY, Oct 31- London copper climbed on Friday after the Bank of Japan announced a surprise monetary stimulus, and was set to close the week up for the first month in three as tighter than expected supply underpins prices. The Bank of Japan surprised global financial markets on Friday by expanding its massive...

  • JAKARTA, Oct 31- Indonesia's mining-to-telecoms conglomerate Bakrie Group will negotiate with creditors to restructure part of its $8 billion in debt rather than sell major assets, people familiar with its strategy say. Some creditors sued one Bakrie company in New York while a Jakarta supplier has asked an Indonesian court to supervise a debt...

  • SYDNEY, Oct 31- London copper drifted on Friday as a dollar-rally threatened to extinguish its modest monthly gains, and as traders said further strength in the greenback may erode prices going into November. *The most-traded January copper contract on the Shanghai Futures Exchange eased 0.5 percent to 47,480 yuan a tonne. *There are indications Zambia may be...

  • Oct 30- Newmont Mining Corp reported lower third-quarter earnings on Thursday but the largest U.S.-based gold miner beat market expectations and also reduced its forecast for gold production costs this year. Newmont said it now expected 2014 all-in sustaining costs for producing an ounce of gold to be $1,020 to $1,080. Newmont, which has mines in North and...

  • The largest U.S.-based gold miner said attributable net income from continuing operations was $210 million, or 42 cents a share, in the quarter, down from a profit of $419 million, or 84 cents a share, in the same period last year. Adjusted net income was $249 million, or 50 cents per basic share, compared with $217 million, or 44 cents per basic share, in the prior year...

  • *Beijing to host APEC summit Nov. 5 to 11. *Steel output in 100- km radius of Beijing to be halted. BEIJING, Oct 31- Chinese steel mills, among the biggest in the world, are altering their production schedules to offset disruption from forced plant closures aimed at curbing choking air pollution during a summit of world leaders in Beijing next month.

  • UPDATE 3-Vale posts surprise loss, shares dive Thursday, 30 Oct 2014 | 12:41 PM ET

    RIO DE JANEIRO, Oct 30- Vale posted a surprise $1.44 billion loss, and its shares tumbled to a 5-1/ 2- year low as investors worried about the cost of the Brazilian miner's expansion plans and a possible cut to its dividend in a new era of lower iron ore prices. Vale SA cited low iron ore prices and a weak local currency for the third-quarter loss. Vale is attempting to...

  • NEW YORK/ LONDON, Oct 30- Gold dipped below $1,200 an ounce on Thursday and silver plunged 4 percent to its lowest since March 2010, a day after the U.S. Also weighing down on the precious metal complex was data showing weak price pressure in Germany and Spain. "Our sense is that there are still obviously more adjustments still to come in terms of real rates and the...

  • Oct 30- Mosaic Co on Thursday forecast record-high global phosphate and potash shipments in 2015 despite concerns that weak crop prices would reduce farmers' fertilizer purchases. Corn and wheat prices plunged this autumn to multiyear lows amid a huge but delayed U.S. harvest. Dan Basse, president of research company AgResource said on Wednesday in Winnipeg...

  • Concerns about slowing growth in Europe and a stronger dollar have helped push the price of light crude oil down about 25 percent since June to about $82 a barrel, creeping closer to the average marginal cost of crude production of about $73 a barrel for U.S. onshore work, according to a research note from Baird Equity Research. "The market is selling all of these...

  • HELSINKI, Oct 30- Finnish mining technology company Outotec reported a lower-than-expected third-quarter profit on Thursday and said it would cut jobs because low metal prices and the Ebola epidemic in resource-rich Africa were affecting its business. The disappointing third-quarter performance prompted the company to trim its full-year revenue...

  • LONDON, Oct 30- "Who's got all the copper?" The answer, according to the Wall Street Journal, is Red Kite, the specialist metals hedge fund set up by Michael Farmer, a man who was trading the copper market before many younger readers were born. Today's LME dominant positions report WHL> shows one entity owning 80 to 90 percent of "live" copper tonnage in the LME warehouse...

  • *China pledges to help consumption in six economic sectors. LONDON, Oct 30- Copper fell more than 1 percent on Thursday as the dollar rallied on strong U.S. growth data and the Federal Reserve's relatively hawkish tone on monetary policy. Three-month copper on the London Metal Exchange traded down 1.6 percent at $6,705 a tonne in official midday rings, having...

  • Oct 30- Coal miner Walter Energy Inc reported a smaller-than-expected loss in the third quarter as its cost cutting efforts paid off, sending the company's shares up 9 percent premarket. "In the challenging pricing environment for met coal, we remain focused on lowering production costs, reducing SG&A and improving productivity," Walter Energy's Chief...

  • RIO DE JANEIRO, Oct 30- Brazil's Vale posted a surprise loss of $1.44 billion on Thursday, hurt by a fall in the price of iron ore, higher production costs and a weakening Brazilian currency. Iron ore cash costs were also higher than analysts had expected, while Vale said the weakening Brazilian real wiped nearly $2 billion off its earnings by increasing the cost of...

  • Oct 30- Coal miner Walter Energy Inc reported a smaller loss in the third quarter as its cost cutting efforts paid off. Net loss narrowed to $98.9 million, or $1.48 per share in the quarter ended Sept. 30, from $100.7 million, or $1.61 per share, a year earlier. Revenue fell 28 percent to $329.5 million hurt by lower steelmaking coal prices.

  • *China pledges to help consumption in six economic sectors. *China copper smelters see higher fees as mine supply rises. LONDON, Oct 30- Copper fell more than 1 percent on Thursday as the dollar rallied after the U.S.

  • RIO DE JANEIRO, Oct 30- Brazil's Vale on Thursday posted a net loss of $1.44 billion for the third quarter, well below forecasts, hurt by a fall in the price of iron ore and a weakening Brazilian currency. The spot price of iron ore has fallen more than 40 percent this year as vast new production from Australia coincided with slower growth in China.

  • *Accidents at Nagoya plant cut FY2014 profit by Y24 bln. TOKYO, Oct 30- Nippon Steel& Sumitomo Metal Corp, Japan's biggest steelmaker, said on Thursday its first-half recurring profit rose 1.5 percent as lower material costs boosted margins and offset appraisal losses on its high-priced stockpiles. But we are keeping our full-year forecast as accidents at the...

  • SYDNEY, Oct 30- London copper led other metals lower on Thursday, after encouraging comments by U.S. monetary officials on the state of the world's top economy sparked a dollar rally, which weighed on commodities. *Three-month copper on the London Metal Exchange slipped 0.5 percent to $6,779 a tonne by 0139 GMT, after ending slightly firmer in the previous session...