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Metals and Mining

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  • METALS-Zinc falls as stockpiles rise, copper flat Thursday, 31 Jul 2014 | 6:26 AM ET

    *IMF flags China property sector risks. LONDON, July 31- Zinc lost ground on Thursday from a three-year peak two days before after inventories rose, highlighting an overhang of supplies that need to be eroded before expected shortages kick in.

  • RIO DE JANEIRO, July 31- Vale posted a fall in profit compared with the previous quarter as lower iron ore prices undermined record production of the main steel-making ingredient by the Brazilian-based miner.

  • HONG KONG, July 31- China shares finished their best month since 2012 on a positive note on Thursday, with banks and mining companies leading index solid gains. Zijin Mining Group surged 7.1 percent and Zhongjin Gold Corp 9 percent.

  • *Central bank reaffirms no rush to raise interest rates. NEW YORK/ LONDON, July 30- Gold futures ended lower on Wednesday, but traders largely shrugged off a statement from the Federal Reserve hinting the U.S. central bank was in no rush to hike interest rates, which would reduce appetite for the precious metal.

  • UPDATE 2-Lower mining spending hits Rockwell Automation Wednesday, 30 Jul 2014 | 12:16 PM ET

    *3rd- quarter adj profit, sales miss estimates. July 30- Rockwell Automation Inc, whose automated systems help factories run smoothly, said a decrease in spending by miners globally led to lower quarterly sales outside the United States and in its largest business. "We don't expect to see a pick up in mining," Chief Executive Keith Nosbusch told Reuters.

  • METALS-Lead falls as investors book profits after rally Wednesday, 30 Jul 2014 | 12:11 PM ET

    *Manufacturing growth in China expands. LONDON, July 30- Lead prices fell on Wednesday as investors took profits after a rally this month, but a brighter global economic outlook is seen providing support to industrial metals. Part of that is driven by improving macro sentiment, "said commodity analyst Ivan Szpakowski of Citi in Shanghai.

  • *Eramet says Norilsk would sell to Asia if targeted by West. PARIS, July 30- An embargo against Norilsk Nickel as part of Western sanctions against Russia would hurt nickel users in Europe and the United States rather than Norilsk itself, the head of French mining group Eramet said.

  • *Mozambique bets on India's growing demand for coal. LONDON, July 30- Rio Tinto has agreed to sell coal assets it bought through a $4 billion acquisition of Riversdale in 2011 for just $50 million to an Indian joint venture, ending its ill-fated venture in Mozambique's coal sector.

  • July 30- Cenovus Energy Inc, Canada's No.2 independent oil producer, said its second-quarter profit more than tripled, helped by increased production at its Christina Lake oil sands project in northern Alberta.

  • Cenovus' profit triples as oil sands production jumps Wednesday, 30 Jul 2014 | 6:21 AM ET

    July 30- Cenovus Energy Inc, Canada's No.2 independent oil producer, said its second-quarter profit more than tripled, helped by increased production at its Christina Lake oil sands project in northern Alberta.

  • *Manufacturing growth in China expands. LONDON/ SYDNEY, July 30- Lead and zinc fell on Wednesday as investors took profits after a rally by both metals this month, but a brighter global economic outlook could see industrial metals resuming their rise. Part of that is driven by improving macro sentiment, "said commodity analyst Ivan Szpakowski of Citi in Shanghai.

  • UPDATE 1-Antofagasta posts higher quarterly copper output Wednesday, 30 Jul 2014 | 2:47 AM ET

    LONDON, July 30- Chilean miner Antofagasta posted a 5 percent quarter-on-quarter increase in its second-quarter copper output, slightly ahead of forecast, as it ramped up production after maintenance dented its first-quarter output.

  • Antofagasta posts higher quarterly copper output Wednesday, 30 Jul 2014 | 2:17 AM ET

    LONDON, July 30- Chilean miner Antofagasta posted a 5 percent quarter-on-quarter increase in its second-quarter copper output, slightly ahead of forecast, as it ramped up production after maintenance dented its first-quarter output.

  • SYDNEY, July 30- Lead fell on Wednesday after a weaker technical close pushed investors to take profits and after the metal rose more than five percent this month as it slipstreamed zinc. *Three-month lead on the London Metal Exchange fell 1.1 percent to $2,241.50 by 0040 GMT adding to 1.4 percent losses from the previous session.

  • LIMA, July 29- Southern Copper Corp's net income fell 9.5 percent in the second quarter from the same period a year earlier because of rising costs, the global miner said in a statement on Tuesday.

  • July 29- United States Steel Corp reported a narrower second-quarter loss on Tuesday as steel prices improved, but the impact of bad weather, higher repairs and maintenance costs continued to weigh on earnings. Net loss narrowed to $18 million, or 12 cents a share, in the three months to end-June from $78 million, or 54 cents, a year earlier.

  • LIMA, July 29- Southern Copper Corp's net income fell 9.5 percent to $337.3 million in the second quarter from the same period a year earlier on rising costs, the global miner said in a statement on Tuesday.

  • *Second-quarter adj. profit 2 cents/ shr vs est loss 4 cents/ shr. July 29- AK Steel Holding Corp reported a surprise quarterly profit as prices rose and it shipped more steel, sending its shares up nearly 8 percent to their highest in two years.

  • Arch Coal, like other U.S. miners, is struggling with dismally low coal prices and has been trying to cut costs and lower production of low-margin metallurgical, or steel-making, coal. Last week, Arch Coal said it would idle its Cumberland River coal complex in Kentucky and Virginia, lowering its full-year metallurgical coal volumes by about 200,000 tons.

  • July 29- AK Steel Holding Corp reported a surprise adjusted profit for the second quarter as shipments rose. Steel prices in North America are near two-year highs, helped by firm U.S. economic growth. Net loss attributable to the company narrowed to $17.1 million, or 13 cents per share, in the second quarter, from $40.4 million, or 30 cents per share, a year earlier.