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Metals and Mining

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  • Jan 26- Iron ore and coal miner Cliffs Natural Resources Inc said it reduced net debt by $400 million and scrapped its quarterly dividend to cut more debt. Cliffs wrote down the value of its coal and iron ore assets by about $6 billion in October due to weak prices, and warned a month later that it might have to close its Bloom Lake iron ore mine in Quebec.

  • SHANGHAI, Jan 26- Iron ore prices hit their lowest in 5-1/ 2 years on Monday despite some loss-making Chinese steel mills curbing output, as ore supplies remained abundant and as concerns persisted about the outlook for economic growth in China this year. The benchmark 62 percent grade iron ore for immediate delivery to China fell 3.9 percent to $63.30 a tonne to...

  • *Shanghai copper hits downside limit, at lowest since July 2009. SINGAPORE, Jan 26- London copper tumbled as much as 3 percent on Monday to its lowest level since 2009 as a stronger dollar fueled an aggressive sell-off that dragged down prices in Shanghai by 5 percent. A slide in the euro to 11- year lows against the dollar after Greece's Syriza party promised to roll...

  • Shanghai copper falls 4 pct to lowest since July 2009. SINGAPORE, Jan 26- London copper fell almost 2 percent to its weakest level in nearly two weeks on Monday, pressured by a stronger dollar as the euro stumbled after Greece's Syriza party, set to win a snap election, promised to roll back austerity measures. It touched a session low of $5,415, its weakest since Jan. 14...

  • SINGAPORE, Jan 26- London copper futures fell for a third session running on Monday as the dollar gained against the euro after Greece's Syriza party promised to roll back austerity measures as it is set to win a snap election. *Syriza's Alexis Tsipras is on course to become prime minister of the first euro zone government openly opposed to austerity policies...

  • *Copper on track for 2 percent fall this week. *Premiums for bonded nickel in China surge. LONDON, Jan 23- Copper fell on Friday, and was on track for its sixth week of falls after failing to post a convincing rebound from last week's 5-1/ 2 year low, weighed by concerns about the outlook for demand from top consumer China.

  • NORILSK, Russia, Jan 23- Falling metal prices are being more than offset by the rouble slide, allowing Russia's Norilsk Nickel to maintain margins despite lower foreign currency earnings, its chief executive said. CEO and co-owner Vladimir Potanin, Russia's eighth richest man with a $12.6 billion fortune from the world's largest nickel and palladium miner,...

  • Chinese steel producers, including the biggest private mill Jiangsu Shagang Group, state-owned Wuhan Iron& Steel Group and Hebei province-based Tangshan Iron& Steel, are scheduling maintenance on some facilities, according to industry consultancy Custeel. "The difference this year is that in order to trim production, many mills in northern China have...

  • MELBOURNE, Jan 23- London copper edged up on Friday, but was set to close the week flat, having failed to post a convincing rebound from last weeks' 5-1/ 2 year lows ahead of China factory data due shortly. *The most-traded March copper contract on the Shanghai Futures Exchange slipped 0.3 percent to 41,470 yuan a tonne. *Freeport-McMoRan Inc said on Thursday it had...

  • LONDON, Jan 22- Global crude steel production rose 1.2 percent to 1.662 billion tonnes in 2014, compared with the previous year, figures from the World Steel Association showed on Thursday. Crude steel output in China, the world's top producer and consumer of the alloy, rose 0.9 percent to 822.7 million tonnes, the data showed. The European Union recorded an...

  • *Gold dips on profit taking. SINGAPORE, Jan 22- Gold held below a five-month high on Thursday, hurt by profit-taking ahead of the European Central Bank's decision on stimulus measures, and strength in Asian equities that dented the metal's safe-haven appeal. "Increased liquidity in the euro-region is set to boost the prices of gold, as the precious metal may enjoy...

  • VANCOUVER/ TORONTO, Jan 21- The New Year's rally in gold stocks offers a respite for the beaten-down sector, but it masks deep-seated problems of bloated debt, weak growth prospects and overvalued assets that will emerge when miners post year-end results in coming weeks. Even if bullion's recent rally persists- it is up 9 percent this year to $1,290 an ounce-...

  • LONDON, Jan 21- Gold climbed above $1,300 an ounce on Wednesday for the first time since August, on increased investor interest due to a softer dollar, worries about the global economy and prospects of stimulus measures from the European Central Bank. Spot gold hit its highest level since Aug. 18 at $1,303.20 an ounce in early trade and was up 0.6 percent at...

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, Jan 21- The latest production reports from mining giants BHP Billiton and Rio Tinto hammer home an uncomfortable truth: No matter how much output increases and costs are cut, falling commodity prices triumph. Rio Tinto, the world's second-largest iron ore producer after Brazil's Vale, said it expected...

  • SINGAPORE, Jan 21- Gold clung to sharp overnight gains on Wednesday, trading close to a five-month high as worries over the global economy and uncertainty over European Central Bank stimulus measures pushed investors towards the safe-haven metal. *Spot gold was down 0.2 percent at $1,291.30 an ounce by 0017 GMT, but held near a five-month high of $1,296.85...

  • The agency revised down its iron ore price forecast to $65 per tonne for 2015 and 2016, from $85 per tonne. It cut its copper price forecast to $2.70 per pound in 2015 and 2016, from $3.10, it said in a release. Iron ore for immediate delivery to China's Tianjin port traded at $67.40 on Tuesday.

  • *To book up to $600 mln in writedowns on petroleum, nickel. MELBOURNE, Jan 21- BHP Billiton said on Wednesday it would cut its spending on shale drilling over the next six months as it looks to meet its promise not to reduce dividends in the face of a collapse in iron ore, copper and oil prices. BHP said it would pare the number of drilling rigs it is using to 16 from 26 by June...

  • BHP Billiton slashes shale drilling amid oil crash Tuesday, 20 Jan 2015 | 4:52 PM ET

    MELBOURNE, Jan 21- BHP Billiton said on Wednesday it would cut its shale drilling spend over the next six months as it looks to meet its promise not to cut dividends in the face of a collapse in iron ore, copper and oil prices. The world's biggest miner said it would pare the number of rigs it is using to 16 from 26 by June 2015 and would update the market on its revised...

  • SYDNEY, Jan 21- BHP Billiton said on Wednesday iron ore output climbed 16 percent to 56.35 million tonnes in the December quarter, fueling concerns big mining houses would continue to saturate an already over-supplied global market. Iron ore prices have dropped to around $68 a tonne from $135 a year ago. Analysts estimate oversupply had reached as much as 60...

  • LONDON, Jan 20- As the dust settles after last week's copper capitulation, attention is inevitably turning to the implications for producers, particularly those perched precariously at the top end of the cost curve. With London benchmark copper trading below the $6,000- per tonne level for the first time since 2009, the potential exit of higher-cost mines is...