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Materials and Metals

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  • 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...

  • Dec 1- Huntsman Corp said it would cut about 900 jobs and that it was exploring options to reduce capacity at its titanium dioxide, or white pigment, business. The chemical maker, which bought Rockwood Holdings Inc's pigments business for $1.1 billion in October, had been betting on a turnaround in demand for titanium dioxide. "They need to take some action to help...

  • UPDATE 6-Oil hits five-year low Monday, 1 Dec 2014 | 9:01 AM ET

    *Oil loses more than 10 pct since Thursday's OPEC meeting. *OPEC maintains stable output to counter U.S. shale oil boom. LONDON, Dec 1- Brent crude oil fell on Monday to a five-year low below $68 before recovering most of the losses as investors looked for a price floor after last week's OPEC decision not to cut production.

  • LONDON, Dec 1- Iron ore mining company African Minerals has started to shut down its operation in Sierra Leone, the main focus of its business, because it does not have enough working capital, it said on Monday. The company said it has sufficient funds to pay salaries in the short term and to pay for security, safety and evacuation of staff and contractors in Sierra...

  • Chemical maker Huntsman to cut about 900 jobs Monday, 1 Dec 2014 | 8:13 AM ET

    The company said in September it would buy Rockwood Holdings Inc's pigments business for $1.1 billion, betting on a turnaround in the market demand for titanium dioxide, a pigment used to whiten everything from toothpaste to cars.

  • UPDATE 5-Oil hits five-year low, floor unsure Monday, 1 Dec 2014 | 6:37 AM ET

    *Oil loses more than 10 pct since Thursday's OPEC meeting. *OPEC maintains stable output to counter U.S. shale oil boom. LONDON, Dec 1- Brent crude oil fell on Monday to a five-year low below $68 on Monday before recovering some of the losses as investors looked for a price floor after last week's OPEC decision not to cut production.

  • JOHANNESBURG, Dec 1- Anglo American Platinum expects full-year earnings to fall by at least 20 percent because of the record five-month strike that hit its South African operation, it said on Monday. The wages dispute with the Association of Mineworkers and Construction Union, which ended in June, cost Amplats 424,000 ounces in lost production and a further...

  • Oil loses more than 10 pct since Thursday's OPEC meeting. *OPEC maintains stable output to counter U.S. shale oil boom. LONDON, Dec 1- Brent crude oil fell more than $2 a barrel to a five-year low below $68 on Monday as investors looked for a price floor after last week's OPEC decision not to cut production.

  • Oil services company Tullow Oil fell 7.1 percent while miner Glencore shed 4.3 percent. Adding to a more subdued market tone after a two-week rise for major European indexes, the U.S. National Retail Federation estimated sales over the full Thanksgiving weekend would show a decline of 11.3 percent from a year earlier, to $50.9 billion. European Central Bank...

  • --Clyde Russell is a Reuters columnist. Iron ore has fallen a dramatic 48 percent this year, with the close on Nov. 28 of $69.80 a tonne only marginally above the $68 reached on Nov. 26, which was the weakest since June 11, 2009. Rio Tinto's shares ended at A $59.10 on Nov. 28, down just 13.3 percent for the year.

  • 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...

  • *OPEC maintains stable output to counter U.S. shale oil boom. SINGAPORE, Dec 1- Oil fell more than $2 a barrel to a five-year low in Asian trade on Monday, extending a steep sell-off after OPEC decided not to cut production last week, keeping markets well supplied. U.S. crude tumbled to near $64, dragging Brent down below $70, after Saudi Arabia's oil minister told fellow...

  • *China, Japan shares hit multi-year highs. Sinking oil and commodity prices are causing massive realignments in markets, hurting assets tied to the resource sector, from Australian mining shares to the Malaysian ringgit, while benefiting importers such as Japan and China. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.0 percent, with...

  • *OPEC maintains stable output to counter U.S. shale oil boom. SINGAPORE, Dec 1- U.S. crude fell more than $2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after OPEC decided not to cut production last week, keeping markets well supplied. U.S. crude tumbled to near $64, dragging Brent down below...

  • *Weak gold prices hurts Sumitomo Metal Mining. TOKYO, Dec 1- Japan's Nikkei share average rose to a fresh seven-year high on Monday as strong corporate spending lifted sentiment, with airline shares extending gains as oil prices tumbled further. Such machinery shares benefited from the strong capital spending figures, with Fanuc Corp rising 1.9 percent and...

  • U.S. crude hits five-year low on market rout Sunday, 30 Nov 2014 | 7:24 PM ET

    *OPEC maintains stable output to counter U.S. shale oil boom. SINGAPORE, Dec 1- U.S. crude fell more than $2 to a five-year low in Asian trade on Monday, while Brent futures touched a fresh four-year low, extending a steep sell-off after OPEC decided not to cut production last week, keeping markets well supplied. U.S. crude tumbled to near $64, dragging Brent down below...

  • *Copper down for fifth straight session. LONDON, Nov 28- Copper fell to a eight-month low on Friday, pressured by a stronger dollar and selling across metals and commodity markets following steep falls in oil prices. Brent crude fell to a fresh four-year low under $72 a barrel after OPEC decided not to cut output on Thursday, sending related shares and currencies...

  • SINGAPORE, Nov 28- Nathan Tinkler, the former mining magnate who lost his fortune because of a slump in coal prices, expects global mining companies such as BHP Billiton and Rio Tinto to put their coal assets up for sale. The former electrician who became Australia's youngest billionaire by betting on unloved coal assets in pre-boom 2006 only to see his empire...

  • SINGAPORE, Nov 28- London copper slid to an eight-month low on Friday, heading for its biggest weekly loss since March, as a rout in oil triggered selling across commodities while worries over slowing global growth also pressured prices. *Three-month copper on the London Metal Exchange fell 0.9 percent to $6,497 a tonne by 0238 GMT, after settling down slightly in...

  • MELBOURNE, Nov 28- Private funds are trawling for bargains in Australia in the aftermath of a global mining boom, looking to strip the fat at companies and projects they believe hold promise but which are struggling under the weight of sagging commodity prices. Most of those funds have focused on snaring assets in Africa and Latin America, shunning Australia due...

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