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Materials and Metals

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  • *Platinum off on strike mediation talks. NEW YORK/ LONDON, May 27- Gold fell 2 percent on Tuesday, the most in one day since December, as an intraday record high of the S&P 500 equities index and economic optimism triggered a heavy bout of technical selling.

  • *Gold slumps to 3-1/ 2 month low. NEW YORK, May 27- World stock markets edged up while the euro softened against the dollar and yen on Tuesday following strong U.S. economic data and on expectations of more rate cuts from the European Central Bank. Platinum also fell after South Africa's mining minister pledged to mediate in a long-running strike.

  • METALS-Nickel firm on unrest at New Caledonia mine Tuesday, 27 May 2014 | 12:20 PM ET

    *China bonded copper stocks at 600,000 T- Morgan Stanley. *Copper climbs to highest level in nearly 3 months. LONDON, May 27- Nickel was underpinned on Tuesday after rioting at a Vale mine in New Caledonia intensified worries over supply shortages, while copper hit its highest level in nearly three months on demand recovery hopes.

  • *First quarterly GDP contraction since Q2 2009. PRETORIA, May 27- South Africa's economy shrank in the first quarter of this year, the first quarterly contraction since a recession five years ago, as mining output plummeted due to a protracted strike in the platinum sector.

  • BHP Billiton says it may cut jobs at Worsley Alumina Tuesday, 27 May 2014 | 9:06 AM ET

    LONDON, May 27- BHP Billiton, the world's largest diversified mining company, may cut jobs at its Worsley Alumina operations in Australia after completing a review of the business, the company said on Tuesday.

  • *Investors watch Ukraine developments, physical demand. LONDON, May 27- Gold slipped 1.4 percent on Tuesday, extending losses after U.S. data showed orders for U.S. manufactured goods unexpectedly rose in April, while platinum fell after South Africa's mining minister pledged to mediate in a long-running strike.

  • *China bonded copper stocks seen at 600,000 T- Morgan Stanley. LONDON, May 27- Nickel rose on Tuesday after rioting at Vale's mine in New Caledonia intensified worries over supply shortages, with the sector already hit by an Indonesian ban on ore exports.

  • *Gold stays below $1,300, Asian shares edge higher. SINGAPORE, May 27- Gold slipped on Tuesday as investors nervously await U.S. economic data for directional cues, while platinum group metals were supported as labour strikes dragged on in key producer South Africa. Gold has struggled to break above the $1,300- an-ounce level.

  • --Clyde Russell is a Reuters columnist. The cost of producing about half of Australia's thermal coal and about 45 percent of its coking coal is above the prevailing prices, Morgan Stanley said in a report on Monday.

  • SYDNEY, May 27- Dozens of protesters caused tens of millions of dollars in damage to vehicles, equipment and buildings at Vale's nickel mining site in New Caledonia, as anger boiled over at a chemical spill into a local river.

  • SYDNEY, May 27- London copper edged to its highest in nearly three months on Tuesday as markets reopened after a holiday weekend, underpinned by buying in top user China and expectations of monetary easing in Europe. *The most-traded August copper contract on the Shanghai Futures Exchange edged up 0.2 percent to 49,030 yuan a tonne.

  • SINGAPORE, May 27- Gold was little changed on Tuesday as investors await U.S. economic data for directional cues, while platinum group metals rose for a second day as labour strikes dragged on in key producer South Africa.

  • ST PETERSBURG, Russia, May 26- Russia's Inter RAO is studying the possibility of building the world's largest coal-fired power plant to sell electricity to China in a sign of strengthening economic and political ties between the two countries.

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, May 26- Iron ore swaps traded in Singapore are suggesting that the worst may be over for the steelmaking ingredient, but futures in the Chinese city of Dalian point to further price weakness.

  • *Copper premiums rose on plant closures- trade. Physical premiums- the cost paid above London Metal Exchange cash prices to take delivery of the metal- had climbed above $100 from $65- 70 two weeks ago, a trader said. Japan's JX Nippon Mining& Metals Corp indirectly owns 40 percent of LS-Nikko.

  • SINGAPORE, May 26- Platinum group metals climbed on Monday on supply fears from strikes in major producer South Africa, while gold continued to struggle below $1,300 an ounce. *Platinum rose 0.5 percent to $1,472.35 an ounce, not too far from an 8-1/ 2 month high hit last week.

  • Goldman, JPMorgan sued over zinc price manipulation Saturday, 24 May 2014 | 6:37 AM ET

    One of the oldest galvanizers in the United States accused Goldman Sachs, JPMorgan Chase, the LME and metal warehouse operators of conspiring since 2010 to manipulate the U.S. zinc price.

  • In a filing on Friday, Duncan Galvanizing, one of the oldest galvanizers in the United States, accused Goldman Sachs Group Inc, JPMorgan Chase& Co, the LME and metal warehouse operators of conspiring since 2010 to manipulate the U.S. zinc price.

  • *Palladium knocked by firmer dollar, profit-taking. NEW YORK/ LONDON, May 23- Palladium fell on Friday as investors took some profits after hitting 2-1/ 2- year highs a day earlier and the dollar firmed, even as concerns remained about supplies as strikes in major producer South Africa drag on.

  • *Palladium knocked by firmer dollar, profit-taking. LONDON, May 23- Palladium fell on Friday as the dollar firmed and investors squared positions before the weekend, but more gains are expected on worries that an extended strike could drag on even longer in major producer South Africa.

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