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Materials and Metals

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  • SYDNEY, Nov 6- London copper edged down on Thursday, hit by a stronger U.S. dollar and further signs of slowing economic growth in Europe and China. *Service-sector growth in China weakened in October as new business cooled, a private survey showed on Wednesday, just days after other data revealed sluggish factory growth in the world's second-largest economy,...

  • Nov 5- Kinross Gold Corp is unlikely to go ahead with the expansion of its Tasiast gold mine in Mauritania if the price of gold does not recover from current weaker levels, Chief Executive Paul Rollinson said on Wednesday. Gold price matters and we are watching it closely, "he said after Kinross released quarterly results that beat market expectations.

  • Nov 5- Molycorp Inc reported a much bigger quarterly loss, hurt by lower prices of rare-earth metals and a steep jump in production costs, sending its shares down 20 percent in extended trading. Molycorp, which produces 13 different rare metals used in industries such as consumer electronics and defense, said sales volumes fell 7 percent in the third quarter.

  • Rare earths miner Molycorp posts bigger quarterly loss Wednesday, 5 Nov 2014 | 4:13 PM ET

    Nov 5- Molycorp Inc reported a bigger quarterly loss, hurt by lower prices of rare-earth metals. The miner's third-quarter loss attributable to common shareholders widened to $105.2 million, 47 cents per share, in the third quarter ended Sept. 30, from $69.9 million, or 43 cents, a year earlier. The company's revenue fell about 17 percent to $123.9 million.

  • UPDATE 1-Agrium to cut 500 jobs, sell some businesses Wednesday, 5 Nov 2014 | 11:13 AM ET

    WINNIPEG, Manitoba, Nov 5- Canadian fertilizer producer Agrium Inc will cut 500 jobs and look to sell several noncore businesses as it aims to find $475 million in savings by 2017, Chief Executive Chuck Magro said on Wednesday. Agrium will also target savings from reducing working capital at its farm retail business and trimming operating and administrative...

  • *Royal Canadian Mint on allocation from September. SINGAPORE/ NEW YORK, Nov 5- A tumble in silver prices to four-year lows has triggered a global scramble by consumers to purchase silver coins and bars as the metal has reached its cheapest level relative to gold in more than five years. Retailers and distributors in Asia and the United States said they were...

  • *Marks& Spencer jumps 8.3 pct after results. British retailer Marks& Spencer surged 8.3 percent after posting a rise in underlying first-half profit for the first time in four years, beating expectations, while German chemicals distributor Brenntag gained 7.8 percent, boosted by forecast-beating earnings. About halfway into Europe's earnings season, 64...

  • ULAN BATOR, Nov 5- Mongolia's parliament voted on Wednesday to remove Prime Minister Norov Altankhuyag amid concerns about a serious economic downturn as gold, copper and coal prices and foreign direct investment slump. The political fight has distracted the government of the resource-rich country, landlocked between Russia and China, from passing a budget.

  • *Gold falls for 5th session in six. SINGAPORE, Nov 5- Gold slid for a fifth session in six on Wednesday, tumbling to fresh four-year lows as a strong dollar kept investors away from the safe-haven asset and physical demand failed to provide underlying support. Silver tracked gold lower, hitting its lowest since early 2010, while platinum and palladium also fell.

  • Robert Hanson's holding company last year acquired Venezuela's best-selling newspaper, Ultimas Noticias, despite its worsening financial results and stringent currency controls that have frequently left foreign companies unable to repatriate profits. Ultimas Noticias has named two ruling Socialist Party members to key posts, including former...

  • LONDON, Nov 4- The sale of the Milford Haven refinery and terminal assets to Klesch Refining Limited has been canceled, according to a statement by Murco Petroleum, a subsidiary of the U.S.-based Murphy Oil Corporation. Sources familiar with the matter said earlier on Tuesday that Gary Klesch and Murphy Oil had extended a deadline to later this week to negotiate...

  • Nov 4- EOG Resources Inc posted a better-than-expected quarterly profit on Tuesday thanks to jumping oil production in the Eagle Ford and Bakken shale formations. The company posted net income of $1.10 billion, or $2.01 per share in the third quarter, compared with $462.5 million, or 85 cents per share, in the year-ago period. Crude oil and condensate volumes rose...

  • NEW YORK, Nov 4- Canada's Come by Chance refinery, on the far eastern tip of the country, has swapped out its mainstay Iraqi crude to run almost wholly on U.S. shale oil, industry sources say, the latest sign of how the shale boom is redrawing global oil trade. Some two months after South Korea's national energy firm agreed to sell the refinery to a newly formed New York-...

  • LONDON, Nov 4- Energy-focussed commodity traders Gunvor and Mercuria are looking to expand their iron ore operations just as oversupply grips the world's second-largest traded commodity after oil, depressing prices but also offering opportunities. Last month embattled west African iron ore miner London Mining went into administration, while MMX Sudeste...

  • SYDNEY, Nov 4- London copper held its ground on Tuesday after global factory growth showed a surprise uptick in the United States, but modest prospects in China and Europe, and a softer dollar cushioned prices. *The most-traded January copper contract on the Shanghai Futures Exchange edged up by 0.3 percent to 47,470 yuan a tonne. *Asian stocks dipped in early trade...

  • NEW YORK/ LONDON, Nov 3- Gold fell on Monday, hovering near a four-year low, as the combination of tumbling crude oil prices and a U.S. dollar rally extended gold's losses to a fourth consecutive session. "The prospect of firmer rates, coupled with our expectation for a stronger dollar, present significant headwinds for gold," said Suki Cooper, precious metals analyst...

  • *Platinum, palladium prices buck trend to rise. LONDON, Nov 3- Gold fell on Monday to near a recent four-year low as the dollar index rose to its highest since mid-2010 on speculation that the U.S. Silver prices also tumbled, with the metal touching its lowest since March 2010 at $15.72 an ounce and its cheapest level compared to gold in more than five years.

  • *But number of coal mines in Australia growing. SYDNEY, Nov 3- U.N. calls to curb greenhouse gas emissions by ending most electricity generation using coal will face some tough challenges, with coal mining going through a growth spurt in countries such as Australia. Australian growth is expected to continue as companies including Rio Tinto, BHP Billiton and...

  • SYDNEY, Nov 3- London copper edged higher on Monday as traders were reluctant to sell stocks given limited immediate supply, with attention turning towards private sector data on China's economy due shortly. *China's factory activity unexpectedly fell to a five-month low in October as firms fought slowing orders and rising costs in the cooling economy,...

  • LIMA, Oct 31- Workers at Peru's top copper producer, Antamina, accepted management's invitation to talk on Tuesday about the indefinite strike they plan to start on Nov. 10, a union leader told Reuters on Friday. BHP Billiton and Glencore Xstrata each have 33.75 percent stakes in Antamina. Antamina, also Peru's top zinc miner, has urged the union to reconsider its...

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