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  • UPDATE 1-EU abandons 'dirty' label for tar sands oil Tuesday, 7 Oct 2014 | 7:24 AM ET

    *Canada lobbied against previous labelling proposal. BRUSSELS, Oct 7- A European Union plan to label tar sands oil as highly polluting in its fight against climate change has been abandoned after years of opposition led by major producer Canada. A proposal published by the European Commission on Tuesday removes an obstacle to Canada exporting tar sands crude...

  • *Glencore approached Rio Tinto about a merger in July. *No further talks with Glencore after rejecting bid-Rio. MELBOURNE, Oct 7- Rio Tinto rejected a merger approach from smaller rival Glencore Plc to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, slid toward a five-year low.

  • *Rio jumps after rejects merger approach by Glencore. The basic resources index was the only exception, rising 1 percent as news of a rejected merger approach by Glencore for larger rival Rio Tinto rekindled speculation about consolidation in the mining industry. Frankfurt's DAX fell 0.8 percent after data showed the biggest drop in Germany's industrial...

  • *China markets shut until Wednesday. LONDON, Oct 7- Copper prices slid on Tuesday as uncertainty about the outlook for growth in top consumer China raised concerns about demand, while a drop in the euro against the dollar also put pressure on metals prices. Heading into the fourth quarter, the focus will be on the strength of demand from top metals user China, which...

  • *Canada lobbied fiercely against previous proposal. BRUSSELS, Oct 7- The European Commission on Tuesday proposed scrapping a mandatory requirement to label tar sands oil as highly polluting after years of industry opposition. The new proposal abandons one obstacle to Canada shipping crude from tar sands to Europe and is likely to draw strong criticism from...

  • Pan Pacific Copper, Japan's biggest copper smelter and a unit of JX Holdings Inc, said on Monday it was aiming for a 5- percent increase in its refined copper output for the second half of the financial year that ends March 31, 2015. "We expect sound demand for reconstruction in northeastern Japan which was ravaged by the giant earthquake and tsunami, and for...

  • Pan Pacific Copper, Japan's biggest copper smelter and a unit of JX Holdings Inc, said on Monday it was aiming for a 5- percent increase in its refined copper output for the second half of the financial year that ends March 31, 2015. PPC, which exports about 45 percent of its production, also sees firm demand for exports to China and Southeast Asia, he said.

  • *Glencore approached Rio Tinto about a merger in July. *No further talks with Glencore after rejecting bid-Rio. MELBOURNE, Oct 7- Rio Tinto rejected a merger approach from smaller rival Glencore Plc to create a $160 billion mining and trading giant in August just as the price of its most profitable product, iron ore, hit a five-year low.

  • SYDNEY, Oct 7- London copper was on Tuesday holding 1- percent gains notched up the session before after the dollar suffered its biggest one-day drop in a year, alleviating pressure on commodities. *China markets, including the Shanghai Futures Exchange are closed from Oct. 1 to Oct. 7 for the National Day holiday. *Rio Tinto rejected a merger approach from smaller...

  • Miners help European shares to end slightly higher Monday, 6 Oct 2014 | 12:53 PM ET

    *Glencore "groundwork" for likely merger with Rio: report. Rio Tinto's American Depository Receipts were 7.4 percent higher after the European market close on a Bloomberg report, quoting people familiar with the situation, saying Glencore was laying the groundwork for a potential merger with Rio Tinto Group in 2015.. A Glencore spokesman said "we don't comment...

  • European shares edge higher as miners advance Monday, 6 Oct 2014 | 11:17 AM ET

    The STOXX Europe 600 Basic Resources index rose 1.5 percent as prices of copper, aluminum and zinc climbed 0.3 to 1.4 percent anticipating stronger demand for raw materials in countries such as the United States. The way the market appears to be reacting to these numbers suggests that investors are more concerned about the growth outlook at this point in time...

  • UPDATE 1-China to cut steel exports in 2015 - CISA Monday, 6 Oct 2014 | 10:14 AM ET

    MOSCOW, Oct 6- China will likely decrease steel exports in 2015 following the cancellation this year of export incentives such as tax rebates, a China Iron Ore and Steel Association official told Reuters on Monday. Next year we forecast that the Chinese exports will decrease compared with this year, "Chi Jingdong, deputy secretary general of CISA told Reuters at...

  • *Silver, platinum at multi-year lows. LONDON, Oct 6- Gold remained vulnerable on Monday above a 15- month low touched earlier in the day as the dollar stayed near four-year highs, dampening appetite for bullion and pushing silver and platinum to multi-year lows. Platinum, which fell 6.3 percent last week in its biggest weekly decline since Dec. 2011, touched its...

  • *Silver, platinum at multi-year lows. LONDON, Oct 6- Gold touched its lowest level in more than 15 months on Monday as the dollar held near four-year highs and European shares advanced after strong U.S. jobs data, dampening appetite for bullion and pushing silver and platinum to multi-year lows. Platinum, which fell 6.3 percent last week in its biggest weekly...

  • SINGAPORE, Oct 6- Gold tumbled to its lowest level in around 15 months on Monday after better-than-expected U.S. jobs data boosted the dollar, dampening safe-haven appetite for bullion. Other precious metals plumbed multi-year lows, with platinum touching its weakest since 2009 and silver falling to its lowest since 2010. Gold, which often influences its...

  • SINGAPORE, Oct 6- London copper futures hovered near their weakest in five months on Monday, pressured by a firmer dollar after strong U.S. employment data and persistent worries over the economic outlook for top copper user China. *Recent weak data out of China had also weighed on base metals. *JPMorgan Chase& Co raised $800 million from the sale of its physical...

  • LONDON/ MELBOURNE, Oct 6- BHP Billiton aims to cut its iron ore production costs by more than 25 percent and squeeze more tonnes from its mines as it aims to overtake rival Rio Tinto as the world's cheapest producer, the world's largest miner said on Monday. The focus of mining companies has shifted towards cost cutting as iron ore prices have dropped from about $190...

  • LONDON, Oct 5- BHP Billiton, the world's largest diversified miner, said it aimed to squeeze more tonnage from its iron mines at less expense per tonne as it aims to overtake rival Rio Tinto as the world's lowest-cost producer. The focus of mining companies has shifted towards cost-cutting as iron ore prices have dropped from about $190 a tonne in 2011 to less than...

  • *Iran steel exports surge to 1.26 mln T from Jan- July 2014. *Foreign firms line up to tap Iran steel sector- Tehran. LONDON/ MOSCOW, Oct 5- Iran is increasing steel exports and courting foreign investors in an ambitious bid to quadruple steel output in a decade and replace at least a small part of the massive revenue it loses due to sanctions on its oil sales.

  • *Gold nears most oversold level since June 2013. *Platinum on Friday hit lowest since Sept 2009. NEW YORK/ LONDON, Oct 3- Gold fell 1.8 percent on Friday, dropping below $1,200 an ounce for the first time this year, as the dollar surged after strong U.S. jobs data bolstered bets that the Federal Reserve will raise interest rates next year.

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