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Materials and Metals

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  • UPDATE 1-Miner Grupo Mexico's Q1 profit drops 35 pct Tuesday, 29 Apr 2014 | 9:45 PM ET

    MEXICO CITY, April 29- Mexican metals miner and railroad operator Grupo Mexico said on Tuesday its first-quarter profit fell 34.8 percent compared with the same period a year earlier as an increase in production failed to offset steep falls in metal prices.

  • SYDNEY, April 30- London copper inched higher on Wednesday but remained below recent eight-week peaks, underpinned by tight credit conditions in top consumer China and as volumes fade ahead of a string of economic data and a series of holidays this week. *Copper on Monday stretched to its highest since March 7 at $6,798 a tonne.

  • Venezuela to crush cars, bikes to build houses Tuesday, 29 Apr 2014 | 5:44 PM ET

    CARACAS, April 29- Venezuela said on Tuesday it would start crushing abandoned cars and bicycles to provide raw materials for housing construction and supplement drastically reduced amounts of local steel.

  • MARIKANA, South Africa, April 29- Members of South Africa's striking mining union AMCU have rejected the latest wage offer from the world's top three platinum producers, its president said on Tuesday, extending a crippling 14- week stoppage.

  • Chemical maker Huntsman reports first-quarter profit Tuesday, 29 Apr 2014 | 6:17 AM ET

    April 29- U.S chemical maker Huntsman Corp reported a first-quarter profit, compared with a year-ago loss, helped by higher sales for chemicals used in foam insulation, agriculture, energy and additives.

  • STOCKHOLM, April 29- Compressor and mining equipment maker Atlas Copco forecast a slight rise in group-wide demand in the coming months as a pick up in the manufacturing and construction sectors more than offset lingering weakness from a slump in mining spending.

  • *Newmont and Barrick shares slide on the NYSE. By Euan Rocha, Allison Martell and Soyoung Kim. TORONTO/ NEW YORK, April 28- Failed merger talks between Barrick Gold Corp and Newmont Mining Corp descended into acrimony on Monday, with the two large gold miners publicly accusing each other of scuppering a deal favored by many investors.

  • *Platinum outperforms as S.African mine strike grinds on. NEW YORK/ LONDON, April 28- Gold prices fell on Monday after pressure from stronger-than-expected U.S. home sales data pushed prices below a key level of $1,300 an ounce, prompting some investors to reduce bullion positions despite heightened geopolitical tensions.

  • LONDON, April 28- It's been a while but the ultimate copper buyer is back in town. China's State Reserves Bureau, which manages the country's strategic commodity stockpile, has just skimmed a couple of hundred thousand tonnes from the mountain of copper sitting in Shanghai's bonded warehouse zone.

  • BEIJING, April 28- China's top refiner Sinopec Corp is scaling back billions of dollars in petrochemical investments in the face of growing U.S. competition in the sector and rising local opposition to oil and gas plants over environmental concerns.

  • UPDATE 1-Corning expects smaller price declines Monday, 28 Apr 2014 | 8:50 AM ET

    Core sales from the display technologies business, which makes LCD panels for Sony Corp, LG and Lenovo Group and brings in more than a third of the company's revenue, grew 58 percent. Tripeny added that the company expects a "really strong" quarter for Gorilla Glass, which is used in smartphones made by Apple Inc and Samsung Electronics Co Ltd..

  • Corning reports 26 pct rise in revenue Monday, 28 Apr 2014 | 7:32 AM ET

    April 28- Specialty glass maker Corning Inc, best known for its Gorilla glass used in smartphones, reported a 26 percent rise in quarterly revenue, slightly missing analysts' average estimate. The company reported net income of $301 million, or 20 cents per share, in the first quarter ended March 31, from $494 million, or 33 cents per share, a year earlier.

  • SHANGHAI, April 28- China's banking regulator has urged local authorities and banks to step up an investigation into iron ore financing deals in a bid to minimize default risks, prompting a sell-off in iron ore futures that saw prices fall nearly five percent. A China Banking Regulatory Commission spokesman declined to comment.

  • BEIJING, April 28- Sinopec Corp has held up a $3.1 billion ethylene plant in east China's Qingdao, after a fatal pipeline blast last year threw into question whether the city is environmentally viable for the petrochemical complex, a company source said on Monday.

  • *Gold steady as Ukraine woes lift prices from 2-1/ 2 mth low. LONDON, April 28- Gold prices steadied above $1,300 an ounce on Monday, underpinned by concerns that tensions in Ukraine could escalate, while platinum outperformed as a strike across the South African platinum belt entered a third month.

  • SHANGHAI, April 28- China iron ore futures fell nearly five percent on Monday after the country's banking regulator urged local authorities and banks to step up an investigation into iron ore financing deals in a bid to minimize default risks.

  • --Clyde Russell is a Reuters columnist. LAUNCESTON, Australia, April 28- Coal producers in Asia are currently their own worst enemies, raising output in a bid to boost revenue in order to compensate for lower prices.

  • ZURICH, April 28- Swiss cement maker Holcim Ltd posted a 9 percent rise in first-quarter operating profit on Monday, bearing the fruits of a cost-cutting programme as it prepares to merge with French rival Lafarge SA.

  • *U.S., Europe prepare more sanctions against Russia. NEW YORK/ LONDON, April 25- Gold rose to close at $1,300 an ounce on Friday, extending the previous day's sharp reversal from a 2-1/ 2 month low, as violence in Ukraine boosted bullion's safe-haven appeal, and weakness in equity markets also supported gold.

  • Union plus Rustenburg mines could sell for $1- 2 bln- analysts. LONDON/ JOHANNESBURG, April 25- If Anglo American pushes ahead to divest underperforming platinum assets, a sale to a small South African company that specialises in squeezing profit out of mines nearing the end of their lives is seen as the most likely option.

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