European shares closed lower lower on Monday with basic resources stocks weighing heavily on bourses after weak data from China.» Read More
LONDON, March 14- Metals markets are nervous that nearly half a million tonnes of hidden zinc may be delivered on the London Metal Exchange next week, shaking a market unsure about the extent of further concealed stocks.
*Core profit at $13.1 bln beats consensus of $12.3 bln. LONDON, March 4- Commodities trader and mining group Glencore Xstrata Plc has raised its estimate of the savings it expects following last year's Xstrata acquisition, as it focuses on cost-cutting and targets higher returns for shareholders.
NEW YORK, Feb 28- A series of public and private meetings between the London Metal Exchange and its staunchest critics in the United States has revealed a small but significant shift in a years-long crisis over the exchange's warehousing policy, sources said.
BEIJING, Feb 27- China's Ministry of Commerce plans to issue new draft rules in the first half of this year giving the authority more say in global merger transactions that may have an impact on domestic customers.
On Monday, Alcoa Inc said it will close its 50- year-old Point Henry aluminium smelter and two rolling mills in Australia after a two-year review. Russia's Rusal estimates that producers outside of China eliminated up to 1.2 million tonnes of capacity last year and further reductions of 1 million-1.5 million tonnes are expected in 2014..
Paul Gait, senior metals and mining research analyst at Sanford Bernstein, discusses the companies to watch in the metals and mining space.
Nik Stanojevic, equity analyst at Brewin Dolphin, discusses what to expect from Rio Tinto and Glencore Xstrata's earnings.
DEUTSCHE BANK: Deutsche Bank AG was the first major bank to pull the plug on its global commodities trading business, announcing its exit from trading in energy, agriculture, base metals, coal and iron ore in early December.
*Report estimates $3.7 bln in customs taxes, fines owed in Katanga. KINSHASA, Jan 30- Democratic Republic of Congo is owed an estimated $3.7 billion in unpaid customs duties and fines by companies operating in its copper-rich Katanga province between 2008 and 2013, according to an unpublished report commissioned by the public prosecutor's office.
*Codelco, Antofagasta copper exports affected. Much of Chile's copper, which accounts for roughly a third of the world's supply, leaves from its ports on the Pacific Ocean, often destined for consumption in top client China.
As U.S. and European banks drop out of commodity trading, Russian, Chinese and Gulf state firms are filling the gap.
NEW YORK, Dec 20- Louis Dreyfus Commodities BV lost a bid on Friday to dismiss a lawsuit by traders accusing it of illegally manipulating the price of cotton futures in 2011.. District Judge Andrew Carter in Manhattan dismissed one claim in the proposed class action, but largely allowed the lawsuit to move forward.
RIO DE JANEIRO, Dec 18- Brazilian miner Vale SA expects to more than replace the 4 million tonnes a year of potash it stands to lose from the cancellation of its Rio Colorado project in Argentina as it opens mines in Brazil and Canada, its top executive said on Wednesday.
NEW YORK, Dec 17- Glencore's former No. 2 aluminum trader Matt Lucke has opened a physical metals trading firm, becoming the first high-profile alumni of the commodity trading giant's powerful metals business to return to the market since its takeover of Xstrata in May.
About 30 lawsuits allege that the London Metal Exchange and other defendants- including investment banks Goldman Sachs Group Inc and JPMorgan Chase& Co and merchants Glencore Xstrata and Trafigura AG- manipulated the warehousing of aluminum in order to lift the price of the metal.
Goldman Sachs may be one of the last firms standing as a rocky romance between Wall Street and raw material markets turns sour.
NEW YORK/ LONDON, Dec 6- Just over three decades ago, Goldman Sachs bought a niche coffee-and-gold trading firm called J. Aron& Company, becoming one of the first banks to enter the commodity markets. On Thursday, Deutsche Bank, one of the five biggest players of the past decade, said it would quit commodities trading under regulatory pressure, cutting 200 jobs.
LAS VEGAS, Dec 5- The London Metal Exchange asked a panel of U.S. judges on Thursday to assign a federal court in Manhattan to handle a series of antitrust lawsuits that allege the world's largest metal exchange, two of Wall Street's biggest banks and big commodity merchants conspired to raise the price of aluminum.
*LME, UK regulator meet with warehousing companies. LONDON, Dec 5- The London Metal Exchange has showed its teeth to guard industrial users of materials like aluminium against steep rises in charges by owners of warehouses in its global storage network.
*Iran expected to boost wheat imports in coming months. LONDON/ HAMBURG, Nov 28- After years of difficulty caused by economic sanctions, suppliers are hoping a nuclear deal will make it easier to win lucrative contracts to sell wheat, sugar and other food to Iran.