Business Materials and Metals

  • LONDON, May 6- Oil prices fell on Friday as investors cashed in on a 20- percent rise over the past month, outweighing the impact of crude production cuts in Canada where a huge wildfire has disrupted oil sands operations. "Currently prices are falling even with only few bearish fundamentals," said Frank Klumpp, oil analyst at Stuttgart- based Landesbank...

  • *Nudges up forecast for China, cuts forecast for Brazil. BRUSSELS, May 6- ArcelorMittal, the world's largest steelmaker, said on Friday it was slightly more positive about the steel market, helped by a modest improvement in prospects for China, though it kept its forecast for 2016 earnings unchanged. Steelmakers worldwide have been battered by a plunge in prices...

  • SYDNEY/ ULANBAATAR, May 6- Global miner Rio Tinto and its partners on Friday gave the go-ahead for a $5.3 billion expansion of the Oyu Tolgoi mine in Mongolia, a key plank in Rio's ambition to become a copper powerhouse. The underground expansion is regarded as one of the world's best undeveloped copper projects and Rio Tinto's most important growth asset, while...

  • SYDNEY, May 6- Global miner Rio Tinto and its partners on Friday gave the final approval to a $5.3 billion expansion of the Oyu Tolgoi copper mine in Mongolia, paving the way for development of what will become the world's third-largest copper mine. The expansion into underground mining is regarded as one of the world's best undeveloped copper projects and will...

  • *Concern that China's steel demand could soon wane. Commodities linked to China's steel sector, which led the mid-April rally, were the hardest hit, deepening this week's losses as concerns emerged that demand in the world's biggest steel consumer could soon wane. The price declines suggest that Chinese exchanges have succeeded in popping the bubble, at least...

  • BEIJING, May 6- China will take stronger action against illegal coal projects as it tries to tackle a massive capacity glut in the sector, the country's state planning agency said, after ordering the closure of 38 projects. The National Development and Reform Commission had ordered the immediate closure of the projects for breaching industry policies, it said...

  • *Fort McMurray fire results in 690,000 bpd oil production cut. SINGAPORE, May 6- Oil prices were steady on Friday after a run up on supply disruptions, especially in the Americas, where wildfires continue to rage near Canada's huge oil sand fields, tightening a market suffering global oversupply. A massive fire around the Canadian oil city of Fort McMurray has...

  • BEIJING, May 6- China will take stronger action against illegal coal projects as it tries to tackle a massive capacity glut in the sector, the country's state planning agency said in a notice posted on Friday. The National Development and Reform Commission had ordered the immediate closure of 38 coal projects that breached industry policies, it said on its...

  • NEW YORK, May 5- Canadian crude prices rallied on Thursday as a raging wildfire in northern Alberta shuttered nearly one-third of the nation's oil sands production and closed some pipelines, raising concerns about temporary shortages of feedstock to U.S. refineries. The massive fire forced all 88,000 residents of Fort McMurray, home to thousands of oil sands...

  • May 5- The wildfire that raged on Thursday in Fort McMurray in the heart of the Canadian oil sands region knocked out as much as a third of Canada's daily crude capacity and closed some pipelines. -Nexen Energy, a wholly owned subsidiary of China's CNOOC, said late on Wednesday that it was shutting its Long Lake oil sands facility. Long Lake can produce around 50,000...

  • The massive wildfire near Fort McMurray in Alberta has prompted companies, including Suncor Energy Inc and Shell Canada, to shutter nearly one-third of the nation's oil sands production and has closed key pipelines. Canadian Natural's production could go down to 70,000 barrels per day if the company's Horizon oil sands project- located just north of Fort...

  • May 5- The wildfire that raged unchecked on Thursday in the city of Fort McMurray in the heart of the Canadian oil sands region knocked out as much as a third of the nation's daily crude capacity and closed some major pipelines. -Nexen Energy, a wholly owned subsidiary of China's CNOOC, said late on Wednesday that it was shutting its Long Lake oil sands facility.

  • TORONTO, May 5- Canada's main stock index rose on Thursday, snapping a three-day losing streak as higher oil prices supported energy stocks, while gold stocks also rallied. Gains for the index come one day after it fell to a two-week low of 13,570.02 as a wildfire cut production in Canada's oil sands region. U.S. crude prices rose 3.6 percent to $45.34 a barrel as...

  • *Fort McMurray evacuees told to head to oil sand camps. *Fighting in Libya escalates, disrupts supplies. LONDON, May 5- A wildfire threatening Canada's oil sands region and escalating tensions in Libya sparked concern among investors over a near-term supply shortage, driving crude oil prices up by 3 percent on Thursday.

  • SAO PAULO, May 5- Brazil's Braskem SA, Latin America's largest petrochemical company, reported on Thursday that first-quarter net income tripled from a year earlier to 747 million reais.

  • *Fort McMurray evacuees told to head to oil sand camps. *Fighting in Libya escalates, disrupts supplies. LONDON, May 5- A huge wildfire near Canada's oil sands region and escalating tensions in Libya stoked concern among investors over a near-term supply shortage, driving crude prices up for the first time in a week on Thursday.

  • MELBOURNE, May 5- London copper sank to fresh two-week lows on Thursday, as a stronger dollar prompted commodity markets to take a breather after April's broad-based rally, while a deteriorating technical picture pointed to further consolidation. Data due in coming weeks is expected to show China's economic activity moderated in April after a strong showing...

  • What's the outlook for silver, gold and metals?

    Michael Widmer, metals strategist at BofA Merrill Lynch Global Research, says fundamentals have improved enough to call a bottom in the metals market.

  • LAUNCESTON, Australia, May 5- If you are looking for signs that the China- led surge in iron ore and steel prices is likely to fizzle, the fact that the share prices of producers are lagging miles behind is a strong indicator that the commodity rally may be shaky. Spot iron ore for delivery to China has surged almost 43 percent this year, closing on Wednesday at $61 a...

  • *Fighting in Libya escalates, disrupts supplies. SINGAPORE, May 5- Oil prices jumped on Thursday as a huge wildfire in Canada disrupted its oil sands production, while escalating fighting in Libya threatened the North African nation's output. Brent was pushed higher by escalating fighting in Libya.

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