Business Materials and Metals

  • NEW YORK, May 6- BP PLC said on Friday it would not be able to deliver on some contracts for Canadian crude due to a wildfire that has cut Canada's oil sands output in half and snarled supply lines. The force majeure comes after the fire this week forced the evacuation of 88,000 people from Fort McMurray, located in the heartland of Alberta's energy region, and...

  • May 6- As exhausted evacuees stranded north of the fire-ravaged Canadian oil town of Fort McMurray drove through the only route out on Friday, about half of Canada's daily oil sands crude capacity was out of service and some pipelines were closed. While oil sands facilities are not in the fire's path, eleven production companies and three pipeline operators...

  • *Syn crude trades at $7/ bbl over WTI; WCS at $11.95/ bbl over WTI. *Evacuated workers, citizens moved from north of Fort McMurray. NEW YORK, May 6- Canadian crude prices were little changed on Friday following a two-day rally as a wildfire in northern Alberta kept nearly one-half of Canadian oil sands production shuttered, forcing BP's Canadian unit to warn clients of...

  • NEW YORK, May 6- Specialty chemicals company Ferro Corp, which makes glass-based coatings, pigments and polishing materials, has hired investment bank Lazard Ltd to explore a sale, people familiar with the matter said on Friday. In March, Ferro shareholder FrontFour Capital Group LLC, a Greenwich, Connecticut- based hedge fund, called on the company to explore a...

  • In March, Ferro shareholder FrontFour Capital Group LLC, a Greenwich, Connecticut- based hedge fund, called on the company to explore a sale, arguing that potential buyers would be interested in Ferro's "significant operational improvement, strong market share positions, robust free cash flow generation and deep acquisition pipeline." Ferro said last month its...

  • LONDON, May 6- Nickel prices bounced on Friday as the dollar slid, but the market is braced for another sell-off by funds reversing bets on higher prices, with expectations of an oversupplied market adding to the pressure. Benchmark nickel on the LME ended up 0.5 percent at $9,065 a tonne. Nickel gained more than 11 percent last month on speculation over the...

  • *Canadian wildfire and Nigeria attacks add support. A wildfire that has shrunk Canadian oil sands crude production by a third and reports of a militant attack on a Chevron platform in Nigeria's oil-rich Niger Delta region also supported prices, analysts said. "The global surplus still exists and there is still a possibility that oil prices could retrace...

  • *Evacuated workers, citizens moved from north of Fort McMurray. NEW YORK, May 6- Canadian crude prices stabilized in thin trading on Friday following a two-day rally as a wildfire in northern Alberta kept nearly one-third of Canadian oil sands production shuttered, with no real clarity on when production would resume. "Clearly, while the disruptions last, they...

  • *FTSEurofirst 300 down around 1 pct. LONDON, May 6- European shares fell on Friday, with steelmaker ArcelorMittal and hedge fund Man Group among the worst performers. Man Group slumped 8.5 percent after Citigroup cut its rating on the stock to "sell" from "buy."

  • LONDON, May 6- Nickel held near two-week lows on Friday as the market braced for another sell-off by funds reversing bets on higher prices, while expectations of an oversupplied market added to the pressure. Benchmark nickel on the London Metal Exchange was unchanged at $9,020 a tonne at 1112 GMT. Nickel gained more than 11 percent last month on speculation of...

  • MOSCOW, May 6- MMK, one of Russia's largest steelmakers, said it expected better financial results in the second quarter after reporting a 39 percent drop in first-quarter core earnings on Friday due to weak domestic demand and low prices. MMK shares were up 1.7 percent at 0950 GMT, outperforming Moscow's broader MICEX index, which was down 0.7 percent.

  • LONDON, May 6- The zinc market has for years been a story of shattered bullish dreams. London Metal Exchange stocks would spend months declining only for massive tonnages miraculously to reappear, as often as not at the U.S. port of New Orleans. The LME price for three-month delivery hasn't made it above $2,400 per tonne for any length of time since 2011.

  • *Shanghai rebar has worst week since 2009 launch. *Concern that optimism over China's economy fading. Commodities linked to China's steel sector, which led the mid-April rally, were the hardest hit on Friday, on worries that demand in the world's biggest steel consumer could soon wane.

  • SYDNEY/ ULANBAATAR, May 6- Global miner Rio Tinto has given the green light to a $5.3 billion expansion of the Oyu Tolgoi mine in Mongolia, a key plank in its push to become a global copper powerhouse. For Mongolia, Oyu Tolgoi is the biggest foreign investment to date. Friday's long-awaited approval is also a victory for incoming chief executive Jean-Sebastien...

  • 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...

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