Business Materials and Metals

  • SYDNEY, March 8- The Australian and Canadian dollars stood at multi-month highs early on Tuesday in the wake of a rally in commodity prices, contrasting with a subdued performance in the greenback, euro and yen. The Aussie was last at $0.7465, while the loonie was at C $1.3292. Expectations that Chinese steel mills are planning a short-term output boost saw iron ore,...

  • RIO DE JANEIRO/ MELBOURNE, March 7- Iron ore rivals Vale SA and Fortescue Metals Group said on Monday they were in talks that could lead to Brazil's Vale buying a minority stake in Australia- based Fortescue as well as working together to blend iron ore for China. Fortescue Chief Executive Nev Power told reporters the non-binding agreement could see Vale acquire...

  • TORONTO, March 7- Canada's main stock index rose on Monday to a three-month high as mining and energy stocks gained on the back of higher oil and gold prices, while industrial and financial sector stocks also rallied. "There's a certain amount of short-covering that's going on that's helping to drive the market," said Michael Sprung, president at Sprung& Co....

  • SAO PAULO, March 7- Brazilian miner Vale SA said on Monday it signed a memorandum of understanding with Australian rival Fortescue Metals Group Ltd to explore creating joint ventures to blend iron ore for the Chinese market.

  • PCI's private equity owner, Frazier Healthcare Partners, has hired RBC Capital Markets to identify and approach potential buyers, including other buyout firms, the people said on Monday. RBC Capital Markets and PCI did not immediately respond to requests for comment. PCI was formed in 2012, when Frazier acquired the packaging operations of Blackstone Group...

  • NEW YORK, March 7- U.S. shale oil production in April is expected to chalk up the second-largest monthly decline on record, and the sixth straight monthly decrease, a U.S. government forecast released on Monday showed. Total output is expected to fall by 106,000 barrels per day to 4.87 million bpd, according to the U.S. Energy Information Administration's drilling...

  • *Platinum above $1,000/ oz for 1st time in more than 4 months. NEW YORK/ LONDON, March 7- Gold rose on Monday, hovering just below last week's 13- month high as the U.S. dollar turned lower, while a fall in average U.S. earnings lessened expectations the Federal Reserve could raise interest rates at its next policy meeting. Spot gold was up 0.6 percent at $1,266.70 an ounce...

  • TORONTO, March 7- Cameco Corp is slowly expanding the world's biggest uranium mine, betting utilities that are currently well-supplied will need the radioactive metal in coming years, Chief Executive Officer Tim Gitzel said on Monday. Cameco's McArthur River mine in northern Saskatchewan is expected to produce 20 million pounds this year but is licensed for...

  • TORONTO, March 7- Canada's main stock index rose 1 percent on Monday, hitting another fresh 2016 high as mining and energy stocks gained on the back of higher oil and gold prices. The most influential gainers on the index included Barrick Gold Corp, up 5.4 percent to C $19.27, Goldcorp Inc advancing 7.3 percent to C $21.65, and Potash Corp adding 2.8 percent to C $25.23.

  • *Tin may extend rally to $20,000- technical analyst. LONDON, March 7- Copper and zinc pulled back from their highest levels in more than four months on Monday, dampened by a firmer dollar and as misgivings surfaced over China's ability to stimulate underlying demand for base metals. Three-month copper on the London Metal Exchange slipped 0.8 percent to $4,987 a...

  • *South Africa gold shares have soared this year. JOHANNESBURG, March 7- A sinking rand has sparked a buying spree and rerating of South African gold mining shares which have doubled in value in 2016, but the volatile currency is a double-edged sword that could cut the gains back down to size. Harmony Gold, which gets 90 percent of its production from South Africa,...

  • March 7- Wall Street was set to open lower on Monday after the S&P 500 and the Dow recorded their first four-day winning streak in about five months last week. European stocks fell as a drop in copper prices hurt shares of mining companies, while China's reassurances over the weekend about the strength in its economy helped push Asian stocks higher.

  • *Platinum above $1,000/ oz for 1st time in more than 4 months. LONDON, March 7- Gold rose on Monday, hovering just below last week's 13- month high as European shares dipped, while a fall in average U.S. earnings lessened expectations the Federal Reserve could raise interest rates at its next policy meeting. Spot gold was up 0.8 percent at $1,269.03 an ounce by 1125 GMT.

  • ULAANBAATAR, March 7- Mongolia has settled a dispute over an arbitration award that required it to pay more than $100 million last year to a Canadian miner for revoking a uranium mining license, just as it launches a push this week to attract new exploration interest. Mongolian Finance Minister Bolor Bayarbaatbar said in a statement released by Khan late on...

  • *Tin may extend rally to $20,000- technical analyst. LONDON, March 7- Copper and zinc pulled back on Monday from the highest levels in more than four months, dampened by a firmer dollar and as investors locked in gains from a rally. Three-month copper on the London Metal Exchange slipped 0.7 percent to $4,990 a tonne by 1123 GMT after surging 3.5 percent to a...

  • The rally in iron ore will likely be short-lived as Chinese demand is unlikely to pick up strongly, according to Goldman Sachs.

  • MANILA, March 7- The rally in iron ore prices will not last in the absence of a significant improvement in steel demand from top consumer China, Goldman Sachs said, as the investment bank stuck to its bearish take on one of this year's biggest commodity comebacks. Apart from the surge in steel prices, Goldman said disruptions in top exporters Australia and Brazil...

  • *Coming Up: Germany Industrial orders for Jan at 0700 GMT. MELBOURNE, March 7- London copper fell on Monday from four-month highs hit on Friday as traders took profits following last week's rally on concerns that prices had overshot fundamental demand. In China, sentiment improved as investors reacted positively to statements from top Chinese leaders at the...

  • *China to keep 2020 energy consumption to 5 bln T standard coal. BEIJING, March 5- China aims to keep energy consumption within 5 billion tonnes of standard coal equivalent by 2020, it said in its five-year plan published on Saturday, marking the first time the world's second-biggest economy has set such a target. China has long been considering an energy...

  • BEIJING, March 5- China aims to keep energy consumption within 5 billion tonnes of standard coal equivalent by 2020, it said in its latest five-year plan published on Saturday, marking the first time the world's second-biggest economy has set such a target. China has long been considering an energy consumption cap in a bid to improve industrial efficiency,...

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