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Business Materials and Metals

  • MELBOURNE, Sept 6- London copper hovered near two-month lows on Tuesday, shrugging off signs of oversupply from a flood of inventory into exchange stocks amid a modest pick-up in demand. *Shanghai Futures Exchange copper traded flat at 36,570 yuan a tonne. *Striking workers at Codelco's small Salvador copper deposit in Chile have blocked access to the mine and...

  • SHANGHAI, Sept 6- The northern Chinese province of Shanxi, the country's biggest coal producing region, has awarded 947.78 million yuan to six major coal enterprises this year for shutting down surplus capacity, one of the firms said late on Monday. In a notice to the Shanghai Stock Exchange, Datong Coal Industry Co. Ltd said it alone had received 312.16 million...

  • HOUSTON/ NEW YORK, Sept 5- Saudi Aramco and its U.S. refining joint-venture Motiva Enterprises lead the race to buy LyondellBasell Industries Houston refinery, according to three sources familiar with the matter. Reuters reported on Aug. 25 that Dutch chemical company Lyondell had retained Bank of America Merrill Lynch to help with a sale of the refinery.

  • *South Africa, Australia have protection in domestic law. LONDON, Sept 5- The world's biggest mining companies called on Monday for action to stop any firms, including the oil and gas industry, extracting resources from natural sites protected by the United Nations. "Yet 13 years later, other companies and industries are still operating in these precious sites,"...

  • HANGZHOU, China Sept 5- G20 leaders have pledged to work together to address excess steel capacity that has punished the global industry with low metal prices for years while raising tensions between China and other major producers. A statement from the White House said that leaders at the G20 summit in Hangzhou, eastern China, on Monday accepted that...

  • TEL AVIV, Sept 5- Fertilizer maker Israel Chemicals will not be bidding for an indirect stake that is for sale in Chilean potash and lithium producer SQM, a spokesman for the Israeli company said. ICL Chief Executive Officer Stefan Borgas said in May that ICL was interested in investing in SQM, which is 30 percent held by Potash Corp of Saskatchewan, but noted SQM was...

  • TEL AVIV, Sept 5- Fertiliser maker Israel Chemicals will not be bidding for an indirect stake that is for sale in Chilean potash and lithium producer SQM, a spokesman for the Israeli company said. ICL Chief Executive Officer Stefan Borgas said in May that ICL was interested in investing in SQM, which is 30 percent held by Potash Corp of Saskatchewan, but noted SQM was...

  • SANTIAGO, Sept 5- Chile's economic activity rose 0.5 percent in July from the same month a year earlier, below even the most pessimistic forecasts, as growth in services and retail was weighed down by declines in manufacturing and mining. Cooling demand for copper in China has driven down global prices and hurt the economy of Chile, the world's biggest producer of...

  • LONDON, Sept 5- Zinc continues to glow red hot amid the general gloom pervading the industrial metals sector. On the London Metal Exchange three-month metal closed last week valued at $2,364 per tonne, up 50 percent on the start of the year and the highest it's been since May last year. "We believe that the zinc price should continue to rise on the basis of improving...

  • LONDON, Sept 5- Copper traded near two-month lows on Monday as rising inventories weighed on long-term sentiment, while zinc scaled 15- month highs. Benchmark copper on the London Metal Exchange was virtually unchanged from the previous session at $4,624 a tonne by 0911 GMT. A long weekend in the United States for the Labor Day holiday was set to keep trading in...

  • *Manila has halted 10 mines so far, 8 of them nickel producers. *Philippines is world's top nickel ore producer. MANILA, Sept 5- The Philippines will suspend more of the country's mines for violating environmental regulations after already halting operations at 10 sites, the mining minister said on Monday, as the government wrapped up a seven-week review.

  • MELBOURNE, Sept 5- London copper hovered near its weakest in two months on Monday as the dollar gained ground and as investors bet that more mine supply would drag on prices for the rest of the year. Fed rate hikes, slower-than-expected capacity reduction in aluminum in China and a near-term oversupply threat in the global copper market, " Argonaut Securities said...

  • SHANGHAI, Sept 5- Unlisted Dongbei Special Steel Group Co Ltd, having defaulted on several bonds earlier this year, said on Monday it would delay the disclosure of its interim financial information. The troubled Liaoning province-owned steelmaker was scheduled to publish its first-half information on August 31. "The company is accelerating debt...

  • *Technicals point spot gold moving back to $1,315. We can expect prices to further rebound to $1,350 in a short-term, "said Mark To, head of research at Hong Kong's Wing Fung Financial Group. "Gold should continue to see interest support following Friday's jobs data as the chances of an interest rate rise in September pull back," MKS PAMP Group precious metals trader...

  • SHANGHAI, Sept 5- Central China's Henan province will cut annual coal capacity by 62.54 million tonnes and crude steel by 2.4 million tonnes over the 2016-2018 period as part of efforts to tackle nationwide supply gluts in the sectors, Xinhua news agency reported. The Henan provincial government said in an overcapacity "roadmap" that it would work to dispose of "...

  • HANGZHOU, China, Sept 4- It is crucial for China to set up a mechanism to address its problem of industrial overcapacity, European Commission President Jean-Claude Juncker said on Sunday, saying it was "unacceptable" that the European steel industry had lost so many jobs in recent years. Speaking at a news conference at a G20 summit in the eastern Chinese city of...

  • TORONTO, Sept 2- Canada's main stock index pushed higher on Friday with mining and energy stocks big beneficiaries of a weaker-than-expected U.S. jobs report that weighed on the U.S. dollar and, in turn, boosted commodity prices. Goldcorp Inc rose 2 percent to C $20.83, Barrick Gold Corp advanced 1.2 percent to C $23.59, and smaller Yamana Gold Inc jumped 6.6 percent...

  • TORONTO/ WASHINGTON, Sept 2- Canada's Potash Corp of Saskatchewan and Agrium Inc are more likely to win approval for a potential merger in Canada than the United States, but U.S. rejection of the deal would scuttle it globally, competition lawyers said. "It's possible that in this case the efficiencies win the day in Canada but don't carry the day in the United States."

  • Sept 2- Hundreds of banana farmers from Central America and South America will again have their day in court, after a U.S. appeals court on Friday revived six lawsuits accusing several big fruit and chemical companies of sickening them with a toxic pesticide. By an 11-0 vote, the 3rd U.S. Circuit Court of Appeals in Philadelphia revived claims by 228 farmers from...

  • LONDON, Sept 2- Copper was little changed on Friday as investors digested lower than forecast U.S. payrolls growth, while lead, zinc and tin hit multi-month peaks on tightening supplies, environmental curbs and upbeat factory data in China. On-warrant or available copper stocks on the London Metal Exchange have jumped 170 percent since June 1..

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