Materials and Metals Metals and Mining

  • MELBOURNE, June 2- London copper held above one-week lows on Thursday after patchy U.S. factory growth in May dragged down the dollar, while London zinc jumped to a 10- month high as investors bid up prices on signs a long awaited supply crunch has begun. Three-month copper on the London Metal Exchange had edged down by 0.3 percent to $4,603 a tonne by 0802 GMT, after...

  • WINNIPEG, Manitoba, June 2- North America's big potash miners have doubled down on a production cut strategy they hope will lift the fertilizer's price from a near decade low, even as some investors warn this threatens their long-term profitability and props up weaker rivals. That's more sustainable than trying to artificially maintain the price by closing...

  • Spot gold was up 0.2 percent at $1,214.40 per ounce $1,212.40. U.S. gold gained 0.2 percent to $1,217.0. The safe-haven metal has been taking a beating over the past couple of weeks as senior U.S. central bank officials, including Fed chief Janet Yellen, indicated that a rate rise may be on the cards sooner rather than later.

  • SHANGHAI, June 2- China's Hebei Iron& Steel Group, its biggest steelmaker by output, accused the United States of breaching WTO rules and said U.S. protectionism is damaging the world steel trade, in a statement posted on its website on Thursday. The ITC identified 40 Chinese steelmakers and distribution subsidiaries as respondents in its probe, including...

  • *China official PMI shows factory activity barely grew. LONDON, June 1- Zinc surged to its highest level in 10 months on Wednesday as speculators bet weaker supplies would create shortages, but copper touched a one-week low on worries about demand in top consumer China. Speculators pushed zinc prices through key technical levels, fuelling a rally by triggering...

  • LONDON, June 1- Britain's top share index retreated from a one-month high on Wednesday, with Wolseley's slumping after poor results and mining shares falling after metals prices dropped. The UK mining index fell 1.9 percent as metals prices dropped following weak factory data from China and Europe. Shares in mining companies Rio Tinto, Antofagasta and Anglo...

  • LONDON, June 1- Britain's top share index retreated from a one-month high on Wednesday, with Wolseley's slumping after poor results and commodities-related stocks mirroring a sharp drop in metals and crude oil prices. The UK mining and energy indexes fell 2.7 percent and 1.2 percent respectively after metals prices dropped following weak factory data from...

  • The International Lead and Zinc Study Group, for instance, estimates that mine output outside of China contracted by 9.5 percent in the first quarter. Now there are signs of tightness creeping into the London refined zinc market, with cash metal commanding a small $2.00 per tonne premium over three-month prices over the last couple of days.

  • SYDNEY, June 1- Australian penny stock Rox Resources, backed by mining major Teck Resources of Canada, said it has discovered one of the world's largest zinc deposits in northern Australia, although any decision to mine is years away. Shares in Metalicity Ltd, another Australian penny stock sitting on a potentially big zinc mine, known as Admiral Bay, have more than...

  • *Cerro Matoso workers to strike from June 14 over pay. MELBOURNE, June 1- London copper fell to its lowest in a week on Wednesday as a mixed outlook for China's manufacturing growth in May put more pressure on prices already hit by a stronger dollar on expectations of a near-term U.S. rate rise. Activity in China's manufacturing sector unexpectedly expanded for a...

  • *Cerro Matoso workers to strike from June 14 over pay. MELBOURNE, June 1- London copper fell on Wednesday, taking a hit from a strong dollar after U.S. consumer spending blew past expectations and raised prospects of an interest rate rise soon, and a mixed outlook for China's manufacturing growth in May. Activity in China's manufacturing sector unexpectedly...

  • NUSA DUA, Indonesia, June 1- Something has changed in the coal industry. For the past 22 years Asia's coal producers, traders and buyers have gathered in the Indonesian resort island of Bali to discuss the state of the sector. The main reason for the collapse in prices was the switch from an under-supplied seaborne market to one that was massively over-supplied as...

  • SAO PAULO, May 31- A change of chief executive at Brazilian steelmaker Usiminas has accelerated plans for controlling shareholders Nippon Steel& Sumitomo Metal Corp and Ternium SA to break up the company, a source close to the Japanese firm said on Tuesday. The Usiminas board last week appointed veteran executive Sergio Leite to the top job in a contested vote.

  • TOKYO, June 1- Japan's biggest steelmaker, Nippon Steel& Sumitomo Metal Corp, said on Wednesday there was no truth to reports that it was planning to break up its Brazilian affiliate Usiminas. A source close to the Japanese firm said on Tuesday that the recent change of chief executive at Brazilian steelmaker Usiminas has accelerated plans for controlling...

  • SAO PAULO, May 31- The recent change of chief executive at Brazilian steelmaker Usiminas has accelerated plans for controlling shareholders Nippon Steel& Sumitomo Metal Corp and Ternium SA to break up the company, a source close to the Japanese firm said on Tuesday. The Usiminas board last week appointed veteran executive Sergio Leite to the top job in a...

  • NEW YORK, May 31- Barrick Gold Corp has agreed to pay $140 million to resolve a U.S. lawsuit accusing the gold producer of concealing problems at a South American mine and of fraudulently inflating the company's market value, according to court papers. The settlement, disclosed in papers filed on Tuesday in Manhattan federal court, would resolve a class action...

  • May 31- Steelmaker Nippon Steel& Sumitomo Metal Corp is planning to hold talks on splitting the production assets of Brazilian steelmaker Usiminas with fellow shareholder Ternium SA, Nikkei reported without citing sources. Under one proposal, Nippon Steel will own an Usiminas mill in Ipatinga and Ternium will get the Cubatao mill in the neighboring state of...

  • BOGOTA, May 31- Union workers at Colombia's Cerro Matoso mine, one of the world's largest producers of ferronickel, will begin an indefinite strike on June 14 in protest of work and pay conditions, the union president said. A strike at Cerro Matoso, owned by Australia's South32 Ltd, could impact global nickel prices as production stalls. "The union has voted to strike...

  • *EBITDA up 38 percent to 59.3 billion roubles. MOSCOW, May 31- Russian miner Alrosa, the world's largest producer of rough diamonds in carat terms, sees global demand for diamonds rising by up to 2 percent in 2016, it said on Tuesday, after reporting record quarterly profits. Its first-quarter net profit came in at a record high 49.9 billion roubles, up from 22.2...

  • HUEPETUHE, Peru, May 31- In this wildcat gold mining town in the Peruvian Amazon, the boom is over. But the residents of Huepetuhe, whose town square is dominated by a golden statue of a muscular miner, see a shimmer of hope in presidential election front-runner Keiko Fujimori's promise to decriminalize the makeshift mines at the heart of the region's economy.