Copper settled at a 15-month low on escalating concerns about
Europe's debt, but pared some of its losses in after-market trade
Thursday after French and German leaders said a deal to expand the
region's rescue fund will likely be signed by early next week.
Zambia NCFA Mining Fires 1,000 Miners Over Strike-Union Official
Chinese-owned NCFA Mining Wednesday fired at least 1,000 miners
at Chambishi Copper Mines for participating in a strike over wages,
a union official told Dow Jones Newswires Thursday, a sign that
tensions between workers and management is still unresolved several
years after a dispute ended in violent shootings
Copper Down As China Credit Crackdown Forces Speculative Sales
LONDON (Dow Jones)--Copper's use as a core letter of credit
pledge in China is taking its toll on the metal with domestic
speculators there selling amid a squeeze on financing, pushing
prices sharply lower Thursday.
STORIES OF INTEREST:
Zambia Suspends Issue Of New Mine Licenses Pending Audit -Officials
Zambia, Africa's top copper miner, has suspended the issuance of
new mine licenses as the country's newly-elected populist leader
Michael Sata tries to exert more control on the sector, officials
said Thursday.
Glencore To Increase CSA Copper Mine Capacity
LONDON -- Glencore International PLC (GLEN.LN) is to expand
copper capacity at the CSA mine in Australia by 50% in a $150
million, two-year project, the company said Thursday.
INTERVIEW: Outokumpu CEO: Weaker Market Could Delay Return To Profit
STOCKHOLM (Dow Jones)--Loss making Finnish stainless steel
company Outokumpu Oyj (OUT1V.HE) Thursday said it aims to cut costs
by EUR100 million by the end of 2012, including cutting up to 1,300
jobs globally, but a return to profitability might take longer if
market conditions weaken, its chief executive told Dow Jones
Newswires Thursday.
Funds Snub Commodities For First Time In 2 Yrs -BofA Merrill Lynch
LONDON (Dow Jones)--Fund managers' attitude toward commodities
has turned negative for the first time in more than two years amid
fears the world could face another recession, a survey found
Thursday.
Investor Risk Appetite For Commodities Improves-ETF Securities
LONDON (Dow Jones)--Investors are starting to return to
commodities, with risk appetite for exchange-traded products
picking up after a difficult year, the head of research and
investment strategy at ETF Securities said Thursday.
BHP: Order Book Full; Customers Behaving Conservatively
LONDON (Dow Jones)--The chief executive of globally diversified
miner BHP Billiton Ltd (BHP) said Thursday that BHP's order books
are still full and industrial demand in the developing world
remains healthy, but customers are behaving conservatively in light
of the uncertain macro economic picture.
Tethyan Copper Co Files Notice Of Dispute With Pakistan Province
LONDON (Dow Jones)--In a sign of mounting tensions over the
development of a massive Pakistani copper and gold development,
Tethyan Copper Co. Pakistan Ltd. Wednesday filed a notice of
dispute with the provincial government of Baluchistan in order to
resolve any outstanding objections regarding its mining license
application.
Peru Mining Companies Expected To Post Strong 3Q Results
LIMA (Dow Jones)--Mining companies in Peru are expected to post
strong financial results in the third quarter of 2011, supported by
higher metal prices compared to the same period last year.
Chile Peso Ends 1.4% Weaker As Copper Prices Plummet
SANTIAGO (Dow Jones)--The Chilean peso fell 1.4% against the
dollar Thursday, ending at almost an almost two-week low, as fears
about the euro zone's debt crisis pulled international copper
prices and global equities markets lower.
Study Shows Copper Surfaces Cut Hospital-Acquired Infections
NEW YORK (Dow Jones)--Copper's strong antimicrobial properties
can make a meaningful reduction in the rate of hospital-acquired
infections, according to final results from a comprehensive
clinical trial.
Western Areas Nickel Production Falls 10.5%, Costs Down 6.5%
SYDNEY (Dow Jones)--Nickel production by Australia's
third-largest independent nickel miner Western Areas N.L. (WSA.AU)
fell 10.5% in the company's first quarter but costs also dipped
6.5%, the company said Thursday.
MARKETS:
BASE METALS: Copper Ends At 15-Month Low On EU Debt Fears
NEW YORK (Dow Jones)--Copper settled at a 15-month low on
escalating concerns about Europe's debt, but pared some of its
losses in after-market trade Thursday after French and German
leaders said a deal to expand the region's rescue fund will likely
be signed by early next week.
BASE METALS: LME Copper Closes -6.6% Amid EU, China Fear
LONDON (Dow Jones)--Base metals closed sharply lower on the
London Metal Exchange Thursday as uncertainty over the state of
affairs in the euro zone and the slowing demand outlook from top
metals consumer China continued to weigh on sentiment.
-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095;
tatyana.shumsky@dowjones.com
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