Aluminium
Gold drops $22 on stronger dollar
by Elaine Frei
Most metals prices were lower Monday, with gold falling on a stronger dollar and base metals dropping after copper and aluminium stockpiles were up significantly in London.
February gold dropped $21.70 to $857.80 per troy ounce in New York trade and was as low as $843.50 per troy ounce earlier in the session, while March silver [...]
Gold prices lower as other metals see gains
by Elaine Frei
Prices for base metals and most precious metals were higher Friday as investors bet that gains in equities markets mean that demand for metals used in industry will increase.
Gold, which does not have as many industrial uses as other precious metals saw declines in New York trade, where it dropped $4.80 to $879.50 per troy [...]
Rio Tinto withdraws from Saudi equity partnership
by Gill Montia
Rio Tinto Alcan (RTA) is withdrawing from an equity partnership arrangement that had been set up to develop a $10 billion integrated aluminium project, in Saudi Arabia.
RTA had a 49% stake in the project but says it will be continuing its involvement through a co-operation agreement with Saudi Arabian Mining (known as Ma’aden).
This will involve [...]
Rio to cut 14,000 jobs worldwide
by Gill Montia
Rio Tinto is proposing to cut 14,000 jobs across its global workforce as part of major cost reduction programme.
The mining giant says it is responding to a fall in demand for raw materials caused by the global economic downturn, which it describes as of unprecedented rapidity and severity.
The group wants to reduce capital expenditure by [...]
Copper prices drop in New York, London
by Elaine Frei
The price of copper fell Wednesday on continuing worries that demand will suffer as the global economy worsens.
March copper dropped 5 cents to $1.55 per pound in New York while three-month copper was down $135 to $3,420 per tonne on the London Metal Exchange.
Some analysts are concerned that the price of copper could fall to [...]
BHP Billiton scraps plans to acquire Rio
by Gill Montia
BHP Billiton has scrapped its plans to acquire Rio Tinto in a $66 billion hostile takeover bid.
The group’s chairman, Don Argus, said that while the board had not changed its view of the benefits of such a merger, concerns about the deteriorating global economy had influenced the decision.
In explaining the action further, BHP’s chief executive, [...]
Base metals see more price declines
by Elaine Frei
Demand concerns sent base metals prices lower again Thursday.
March copper was down 4 cents to $1.57 per pound in afternoon trade in New York while three-month copper fell $110 to $3,480 per tonne in London on inventories in London Metal Exchange warehouses that have increased by nearly 40,000 tonnes just since the beginning of November.
Aluminium [...]
Copper prices fall on inventories, US housing data
by Elaine Frei
Base metals prices were lower Wednesday.
March copper was down 7 cents to $1.61 in early afternoon trade in New York while three-month copper dropped $160 to $3,590 per tonne in London as inventories rose in London Metal Exchange warehouses.
Also hurting the price of copper was news that US housing starts were down again in October [...]
Copper, aluminium gain after early declines
by Elaine Frei
Most metals prices were higher Tuesday, with copper and aluminium both ending higher in London after seeing declines earlier in the day.
March copper remained about even in New York at $1.67 per pound but it gained $90 to $3,750 per tonne on the London Metal Exchange, while aluminium gained $28 to $1,918 per tonne in [...]
Gold drops half a dollar in New York
by Elaine Frei
Precious metals prices were mostly lower Monday.
December gold was 50 cents lower to $742 per troy ounce in New York as US equities markets rose from earlier lows that had send prices for gold higher.
Also seeing declines were December silver, with a decline of 16 cents to $9.33 per troy ounce and January platinum, which [...]
Copper pares gains on US retail data
by Elaine Frei
Metals prices were mixed Friday as copper saw gains on advances in global equities markets but lost some of those gains after Wall Street declined on the news that US retail sales fell by a record amount in October.
March copper added 9 cents to $1.72 per pound in New York while three-month copper was up [...]
Copper, aluminium inventories continue to climb
by Elaine Frei
Base metals prices were mixed Wednesday as copper and aluminium inventories in London Metal Exchange warehouses advanced again.
Three-month copper added $19 to $3,621 per tonne in London after going as low as $3,570, a three-year low, while December copper added less than a cent to $1.66 per pound in New York.
Inventories for the metal used [...]
Alcoa delays expansion at Wagerup and cuts production
by Gill Montia
US aluminium producer, Alcoa Inc, has announced that it is postponing plans for a $1.5 billion expansion of its Wagerup alumina refinery, in Western Australia, until market conditions improve.
The Wagerup mine is operated by Alcoa World Alumina & Chemicals, a joint venture between Alcoa and Alumina Ltd.
The company, which is 60% owned by Alcoa, currently [...]
Platinum, palladium down on auto sector problems
by Elaine Frei
Precious metals prices were lower around noon in New York on Tuesday as investors worried about demand.
Platinum and palladium were both lower on worries that trouble for automakers will cut demand for the metal, which is used in the manufacture of motor vehicle pollution control devices.
Shares of General Motors (NYSE: GM) were as low as [...]
China’s stimulus plan sends most metals higher
by Elaine Frei
Metals prices were mostly higher Monday after China announced that it will spend 4 trillion yuan ($586 billion) over the next two years on infrastructure development, low-rent housing and rural development.
Three-month copper added $120 to $3,875 per tonne in London and December copper jumped 6 cents to $1.75 per pound in New York on the [...]
Western Areas reports on high grade nickel at Spotted Quoll
by Gill Montia
Australian mining group, Western Areas, has reported that nickel deposits at Spotted Quoll, which forms part of the Forrestania Nickel Project, could equal those of its Flying Fox nickel mine, in terms of size and grade.
Further drilling at Spotted Quoll, which lies 400km east of Perth, has detected high-grade nickel intersections and indicated possible [...]
Rio looks for Chinese joint ventures
by Gill Montia
Rio Tinto is reported to be exploring joint venture opportunities with companies that are backed by the Chinese Government.
Speaking to the Observer newspaper, Rio’s chief executive, Tom Albanese, has outlined plans to work with Chinese state-backed companies, to develop new iron ore projects.
He is particularly interested in links with enterprises that could provide the infrastructure [...]
Japan demands details of BHP bid for Rio
by Gill Montia
The Government of Japan has ordered BHP Billiton to provide details of its proposed $78 billion (£48.3 billion) bid for Rio Tinto, by 17th November.
In an uncharacteristic move, the Japanese Fair Trade Commission is issuing a compliance order demanding information on the proposed takeover.
If the details are not forthcoming, Japan’s competition regulators will almost [...]
Gold prices see slight rise in New York
by Elaine Frei
The price of gold rose slightly in New York Friday as demand for the precious metal increased as a safe place to put money after the US dollar declined and on the news that the unemployment rate rose to its highest level in over 14 years in October.
December gold was $2 higher to $734.20 per [...]
Demand worries send base metals lower
by Elaine Frei
A poor demand outlook continued to send base metals prices lower Thursday.
December copper dropped 9 cents to $1.73 per pound in New York while three-month copper fell $265 to $3,805 per tonne in London after the Bank of England, the European Central Bank and Switzerland’s central bank all cut interest rates during the day.
The fact [...]