NEW YORK (Reuters) – Thompson Creek Metals Co Inc <TCM.TO><TC.N> looks for pent-up demand or the “rebound effect” to cause global demand for molybdenum to grow faster in 2010 than the usual 4 to 5 percent pace.
Speaking to Reuters Mining and Steel Summit on Monday, Chief Executive Kevin Loughrey said, the molybdenum market “has been growing at a 4 to 5 percent rate historically, and it could grow faster than that this year, because there is some rebound effect.”
NEW YORK (Reuters) – Novelis Inc <NVLX.UL> estimates global demand growth for aluminum at a modest 4 percent pace in 2010, with the emerging markets driving the growth, and it expects the aluminum price to reflect that view with a slight positive uptrend.
Speaking to Reuters Mining and Steel Summit on Monday, Chief Operating Officer Philip Martens said, “We do see the outlook in the global marketplace picking up, but it depends on the region. It’s slightly more on the optimistic side than four or five months ago.”
NEW YORK, March 8 (Reuters) – Thompson Creek Metals Co Inc
<TCM.TO><TC.N> looks for pent-up demand or the “rebound effect”
to cause global demand for molybdenum to grow faster in 2010
than the usual 4 to 5 percent pace.
Speaking to Reuters Mining and Steel Summit on Monday,
Chief Executive Kevin Loughrey said, the molybdenum market “has
been growing at a 4 to 5 percent rate historically, and it
could grow faster than that this year, because there is some
NEW YORK (Reuters) – As the global economy recovers from the worst recession in 70 years, industrial metals are expected to stay on a recovery path this year, but metal producers warn that the advance may be slow as demand remains shaky.
Among the positives for demand are the impact of lean producer inventories, government stimulus programs and Chinese consumption, analysts said. Global economic growth is starting to pick up as a result.
NEW YORK, March 4 (Reuters) – Copper ended lower on
Thursday as the euro gained against the dollar, mixed U.S.
economic readings put demand in question and funds sold metals
across the board. Benchmark copper for three-month delivery <CMCU3> on the London Metal Exchange ended sharply lower at $7,370 a tonne from $7,580 on Wednesday. In New York, most active copper for May delivery <HGK0> fell 5.95 cents, or 1.73 percent, to finish at $3.3755 per lb on the New York Mercantile Exchange's COMEX division. The euro's descent on the dollar sparked metal sales across the board. The euro dropped after Europe's central bank chief said recovery would be uneven, reducing chances of a near-term rise in record low euro zone interest rates. [USD/] "Copper had a sell-off, accompanied by the rest of the metals, I think predominantly based on the statements from the ECB on not raising rates. That hit the euro and put a cap on all the metals," said Frank McGhee, head precious metals trader with Integrated Brokerage Services LLC in Chicago. Dollar-denominated copper tends to fall when the U.S. currency rises, making the red metal more expensive for overseas investors. Mixed U.S. economic news also pressured copper. January reports cast doubt on prospects for economic growth, dimming hopes for stronger copper demand. New orders at U.S. factories rose 1.7 percent in January, led by a big jump in orders for commercial aircraft, though contracts for pending sales of previously owned homes fell unexpectedly. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> * U.S. PENDING HOME SALES: Story: [ID:nN04154147] Table: [ID:nWEQ003825] * U.S. FACTORY ORDERS: Story: [ID:nN03257330] Table: [ID:nCAT005122] <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> Copper has eked out gains of just 0.6 percent so far this year, with Chinese buying softening as the world's top base metals consumer moves to a less accommodative monetary policy to cool rapid growth. Chinese demand helped copper surge 140 percent in 2009. [ID:nTOE62301C] Moreover, Western demand is recovering slowly. "There haven't been any particular signs of a very strong demand recovery in copper or other base metals outside China," said Daniel Major, analyst at RBS Global Banking and Markets. CHILE QUAKE The fall in copper, used in power and construction, followed a five-week peak in prices on Monday after an earthquake forced top producer Chile to temporarily shut down nearly a quarter of its mine capacity. <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> For more on the Chile quake, see [ID:nN28135112] [ID:nCHILE] <^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^> A series of reports from Chile have affirmed that mining operations are now running with little overall impact, though some smelters and refineries remained shuttered. Chilean-owned top producer Codelco on Thursday reported quake impact of less than 0.5 percent of annual output. [ID:nN04136817] Traders also watch stock movements for clues on demand outside China. Thursday showed a steep 6,350-tonne decline to 544,225 total tonnes, near a six-year high. Aluminium <CMAL3> ended at $2,215 versus $2,210, steel-making ingredient nickel <CMNI3> closed at $22,300 from $22,845 and tin <CMSN3> at $17,250 from a last bid of $17,350 on Wednesday. Tin earlier hit a one-month high of $17,850, while nickel touched $23,040, the highest since June 2008. Battery material lead <CMPB3> ended at $2,170 from $2,238.50 and zinc <CMZN3> at $2,259 a tonne from $2,320. For results from miner Kazakhmys, see [ID:nLDE6220M2]. (Additional reporting by Pratima Desai, Rebekah Curtis and Michael Taylor in London; Editing by David Gregorio)
NEW YORK, March 3 (Reuters) – Copper rose on Wednesday,
hitting a seven-week high as the dollar fell against the euro,
making metals cheaper for non-U.S. investors amid signs that
demand was improving cropped up in the U.S. and Asia.
Benchmark copper <CMCU3> on the London Metal Exchange ended
at $7,580 a tonne, up from a close of $7,490 on Tuesday. The
red metal, used in power and construction, touched a session
high of $7,634, its highest since Jan. 11.
NEW YORK, Feb 25 (Reuters) – Freeport-McMoRan Copper and
Gold Inc <FCX.N> plans to use its strong cash position to
increase exploratory drilling, pay down debt, raise shareholder
dividends and restart deferred development projects in 2010.
Sticking to the second largest copper miner’s mantra, Chief
Executive Richard Adkerson said Thursday Freeport will grow
internally rather than pay a premium for outside assets.
NEW YORK, Feb 5 (Reuters) – Steel Dynamics Inc <STLD.O>,
the fifth largest U.S. steel producer, has seen business
conditions improve since the start of 2010, but with U.S.
economic growth still weak, its medium-term orders will likely
hold steady, with some short-lived spikes.
Any surges in demand for Steel Dynamics’ products would
likely result from customers taking advantage of temporary
price declines in a low inventory environment, more than any
stimulus-related activity, company executives said.
NEW YORK, Feb 5 (Reuters) – Alcoa Inc. <AA.N> will continue
discussing ways to resolve energy costs at its aluminum
smelters in Italy and will not curtail its two plants there on
Feb. 6 as previously announced, a spokesman said on Friday.
“We are continuing to analyze and continuing to talk. We’re
hopeful that the Italian government and the European Commission
can help us resolve this situation. And we’ll take it from
there,” Kevin Lowery, spokesman for the U.S. aluminum giant,
NEW YORK (Reuters) – Gold rose nearly 1 percent on Wednesday, as the dollar gave up ground to the euro following a weaker U.S. home sales report that called into question the day-earlier optimism that sent gold to a 7-week low.
“We’re just following the dollar,” said Frank McGhee, head precious metals trader at Integrated Brokerage Services LLC in Chicago, adding that dollar losses and oil gains had stemmed some of the concerns about the euro that drove it to a 3-1/2-month low against the greenback on Tuesday.