Eric's Feed
Dec 12, 2014

Copper edges up on China stimulus hopes after weak data

LONDON, Dec 12 (Reuters) – Copper rose on Friday on hopes
that China would unleash more stimulus measures after factory
output growth slowed more than expected in the world’ top metals

Zinc pared losses on buying interest by investors expecting
shortages to develop next year.

Dec 11, 2014

ICAP to close LME base metals broking business -sources

LONDON, Dec 11 (Reuters) – Major broker ICAP will
exit its base metals broking business on the London Metal
Exchange (LME) at the end of December, as part of wider
restructuring, industry sources said on Thursday.

Interdealer broker revenues have plunged as banks retreat
from risky trading to comply with new rules brought in after the
2008 financial crisis, and ICAP has been trying to offset a
slump in trading volumes by cutting costs.

Dec 10, 2014

UK court reserves judgment in Citi, Mercuria’s Chinese metals dispute

By Eric Onstad and Jan Harvey

(Reuters) – A London court declined to make an immediate
ruling on Wednesday in a case between U.S. bank Citigroup Inc
and trade house Mercuria over who should face about $270 million
of potential losses from metals financing deals in China,
following a probe into suspected fraud.

High Court judge Mr Justice Phillips reserved judgment in
the case, one strand in a web of legal actions filed in the wake
of the probe which was launched in May by Chinese authorities
into suspected fraud at China’s Qingdao port, the world’s
seventh busiest, and nearby Penglai.

Dec 9, 2014

Aluminium hits multi-month lows, others down on China worries

LONDON, Dec 9 (Reuters) – Aluminium dropped to multi-month
lows in London and Shanghai on Tuesday on concerns over excess
supply while other base metals fell ahead of expected weak
economic data from top metals consumer China.

China’s leaders who opened a key economic meeting on Tuesday
have been advised to cut next year’s economic growth target to 7

Dec 5, 2014

Vale to consider base metals IPO only if nickel rallies

LONDON (Reuters) – A possible public listing of a stake in the base metals unit of Brazil’s Vale SA (VALE5.SA: Quote, Profile, Research, Stock Buzz) hinges on a rally in nickel prices of around 20 percent, its chief financial officer said on Friday.

“We want to see nickel prices above $20,000 per ton in order to consider such an option, I would say well above,” Luciano Siani said in an interview with Reuters.

Dec 5, 2014

London Metal Exchange trims fee increase after complaints

LONDON, Dec 5 (Reuters) – The London Metal Exchange (LME) on
Friday trimmed a proposed average increase in transaction fees
to 31 percent from 34 percent after complaints by members.

The LME said that it made the changes following feedback
from members and because of its commitment to open-outcry
trading and to support the price discovery process.

Dec 3, 2014

Mercuria, Citi in court over China metals financing deals

LONDON (Reuters) – Suspected metals fraud in China sparked claims of betrayal by both U.S. bank Citigroup Inc and trade house Mercuria over who would absorb about $270 million in exposure to financing deals, a London court heard on Wednesday.

The court case that kicked off in London on Wednesday is one of a web of legal actions filed in the wake of a probe launched in May by Chinese authorities of suspected fraud at China’s Qingdao port, the world’s seventh busiest, and nearby Penglai.

Nov 25, 2014

Copper down as demand worries persist despite China easing

LONDON, Nov 25 (Reuters) – Copper slipped on Tuesday as
investors doubted whether additional monetary policy easing in
top metals consumer China would translate into a significant
improvement in demand.

Three-month copper on the London Metal Exchange
(LME) fell 0.6 percent to $6,635.25 a tonne by 1526 GMT. It
touched a three-week high of $6,772.50 on Friday after China cut
benchmark interest rates in a bid to jumpstart the economy.

Nov 17, 2014

Metals steady except copper as data shows Japan in recession

LONDON, Nov 17 (Reuters) – Most base metals were steady or
firmer on Monday, supported by forecasts for developing
shortages, but news that Japan had slipped into recession capped
the upside.

Many of the metals in the London Metal Exchange complex
dipped after news that Japan’s GDP fell for two successive

Nov 7, 2014

LME to further tighten warehouse rules, starts consultation

LONDON, Nov 7 (Reuters) – The London Metal Exchange (LME) on
Friday launched consultations on proposed changes to rules
governing physical delivery and its global network of storage

The LME, which recently won a major court battle about new
rules to cut delivery backlogs at warehouses, plans even tougher
rules to support a new contract on aluminium premiums, it said
in a statement.