LONDON, Nov 6 (Reuters) – An output cut by six top
rare-earth producers in China has spurred a modest rise in
prices and is helping to steady a hard-hit market, but a
continued glut of illegal output will likely cap any rebound.
Prices of 17 rare-earth elements used in high-tech sectors
such as electronics, defence and renewable energy have been
sliding over the past four years, hit by heavy oversupply.
LONDON, Nov 3 (Reuters) – Prices of zinc and lead have given
up nearly all their gains since Glencore shocked the market with
output cuts, as investors realised other producers were happy to
fill the supply gap.
That means the market is unlikely to see shortages of zinc
and the price rally next year that many bulls had hoped for.
LONDON (Reuters) – Britain on Tuesday delayed tough emission standards for its struggling steel sector, but more is needed to avert a further job losses, industry officials told lawmakers.
This month over 4,000 UK steel jobs have been lost or are at risk due to a combination of amid weak prices and high costs.
LONDON, Oct 21 (Reuters) – Base metal mines dipping into the
red are proving unexpectedly resilient against output cuts,
which is likely to prolong and deepen already weak prices.
Some mines are resisting cuts in production by hedging when
prices pop higher, others are absorbing losses because shutdown
costs are even steeper, while fear of painful job losses is
keeping still other loss-making operations alive.
LONDON (Reuters) – The Chinese-owned London Metal Exchange (LME), banks and brokers pledged on Wednesday to help Beijing and its neighbors trade more industrial metals.
The LME and seven financial institutions signed a memorandum of understanding (MOU) during the state visit to Britain of China’s President Xi Jinping.
LONDON, Oct 14 (Reuters) – BHP Billiton, the
world’s largest miner, was downbeat on Wednesday about iron ore
prices as low-cost producers continue to swamp the market and as
the intensity of China’s demand for the steel making raw
However, there were some positive signs on the economic
outlook for top commodity consumer China, BHP officials
told a briefing during the LME Week industry gathering.
LONDON, Oct 12 (Reuters) – Chinese banks and brokers will
keep seizing opportunities to expand trading onto the London
Metal Exchange (LME), filling gaps left by Westerners
withdrawing from commodities and unfazed by a downturn in the
world’s biggest metals consumer.
More financial institutions are expected to join the four
Chinese-owned groups already trading on the LME, the world’s
biggest marketplace for industrial metals.
LONDON, Oct 9 (Reuters) – Zinc surged 12 percent to a
two-month peak on Friday and other base metals also rose
strongly after commodities group Glencore said it would cut its
zinc output by a third, sparking a short-covering rally across
Zinc’s jump higher, its biggest one-day gain in at least a
decade, followed Glencore’s announcement that
it will cut 500,000 tonnes of annual zinc production, equivalent
to around 4 percent of global supply, in its latest response to
weak commodities prices.
LONDON, Oct 8 (Reuters) – Copper prices are at risk of
tumbling below $4,000 a tonne after demand for the metal in top
consumer China collapsed this year, according to an analyst from
Goldman Sachs, a bank known for its bearish views.
Benchmark copper on the London Metal Exchange has
slid nearly a fifth this year, hitting a six-year low of $4,855
a tonne in August.
LONDON, Oct 6 (Reuters) – Commodity group Glencore,
whose shares have been hammered by worries about its debt
burden, sought to assure investors that the impact of any credit
rating downgrade on its debt profile would be modest.
Glencore has investment-grade credit ratings, of BBB from
Standard and Poor’s and Baa2 by Moody’s Investors Services, but
some analysts and investors have speculated about a possible
downgrade if hard-hit commodity prices remain weak.