Commodities Correspondent
Pratima's Feed
Oct 21, 2011

Volatile copper roars back in front of EU summit

NEW YORK/LONDON (Reuters) – Copper ended a volatile week on firmer footing Friday, rallying 6 percent in its largest one-day advance since early 2010, as opportunistic buyers stepped up purchases on the eve of a European Union debt-crisis summit.

A day removed from its worst one-day collapse in four weeks, copper bounced back strongly to lead all gainers in the Reuters-Jefferies CRB index .CRB, as investors grew hopeful for a near-term solution to the euro zone debt crisis. The metal was also helped by Chinese buying signals.

Oct 21, 2011

LME must keep unique trading blend for sale to work

LONDON, Oct 21 (Reuters) – Leading London Metal Exchange
shareholders will insist on retaining key elements of the
134-year old exchange’s unique trading and business model as a
condition to agree any sale, they told Reuters.

The LME offers standard one- and three-month contracts, but
users can also trade daily out to three months and forwards are
available for those who want to trade for several months or two
to three years down the line. The range of LME trades has
spawned a web of related trading structures worldwide.

Oct 20, 2011

Global growth blues to sap China copper demand growth – poll

LONDON (Reuters) – A deteriorating economic outlook and the damaging consequences for Chinese metal goods exports to the United States and Europe will undermine the country’s demand for copper next year, a Reuters survey showed.

The survey of 10 analysts carried out over the last week showed real Chinese copper demand, which excludes metal bought for stockpiling, will grow 6.3 percent in 2012.

Oct 19, 2011

Investors retreat from gold, opt for equities

LONDON (Reuters) – Gold slid on Wednesday as higher hopes of a resolution to the euro zone debt crisis persuaded investors to shrug off a downgrade to Spain’s credit rating and opt for equities, but a softer dollar helped provide some support.

Spot gold was bid at $1,653.30 a troy ounce at 0945 GMT from $1,658.64 an ounce late in New York on Tuesday.

Oct 17, 2011

Gold motors to three-week high

LONDON (Reuters) – Gold jumped to a three-week high on Monday, boosted by fresh investor interest and a softer dollar against the euro after a G20 summit reinforced hopes that European leaders would soon resolve the region’s debt crisis.

Spot gold rose 1 percent to hit $1,694.60 a troy ounce, its highest since September 23. The precious metal was bid at $1,687.19 an ounce at 1013 GMT from $1,678.53 late in New York on Friday.

Sep 28, 2011

More than 9 suitors court London Metal Exchange

LONDON (Reuters) – Interest in the London Metal Exchange as a takeover target has snowballed and the number of suitors has risen to double digits because business is booming with volumes at record levels, its chief executive Martin Abbott said.

The LME will set up a “data room,” opening the books for would-be buyers, by early December.

Sep 26, 2011

Analysis – LME opens door to potential $1.5 billion takeover

LONDON (Reuters) – The world’s biggest metal market has thrown open its doors to a potential 1 billion pound ($1.5 billion) takeover and is considering a sale that might end the independence its chief executive previously said was not negotiable.

The London Metal Exchange (LME) said on Friday it was considering a sale after receiving “several expressions of interest.” A source with knowledge of the situation said there had been a firm offer, which had triggered the beauty parade.

Sep 26, 2011

LME opens door to potential $1.5 billion

LONDON (Reuters) – The world’s biggest metal market has thrown open its doors to a potential 1 billion pound ($1.5 billion) takeover and is considering a sale that might end the independence its chief executive previously said was not negotiable.

The London Metal Exchange (LME) said on Friday it was considering a sale after receiving “several expressions of interest.” A source with knowledge of the situation said there had been a firm offer, which had triggered the beauty parade.

Sep 26, 2011

LME opens door to potential $1.5 billion takeover

LONDON (Reuters) – The world’s biggest metal market has thrown open its doors to a potential 1 billion pound ($1.5 billion) takeover and is considering a sale that might end the independence its chief executive previously said was not negotiable.

The London Metal Exchange (LME) said on Friday it was considering a sale after receiving “several expressions of interest.” A source with knowledge of the situation said there had been a firm offer, which had triggered the beauty parade.

Sep 23, 2011

London Metal Exchange considers takeover approaches

LONDON, Sept 23 (Reuters) – The London Metal Exchange, the
world’s biggest market for industrial metals that has hit record
volumes this year, is considering a sale of itself after being
approached about deals, it said on Friday.

The 134-year-old exchange, owned by trading houses and banks
that use the market, declined to identify its suitors, but
analysts said two potential bidders were the ICE exchange
in the United States and the London Stock Exchange
.