Base metal prices were resurgent on the London Metal Exchange on Wednesday November 28, with prices for the entire complex closing higher than their Tuesday levels, with the exception of tin.Tin's three-month price continued to fall over afternoon trading, closing at $18,240 per tonne with just 550 lots traded.Copper prices were buoyed by disruptions to cathode supplies to smelters operated by Eur...Read More
The price of copper on the Comex exchange in the United States rebounded in morning trading on Wednesday November 28 ahead of the upcoming meeting in Argentina of leaders from the G20 group of nations.The copper price for March settlement on the Comex division of the New York Mercantile Exchange rose by 4.15 cents per lb to $2.7675 per lb on Wednesday.Despite recent remarks from US President Donal...Read More
Base metal prices on the London Metal Exchange rebounded in morning trading on Wednesday November 28 after having suffered heavy losses at the start of the week.The LME's three-month copper contract rallied up by $33.5 per tonne to $6,155 per tonne; this morning news broke that Indonesian copper smelter Gresik will be out of the market until December.Aluminium prices, meanwhile, have failed t...Read More
Surge Exploration Inc. (TSXV: SUR) (OTC: SURJF) today announced that it has entered into a purchase and sale agreement with Venture Capital IQ to acquire a 100% interest in nine mineral claims comprising 197 square kilometres in the Omineca Mining Division in north central British Columbia.The company stated that the region is host to numerous operating mines, good infrastructure including experie...Read More
SANTIAGO - BHP's Spence copper mine was operating normally again following a union strike announced earlier on Wednesday, the company said.Union President Ronald Salcedo told Reuters early on Wednesday that about 50 workers had been laid off, in addition to eight supervisors, raising safety concerns for the mine's remaining workers and prompting the walk-off. BHP said the layoffs were the result...Read More
* Plant shut in May after 13 people killed in protests* Vedanta not given notice, opportunity to explain its position* National Green Tribunal to give verdict on Dec. 7NEW DELHI - An Indian court-appointed panel said on Wednesday that there were insufficient grounds to permanently close Vedanta Ltd's copper smelter and a government decision to shut it amounted to administrative overreach.Police fi...Read More
Despite an increased appetite in copper assets, the rate of new discoveries continues to be low, especially in Chile, the biggest producing country in the world and where the bulk of exploration is in the hands of major miners.But that is about to change, as the country's Mining Ministry is set to sign the first of many contracts next month that allows major companies to lease to juniors all or pa...Read More
Emgold Mining (TSXV: EMR) just signed an agreement to sell its 100%-owned Troilus North property to Troilus Gold (TSE: TLG) for 3,750,000 Troilus Gold common shares and C$250,000 in cash.The sale is expected to be finalized the first week of December and upon its completion, Emgold will keep approximately 7.1% of Troilus Gold's issued and outstanding share capital."Emgold is very excited to have b...Read More
M2 Cobalt (TSXV: MC) has announced it is moving forward with the development of its Bujagali mine is south-central Uganda.In a media statement, the Vancouver-based junior said it commenced drilling at its Bombo and Bombo NW targets. The campaign is expected to comprise at least 1,000 metres of diamond core drilling and is designed to test a number of targets across a broad area in what is now beli...Read More
The Spence copper mine was operating normally again following the union strike announced on Wednesday, the company said.On Monday, unionized workers at BHP's Spence copper mine in Chile downed tools over layoffs, halting operations at the mine until today.The move followed the dismissal of 49 workers and eight supervisors, union president Ronald Salcedo told local radio B?-o B?-o, which made the r...Read More
Iron ore prices fell sharply in the second half of November after climbing through October, with prices for higher-grade material pioneering the decline.Fastmarkets MB daily benchmark for 65% Fe fines dropped by 22% by Monday November 26 after peaking on October 29. The 62% Fe iron ore index declined by 16% over the period, as some Chinese steelmakers started to seek larger volumes of cheaper ores...Read More
* Prices slump more than 30 pct since the beginning of October* U.S. crude inventories up 14 pct in last 10 weeks* OPEC and allies meet next week to discuss supply cuts* Saudi Arabia says it will not cut oil output alone (Updates to settlement, adds quotes)By David GaffenNEW YORK, Nov 28 (Reuters) - Oil prices fell about 2.5 percent on Wednesday after U.S. crude inventories rose for the 10th strai...Read More
Nov 28 (Reuters) - U.S. stocks rose higher on Wednesday after Federal Reserve Chairman Jerome Powell said that the gradual interest-rate hikes are meant to balance risks as it tries to keep the economy on track.At 12:01 a.m. EDT the Dow Jones Industrial Average .DJI was up 303.60 points, or 1.23 percent, at 25,052.33, the S&P 500 .SPX was up 23.41 points, or 0.87 percent, at 2,705.58 and the N...Read More
* NSE index end up 0.4 pct, BSE index 0.6 pct higher* Nifty IT index up 2.9 pct, Yes Bank top pct loserNov 28 (Reuters) - Indian shares closed higher for the third straight session on Wednesday, helped by IT stocks such as Tata Consultancy Services Ltd TCS.NS and Infosys Ltd INFY.NS , although investor sentiment was cautious ahead of the expiry of futures and options contracts later this wee...Read More
* Plant shut in May after 13 people killed in protests* Vedanta not given notice, opportunity to explain its position* National Green Tribunal to give verdict on Dec. 7 (Adds quotes, details of plant)By Mayank Bhardwaj and Sudarshan VaradhanNEW DELHI, Nov 28 (Reuters) - An Indian court-appointed panel said on Wednesday that there were insufficient grounds to permanently close Vedanta Ltd's VDAN.NS...Read More
(Repeats to additional subscribers without change to text)* Plant shut in May after 13 people killed in protests* Vedanta not given notice, opportunity to explain its position* National Green Tribunal to give verdict on Dec. 7By Mayank Bhardwaj and Sudarshan VaradhanNEW DELHI, Nov 28 (Reuters) - An Indian court-appointed panel said on Wednesday that there were insufficient grounds to permanently c...Read More
NEW DELHI, Nov 28 (Reuters) - An Indian court-appointed panel said a government order to close down resources company, Vedanta Ltd's VDAN.NS copper smelter after protests by environment activists turned violent was a case of administrative overreach, said lawyers involved in the case.The committee set up by the National Green Tribunal said the closure of the plant in southern Tamil Nadu (NS:TNNP)...Read More
The Turkish steel producers have continued to hold back from the deep-sea scrap markets and were not expected to resume purchasing activity any time soon, sources said on Wednesday November 28.The mills in the country booked three deep-sea cargoes at the end of last week, following a downturn in prices. But this activity did not last long because of concerns about price falls in the Asian steel ma...Read More
The price for rebar produced and delivered in Southern Europe was flat on Wednesday November 28, with consumers continuing to snub higher offers from producers for material with first-quarter delivery dates.Fastmarkets' weekly price assessment for domestic rebar in Southern Europe stayed at ?,?530-540 ($600-611) per tonne delivered on Wednesday.While some producers had hoped for a big purchasing r...Read More
RAPAPORT... Tiffany & Co.'s shares dropped 9% in early trading Wednesdayafter diminished spending by Chinese tourists led to weaker-than-expectedsales. Comparable-store sales - at branches open for at least ayear - grew 3% in the third fiscal quarter ending October 31, but analysts hadpredicted a rise of 5.3%, according to Reuters. While total revenue climbed 5%to $1 billion, profit fell...Read More