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BASE METALS HIGHLIGHTS : Top Stories Of The Day

04/25/2012 | 03:21pm US/Eastern
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   TOP STORIES 
 
LME Board Accepts Recommended Changes To Tin, Nickel Loading-out Rates 

The London Metal Exchange said Wednesday that its board has accepted, in principle, recommendations made to the exchange in relation to changes to loading-out rates for nickel and tin.

 
   STORIES OF INTEREST 
 
Chile Court Rejects Codelco's Apr 17 Petition - Anglo American 

A Chilean court has rejected state-owned copper producer Codelco's petition to retain dividends from the prized Anglo Sur copper complex in escrow and install a court appointee within Anglo American PLC's (AAL.LN) Chilean business, Anglo American said Wednesday.

 
Nippon Steel Takes Partner Posco To Court Over Alleged Technology Theft 

Nippon Steel Corp. (5401.TO) is claiming South Korean partner and rival Posco (005490.SE) broke Japanese law by obtaining trade secrets from a former employee of the Japanese company and has filed a lawsuit in a sign of its determination to protect its key technologies from competitors, regardless of strategic ties.

 
Posco: Didn't Infringe Nippon Steel's Steel Sheet Technology 

SEOUL (Dow Jones)--South Korean steelmaker Posco (005490.SE) said it didn't infringe Nippon Steel Corp.'s (5401.TO) steel sheet technology, and will respond to the civil lawsuit filed by its Japanese strategic alliance partner.

 
Brazil's Vale 1Q Results Seen Falling Due To Rains, China Demand 

RIO DE JANEIRO (Dow Jones)--Brazilian mining company Vale SA (VALE, VALE5.BR), the world's biggest producer and exporter of iron ore, is set to announce a fall in net profit and revenue for the third consecutive quarter on Wednesday due to unusually heavy rains and slow demand early in the year in China, its biggest customer for the steelmaking ingredient.

 
Jiangxi Copper 1st-Quarter Net Profit CNY1.43 Bln 

SHANGHAI (Dow Jones)--Jiangxi Copper Co. (0358.HK), China's biggest copper producer by output, said its first-quarter net profit fell 9.6% due to higher operating costs.

 
Peru Mining Companies' Investments Up 60.6% In Jan To Feb 

LIMA (Dow Jones)--Mining companies in Peru, a major global producer of base and precious metals, increased investments by 60.6% in the first two months of this year to $1.05 billion, the government said.

 
LME: Delists Vlissingen As Good Delivery Point For Copper 

LONDON (Dow Jones)--The London Metal Exchange said it has accepted a recommendation from the Copper Committee to delist Vlissingen as a good delivery point for copper.

 
Angang Steel First-Quarter Revenue CNY18.89 Bln 

SHANGHAI (Dow Jones)--Angang Steel Co. (0347.HK) said it swung to a first-quarter net loss of CNY1.89 billion as a weak real-estate sector and more expensive raw materials weighed on profitability.

 
International Ferro Metals Returns To Profitability 

LONDON (Dow Jones)--International Ferro Metals Ltd. (IFL.LN), a company that mines and produces stainless steel ingredient ferrochrome, said it returned to profitability toward the end of the first quarter as cost cutting measures and operational improvements took hold, and said profit will grow further as the momentum continues.

 
LCH.Clearnet Lowers Base Metal Margins 

LONDON (Dow Jones)--LCH.Clearnet Ltd., which clears trades for the London Metal Exchange, said late Tuesday it will lower initial margins across the base metals complex.

 
Rio Tinto, Chalco Complete Simandou Iron Ore Project JV 

MADRID (Dow Jones)-- Anglo-Australian miner Rio Tinto PLC (RIO) said it has completed the formation of a joint venture with Aluminum Corp. of China Ltd. (ACH), or Chalco, to develop Guinea's Simandou iron ore project following receipt of all Chinese regulatory approvals.

 
Base Metals To Overtake Oil As China Recovery Gains Momentum-Goldman 

LONDON (Dow Jones)--Base metals should soon begin to outperform oil as the recovery in China, the world's largest consumer of metals like copper, gains momentum, Goldman Sachs (GS) said.

 
China Steel Stockpiles Decline But Remain Elevated -Association 

BEIJING (Dow Jones)--Steel stocks in China have begun to recede from recent highs but remain elevated at more than 17 million metric tons, including government and private reserves, the China Iron and Steel Association said.

 
China Offers Cooperation In Rare-Earth Development 

BEIJING (Dow Jones)--China's Ministry of Industry and Information Technology on Wednesday stood by Beijing's export quota and tax controls on the nation's rare-earth mineral industry, but also extended an invitation to engage in "technical cooperation" to all countries, especially the U.S., Japan and Europe.

 
   MARKETS 
 
BASE METALS: Copper Gains With Equities, Steady After FOMC 

NEW YORK (Dow Jones)--Copper futures gained for a second day on Wednesday, tracking upbeat sentiment in equities markets after some good corporate-sector news and easing tension in Europe's debt crisis.

-By Mary de Wet, Dow Jones Newswires; 212-416-3337; mary.dewet@dowjones.com

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