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BASE METALS HIGHLIGHTS : Top Stories of the Day

06/12/2012 | 04:00pm US/Eastern
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   TOP STORIES 
 
Chile Cochilco Head: Copper Seen No Lower Than $2.50-$3.00/Lb. in Next Few Years 

SANTIAGO--Although global copper prices have been volatile in recent months because of uncertainty in the euro zone and some slowing in China's growth, they likely won't fall below $2.50-$3.00 a pound over the next few years as demand stays robust, according to the head of Chilean state copper commission Cochilco.

 
Rio Tinto Alcan CEO Upbeat on Chinese Growth Outlook 

NEW YORK--Rio Tinto Alcan Chief Executive Jacynthe Cote is positive on China's economic outlook and the country's demand for alumina, she said Tuesday at the American Metal Market Aluminum Summit.

 
Rio Tinto Alcan CEO: Focus on Alumina, Bauxite 

NEW YORK--Rio Tinto Alcan, one of five operating groups operated by Rio Tinto PLC (RIO, RIO.LN), is focusing its investment and development on bauxite and alumina, Jacynthe Cote, chief executive of Rio Tinto Alcan, said Tuesday at the American Metal Market Aluminum Summit.

 
   STORIES OF INTEREST 
 
Novelis To Become 'World's Largest Recycler' - CEO 

NEW YORK--Aluminum-products maker Novelis Inc. plans to become the world's largest recycler and is on track to boost its use of recycled aluminum to 80% of raw material by 2020, President and Chief Executive Phil Martens said Tuesday at the American Metal Market Aluminum Summit in New York.

 
Aerospace, Auto Remain Bright Spots for Aluminum Demand 

NEW YORK--The aerospace and automotive sectors remain a bright spot for global aluminum demand, aluminum industry executives said Tuesday at the American Metal Market Aluminum Summit.

 
Bolivia Plans to Revoke Glencore Mine Concession - Reports 

Bolivia is considering revoking Glencore International PLC's (>> Glencore International Plc) concession to the Colquiri lead and tin mine amid a clash between employees and cooperative miners working at the site, according to local press reports.

 
Global Aluminum Smelting Overcapacity to Persist - Analyst 

NEW YORK--Global aluminum smelting overcapacity will continue to persist over the next two to three years despite increasing pressure from higher costs, Tony Rizzuto, managing director and head of metals and mining research at Dahlman Rose & Co., said at the American Metal Market Aluminum Summit.

 
LME: Metro International Trade Services Warehouse Renamed 

The London Metal Exchange said Tuesday that a warehouse operated by Metro International Trade Services (UK) Ltd. in Johor, Malaysia, has been renamed.

 
ENRC Aiming to Simplify Structure, Boost Transparency - Chairman 

The chairman of Kazakhstan-focused miner Eurasian Natural Resources Corp PLC (>> Eurasian Natural Resources Corporation) said Tuesday he was working to simplify the structure of its business, adding he would seek to update the market "sooner rather than later."

 
Qatar Investment Authority Raises Xstrata Stake to 10.581% 

LONDON--Qatar Investment Authority, owner of Qatar Holding LLC, said Tuesday it bought 2,509,221 shares in diversified mining group Xstrata PLC (>> Xstrata PLC) at GBP9.666657 pence; 370,000 at GBP9.623, and 3,725,233 at GBP9.6735, lifting its total holding including options to 317,719,752 shares, or 10.581%.

 
Indonesia Ore Export Changes to Hit Nickel, Aluminum Hardest -Citi 

Nickel and aluminum will be the base metal markets most affected by new regulations on Indonesian ore exports, Citigroup analyst David Wilson said in a conference call Tuesday.

 
Glencore CEO Ivan Glasenberg Buys 2.7 Million Shares 

LONDON--Swiss commodities broker Glencore International PLC (>> Glencore International Plc) said Tuesday Chief Executive Ivan Glasenberg bought 2.7 million ordinary shares at an average price of 364.8107 british pence per share on June 11.

 
ZincOx Says Korean Plant Zinc Recovery Above 90%, Rising 

LONDON--ZincOx Resources PLC (>> ZincOx Resources plc) said Tuesday that its Korean Recycling Plant has been commissioned and is in production, with recovery rates consistently above 90% and steadily rising.

 
METALS MOVER: Greg Baxter Leaves Rio Tinto Alcan for Glencore 

LONDON--Greg Baxter has left Rio Tinto Alcan, a subsidiary of U.K.-listed miner Rio Tinto PLC (RIO), to join the alumina team of Swiss-based Glencore International PLC (>> Glencore International Plc), industry sources told Dow Jones Newswires Tuesday.

 
   MARKETS 
 
BASE METALS: Copper Prices Slip on Euro-Zone Debt Worries 

NEW YORK--Copper futures ended slightly lower Tuesday after treading water for most of the trading session as investor attention remained focused on Europe's sovereign-debt problems despite dovish comments from Federal Reserve Bank of Chicago President Charles Evans.

Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com

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