Jan. 9 (Bloomberg) -- Teck Cominco Ltd. plans to eliminate 1,400 jobs, or about 13 percent of its workforce, and reduce coal output. Goldcorp Inc. said fourth-quarter output rose 8.3 percent to a record. Copper fell and gold rose. Corn, soybeans and wheat declined.
INDUSTRIAL METALS, MINING
Teck Cominco to Cut 13% of Its Staff, Coal Output to Lower Costs
Teck Cominco Ltd., the world’s second-largest zinc producer, will eliminate 1,400 jobs, or about 13 percent of its workforce, and reduce coal output to cut costs amid a decline in metal prices.
Marc Rich Group Had ‘Insignificant’ Exposure to Madoff Funds
Marc Rich, the fugitive financier pardoned by President Bill Clinton, invested with accused Ponzi scheme mastermind Bernard Madoff.
Codelco Plans $12 Billion Spending in 5 Years Amid Global Slump
Codelco, the world’s largest copper mining company, will invest $12 billion in the next five years, as the price of the metal begins to gain, Chilean Mining Minister Santiago Gonzalez said.
Copper Drops for Second Day on Signs U.S. Recession May Worsen
Copper prices fell for a second day on signs that the U.S. recession is deepening, heightening concern that demand for industrial metals will weaken. Copper tumbled 3.25 cents, or 2.2 percent, to $1.479 a pound in New York.
Aluminum Faces ‘Extreme’ Downturn as Alcoa Cuts: Chart of Day
Aluminum won’t get much of a lift from Alcoa Inc.’s latest production cut because of an “extreme deterioration” in demand, according to Barclays Capital.
Metals Prices to Be Lower in 2009 on Weak Demand, Goldman Says
Metal and coal prices are expected to average “considerably lower” in 2009 as demand plunges in a global recession and producers can’t cut supply fast enough, Goldman Sachs JBWere Pty said.
PRECIOUS METALS, GEMS
Goldcorp Says Fourth-Quarter Output Rose 8.3% to a Record
Goldcorp Inc., the second-largest gold producer by market value, said fourth-quarter output rose 8.3 percent to a record as its Penasquito mine in Mexico approaches full production.
Gold Rises as Dollar’s Decline Boosts Demand; Platinum Climbs
Gold rose the most in a week as the dollar dropped, boosting demand for the precious metal as an alternative investment. Platinum also gained. Gold rose $12.80, or 1.5 percent, to $854.40 an ounce in New York. Platinum gained $4.50, or 0.5 percent, to $994.60 an ounce. Palladium dropped $2.35, or 1.2 percent, to $198.20 an ounce. Silver was little changed at $11.097 an ounce.
AGRICULTURAL COMMODITIES
Corn, Wheat Fall as U.S. Export Sales Drop After Price Rallies
Corn and wheat fell, capping the biggest two-day declines in a month, as demand for U.S. supplies ebbed following four-week price rallies. Corn declined 9.75 cents, or 2.3 percent, to $4.0675 a bushel in Chicago. Wheat dropped 0.75 cent to $6.125 a bushel.
Soybeans Decline as Rains May Revive Crops in Brazil, Argentina
Soybeans fell for second straight session, erasing an earlier gain, on speculation rains will improve crops threatened by dry weather the past month in Brazil and Argentina, the two biggest producers after the U.S. Soybeans fell 0.5 cent to $9.895 a bushel in Chicago.
Brazil Corn, Soy Output to Fall More Than Expected, Conab Says
Corn output in Brazil, the world’s third-biggest producer, will drop more than previously forecast as a drought in the country’s southern states harms crops, the Agriculture Ministry said.
Cattle Fall to 3-Week Low on Sliding Demand for Beef; Hogs Drop
Cattle prices sank to the lowest in more than three weeks on signs of falling beef demand as the U.S. economy loses jobs and consumers have less cash to spend. Cattle slid 2.625 cents, or 3.1 percent, to 83.15 cents a pound in Chicago. Hog futures fell 1.125 cents, or 1.8 percent, to 62.425 cents a pound.
SOFT COMMODITIES
Brazil Coffee Crop May Drop as Much as 20% on Growth Cycle, Cost
Coffee output in Brazil, the world’s biggest producer, may drop as much as 20 percent this year as most trees enter the slower half of a biennial growth cycle and farmers use less fertilizer to cut costs, the government said.
Sugar Prices Climb on Signs Demand May Increase; Coffee Falls
Sugar futures rose in New York for the second time in three days on speculation that demand for supplies may be increasing from Brazil, the world’s biggest producer. Raw-sugar futures rose 0.05 cent, or 0.4 percent, to 12.03 cents a pound in New York. Arabica coffee dropped 0.75 cent, or 0.7 percent, to $1.1345 a pound.
Cocoa Prices Rise in New York as Dollar Declines Against Pound
Cocoa prices rose for the fourth straight day as the dollar fell against the pound, increasing the appeal of U.S. futures contracts. Cocoa rose $20, or 0.8 percent, to $2,616 a metric ton in New York.
Orange Juice Falls on Signs of Ample Supplies, Slack Demand
Orange-juice prices fell, ending a four-session rally, on signs of ample supplies and slack demand. Orange-juice futures fell 1.35 cents, or 1.7 percent, to 77.4 cents a pound in New York.
Cotton Prices Rebound as Demand for U.S. Fiber Exports Jumps
Cotton prices rose on signs of higher demand by mills for fiber from the U.S., the world’s biggest exporter. Cotton rose 0.81, or 1.6 percent, to 50.42 cents in New York.
OTHER COMMODITIES
Airgas Quarterly Profit Rises Less Than Expected on Weak Demand
Airgas Inc., the biggest U.S. distributor of industrial gases, reported preliminary fiscal third-quarter profit that trailed analysts’ estimates because of weak demand in December.
Dow Chemical, Rohm & Haas Get EU Regulatory Approval for Merger
Dow Chemical Co., the biggest U.S. chemical maker, received European Union clearance to acquire Rohm & Haas Co. for $15.4 billion.
Cytec Cuts 2008 Profit Forecast, Plans to Fire 600 Workers
Cytec Industries Inc., the maker of reinforced plastics for airplane parts, cut its 2008 profit forecast and said it will fire 600 workers because of a global slowdown that could extend into 2010.
Bemis Falls After Announcing Earnings That Trail Estimates
Bemis Co., the largest producer of flexible plastic packaging in the Americas, fell the most in almost a month in New York trading after projecting fourth-quarter profit to trail analysts’ estimates.
For Related News: Top commodity stories: CTOP
Posts
No comments:
Post a Comment