Jan. 15 (Bloomberg) -- Rio Tinto Group said fourth-quarter earnings at its aluminum and copper units will decline because of falling prices. BHP Billiton Ltd. and Rio Tinto may secure a lower-than-expected decline in annual contract iron ore prices as demand rebounds in China.
INDUSTRIAL METALS, MINING
Escondida’s Copper Output Slumps 41% Last Quarter
Copper output at Escondida, the world’s largest copper mine, slumped 41 percent in the December quarter because of declining ore grades and electrical failures at a mill, part-owner Rio Tinto Group said.
Japan Aluminum Stockpiles Reach 3-Year High on Demand
Aluminum stockpiles in Japan, Asia’s largest importer, climbed to the highest in almost three years in December as a deepening recession slashed demand for the metal used in homes and cars.
China Dec. Copper, Alloys Imports Jump on Arbitrage
Imports of copper and alloys by China, the world’s largest consumer, jumped 62 percent in December from the previous month as overseas prices plunged, making purchases more appealing.
Laos Seeks Emergency Aid as Copper Price Plunge Drains Revenue
Laos, the poorest country in Southeast Asia, will seek additional foreign aid as a plunge in copper prices threatens to cut one of the government’s biggest sources of revenue by half this year.
Rio’s Anglesey Smelter Venture to Shut in September
Rio Tinto Group, the world’s third largest mining company, will shut its Anglesey Aluminium Metals Ltd. venture in Wales when its power contract expires in September.
PRECIOUS METALS, GEMS
SPDR Gold Holdings Advance 0.4 Percent to a Record 790.66 Tons
Gold in the SPDR Gold Trust, the largest exchange-traded fund backed by bullion, expanded by 0.4 percent to a record.
StanChart Raises Gold Forecast on Weaker Dollar; Lowers Copper
Standard Chartered Plc raised its 2009 price estimates for gold and platinum on expectations a weaker U.S. dollar will increase demand as output declines.
STEEL, COAL, URANIUM AND IRON ORE
China’s Coal Imports Fall for First Time in 5 Years on Economy
China, the world’s biggest user of coal, slashed its overseas purchases of the fuel for the first time in five years as slower economic growth curbed demand for energy while domestic supplies increased.
BC Iron May Sell Pilbara Stake to Chinese, Indian Steelmakers
BC Iron Ltd., an Australian iron ore miner, said it received offers from Chinese and Indian steelmakers to invest in its Pilbara project to help pay for initial production costs.
Rio Iron Ore Production Dropped 18% in Fourth Quarter
Rio Tinto Group, the world’s third-largest mining company, said iron ore output fell 18 percent in the fourth quarter after steelmakers idled furnaces.
BHP May Secure Lower Than Expected Iron Ore Price Cut
BHP Billiton Ltd., the world’s biggest mining company, and Rio Tinto Group, may secure a lower-than-expected decline in annual contract iron ore prices as demand rebounds in China.
Shipping Rates Run Out of Steam After Record Jump: Chart of Day
Rates to hire capesize vessels to haul iron ore have probably peaked after a record rally this year, according to Rikard Vabo, a shipping analyst at Fearnley Fonds ASA.
AGRICULTURAL COMMODITIES
Thai Rice Harvest to Be Delayed as Cold Snap Sweeps Paddy Farms
A cold spell in Thailand, the world’s biggest rice exporter, may force farmers to delay harvest by two weeks, as adverse weather thwarts crop development.
Barclays Says Soybean-Price Spread May Quadruple: Chart of Day
The price spread between soybean futures for July delivery and those for November may quadruple in the next few months as hot, dry weather damages crops in South America, said Peter Meyer at Barclays Capital in New York.
Corn, Soybean Forecasts Raised at Standard Chartered
Corn, soybeans, cocoa and coffee futures may climb more than expected this year on the improved outlook for soft commodities, Standard Chartered Plc analyst Abah Ofon said from Dubai.
COMMODITY COMPANIES
Rio Tinto 4th-Quarter Profit at Aluminum, Copper Units to Fall
Rio Tinto Group, the world’s third-largest mining company, said fourth-quarter earnings at its aluminum and copper units will decline because of falling prices.
Posco Says Chief Executive Lee to Depart Next Month
Posco Chief Executive Officer Lee Ku Taek said he will step down as the world’s second-biggest steelmaker by market value needs new leadership to cope with the global recession.
For Related News: Top commodity stories: CTOP
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