Asia Commodity Day Ahead: One Company Holds 90% of LME Copper

One Company Holds at Least 90% of LME Copper Stocks

One unidentified company holds 90 percent or more of copper stockpiles in warehouses monitored by the London Metal Exchange, the latest bourse data shows.

COMMODITY EXCLUSIVES:

Rio Alto Stock Likely to Quadruple in ‘11, Black Says

Rio Alto Mining Ltd., the best-performing stock in Peru’s main index this year, will quadruple in 2011 as it starts producing gold and explores for reserves, said Alex Black, the company’s chief operating officer.

INDUSTRIAL METALS:

Copper Falls From London Record on Concern China Demand to Ease

Copper fell from a record in London amid renewed investor concern that China, the world’s largest metal consumer, will take more steps to curb inflation.

MINING:

Rio to Invest $1 Billion in Canadian Aluminum Smelters

Rio Tinto Group, the world’s third-largest mining company, will spend more than $1 billion expanding two Canadian aluminum smelters to cut costs and electricity usage.

Billionaire Prokhorov Denies Bid for Miner Supatcha

Mikhail Prokhorov, the second-richest Russian, denied any association with Supatcha Resources Inc. and an unsolicited bid for the Denver-based gold explorer.

Norsk Hydro Delays Completion of Vale Aluminum Deal

Norsk Hydro ASA, Europe’s third-largest aluminum maker, will delay completing the purchase of $4.9 billion of assets from Brazil’s Vale SA until the first half from this quarter as it seeks regulators’ approval.