BASE METALS HIGHLIGHTS: Top Stories Of The Day

 

 

STORIES OF INTEREST

 

 

Chinalco Unit To Delay US$500M HK IPO Due To Iran Contract -Sources

 

 

HONG KONG (Dow Jones)--China Aluminum International Engineering, a unit of state-owned Chinese aluminum producer Chinalco, is delaying plans for a Hong Kong initial public offering that could raise around US$500 million until at least June, when a contract the company has with Iran expires, two people familiar with the situation said.

 

 

UPDATE: ArcelorMittal Sells Stake In Erdemir; More Sales Eyed

 

 

PARIS (Dow Jones)--Steel titan ArcelorMittal (MT) Wednesday said it has sold part of its stake in Turkey's largest flat steel producer as it pursues non-core asset disposals in order to reduce net debt and focus on core assets.

 

 

UPDATE: Copper To Stay In $8,000-$9,000/Ton Range Until September -Executive

 

 

SINGAPORE (Dow Jones)--Spot copper is likely to remain in a range of $8,000-$ 9,000 a metric ton at least until September, with prices supported by global supply constraints, an improving economic outlook in the U.S. and easing euro- zone debt concerns, the chairman and managing director of India's Hindustan Copper Ltd. (513599.BY) said at an industry conference Wednesday.

 

 

UPDATE: BHP To Take Offer To Australian Coal Workers In April

 

 

MELBOURNE (Dow Jones)--BHP Billiton Ltd. (BHP) will organize an employee ballot toward the end of April after negotiations with labor unions over a new workplace agreement at seven coking coal mines in Queensland state again deadlocked, the company said Wednesday.

 

 

Tungsten Prices To Stay Around $25,000/Ton For Next Five Years-Executive

 

 

SINGAPORE (Dow Jones)--Tungsten prices will hold firm around $25,000 a metric ton over the next five to ten years amid strong demand and constrained supply, Noel Ong, managing director of Australia-listed tungsten explorer Siburan Resources (SBU.AU), said Wednesday.

 

 

Indonesia's Antam To Process Ore From Smaller Miners When Export Ban Kicks In- Executive

 

 

SINGAPORE (Dow Jones)--Indonesian nickel producer PT Antam will consider refining metal on behalf of small miners when an ore export ban comes into force in the country in 2014, a company official said Wednesday.

 

 

Alcoa To Postpone Closing Italy Aluminum Smelter, Seek Buyer

 

 

NEW YORK (Dow Jones)--Alcoa Inc. (AA) has agreed to delay closing its Italian aluminum smelter until at least September while it looks for potential buyers, the company said Wednesday.

 

 

MARKETS

 

 

BASE METALS: Comex Copper Slumps On Weak Data

 

 

NEW YORK (Dow Jones)--Copper futures sank 2.3% Wednesday as some investors chose to cut back their holdings on weak economic data and a stronger dollar.