BASE METALS HIGHLIGHTS: Top Stories Of The Day

Copper settled at a 15-month low on escalating concerns about Europe's debt, but pared some of its losses in after-market trade Thursday after French and German leaders said a deal to expand the region's rescue fund will likely be signed by early next week.

 
Zambia NCFA Mining Fires 1,000 Miners Over Strike-Union Official 

Chinese-owned NCFA Mining Wednesday fired at least 1,000 miners at Chambishi Copper Mines for participating in a strike over wages, a union official told Dow Jones Newswires Thursday, a sign that tensions between workers and management is still unresolved several years after a dispute ended in violent shootings

 
Copper Down As China Credit Crackdown Forces Speculative Sales 

LONDON (Dow Jones)--Copper's use as a core letter of credit pledge in China is taking its toll on the metal with domestic speculators there selling amid a squeeze on financing, pushing prices sharply lower Thursday.

 
 STORIES OF INTEREST: 
 
Zambia Suspends Issue Of New Mine Licenses Pending Audit -Officials 

Zambia, Africa's top copper miner, has suspended the issuance of new mine licenses as the country's newly-elected populist leader Michael Sata tries to exert more control on the sector, officials said Thursday.

 
Glencore To Increase CSA Copper Mine Capacity 

LONDON -- Glencore International PLC (GLEN.LN) is to expand copper capacity at the CSA mine in Australia by 50% in a $150 million, two-year project, the company said Thursday.

 
INTERVIEW: Outokumpu CEO: Weaker Market Could Delay Return To Profit 

STOCKHOLM (Dow Jones)--Loss making Finnish stainless steel company Outokumpu Oyj (OUT1V.HE) Thursday said it aims to cut costs by EUR100 million by the end of 2012, including cutting up to 1,300 jobs globally, but a return to profitability might take longer if market conditions weaken, its chief executive told Dow Jones Newswires Thursday.

 
Funds Snub Commodities For First Time In 2 Yrs -BofA Merrill Lynch 

LONDON (Dow Jones)--Fund managers' attitude toward commodities has turned negative for the first time in more than two years amid fears the world could face another recession, a survey found Thursday.

 
Investor Risk Appetite For Commodities Improves-ETF Securities 

LONDON (Dow Jones)--Investors are starting to return to commodities, with risk appetite for exchange-traded products picking up after a difficult year, the head of research and investment strategy at ETF Securities said Thursday.

 
BHP: Order Book Full; Customers Behaving Conservatively 

LONDON (Dow Jones)--The chief executive of globally diversified miner BHP Billiton Ltd (BHP) said Thursday that BHP's order books are still full and industrial demand in the developing world remains healthy, but customers are behaving conservatively in light of the uncertain macro economic picture.

 
Tethyan Copper Co Files Notice Of Dispute With Pakistan Province 

LONDON (Dow Jones)--In a sign of mounting tensions over the development of a massive Pakistani copper and gold development, Tethyan Copper Co. Pakistan Ltd. Wednesday filed a notice of dispute with the provincial government of Baluchistan in order to resolve any outstanding objections regarding its mining license application.

 
Peru Mining Companies Expected To Post Strong 3Q Results 

LIMA (Dow Jones)--Mining companies in Peru are expected to post strong financial results in the third quarter of 2011, supported by higher metal prices compared to the same period last year.

 
Chile Peso Ends 1.4% Weaker As Copper Prices Plummet 

SANTIAGO (Dow Jones)--The Chilean peso fell 1.4% against the dollar Thursday, ending at almost an almost two-week low, as fears about the euro zone's debt crisis pulled international copper prices and global equities markets lower.

 
Study Shows Copper Surfaces Cut Hospital-Acquired Infections 

NEW YORK (Dow Jones)--Copper's strong antimicrobial properties can make a meaningful reduction in the rate of hospital-acquired infections, according to final results from a comprehensive clinical trial.

 
Western Areas Nickel Production Falls 10.5%, Costs Down 6.5% 

SYDNEY (Dow Jones)--Nickel production by Australia's third-largest independent nickel miner Western Areas N.L. (WSA.AU) fell 10.5% in the company's first quarter but costs also dipped 6.5%, the company said Thursday.

 
 
 MARKETS: 
 
BASE METALS: Copper Ends At 15-Month Low On EU Debt Fears 

NEW YORK (Dow Jones)--Copper settled at a 15-month low on escalating concerns about Europe's debt, but pared some of its losses in after-market trade Thursday after French and German leaders said a deal to expand the region's rescue fund will likely be signed by early next week.

 
BASE METALS: LME Copper Closes -6.6% Amid EU, China Fear 

LONDON (Dow Jones)--Base metals closed sharply lower on the London Metal Exchange Thursday as uncertainty over the state of affairs in the euro zone and the slowing demand outlook from top metals consumer China continued to weigh on sentiment.

-By Tatyana Shumsky, Dow Jones Newswires; 212-416-3095; [e-mail]