Copper Heads for 2nd Weekly Gain in London as Supply Falls; Nickel Drops

(Bloomberg) -- Copper headed for a second straight
weekly gain in London on speculation demand will exceed supplies
amid stockpile declines and labor disputes at mines in Chile,
the largest source of the metal. Nickel fell for a fifth week.

Inventories tracked by commodity exchanges in London, New
York and Shanghai shrank 7.4 percent this week to 208,636 metric
tons, the equivalent of five days of global use. Contract
workers at Chile's Codelco, the biggest copper producer, have
been on strike since June 25. Miners at Dona Ines de Collahuasi,
Chile's third-biggest copper mine, are demanding higher wages.


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Copper Drops in London on Demand Concern; Nickel, Zinc, Aluminum Decline

(Bloomberg) -- Copper dropped for a third
consecutive session in London after stockpiles rose and Japanese
shipments of cable and wire fell, renewing concern that Asian
demand may be slowing. Nickel and zinc declined.

Inventories of copper monitored by the London Metal
Exchange rose 1,200 metric ton to 119,025 tons, the bourse said
today in a daily report, bringing this month's gain to 7.1
percent. Metal-wire and cable shipments in Japan, the world's
second-largest economy, fell 2.5 percent on year in May,
according to preliminary data from the Japanese Electric Wire
and Cable Makers' Association.


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Lead at fresh record high on stocks, copper firm

(Reuters) - Lead rose to a new record high on Wednesday, boosted by low inventory levels while a slew of looming strikes at mines drove copper prices higher.

Nickel gained around 2.5 percent after tumbling around $3,000 on Tuesday but analysts see more downside potential as more stainless steel producers cut back production.


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Nickel Falls to 10-Week Low After Exchange Changes Rules, Inventories Rise

(Bloomberg) -- Nickel fell to a 10-week low, erasing
its leading position this year on the London Metal Exchange, as
stockpiles rose and the bourse imposed new rules to curb what one
analyst described as ``collusive'' trading.

Two or more companies each holding 25 percent or more of
LME-monitored nickel stockpiles now need to make more metal
available to other buyers. Inventories tracked by the LME
increased 2.4 percent to 8,604 tons, the highest since July 10.


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Norilsk says Finnish regulator clears LionOre bid

(Reuters) - Russian metals giant Norilsk Nickel said on Wednesday it had received clearance from Finland's competition authority for its offer to buy Canadian miner LionOre.

Norilsk last Wednesday increased its bid for LionOre Mining International Ltd. to C$6.8 billion, raising the stakes in its battle with Xstrata Plc for the world's 10th-largest nickel producer.


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Norilsk Nickel Raises LionOre Offer to $6.3 Billion, Trumps Xstrata's Bid

(Bloomberg) -- OAO GMK Norilsk Nickel, the world's
largest producer of the metal, increased an offer for LionOre
Mining International Ltd. by 28 percent to C$6.8 billion ($6.3
billion), trumping an improved bid from Xstrata Plc.

Norilsk bid C$27.50 a share, up from the C$21.50 it
proposed May 3, the Moscow-based company said today in a
statement. Xstrata boosted its offer for Toronto-based LionOre
last week to C$6.2 billion, or C$25 a share. The shares closed
at C$27.25 in Toronto yesterday.


Read more at Bloomberg Emerging Markets News

Africa's ARM H1 EPS up fourfold to 264 cts

South Africa's African Rainbow Minerals Ltd (ARM) said higher metal prices boosted earnings per share fourfold to 264 Sth African cents in the six months to end December from 64 cents a year ago.

The diversified mining group said on Tuesday it had seen higher prices for platinum, nickel, iron ore, manganese and its coal unit, although exploration costs and rising corporate costs had somewhat reduced the earnings.

Read more at Reuters South Africa

Nickel bounces after dropping over Sudbury

Nickel futures fell 3 percent in early business at the London Metal Exchange on Thursday after a deal to stop a potential strike at the Sudbury, Ontario operations of miner Xstrata.

Three-months futures traded as low as $35,900 per tonne, down $1,200 from its previous closing price, before rebounding to $36,650 by the end of the official session.


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Nickel drops on Sudbury labour deal

Nickel futures fell 3 percent in early business at the London Metal Exchange on Thursday after a deal to stop a potential strike at the Sudbury, Ontario operations of miner Xstrata

The Anglo-Swiss mining firm and the union representing around 1,000 workers reached tentative agreement on a new contract late on Wednesday, narrowly avoiding a strike which would have further tightened supply of the metal.

Three-months futures traded as low as $35,900 per tonne, down $1,200 from its previous closing price, before rebounding to $36,525/36,675 by 1130 GMT.

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Nickel hovers below highs as copper falls

Nickel prices hovered near record highs in early trade in London on Monday, supported by the threat of strike action at major producer Xstrata and by a further fall in stocks.

At $37,800/38,000 per tonne at 1100 GMT, London Metal Exchange nickel for delivery in three months was 13percent higher than at the start of the year.

On Friday it hit a fresh high of $38,950 before closing at$38,100.

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Rising stocks weigh on copper, outlook brighter

Rising stocks knocked copper market sentiment on Friday, but analysts say expectations of strong demand growth from China will underpin the metal and possibly push prices back above $6,000 over coming days.

Nickel for three-month delivery on the London Metal Exchange touched a new all-time high of $38,950 a tonne on worries about low stocks and supply shortages, while tin was hovering below this week's record high of $12,500 a tonne.

Three-month copper was by 1105 GMT was quoted down at $5,800/5,820 a tonne from $5,850 on Thursday, when it touched a two-week high of $5,910.

Stocks of copper in LME warehouses rose 4,325 tonnes to 207,700 tonnes, more than double the levels seen last January.

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