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ALCOA WORKERS GIVE UP PAYRISE TO TRY AND SECURE JOBS (Australia)

Posted by Gilmour Poincaree on January 20, 2009

Tuesday, 20/01/2009

ABC – Rural

PUBLISHED BY ‘THE AUSTRALIAN BROADCASTING CORPORATION’

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PUBLISHED BY ‘THE AUSTRALIAN BROADCASTING CORPORATION’

Posted in ALUMINUM, AUSTRALIA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, EMPLOYMENT, FINANCIAL CRISIS 2008/2009, FOREIGN WORK FORCE - LEGAL, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, MINING INDUSTRIES, NATIONAL WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, RESTRUCTURING OF PRIVATE COMPANIES, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

CHALCO FIRST ON PRICE RISE (China)

Posted by Gilmour Poincaree on January 20, 2009

20/01/2009

The Finance Standard

PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

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PUBLISHED BY ‘THE STANDARD’ (China – Hong Kong)

Posted in ALUMINUM, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS INDUSTRY, RECESSION, THE FLOW OF INVESTMENTS | Leave a Comment »

U.S. AND EUROPEAN DATA GRIM AS TOYOTA AND ALCOA TO CUT BACK

Posted by Gilmour Poincaree on January 7, 2009

January 6, 2009

by Matt Daily – Reuters

PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

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PUBLISHED BY ‘THE INTERNATIONAL HERALD TRIBUNE’ (USA)

Posted in ALUMINUM, AUTOMOTIVE INDUSTRY, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, METALS, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, THE FLOW OF INVESTMENTS, THE LAST DAYS OF GEORGE WALKER BUSH - 2008/Jan. 2009, THE WORK MARKET, THE WORKERS, UNEMPLOYMENT, USA | Leave a Comment »

ALCOA VOLTA A SER LÍDER MUNDIAL DO ALUMÍNIO

Posted by Gilmour Poincaree on December 23, 2008

22/12/2008 21:20

Da France Press

PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

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PUBLISHED BY ‘CORREIO BRAZILIENSE’ (Brasil)

Posted in ALUMINUM, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, USA | Leave a Comment »

DERIPASKA FEELS THE PINCH (Russia)

Posted by Gilmour Poincaree on December 17, 2008

Dec 16, 2008

by John Helmer

PUBLISHED BY ‘THE ASIA TIMES’ (Hong Kong – China)

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PUBLISHED BY ‘THE ASIA TIMES’ (Hong Kong – China)

Posted in AFRICA, ALUMINUM, BANKING SYSTEMS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, MINING INDUSTRIES, RECESSION, RUSSIA, THE FLOW OF INVESTMENTS | Leave a Comment »

INNOVATION IS KEY (Iceland)

Posted by Gilmour Poincaree on December 12, 2008

12/12/2008 – 11:00

ESA

PUBLISHED BY ‘ICELAND REVIEW’

Last week I wrote that if I were the boss of Iceland I would bet my money, or rather the nation’s money, on innovation rather than large-scale labor-intensive industries, such as aluminum smelting, which some people seem to think is the solution to all of our problems—never mind the fact that the world market price of aluminum is plummeting.

However, there are plenty of creative, ambitious and hard-working Icelanders out there who share my opinion that it would be a mistake to rely too heavily on only a few industries. They would rather see Iceland become a platform for a host of companies of different genres and they are working towards making that happen. Like me, they believe innovation is key to the reconstruction of Iceland’s economy.

Such companies are known as sprotafyrirtaeki in Icelandic, literally “sprout companies,” but more commonly referred to as start-ups or starters. The term is not new in Iceland and has become somewhat of a fad in recent years.

Business magazine Frjáls verslun published a list of 100 starters to watch right before the collapse of the economy, and shortly thereafter Björk stepped forward and presented innovative companies she had been working with.

So the problem is not that we don’t have innovation, the problem lies with the government, which doesn’t seem to realize the potential in start-ups. Instead of giving young and promising companies the support they need to thrive, which with time can become valuable sources of income for the economy as a whole, the government searches for easy short-term solutions. Or so it seems.

The Icelandic media is stepping up by reporting on initiatives aimed at encouraging innovation and there appears to be a lot going on in that field.

The Iceland Academy of the Arts, Reykjavík University and Bifröst University are cooperating on three projects aimed at encouraging innovation and education, among them an interactive online starter development center entitled “I Am Innovation” where people will be able to share their business ideas and seek partners.

There are also umbrella organizations for innovation, such as Klak Innovation Center, whose purpose it is to enhance the growth of start-up IT companies.

I wanted to find out if and to what extent the government is supporting Klak’s important initiative and asked the innovation center’s CEO Eythór Ívar Jónsson, who is also an associate professor in entrepreneurship at Copenhagen Business School.

Jónsson said the government’s support to Klak has not been at all sufficient. He explained that although Klak and the companies supported by the center operate within the private sector, it is important to receive funding from the government for the first three years of their existence, often referred to as “death valley.”

During the first three years companies are spending but not earning money and during that period investors avoid them like the plague. During that period many promising companies give up, in many cases because of lack of funds. Therefore the government should step in.

Such support is not thought of as charity. Jónsson explained that the government has to adopt a different attitude towards innovation and realize that investing in starters is beneficial for the national economy.

Many of these companies (it is too optimistic to believe that every company will survive) will flourish and deliver profits for the state treasury. It will take time, though, five to ten years, and the government wants to see money flowing in right now.

For this reason the government was reluctant to support innovation before the crisis hit and now there is no money. Or is there? It is all a question of prioritizing, Jónsson stated.

Had he really made an effort talking to the appropriate ministries, I wondered. At that, Jónsson laughed, saying that he had spent eight months arguing with the Ministry of Industry. People seem positive and eager but then nothing happens. However, Jónsson is hopeful that Minister of Industry Össur Skarphédinsson will soon start lobbying for innovation for real.

After all, the Ministry of Industry does operate the Innovation Center Iceland which recently launched Torgid, “The Square,” a trade center offering facilities to young promising companies to work on their business ideas. Thirteen companies are operating there already.

Skarphédinsson himself discusses Torgid on his blog while referring to himself as the “Minister for Sprout Affairs,” describing how his ministry has been flooded lately with innovative ideas from people who are determined to turn this crisis around and transform it into a business opportunity.

“That’s how adversity often creates new opportunities that didn’t exist before and creates an environment which enforces and fabricates new business opportunities in the form of mini sprouts,” the minister writes. “We don’t mess around in the Ministry of Industry. If we see a good idea we’ll make it happen in an instant.”

So is this a sign that times are about to change? I certainly hope so.

In my last column I wondered whether any Icelanders would respond. Many foreign readers did and had some excellent ideas at that, but not a single native.

That leads me to conclude that despite the fact that icelandreview.com is among the 20 most popular websites in Iceland, week after week, after Eve Online the most popular English-language Icelandic website and a regular source of information for foreign media outlets, it goes unnoticed by most Icelanders.

Therefore, I’m going to bring the website, and this particular column, to the attention of the “Minister for Sprout Affairs,” and see whether he would like to contribute to the discussion on the international platform that this website represents.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ICELAND REVIEW’

Posted in ALUMINUM, BANKING SYSTEMS, CENTRAL BANKS, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENERGY, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, ICELAND, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, NATIONAL WORK FORCES, RECESSION, REGULATIONS AND BUSINESS TRANSPARENCY, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS | Leave a Comment »

THE AFDB TO MOBILIZE U.S. $450 MILLION FINANCING FOR GUINEA ALUMINA PROJECT

Posted by Gilmour Poincaree on December 10, 2008

10 December 2008

Sponsor Wire – African Development Bank (Tunis)

PUBLISHED BY ‘ALL AFRICA’ (Botswana)

The Board of Directors of the African Development Bank (AfDB) authorized a financing package for the USD 6.3 billion Guinea bauxite mine and alumina refinery project in Guinea. Given the size of the project and to assure its firm support for Guinea’s development during the current global financial crisis, the AfDB not only approved a non-sovereign loan of USD 200 million, but also undertook to syndicate on best efforts basis, a B-loan of USD 100 million to be funded by participating commercial banks. In addition, the Bank will mobilize through the African Financing Partnership (AFP) up to USD 150 million in parallel co-financing by participating Development Finance Institutions.

The Guinea Alumina Project is transformational and timely for Guinea as it enables the country to add value to domestic resources by refining non-exportable grade bauxite into exportable alumina and increases the proportion of bauxite processed in-country from the current level of about 12% to more than 45%. In addition, the project includes significant ancillary infrastructure improvements and expansions, and spurs SME development. As the first large-scale private sector investment in the country, representing nearly twice its GDP, the project is also expected to catalyze future investments in the country’s extractive industry.

This project is consistent with the Bank’s Private Sector Operations (PSO) strategy to support large industrial projects, particularly those that aim at increasing local value added and creating employment. The Guinea Alumina Project will generate attractive economic benefits and significant fiscal revenues for the Government.

The project is expected to create about 12,000 direct and indirect jobs during construction and 2,000 direct full-time jobs during operation. Moreover, given the project’s associated SME Linkages Program, it also fits well with the Bank’s strategy for promoting SMEs and additional jobs. The project fulfills the Bank’s objective of increasing its private sector investment in Africa’s low-income countries to 40% of total approvals.

Mandla Gantsho, Vice-President in charge of infrastructure and private sector operations observed that, “this project is groundbreaking and hence will change the whole economic and social landscape of Guinea for a better future for the population”. Tim Turner, Director of the Private Sector Department noted with pleasure that “the Guinea Alumina Project will launch the African Financing Partnership (AFP), the collaboration platform that brings together a number of DFIs operating in Africa, into its first concrete transaction.

The Bank will work with the Government of Guinea as well as the project sponsors to ensure harnessing of the benefits of the project for Guinea’s development through technical assistance, and financing for targeted government projects, particularly in the power and transport sectors.

Contact: Media: O. Nicol-Houra, Tel: +216 7110 3227

Technical: H. Iman, Tel : +216 7110 3003

Copyright © 2008 African Development Bank. All rights reserved.

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PUBLISHED BY ‘ALL AFRICA’ (Botswana)

Posted in ALUMINUM, BANKING SYSTEMS, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, FOREIGN POLICIES, GUINEA, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, INTERNATIONAL RELATIONS, MINING INDUSTRIES, RECESSION, THE FLOW OF INVESTMENTS, TUNIS | Leave a Comment »

ALCOA SCRAMBLES TO STAY VIABLE

Posted by Gilmour Poincaree on December 6, 2008

Thursday, December 4, 2008

By The Wall Street Journal

PUBLISHED BY ‘THE PITTSBURG-TRIBUNE REVIEW’ (USA)

Alcoa Inc., which had been Alcoa Warrick Operations employee of 36 years Fred Westbrook, 59, of Evansville, Ind. inspects the finished rolls of aluminum as they comes off the last stage of the production line in this April 7, 2006, at the Alcoa Warrick Operations in Newburgh, Ind. (AP Photo/ Daniel R. Patmore, File)counting on obtaining discarded aluminum assets from a merged BHP Billiton and Rio Tinto PLC, has fewer strong options to improve its prospects amid one of the worst aluminum markets in decades now that the deal has collapsed.

With aluminum inventories just shy of record levels, prices at their lowest level in 2008 and nearly half of the world’s aluminum production unprofitable, Alcoa is scrambling to cut capacity and find buyers for some of its downstream businesses, which is proving more difficult given the tight capital markets and reluctance of many companies to take on debt.

Neither of those efforts, however, addresses the company’s fundamental challenge: Alcoa remains the high-cost producer of the world’s major aluminum makers when compared with Rio Tinto’s Alcan and Russia’s United Co. Rusal. Knowing that BHP wasn’t keen on the aluminum market, Alcoa had been hoping to buy all or part of Alcan, which has lower energy costs, after BHP bought Rio Tinto.

With that prospect off, speculation is mounting that Alcoa will look at other avenues.

“Everybody understands the current economic situation in the world” requires certain steps, said Alcoa spokesman Kevin Lowery. “In the interim, we are taking steps to reduce costs and taking steps to position ourselves so we will be stronger than competitors. That is what we are focusing on.”

John Tumazos, an analyst with Very Independent Research, said the company has few good options as its influence in the commodities world is nowhere as solid as it once was. “They need to idle more smelters than they have cut,” he said.

So far, Alcoa is keeping a lid on its options, but industry observers say it could deepen its existing relationship with its partner Aluminum Corp. of China, also known as Chinalco. The two companies own a 9 percent stake in Rio Tinto that they jointly purchased for $14 billion in January. The stake is valued at about 80 percent less since BHP’s planned takeover of Rio collapsed last month.

Alcoa could increase its existing stake, betting on a rise in commodity prices. It could sell its stake, which would bring about $200 million in cash to its coffers and represent a huge loss from its initial $1 billion investment.

The two companies could combine into a single entity. Such a deal, while in no way an easy task because it would result in Chinese ownership of a key U.S. company, could work for both sides. A combined Alcoa and Chinalco would make it one of the biggest producers of aluminum and both alumina and bauxite, necessary ingredients for aluminum production.

In addition, a combined company would be able to better rationalize expensive smelters and other production facilities in Europe, the United States and China, leaving just the lowest-cost facilities to compete with Rio Tinto and UC Rusal.

Tumazos said Alcoa’s sagging stock price, which is hovering around $10, makes the company a fairly inexpensive purchase. “Chinalco could buy Alcoa for about $8 billion plus a premium,” he said. “That is less than it paid for a stake in Rio.”

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘THE PITTSBURG-TRIBUNE REVIEW’ (USA)

Posted in ALUMINUM, CHINA, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ECONOMY - USA, EUROPE, FINANCIAL CRISIS - USA - 2008/2009, FINANCIAL CRISIS 2008/2009, FINANCIAL MARKETS, HOUSING CRISIS - USA, INDUSTRIAL PRODUCTION, INDUSTRIAL PRODUCTION - USA, INDUSTRIES, INDUSTRIES - USA, INTERNATIONAL, METALS INDUSTRY, MINING INDUSTRIES, RECESSION, STOCK MARKETS, THE FLOW OF INVESTMENTS, THE WORK MARKET, THE WORKERS, USA | 1 Comment »

RECYCLING SHOWS CONCERN FOR OTHERS, AS WELL AS ENVIRONMENT (USA)

Posted by Gilmour Poincaree on November 14, 2008

Nov. 13, 2008

Copyright © Las Vegas Review-Journal

First, an important announcement: This Saturday is America Recycles Day.

There will be an e-waste recycling fair, collecting all computers, monitors (no TVs), keyboards, mice, REDUCE REUSE RECYCLEprinters, fax machines and cell phones, whether they work or not. There is no charge for this service. They offer a secure hard drive erasure service for a small additional fee. The event is coordinated by the Blind Center of Nevada in conjunction with the Nevada Division of Environmental Protection and the University of Nevada, Las Vegas Rebel Recycling Program and will run from 9 a.m.-1 p.m.

The drop-off location will be at the UNLV Rebel Recycling Program behind the solar dishes off of East Flamingo Road east of Swenson Street. For detailed directions, call 895-3760. If you have questions about acceptable materials, please call 642-6000 or visit http://www.blindcenter.org.

Please celebrate America Recycles Day by recycling your unwanted electronics and computers.

Now, some thoughts on recycling:

I believe that most Americans are good people. With all our diversity of color, beliefs and origin, the vast majority of people care about others. It’s part of what makes our country great. Given the opportunity, most people will come to the aid of someone in distress. It’s an admirable trait.

But if that’s the case, why are there so few red, white and blue bins on the sidewalk each recycling day? If we care about each other, why don’t more of us care about our waste? Perhaps it’s simply because we don’t realize the magnitude of our consumption and the harm it creates.

I’m sure you’ve heard of the three Rs: reduce, reuse, then recycle. Reducing our consumption is the most important principle. Finding ways to reuse more of what we do have is next. The final step is to recycle those things that have reached the end of their useful lives. No part of this equation contains the words “throw away.” In fact, you can throw those very words away. We need to eliminate the entire concept of waste, lest we ultimately suffocate ourselves with it. Besides, just where is “away?”

When we throw things away, it usually results in a trip to the landfill via the garbage truck, resulting in a toxic mix of stuff we’d like to just forget about. By consciously integrating the three Rs into our daily lives, we can greatly reduce the amount of stuff going to the landfill. But that is only the beginning of the benefits.

When we recycle, we reduce air pollution and the need for raw materials. We save lots of energy. Recycling helps keep our water clean. It should be an essential part of every household and business.

We could rebuild our entire commercial air fleet with just three months worth of the aluminum we currently send to landfills. Recycling a single aluminum can saves enough energy to power a TV for three hours. The average person has the opportunity to recycle more than 25,000 cans in a lifetime. Why would we not?

The amount of paper we throw away each year is staggering, yet producing recycled paper reduces contributions to air pollution by 95 percent. Recycling a stack of newspapers just 3 feet high saves one whole tree. Just think of all the hugs.

Glass is forever. It never wears out and can be recycled over and over again. Using recycled glass cuts water pollution by 50 percent. Recycling one glass jar saves enough energy to run an 11 watt compact fluorescent bulb for 20 hours.

In 2005, 3.3 billion pounds of post-consumer plastics were recycled in the U.S. Just five PET (plastic soda) bottles yield enough fiber for one extra large T-shirt, 1 square foot of carpet or enough fiber insulation to fill a ski jacket. The plastic recycling industry alone provides jobs for more than 52,000 American workers.

A strong recycling ethic is a key element to a successful and sustainable community. Jobs are created, pollution reduced and entire forests can remain standing, continuing to clean our air and provide crucial habitat for other species. Imagine, we can reduce asthma and other respiratory problems simply by recycling. If we truly care about others, we must embrace recycling as an integral part of our lives.

Republic Services offers curbside recycling at no extra charge. It will provide you with recycling bins. Just call the company at 735-5151. There is no reason that every home should not have those red, white and blue bins on the curb every pick up day. Remember, compact fluorescent lamps can be safely recycled at any Home Depot store.

For commercial or construction project waste, call Evergreen Recycling at 646-1446. It is doing some great work. In just the third quarter of 2008, Evergreen recovered enough material to offset the equivalent of 97,000 metric tons of CO2. Yes, recycling is part of the solution to the climate crisis.

As is often the case, simple acts can lead to great results. Recycling costs us nothing, but provides tremendous benefits. It is part of the cycle of life.

– Steve Rypka is a green living consultant and president of GreenDream Enterprises, specializing in renewable energy, green building, alternative transportation and lifestyle choices for both residential and commercial clients. The company is committed to helping people live lighter on the planet. Rypka can be reached via e-mail at steve@greendream.biz. More information relating to this column is posted at http://www.greendream.biz.

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PUBLISHED BY ‘LAS VEGAS REVIEW JOURNAL’ (USA)

Posted in ALUMINUM, COMMERCE, COMMODITIES MARKET, ECONOMIC CONJUNCTURE, ECONOMY, ENVIRONMENT, INDUSTRIES, METALS, RECYCLING INDUSTRIES, USA | Leave a Comment »

COPPER SHED 6 PER CENT OVERNIGHT AS BLEAK ECONOMIC PROSPECTS FANNED RENEWED CONCERNS ABOUT DEMAND DESTRUCTION

Posted by Gilmour Poincaree on November 13, 2008

November 12, 2008

Article from: Reuters

The slide in copper and most other industrial metals in London and New York came one day after a Carvings on yellow copper. Cairo, 9th November 2008Chinese stimulus plan sparked a broad-based rally in the complex.

“The market is basically trading as if the Chinese package is not sufficient, at least not at the moment, to provide support,” said Jesper Dannesboe, senior commodity strategist at Societe Generale.

Copper for December delivery dropped US10.40 cents, or 5.9 per cent, to settle at $1.6480 a pound on the New York Mercantile Exchange’s COMEX division.

Yesterday, the metal — often seen as a key gauge of real economic activity — jumped more than 11 per cent to $US1.89 on China’s $US586 billion ($855 billion) fiscal package.

Copper for three-month delivery on the London Metal Exchange fell to a session low of $US3622 per tonne, before closing at $US3640. It also surged 11 per cent yesterday, closing at $3875.

At the end of October, it hit its lowest level in more than three years at $US3590 per tonne.

“I am not surprised to see base metals give up their gains today,” said Catherine Virga, senior base metals analyst with CPM Group in New York. “The fundamentals have not been strong with inventories up day after day, and broader market sentiment down.”

Stocks of copper in LME-registered warehouses rose another 4625 tonnes to 265,475 tonnes — their highest since March 2004.

In November alone, they are up more than 27,000 tonnes.

“We are increasingly of the view that the current environment is disastrous and that the market may not be factoring in how bad it is going to be over the next three months,” said analyst Max Layton at Macquarie Bank.

The World Bank slashed its 2009 economic growth forecast for developing countries and offered new financing of more than $US100 billion over the next three years to help them cope with the global financial crisis.

Also, Merrill Lynch chief executive John Thain said the global economy was in a deep slowdown and would not recover quickly, while the environment recalls 1929, the advent of the Great Depression.

China’s imports of copper showed a rise in October but analysts did not see the trend continuing near term.

The world’s top consumer of copper imported 231,212 tonnes of unwrought copper and semi-finished copper products, versus September’s 213,782 tonnes, customs said.

In the same month, China exported 47,622 tonnes of unwrought aluminium, down from 64,851 tonnes in September.

“We saw some arbitrage flows in September and October, and it’s one of the reasons why imports were firm,” said Yingxi Yu, an analyst at Barclays Capital.

CPM Group’s MsVirga agreed, adding that since the end of October the market had shifted to where the LME copper price regained its premium over the Shanghai price.

“The data since late October suggests weaker reported imports, especially for the month of November,” Ms. Virga said.

LME aluminium fell $US42 or 2.1 percent to $US1948, shrugging off announcements by a number of producers about plans to cut production or re-evaluate expansion plans.

Alcoa was the latest to cut aluminium production, announcing a 350,000-tonne-per-year global reduction.

Australia’s Alumina, a joint venture partner with Alcoa, suspended expansion plans for Australia’s Wagerup alumina refinery until market conditions improve.

Lead was down $US85 at $US1270 a tonne, tin dropped to $US14,150/14,200 from $US14,675 and zinc ended at $US1110 from Monday’s $US1100/1,105.

Nickel fell 6.7 per cent, or $US775, to $US10,725.

Reuters

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PUBLISHED BY ‘THE AUSTRALIAN’

Posted in ALUMINUM, COMMERCE, COMMODITIES MARKET, COPPER, ECONOMIC CONJUNCTURE, ECONOMY, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, LEAD, METALS, METALS INDUSTRY, TIN, ZINC | Leave a Comment »

UC RUSAL SUGGESTS SETTING UP METAL RESERVE (Russia)

Posted by Gilmour Poincaree on November 2, 2008

RBC, 31.10.2008, Moscow 09:54:09

UC RUSAL approached Russia’s Deputy Prime Minister Alexei Kudrin with a proposal to create a strategic state metal reserve to give an impetus to the Russian processing industry and stabilize metal prices, RBC Daily wrote today. To shore up the aluminum market and prevent a fall in aluminum prices, the company suggested that intergovernmental agreements be signed with a number of countries to cut metals production by 10 percent for the next two years.

The same idea is propounded in the letter of UC RUSAL’s General Director Alexander Bulygin addressed to Alexei Kudrin offering steps to stem the crisis in the Russian metal processing industry. In his letter, Bulygin notes that due to the crisis, the Russian metals industry could be forced to lay off 1.2m people, lose RUB 1 trillion (approx. USD 37.68bn) in export proceeds from high value-added products, and fail to contribute RUB 200bn (approx. USD 7.54bn) in taxes to the federal budget. UC RUSAL sees a state metals reserve as a way to stanch the crisis, as it will not only work to diversify government investment, but will also help stabilize metal prices.

CLICK HERE FOR THE ORIGINAL ARTICLE

PUBLISHED BY ‘ROS BUSINESS CONSULTING’

Posted in ALUMINUM, COMMODITIES MARKET, COMMONWEALTH OF INDEPENDENT STATES, ECONOMIC CONJUNCTURE, ECONOMY, EUROPE, FINANCIAL CRISIS 2008/2009, INDUSTRIAL PRODUCTION, INDUSTRIES, INTERNATIONAL, METALS, METALS INDUSTRY, RUSSIA | 1 Comment »