TOP STORIES
Hong Kong Exchanges Picked as Preferred Bidder for LME
Hong Kong Exchanges and Clearing Ltd. (0388.HK) has been picked
as the preferred bidder to buy the London Metal Exchange following
a meeting of its board Wednesday, knocking IntercontinentalExchange
Inc. (ICE) out of the frame as the allure of China swung the
balance in its favor.
Analysts See ICE Returning Cash After Losing LME to Hong Kong
IntercontinentalExchange Inc. could return hundreds of millions
of dollars in excess cash to its investors after the
derivatives-market operator on Friday lost a bidding battle to
acquire the London Metal Exchange, according to analysts.
STORIES OF INTEREST
UPDATE: Doe Run CEO to Retire and COO to Be Promoted
Doe Run Co., the leading lead producer in the U.S., said its
chief executive will retire at the end of July.
Peru Poll: Humala's Approval Rating Dragged Down on Mining Protests
LIMA--President Ollanta Humala's approval rating has slipped to
43% in June from 55% in the previous month, a sign that social
conflicts in the mining sector have started to affect the
president's popularity, a new national poll shows.
INTERVIEW: Greek Euro Exit Would Have Limited Impact on EU Steel - Voestalpine
LONDON--A Greek exit from the euro zone is likely to have only
limited impact on an already-ailing European steel industry, which
has suffered weak demand, stemming in part from the EU sovereign
debt crisis, said the chief executive of Austrian specialty
steelmaker Voestalpine AG (VOE.VI) in an interview.
INTERVIEW: EU Steel-Output Capacity to Be Slashed by 2030 - Voestalpine CEO
LONDON--Three-quarters of the European Union's crude-steel
production capacity is in danger of being permanently closed over
the next two decades or so as European steelmakers struggle to
compete with cheaper production from neighboring countries, the
chief executive of Austrian specialty steelmaker Voestalpine AG
told Dow Jones Newswires.
Hong Kong Exchanges Must Convince LME Members to Sell Shares
Hong Kong Exchanges and Clearing Ltd. will spend the next few
weeks working to convince members of the London Metal Exchange to
sell it their shares, hoping that the allure of expansion in China
is enough.
Japan CDS Tightens as Investors Take Advantage of Higher Spreads
TOKYO--Japan's benchmark index for credit-default swaps
continued to tighten this week as Japanese investors took advantage
of relatively higher spreads on the back of European sovereign-debt
concerns.
German April Crude-Steel Output Falls 9.7% on Year - Industry Group
FRANKFURT--German crude-steel production slumped 9.7% in May
compared with a very strong earlier year month, due to uncertainty
surrounding the European debt crisis, the country's steel-industry
association, Wirtschaftsvereinigung Stahl, said Friday.
Magnitogorsk Posts $14 Million Net Profit in First Quarter 2012
MOSCOW--Russian steelmaker OAO Magnitogorsk Iron & Steel
Works (MAGN.RS) Friday posted a 90% on-year drop in its
first-quarter net profit to $14 million from $134 million a year
earlier, according to the company's statement on its website.
Berkeley Mineral in Zambia Mineral MoU With Yunnan Xiangyun
LONDON--Berkeley Mineral Resources PLC (BMR.LN), a
metals-processing company, Friday disclosed the signing of a
memorandum of understanding with Yunnan Xiangyun Feilong Nonferrous
Metal Co., a Chinese refiner of zinc, lead and associated metals,
for a joint venture to exploit minerals at the Kabwe mine in
Zambia.
MARKETS
BASE METALS: Copper Cinches Three-Day Winning Streak, Up 3% on Week
NEW YORK--Copper futures climbed higher Friday despite weak U.S.
economic data, as hopes of coordinated stimulus efforts from
central banks soothed investor anxieties.
Write to Tatyana Shumsky at tatyana.shumsky@dowjones.com.