The London Metal Exchange achieved pre-tax profits of £11.38 million ($18.15 million) in 2011, down 8.7% as the company saw expenses jump by nearly a third due to higher operational costs.
BHP Billiton has a ready capacity to sequence spending on its Olympic Dam open pit copper-uranium project in South Australia, analysts said.
BHP Billiton chairman Jacques Nasser told reporters in Australia this week that the company will not be spending the $80 billion to develop and expand projects over the next five years that was outlined last year.
Nickel was the only base metal to manage a small improvement in official trading on the London Metal Exchange as all base metals prices looked rangebound amid anxiety over Europe’s economic situation on Thursday May 17.
Global iron ore prices could drop to below $120 per tonne in the coming months on the back of disappointing Chinese spring steel demand.
LORD COPPER: There is nothing to fear after JP Morgan loss ...
So, here we go again. Another bank, another huge trade gone bad. This one doesn’t even appear to have been a case of rogue trading; a whole desk seems to have been operating with the full knowledge of the management and/or risk committee.
COMMENT: Keep calm and carry on?
The decision of the Indonesian government last week to uphold the ore export ban and taxes from May 6 has failed to calm the nervous market. So far, both producers and buyers have displayed an impressive tolerance level to the export uncertainty. But how long will their patience last?
TREVOR TARRING: The baby and the bathwater
“Don’t throw out the baby with the bathwater” is a well-known adage.
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