Newswire: Commodities with a added bit of South-South Energy Cooperation

[Uranium] -- India Bids for Stakes in Russian, Kazakh Uranium Mines to Fuel Reactors
Nuclear Power Corp. of India is bidding for stakes in uranium mines in Russia and Kazakhstan, and offered to build reactors in central Asia, Chief Executive Officer S.K. Jain said.

“We’re trying to achieve stakes in mines,” Jain said today in an interview at a Moscow nuclear forum organized by Rosatom Corp., the country’s nuclear holding company. The company is discussing buying into sites including the untapped Elkon deposit in Russia’s Far East, he added.

India, which suffers peak power shortages of as much as 17 percent, needs uranium to fuel 28 planned reactors and meet a target of adding 40,000 megawatts of nuclear generation by 2020. The second most-populous nation will seek an annual 1,500 metric tons of uranium for 60 years to fuel new reactors, Jain said.

“We’re exploring the possibility of a long-term partnership and not only for uranium supplies,” he said. India proposed building 220- to 500-megawatt reactors in Kazakhstan, which doesn’t yet have any nuclear power plants, he added.


[Crude Oil] -- Crude Oil Advances as U.S. Consumer Confidence Increases, Equities Climb
Crude oil rose to a six-month high after a report showed that U.S. consumer confidence jumped to the highest level since September, signaling demand may rebound.


[Copper] -- Copper Climbs in N.Y. as U.S. Consumer Sentiment Jumps Most in Six Years
Copper prices rose in New York and London after a report showed U.S. consumer sentiment jumped this month to the most positive since September.



[Gold] -- Gold May Climb to Record $1,250, Standard Bank Says: Technical Analysis
Gold may target a record $1,250 an ounce as a continuation head-and-shoulders pattern may be forming within a longer-term trend, Standard Bank Group Ltd. said, citing trading patterns.


[Platinum, Palladium] -- Platinum, Palladium Fall in New York on Weak Auto-Industry Demand Outlook
Platinum fell the most in two weeks in New York on concern that auto-industry demand for the metal will take longer to recover than other parts of the economy. Palladium futures also declined.


[Corn] -- Corn Falls as Dry Spell Allows U.S. Farmers to Accelerate Delayed Planting
Corn fell, erasing an earlier gain, on speculation that Midwest farmers accelerated plantings delayed by rain, improving prospects for output in the U.S., the world’s largest exporter.

News line: Commodities in focus

Source of articles in this post: Bloomberg

Oil Falls on Signs Demand May Drop Faster Than OPEC Cuts Supply

Feb. 23 (Bloomberg) -- Crude oil fell 4 percent on speculation demand will decline faster than the Organization of Petroleum Exporting Countries is curbing supply...


Gold Falls After Reaching 11-Month High in N.Y.; Silver Drops

Feb. 23 (Bloomberg) -- Gold fell in New York as some investors sold the metal after a rally last week to the highest price since March. Silver also declined...


Copper Rises for 3rd Time in Four Days as Metal Inventory Drops

Feb. 23 (Bloomberg) -- Copper prices rose for the third time in four sessions after inventories of the metal dropped, raising speculation that demand may rebound...


Corn, Soybeans Rise as Cheap U.S. Crops May Boost Export Demand

Feb. 23 (Bloomberg) -- Corn rose from a 10-week low and soybeans gained for the first time in nine sessions on speculation that cheaper U.S. supplies will spur import purchases.


Cotton Falls as Plunging Equities Signal Deteriorating Economy

Feb. 23 (Bloomberg) -- Cotton futures fell as sliding global equities triggered mounting concerns that the deteriorating economy will erode use of the fiber and other commodities.


Coffee Prices Rebound as Concerns Ease That Demand May Decline

Feb. 23 (Bloomberg) -- Coffee prices rose the most in more than two weeks as concerns eased that the U.S. financial industry may collapse and destroy demand for raw materials.

News line: commodities in focus

China looks to African metals and minerals for the long term -- Mineweb
Chinese investment is replacing that from the West in many key sectors, especially with regard to metals. Minerals and energy and Chinese businesses are prepared to take the long term view.

Sharp decrease in copper, moly prices result in 4Q08 loss for Southern Copper -- Mineweb
A sharp decline in metals prices and a tough economy has prompted Arizona's Southern Copper Corporation to put all capital expenditures on hold for this year

January gold jewellery sales off 70% in Abu Dhabi -- Mineweb
Sales of gold jewelery in Abu Dhabi have fallen some 70 percent in January compared with a year ago as high prices, coupled with the global economic situation, have combined to keep buyers away.

Copper falls to one-week low on signs global slump is deepening -- Bloomberg
Feb. 2 (Bloomberg) -- Copper fell to the lowest price in more than a week on signs the global economic slump is deepening, reviving concern that metal demand will decline further.

Corn, Soybeans decline as deepening recession cuts global use -- Bloomberg
Feb. 2 (Bloomberg) -- Corn and soybeans fell to the lowest prices in more than two weeks on speculation that the deepening global recession will reduce demand for U.S. crops used in making food, animal feed and alternative fuel.

Peru mining unions call for nationwide strike -- Mining Journal Online
Peru's largest federation of mining unions said over the weekend it has agreed to call a nationwide strike starting on March 15, to protest mounting job cuts and to pressure Congress to lift caps on profit sharing.

Brazil's 8th Oil auction suspended until petroleum laws change -- Dow Jones New Wires via Rigzone
No decision will be made on restarting Brazil's suspended eighth-round oil and natural gas concession auction until likely changes are made to the country's petroleum laws, Brazil's National Energy Policy Board said Monday.

Horizon Oil, partners to deliver China oil project Development Plan in May - Dow Jones New Wires via Rigzone
Australia's Horizon Oil Ltd. said Monday that partners in an oil project in the South China Sea will submit a revised development plan to China National Offshore Oil Corp. in May.

Oilex joins ranks of international oil producers with Cambay start-up -- Oilex Ltd via Rigzone
Australian-based oil & gas group Oilex has formally marked its transition to cash flow and production by delivering a strong December Quarter performance by starting up oil production from its Cambay Oil Field in October in India with 16,800 barrels of oil produced during the December 2008 quarter from two wells.

Japan discovers new source of mineral wealth -- Reuters via Mineweb
Resource-poor Japan just discovered a new source of mineral wealth -- sewage. The country's sewage yields more gold than top mines.