1. Art and Diseño

INSIDE METALS
Tuesday, February 3, 2015
CHART OF THE DAY
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GENERAL NEWS
 As India opens up coal sector, global miners cool on
investing
 Interview-Nunavut premier plays down tax break talk as
commodities slide
 Goldman Sachs' CNR to ship coal via public Colombia
port -Source
 Interview-Zimbabwe says tax on raw platinum exports to
stay for now
 S.Africa's Sibanye agrees with unions to cut fewer jobs
at Cooke mine
 Australia's BC iron to exit Brazilian JV as ore price sinks
-Partner
TODAY’S MARKETS
BASE METALS: London copper climbed on technical buying that traders expected to sputter out, after wobbly factory data in China and
Europe fuelled deflation concerns that are further clouding the outlook
for demand. "Copper has had a pretty good run in light of the China PMI
numbers - I thought we would see some weakness throughout the
week. The market maybe got itself a little bit too short and has to
cover," said analyst Daniel Hynes of ANZ in Sydney.
PRECIOUS METALS: Gold advanced for a second session in three as
a wobbly outlook for the global economy burnished bullion's safe-haven
appeal, with holdings at the top gold fund at their highest in four
months. Weak data from the United States to China and Europe
dragged Asian equities into the red, boosting outlook for gold which has
climbed 8 percent so far in 2015 after a two-year slide.
FOREX: The Australian dollar skidded more than one U.S. cent to a six
-year low and plunged more than two percent against the yen after the
Reserve Bank of Australia slashed interest rates to a record low. The
Aussie's drop against the yen gave the U.S. currency a cross-trading lift
against the dollar, which shed about 0.5 percent to 117.03 yen .
MARKET NEWS
ALUMINIUM:
 Aluminium industry body stops stocks data reports in blow to transparency
NICKEL/STEEL:
 UK steelmakers call for EU action as imports flood in
 Cliffs natural iron ore sales volumes rise, shares jump
INSIDE METALS
February 3, 2015
GENERAL NEWS
As India opens up coal sector, global miners cool on investing
Anglo American was also unlikely to be interested since it is
focusing on divesting South African coal assets, said a source
familiar with the miner's plans.
India's plans to attract badly needed foreign investment and
technology to its coal sector are getting a cool response from
some miners and trading houses, even though the country is
one of the few bright spots for global coal demand.
Rio Tinto Chief Executive Sam Walsh said the firm had not
looked at Indian coal investments yet but was open to opportunities, while Peabody Energy said it would "evaluate investments to serve India's rising coal needs as appropriate".
Seeking to curb a growing reliance on imports, Prime Minister
Narendra Modi passed an order in December to allow private
firms to mine and sell coal for the first time in more than 42
years.
India wants to more than double coal output to 1.5 billion tonnes
by 2020, but its mining is deeply inefficient. Coal India, the
world's largest coal miner, produces 1,100 tonnes of coal per
employee a year, compared with 36,700 tonnes for Peabody
Energy and 12,700 tonnes for China's Shenhua Energy.
But even with India on track to overtake the United States as the
second-largest coal consumer after China this decade, executives at Japanese trading houses and some of the biggest global
miners said they were currently not looking to invest.
Despite the lack of foreign interest in mining coal, both local and
overseas investors flocked to a 10 percent stake sale of staterun Coal India that raised about $3.6 billion. However, this interest may also indicate how government firms will continue to
have an edge in navigating India's maze of clearances.
Red tape, problems with land and environmental approvals, and
the quality of its coal have been cited as issues deterring investment, while on top of this Asian coal prices are languishing near
6-year lows.
Interview-Nunavut premier plays down tax break talk as
commodities slide
Despite huge coal reserves, India's failure to modernise mining
means it has become the world's third-biggest importer, shipping in coal from countries such as Australia and Indonesia.
The premier of Canada's vast mineral-rich Arctic territory of
Nunavut on Monday played down the idea of tax breaks to combat a slide in commodity prices, saying investors instead wanted
more infrastructure.
Asked about progress attracting investors for auctions that may
start later this year, Coal Secretary Anil Swarup told Reuters
talks were going on with several global firms on upgrading mining technology, although nothing had been finalised.
Peter Taptuna said in an interview that the slump had hurt the
economy and that he was keeping an eye on the handful of
major companies that are operating in Nunavut, which is rich in
gold, diamonds, iron ore, lead, zinc and uranium.
"It is not just about mining on their own but also to provide technology to Coal India and Indian companies," he said.
Up to now only state firms have been allowed to mine coal, but
the sector is being opened up to help meet surging demand for
coal for power.
These include Agnico Eagle Mines Ltd, which runs the territory's
only gold mine. Luxembourg-based steel maker ArcelorMittal
SA owns half of Baffinland, a Canadian mining company that
plans to exploit the huge Mary River iron ore deposit on Baffin
Island.
Indian conglomerates such as the Adani Group and GVK are
expected to bid for coal blocks, but foreign firms will be harder to
attract after previously facing obstacles to investing.
An almost complete lack of infrastructure means operating costs
are exorbitant in Nunavut, an 810,000 square mile (2.1 million
square km) expanse of rock and ice slightly larger than Turkey.
For example, global miner Rio Tint has had to wait more than a
decade to secure approvals to start mining iron ore in India.
Japanese trading firms have recently been increasing investments in coal, but executives at two firms said they did not intend to invest in India.
"In Nunavut it's not necessarily the tax breaks ... that are going
to attract investment. It's infrastructure, especially transportation
infrastructure," Taptuna said in Ottawa.
"We have no plan to consider joining coal mine projects in India
even (as) it opens up, as there are other countries which we are
focusing on and where it is easier to manage projects," said an
official at a trading firm, declining to be identified.
"It's very difficult to do much of anything without proper marine
facilities."
Taptuna said his priority was to construct port facilities in important centers such as the capital Iqaluit, where tricky tides and an
absence of docks mean it can take cargo ships up to 10 days to
unload their cargoes.
Another senior executive at a rival firm said the quality of coal in
India was not very high and the firm preferred to sell coal to the
country rather than join in projects.
Taptuna said a port in Iqaluit would cost between C$90 million
($71 million) and $140 million to build - money his government
does not have.
Among global miners, a spokesman for BHP Billiton, the world's
biggest coking coal producer, declined to comment on India
specifically but pointed to recent management statements that
the miner planned no new coal investments.
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INSIDE METALS
February 3, 2015
GENERAL NEWS (Continued)
Options include private-public partnerships or increasing the
debt cap, he said, but he declined to give more details. Nunavut
currently as a debt cap of C$400 million and any increase would
have to be approved by the federal government.
European thermal coal futures were trading at around $58.80 a
tonne around the middle of last week.
Interview-Zimbabwe says tax on raw platinum exports to
stay for now
With the general commodity slump, the value of mining exploration in Nunavut dropped to C$148 million in 2014 from C$258
million in 2013.
Zimbabwe will keep a 15 percent export tax on unrefined platinum for now because mines have failed to provide a roadmap
on how they plan to set up a local refinery, Finance Minister
Patrick Chinamasa said on Monday.
Goldman Sachs' CNR to ship coal via public colombia port Source
President Robert Mugabe's government first proposed the levy
in 2013 in an effort to push mines to process the metal locally.
Goldman Sachs' mining affiliate CNR has reached a deal with a
public port in Colombia to load its coal shipments which have
been suspended for a year after its own docks fell afoul of environmental regulations, a port source told Reuters on Monday.
In November, Chinamasa announced in a budget speech that
he had postponed its introduction until January 2017 to give the
firms time to build the smelting and refining plants.
CNR, or Colombian Natural Resources, will export via the Carbosan terminal at the government-operated Santa Marta port.
But the government's finance bill, which was published on Jan.
9, proposes its introduction from Jan. 1, 2015.
"There has been an agreement established between the two
sides. I don't know when it is due to begin," said the source, who
asked not to be named because he was not authorized to speak
officially about the matter.
Chinamasa told Reuters in an interview that he had made his
budget speech on the assumption that producers in Zimbabwe,
which holds the world's second largest platinum deposits, had a
firm plan on setting up a refinery.
One Colombia-based coal industry source said he had heard
shipments could begin as soon as this week or next. A CNR
official told Reuters she could not immediately comment.
"There was some mistake on my part there in the budget statement. I had been made to understand by the chamber of mines
that platinum producers had provided a roadmap towards establishment of a platinum refinery," he said.
Colombia is the world's fourth-biggest coal exporter and exports
most of its coal to Europe for power generation.
"So when there was a non-existent roadmap, because they had
been given this warning two years back and there was nothing
to show for it, I then decided to keep the provisions which we
had put in the finance bill to remain as is," said Chinamasa.
CNR continued to produce coal last year without exporting it. In
2013, the company produced around 3.5 million tonnes of coal,
about 4 percent of national Colombian output of around 82 million tonnes that year.
Miners Aquarius and Impala said on Friday they were seeking
clarity from the government over the tax, which, if enforced,
would slash their margins.
The company had been expected to export its coal using the
port of Colombia's second-biggest coal miner, U.S.-based
Drummond, according to comments from government sources
last October. The status of that deal could not immediately be
clarified.
With platinum prices already depressed, the tax would eat into
the profits of companies with platinum assets in the country,
which include Anglo American as well as Aquarius Platinum and
Impala.
CNR, with two Colombian coal mines, stopped exports on Dec.
31, 2013, as it could not comply with a new requirement to load
ships by conveyor belt rather than crane, to prevent coal dust
pollution and contamination of the ocean.
Chinamasa said the chamber of mines, which represents the
mining companies was holding discussions with the ministry of
mines.
The company said then it was considering building a conveyor
belt but the plan does not appear to have advanced and looks
increasingly unfeasible given its high cost, the price of coal
which is near nine-year lows, and the small volumes produced
by CNR.
Taxes are finalised on the 7th of each month for the prior month
in Zimbabwe, so the industry should have clarity by Feb. 7.
CNR's coal reaches its Rio Cordoba port near Santa Marta via
the Fenoco railway it operates jointly with two larger producers,
Drummond and Glencore Xstrata unit Prodeco.
Mining companies have previously said Zimbabwe's infrastructure and energy supply was not adequate to run a big refinery
and note excess refining capacity next door in South Africa.
Asked whether the government would change its position,
Chinamasa said: "There are many ways to change this provision. But for now it is effective."
Coal would likely have to be transferred a fairly short distance
from Rio Cordoba to the Sociedad Portuaria de Santa Marta
port via truck.
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INSIDE METALS
February 3, 2015
GENERAL NEWS (Continued)
S. Africa's Sibanye agrees with unions to cut fewer jobs at
Cooke mine
the downturn in ore prices, Cleveland Mining Co Ltd, its partner,
said on Monday.
South African-focused bullion producer Sibanye Gold said on
Monday it had reached an agreement with unions to cut fewer
jobs than had been at risk at its struggling Cooke 4 operation.
With iron ore prices about half the level of a year ago, BC Iron
and other miners have managed to stay profitable mainly
through a weaker Australian dollar, cheap freight rates and
lower costs associated with a drop in oil prices.
The agreement includes cutting 392 out of the 2,403 jobs at the
mine west of Johannesburg and a pledge by the unions there
not to embark on any strike over wages in 2015 as Sibanye tries
to turn the mine's fortunes around, it said in a statement.
"In light of market conditions, BC Iron has indicated its intention
to withdraw from the fifty-fifty alliance between the companies
over the Bahia and Minas Novas iron ore exploration projects in
Brazil," Cleveland said in a statement.
Sibanye said that up to 1,776 jobs could have been on the line
and that no forced lay-offs had been carried out.
BC Iron was not immediately available for comment.
To combat falling ore prices, BC Iron cut dozens of jobs in December at its Nullagine mine in Australia, operated as a joint
venture with Fortescue Metals Group.
"The required reduction in the employee complement was primarily achieved through voluntary separation packages and
voluntary early retirement," the company said.
BC Iron sold 1.2 million tonnes of ore at an average price of $60
a tonne over the last quarter. It is targeting all-in costs of between A$54 ($42) and A$61 ($48) per tonne for the 2014/2015
fiscal year.
The no-strike clause only applies to the miners at Cooke 4, who
comprise about 6 percent of Sibanye's roughly 35,000 employees.
Iron ore lost more than 10 percent of its value in January,
stretching a 47 percent drop in all of 2014.
Wage agreements in the gold sector expire in June of this year
and negotiations will take place against the backdrop of a rise in
union militancy as the once dominant National Union of Mineworkers (NUM) faces a struggle for members with the hardline
Association of Mineworkers and Construction Union (AMCU).
Benchmark 62 percent grade iron ore for immediate delivery to
China stood at $61.70 a tonne.
For its part, Cleveland said it intended to divest the Brazilian
iron ore holdings into a separate company so it can focus on
gold mining.
Cooke 4 produces about 70,000 ounces of gold a year, about
4.5 percent of Sibanye's total.
Australia's BC iron to exit Brazilian JV as ore price sinks Partner
The world's biggest iron ore suppliers, led by Vale, Rio
Tinto and BHP Billiton, have been increasing output by tens of
millions of tonnes to win market share from smaller producers
such as BC Iron and miners in China.
Australia's BC Iron Ltd is withdrawing from a joint venture in
Brazil aimed at expanding its mining operations overseas due to
This, coupled with slowing demand in China for imported ore, is
driving down the price, according to analysts.
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INSIDE METALS
February 3, 2015
MARKET NEWS
market a magnet for overseas steel companies with excess capacity on their hands," it said in a statement.
Aluminium industry body stops stocks data reports in blow
to transparency
Steel exports from China, by far the world's largest steel producer and consumer, surged 50.5 percent in 2014 from a year
earlier to 93.78 million tonnes, Chinese customs data shows.
The International Aluminium Institute (IAI) has stopped reporting
global inventory stocks, in another blow to transparency for a
metal whose price, critics say, has been skewed by big banks
and trading houses.
UK Steel said imports took up about 60 percent of the British
market last year, versus 56 percent in 2013.
It also estimates British steel demand recovered by some 12
percent last year, but local steelmakers struggled to benefit.
In a statement, the IAI said the aluminium stocks numbers it
receives from global smelters had become incomplete to the
point where it would be misleading to carry on reporting them.
Tata Steel for example, Europe's second-largest steelmaker,
entered talks last year to sell some of its largest steelmaking
operations in Britain to Geneva-based Klesch Group.
Last year, a U.S. Senate investigation concluded that Wall
Street banks had manipulated commodity prices and gained
unfair trading advantages at the expense of consumers. The
problem was especially acute in aluminium.
The EEF has some 5,000 member firms in British engineering,
manufacturing, technology and the wider industrial sector.
Owners of London Metal Exchange warehouses, typically big
banks and trade houses, have in the past held back supplies in
a bid to boost rental revenues. The strategy also inflated aluminium prices by causing premiums, paid to secure metal deliveries
inside or outside the LME system, to soar.
Cliffs natural iron ore sales volumes rise, shares jump
Miner Cliffs Natural Resources Inc reported a 26 percent jump
in quarterly iron-ore sales volumes and lower production costs in
the United States as it continued to cut jobs and related expenses.
Premiums are still inflated today despite unprecedented regulatory scrutiny and reforms to LME warehouse rules. As such,
further lack of clarity on global aluminium stockpiles is a blow to
an aluminium market that still has pricing problems.
Cliffs Natural Resources shares rose as much as 11 percent
to $7.70 in after-market trading.
"(We) understand that many analysts ... have used the IAI inventory reports as part of their information-gathering process,
however, we do not consider the data ... is now adequately reflecting a true picture of global producer stocks," said the IAI.
U.S. iron ore pellet sales volume increased to 7.8 million tons for
the fourth quarter ended Dec. 31, while cash production costs
for iron ore fell 5 percent to $59.06 per ton.
Iron ore miners are struggling to survive weak prices as low
demand for the steel-making ingredient in both domestic and
international markets continues to weigh on their results.
Problems began in the second half of last year when 35 smelters, or up to a third of smelters currently reporting stocks figures
to the IAI, either stopped reporting or had difficulties reporting on
a monthly basis.
Cliffs Natural moved to stop production at its loss-making Bloom
Lake iron ore mine in Quebec in November, helping it cut its
fourth-quarter capital spending by more than half.
UK steelmakers call for EU action as imports flood in
Last week, the company scrapped its quarterly dividend and
sought creditor protection for its Canadian arm, which will shield
it from the majority of the closure-related costs.
British steelmakers on Monday added their voice to calls for the
European Commission to take action over what they say is the
dumping of cheap steel in EU markets, adding that a recovery in
the UK steel sector almost ground to a halt last year.
Cliffs is the third major U.S. company in the past six months to
seek creditor protection for their Canadian operations. U.S.
Steel opted to do the same in September, while discount retailer
Target Corp said last month it was abandoning its Canadian
expansion.
European steel body Eurofer has said EU steelmakers were
losing market share to cheap imports from countries such as
China, while a German steel association has said it expects
slow growth in its sector this year due to imports.
Cliffs took an impairment charge of $1.2 billion, partly related to
the exit from Canada, leading to a fourth-quarter loss of $1.26
billion, compared with a profit of $30.5 million a year earlier.
According to UK Steel, rising imports were the primary reason
that steel output rose just 0.2 percent in Britain last year versus
a 24 percent rise in 2013. UK steel is a division of the EEF, Britain's largest manufacturing trade association.
Revenue fell nearly 15 percent to $1.28 billion, but edged past
average analysts estimate of $1.21 billion, according to Thomson Reuters I/B/E/S.
"Although steel demand in the UK recovered last year, the main
beneficiaries have been foreign producers," UK Steel said.
Up to Monday's close, the miner's shares have lost nearly twothirds of their value over the last 12 months.
"The progressive rise in the value of sterling, the improved demand ... the sharp slowdown in Chinese growth ... (made) our
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INSIDE METALS
February 3, 2015
ANALYTIC CHARTS (Click on the charts for full-size image)
Daily LME Aluminium 3-months
Daily LME Copper 3-months
Daily LME Nickel 3-months
Daily LME Zinc 3-months
Daily LME Lead 3-months
Daily LME Tin 3-months
Daily LME Alloy 3-months
Daily LME Nasaac 3-months
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INSIDE METALS
February 3, 2015
MARKET REVIEW
METALS-Copper climbs, but demand concerns seen snuffing out gains
PRECIOUS-Gold rises on strong fund interest, economic
growth woes
London copper climbed on technical buying that traders expected to sputter out, after wobbly factory data in China and
Europe fuelled deflation concerns that are further clouding the
outlook for demand.
Gold advanced for a second session in three as a wobbly outlook for the global economy burnished bullion's safe-haven appeal, with holdings at the top gold fund at their highest in four
months.
"Copper has had a pretty good run in light of the China PMI
numbers - I thought we would see some weakness throughout
the week. The market maybe got itself a little bit too short and
has to cover," said analyst Daniel Hynes of ANZ in Sydney.
Weak data from the United States to China and Europe dragged
Asian equities into the red, boosting outlook for gold which has
climbed 8 percent so far in 2015 after a two-year slide.
"I think the sentiment on gold has changed from a very bearish
tone last year which was due to expectations of higher U.S.
interest rates," said Yuichi Ikemizu, branch manager at Standard Bank in Tokyo.
"I wouldn't say we're out of the woods in terms of further potential weakness," he added.
European and Chinese factories slashed prices in January as
production flatlined, heightening global deflation risks that point
to another wave of central bank stimulus in the coming year.
"We have seen some good demand from Asia around $1,250
and the market is quite long at the moment."
Spot gold was up 0.4 percent at $1,279.20 an ounce by 0651
GMT, after trading nearly flat in Asian morning hours.
Three-month copper on the London Metal Exchange had
climbed 1.1 percent to $5,562 a tonne by 0704 GMT, after closing the previous session little changed. Prices shed almost 13
percent in January, having plumbed 5-1/2-year lows of
$5,339.50 a tonne last week.
U.S. gold for April delivery gained 0.2 percent to $1,279.70 an
ounce.
Rising inflows into gold funds underlined how some investors
are bullish on bullion.
The most-traded April copper contract on the Shanghai Futures
Exchange climbed 2.3 percent to 40,760 yuan ($6,442) a tonne.
Holdings at SPDR Gold Trust , the world's largest gold-backed
exchange-traded fund, stood at 24.65 million ounces on Monday, the highest since October.
"Consumer interest is very low ahead of Chinese New Year," a
physical trader in Singapore said, adding that he saw shortcovering and fresh long positions from those betting the bottom
for copper had been reached. Traders also have little incentive
to ship metal to China now, because of the high cost to store it
over the coming lunar new year, he added.
But Ikemizu said the market overall remained "pretty much split
between bullish and bearish", warning there could be a sharp
liquidation of long positions when the U.S. nonfarm payrolls
data this week turns out strong.
"We believe copper and base metals prices in general will remain under pressure for the rest of 1Q2015 as sentiment and
anxiety, especially in Asia, remain bearish," JP Morgan said in a
research note.
A Reuters poll of analysts forecast U.S. employment data on
Friday will show about 230,000 jobs were created in January,
slowing slightly from 252,000 in December but still robust.
On Monday, there were signals that the U.S. economy could be
on a slightly softer footing than many had thought.
"This sentiment will likely persist through the Chinese New Year
in February until there is greater clarity on the Chinese economic growth target for this year after the meeting of the National People's Congress in March," the bank said.
U.S. consumer spending recorded its biggest decline since late
2009 in December, while factory activity cooled in January.
Those numbers followed data last week that showed a slowdown in U.S. economic expansion to 2.6 percent in the fourth
quarter from 5 percent in July-September.
Across other metals, ShFE aluminium jumped to its highest in
more than a month, tracking end of month gains in LME aluminium, recovering from record lows reached in mid-January.
Elsewhere, the economic scenario remained bleak. European
and Chinese factories slashed prices in January as production
flatlined, heightening global deflation risks that point to another
wave of central bank stimulus in the coming year.
Aluminum Corp of China Ltd (Chalco), the country's biggest
producer of primary aluminium, expects to swing to a loss in
2014 due to sluggish market prices and provisions, it said last
week.
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INSIDE METALS
February 3, 2015
MARKET REVIEW (Continued)
Moreover, she said, Australian rate futures also rallied, showing
the market is "now fully priced for a back-to-back rate cut, for
another one in March," which is also keeping downward pressure on the Aussie as investors position for the possibility of
even lower rates ahead.
FOREX-Australian dollar skids to 6-year low after RBA cuts
rates
The Australian dollar skidded more than one U.S. cent to a sixyear low and plunged more than two percent against the yen
after the Reserve Bank of Australia slashed interest rates to a
record low.
The Canadian dollar continued to get a lift against its U.S. counterpart as recently slumping crude oil prices staged a rebound.
The loonie was up 0.5 percent at C$1.2622 per USD, well off a
near six-year low of C$1.2800 plumbed last Friday.
The Aussie's drop against the yen gave the U.S. currency a
cross-trading lift against the dollar, which shed about 0.5 percent to 117.03 yen .
Investors took profits on bearish positions as oil prices continued to rise strongly, fuelling talk that a seven-month rout has
ended.
Australia's central bank cut its cash rate a quarter point to 2.25
percent at its policy meeting, to spur a sluggish economy and
keep downward pressure on its currency. A Reuters poll of 29
analysts had found 20 expected no change this week.
The dollar remained in familiar ranges against the yen and the
euro. It has spent much of the past two weeks oscillating between 117.00 and 119.00 yen and shows little sign of re-testing
December's eight-year peak of 121.86.
The Aussie dropped as far as $0.7650, from around $0.7790
before the central bank's announcement. It was last down 1.8
percent at $0.7663.
The euro edged down about 0.1 percent to $1.1328, after finding a floor at an 11-year trough of $1.1098. It has held to a
$1.1262-$1.1384 range over the past few sessions.
Against the yen, the Aussie was down 2.2 percent at 89.72 yen,
dropping below support at 90 yen for the first time since February 2014 to as low as 89.70.
Against the yen, the common currency slipped about 0.5 percent to 132.68, also getting a cross-trading downdraft as the
yen rallied against the Aussie, and moving back towards a 17month trough of 130.16 touched last week.
"The surprise rate cut relative to consensus has seen the Aussie
tumble across the board," said Sue Trinh, senior currency
strategist at RBC Capital Markets in Hong Kong.
(Inside Metals is compiled by Atiqul Habib in Bangalore)
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