Copper sinks to five-week low on US growth fears

(Reuters) - Fresh signs of economic trouble in the United States beat copper down to five-week lows on Monday, but analysts expect strong demand from China to buoy the metal used widely in the construction and power industries.

London-listed miners were down on the back of broader market weakness. Britain's was down 0.2 percent while BHP Billiton, Rio Tinto and Xstrata were down between half a percent and 2.3 percent.


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Xstrata Starts Study of Wandoan Thermal Coal Mine in Northern Australia

(Bloomberg) -- Xstrata Plc, a miner of coal and
metals, started investigations into the feasibility of
developing an open-cut thermal coal mine at Wandoan in
Australia's Queensland state.

The proposed mine may have initial production of more than
20 million metric tons a year and an expected life of 30 years,
Zug, Switzerland-based Xstrata said today in an e-mail statement.


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U.K. Stocks Including GlaxoSmithKline Shares Drop; Xstrata Advances

(Bloomberg) -- U.K. stocks including GlaxoSmithKline
Plc and AstraZeneca Plc declined. Xstrata Plc advanced on a
positive broker report. J Sainsbury Plc gained on renewed
takeover speculation.

The benchmark FTSE 100 Index added 9, or 0.1 percent, to
6529.40 at 12:47 p.m. in London, as 44 stocks fell and 56
climbed. The FTSE All-Share Index slipped 0.1 percent. Ireland's
ISEQ Index lost 0.8 percent to 9326.46.


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Nickel Drops, Snapping Two Days of Gains, on Stockpile Surge; Lead Falls

(Bloomberg) -- Nickel declined in London, snapping
two days of gains, after stockpiles climbed to the highest in
almost 11 months. Lead fell on prospects of increased supply as
Xstrata Plc said it will lift restrictions on metal deliveries
from its U.K. smelter after a five-month disruption.

Inventories of nickel tracked by the London Metal Exchange
jumped 6.3 percent to 8,460 metric tons, the exchange said today in
a daily report. That's the highest since July 10 last year.
Production will beat usage by 70,000 tons this year, reversing the
2006 shortage, the International Nickel Study Group said on May 14.


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Xstrata says won't match Norilsk offer for LionOre

(Reuters) - Xstrata Plc said on Friday it would not exercise its right to match Norilsk Nickel's C$6.8 billion takeover offer for Canada's LionOre Mining International Ltd..

Norilsk unveiled its enhanced bid last week, which topped Xstrata's most recent offer of C$6.2 billion. LionOre determined Norilsk's offer superior to Xstrata's.


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