Aluminum

Commodities trader Glencore's bumper public offering has increased interest in Hong Kong listings from across the mining sector and will prove a welcome boost to the bourse, a senior executive at the exchange said. The world's largest diversified commodities trader is set to make its market debut in London and Hong Kong next week, in what could be a record listing, with Glencore [GLEN.UL] hoping to raise $11 billion.

FIRST BAUXITE CORP. (TSX VENTURE:FBX)(FRANKFURT:FBI)(BERLIN:FBI) ("First Bauxite" or the "Company") First Bauxite Corporation is announcing that the Letter of Understanding between the Company and Rio Tinto Mining and Exploration Ltd. ("Rio Tinto") was terminated on February 17, 2011 with immediate effect. On May 23, 2008, Rio Tinto Exploration signed a Letter of Understanding with First Bauxite Corporation, in order to form a four-year joint venture with the purpose of exploring the northern portion of the coastal bauxite belt of Guyana for economic metallurgical bauxite resources.

China's Zijin Mining Group Co Ltd said on Friday it would invest $100 million as a cornerstone investor in the initial public offering of commodities group Glencore. The investment in the up to $11 billion IPO will be subject to a six-month lock up period, Zijin said in a filing to the Hong Kong bourse.

India-focused miner Vedanta Resources (VED.L) posted a 29 percent jump in full-year earnings per share, on the back of strong metal prices and a background of robust demand for commodities. Vedanta, with operations in India, Australia and Zambia, said on Thursday basic EPS came in at 283 cents.

Rio Tinto , the world's third-largest miner, expects global markets to remain fragile in the near term and sees itself in a strong position to weather any turbulence, its chairman said on Thursday. The company said that it expected little impact on demand for commodities following the earthquake and tsunami disasters in Japan, and said in the long run demand may increase as Japan moved to rebuild.

Indian state-run National Aluminium Co Ltd (NALCO) has raised the domestic prices of its aluminium products by 4,000 rupees ($90) per tonne, except for rolled products, a senior company official said on Tuesday. The prices have been increased in line with the London Metal Exchange (LME) rates, the official who did not wish to be identified due to company policy, told Reuters.

Hydro had underlying earnings before financial items and tax (EBIT) of NOK 1,448 million in the first quarter, up from NOK 588 million in the fourth quarter. Higher realized aluminium prices and premiums, higher volumes and lower operating costs lifted underlying results for the quarter.

Reliance Steel & Aluminum Co. (NYSE:RS) reported today its financial results for the first quarter ended March 31, 2011. For the 2011 first quarter, Reliance reported net income of $92.3 million, up 107% from 2010 first quarter net income of $44.7 million, and up 134% from $39.5 million in the 2010 fourth quarter. Earnings per diluted share were $1.23 in the 2011 first quarter, up 105% from 2010 first quarter earnings per diluted share of $.60 and up 132% from $.53 for the 2010 fourth quarter. Sales for the 2011 first quarter were $1.91 billion, up 32% from 2010 first quarter sales of $1.45 billion, and up 21% from 2010 fourth quarter sales of $1.58 billion.

China has called on central and provincial authorities to stop approving the construction of new aluminium smelting capacity as over-capacity in the industry is expanding. Nine ministries and departments jointly issued an urgent circular reinforcing Beijing's policy to restrict aluminium capacity expansion. The circular was published on the website of the Ministry of Industry and Information Technology on Wednesday. (www.miit.gov.cn). Picture, a German aluminium coin from the time of the hyperinflation, is from Images of Elements.