Metals investors look for miners to cut supplies to lift prices

viernes 3 de julio de 2015 09:33 GYT
 

* Weak prices putting pressure on metals producers

* Focus on iron ore, aluminium and zinc

* Reporting season kicks off on July 8 with Alcoa

By Eric Onstad

LONDON, July 3 (Reuters) - Investors in industrial metals will keep a close watch on miners' results in coming weeks for possible announcements of production cutbacks that could bolster weak prices.

"What will be very important over the next few weeks is whether we start to see some supply responses emerging during the corporate results period," said Nicholas Snowdon, metals analyst at Standard Chartered in London.

Iron ore, aluminium and zinc will get the most attention after a slide in prices that is pressuring the bottom line of some mining groups.

Spot iron ore .IO62-CNI=SI shed more than half of its value in the 12 months to April, but has since rebounded by about 15 percent to $54.10 a tonne.

"Over the past six months Vale, BHP and Rio have independently suggested either cuts to existing production, holding back sales and/or the slower ramp up of growth volumes," Citi analyst Heath Jansen said in a note.   Continuación...