RESIDENTS in Greenidge Road, Hindsbury Road, St Michael, are stirring up a stink over the heap of old metal, abandoned cars and other junk causing distress in the neighbourhood.
But what is surprising is that the owner also wants the unsightly heap removed from beside his house too.
According to Linus President, the owner of the dilapidated house, who repairs vehicles, bicycles, fridgesand stoves, the mess is not all his.
"I have no money to get them moved, and I would be glad for some help. Because I am a mechanic, people have been coming here and leaving their old vehicles. Sometimes I am not even in the island when these thingshappen," he stated.
But it was not long before neighbour Anthony Yearwood came out to voice his opinion, and a quarrel ensued.
"That junk needs removing as soon as possible. It is causing a lot of mice, rats and cockroaches around the place. Up to the other day I had to kill a big centipede that crawled out of there," he said, pointing to the dump.
Yearwood said the place was not only filthy, but it was also a fire hazard.
"If that burns it will catch my house and then the next, and there will be one big fire," he said of the closely knit community.
Another neighbour, who wanted to remain anonymous, said she was tired of seeing the rodents in the neighbourhood.
Wednesday, November 5, 2008
Saturday, November 1, 2008
Aluminium rose as much as 2.6 percent before moving lower.
It closed at $2,050 compared with Friday's close of $2,045.
Prices for the energy-intensive metal have dropped about 40 percent since reaching a high of $3,380 a tonne in July.
A number of mining companies have been forced to cut production, reduce capital expenditure and postpone new projects as metal prices have fallen close to or below marginal costs.
United Company RUSAL said it had suspended production at the Zaporozhye Alumina and Aluminium Complex in Ukraine because current metal prices make the plant unprofitable.
Nickel closed at $11,995 a tonne in volatile trading compared with $12,100 at the close on Friday.
Tin climbed 8.2 percent to $14,500 a tonne compared with the close on Friday of $13,400.
Zinc was at $1,170 from $1,125 a tonne, while lead was trading down $5 at $1,500 a tonne.
On the macroeconomic front, a relatively thin week for data is set to be dominated by interest rate verdicts from both the European Central Bank and the Britain's Bank of England on Thursday.
Metal Prices at 2022 GMT Metal Last Change Pct Move End 2007 Ytd Pct
move LME Cu 4105.00 6.00 +0.15 6670.00 -38.46 SHFE Cu* 32580.00 1180.00 +3.76 56880.00 -42.72 LME Alum 2053.00 8.00 +0.39 2403.00 -14.57 SHFE Alu* 14105.00 200.00 +1.44 18180.00 -22.41 COMEX Cu** 183.70 -0.70 -0.38 303.05 -39.38 LME Zinc 1170.00 45.00 +4.00 2370.00 -50.63 SHFE Zinc* 9445.00 350.00 +3.85 18950.00 -50.16 LME Nick 11950.00 -150.00 -1.24 26350.00 -54.65 LME Lead 1512.00 13.00 -0.87 2550.00 -40.71 LME Tin 14400.00 1000.00 +7.46 16400.00 -12.20 ** 1st contract month for COMEX copper * 3rd contact month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 – Forbes
Prices for the energy-intensive metal have dropped about 40 percent since reaching a high of $3,380 a tonne in July.
A number of mining companies have been forced to cut production, reduce capital expenditure and postpone new projects as metal prices have fallen close to or below marginal costs.
United Company RUSAL said it had suspended production at the Zaporozhye Alumina and Aluminium Complex in Ukraine because current metal prices make the plant unprofitable.
Nickel closed at $11,995 a tonne in volatile trading compared with $12,100 at the close on Friday.
Tin climbed 8.2 percent to $14,500 a tonne compared with the close on Friday of $13,400.
Zinc was at $1,170 from $1,125 a tonne, while lead
On the macroeconomic front, a relatively thin week for data is set to be dominated by interest rate verdicts from both the European Central Bank and the Britain's Bank of England on Thursday.
Metal Prices at 2022 GMT Metal Last Change Pct Move End 2007 Ytd Pct
move LME Cu 4105.00 6.00 +0.15 6670.00 -38.46 SHFE Cu* 32580.00 1180.00 +3.76 56880.00 -42.72 LME Alum 2053.00 8.00 +0.39 2403.00 -14.57 SHFE Alu* 14105.00 200.00 +1.44 18180.00 -22.41 COMEX Cu** 183.70 -0.70 -0.38 303.05 -39.38 LME Zinc 1170.00 45.00 +4.00 2370.00 -50.63 SHFE Zinc* 9445.00 350.00 +3.85 18950.00 -50.16 LME Nick 11950.00 -150.00 -1.24 26350.00 -54.65 LME Lead 1512.00 13.00 -0.87 2550.00 -40.71 LME Tin 14400.00 1000.00 +7.46 16400.00 -12.20 ** 1st contract month for COMEX copper * 3rd contact month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 – Forbes
Copper ends flat despite rising inventories
Copper closed relatively flat on Monday, rebounding from earlier sharp losses as gains in U.S. equities overshadowed a large build in the red metal's inventories.
The metal had lost as much as 4 percent of its value earlier as inventories in London grew to their biggest since March 2004, fanning pessimism about Chinese demand.
"I think the equities are giving it a lift," said Rob Kurzatkowski futures analyst with OptionsXpress in Chicago, citing additional support from technically oversold price levels.
U.S. stocks markets were volatile but held positive ground when copper for December delivery settled 1.10 cents higher at $1.84 a lb on the New York Mercantile Exchange's COMEX division, up from an early low at $1.7805.
In London, three-month copper on the London Metal Exchange fell as low as $3,934 a tonne, and officially closed at $4,090 versus Friday's close of $4,099 per tonne.
"Prices are a bit weak," said Simon Toyne, an analyst at Numis. "One of the most noticeable things is the copper stock builds that have been going on the LME -- the last few days have seen a number of thousands of tonnes ... which is a bit unnerving."
LME copper stocks surged 7,275 tonnes to 237,925, the highest level since March 2004. The increase followed gains of 6,775 and 6,575 at the end of last week.
"Bouncing around looking a bit directionless," said Gayle Berry, an analyst at Barclays Capital. "When prices are coming off quite a bit, you do tend to see the shorts beginning to look for a bit of cover."
"That is what you are going to see much more of going forward -- these violent swings in prices, given the size of the short positions being built in some of the metals."
Prices for the metal, used in construction and power, have fallen more than 50 percent since reaching a record high of $8,940 a tonne in July.
In October, LME copper fell nearly 36 percent, its biggest drop since at least 1970. Nickel dropped 24 percent, its second biggest fall on record.
"I don't see any dramatic turnaround this month in commodities. Manufacturing is slowing in China. Industry is slowing down and for the next couple of weeks at least there is no light at the end of the tunnel," said Peter McGuire of Commodity Warrants Australia.
A measure of Chinese manufacturing activity showed factory output shrank sharply in October in the face of waning orders, while officials pledged further steps to boost domestic demand to keep the economy from slowing too much.
In the U.S., the Institute for Supply Management said its index of national factory activity fell to 38.9 in October from 43.5 in September.
The metal had lost as much as 4 percent of its value earlier as inventories in London grew to their biggest since March 2004, fanning pessimism about Chinese demand.
"I think the equities are giving it a lift," said Rob Kurzatkowski futures analyst with OptionsXpress in Chicago, citing additional support from technically oversold price levels.
U.S. stocks markets were volatile but held positive ground when copper for December delivery settled 1.10 cents higher at $1.84 a lb on the New York Mercantile Exchange's COMEX division, up from an early low at $1.7805.
In London, three-month copper on the London Metal Exchange fell as low as $3,934 a tonne, and officially closed at $4,090 versus Friday's close of $4,099 per tonne.
"Prices are a bit weak," said Simon Toyne, an analyst at Numis. "One of the most noticeable things is the copper stock builds that have been going on the LME -- the last few days have seen a number of thousands of tonnes ... which is a bit unnerving."
LME copper stocks surged 7,275 tonnes to 237,925, the highest level since March 2004. The increase followed gains of 6,775 and 6,575 at the end of last week.
"Bouncing around looking a bit directionless," said Gayle Berry, an analyst at Barclays Capital. "When prices are coming off quite a bit, you do tend to see the shorts beginning to look for a bit of cover."
"That is what you are going to see much more of going forward -- these violent swings in prices, given the size of the short positions being built in some of the metals."
Prices for the metal, used in construction and power, have fallen more than 50 percent since reaching a record high of $8,940 a tonne in July.
In October, LME copper fell nearly 36 percent, its biggest drop since at least 1970. Nickel dropped 24 percent, its second biggest fall on record.
"I don't see any dramatic turnaround this month in commodities. Manufacturing is slowing in China. Industry is slowing down and for the next couple of weeks at least there is no light at the end of the tunnel," said Peter McGuire of Commodity Warrants Australia.
A measure of Chinese manufacturing activity showed factory output shrank sharply in October in the face of waning orders, while officials pledged further steps to boost domestic demand to keep the economy from slowing too much.
In the U.S., the Institute for Supply Management said its index of national factory activity fell to 38.9 in October from 43.5 in September.
Friday, October 31, 2008
Vale says to cut iron ore output 10%
Brazilian mining giant Cia Vale do Rio Doce (Vale) said Friday it would cut iron ore output by 10% from November as it braces for a global economic slowdown caused by the credit crisis.
Vale, the world`s largest producer of iron ore, said a 20% reduction in world steel industry output was having a direct impact on demand for ore.
"Keeping in view that the sole use for iron ore is for the making of steel, its demand has suffered directly and immediately the effects of the retraction in steel production," Vale said in a statement. The reduction in output amounts to 30Mt/y.
Last year, Vale produced 296Mt of iron ore, accounting for about 55% of its total revenues. The company said there was not sufficient space to simply store the mined ore as stocks of the size of tens of millions of tonnes. "The new global scenario demands, therefore, that Vale adjust its production programs in various countries, that will imply a reduction in the levels of output practiced up through September," it said.
The company said as of November 1 it will be suspending activities at some mines that produce ore of lower quality in the southern system of mines in the state of Minas Gerais. It said it will be implementing mandatory paid leave for workers at the affected mines. Vale added that the contraction in global industrial output has considerably affected the demand for base metals such as nickel and aluminium, which is resulting in a "significant accumulation of stocks."
The company`s manganese and ferroalloy production will also be shutdown this December and in January.
The Dunkerque plant of ferroalloy in France will remain closed until April. And the company`s plant in Mo I Rana, Norway, will remain under maintenance until June 2009. Owing to these shutdowns, Vale will reduce its manganese output by 600,000t and ferroalloy by 90,000t in the first half of 2009.
The company reiterated that it would be cutting its fuel oil-fired thermoelectric generation operations that will reduce its Indonesian nickel output by about 20%, or by 17,000t. Its nickel processing operations in Dalina, China will run at only 35% of their 60,000t/y capacity.
Vale will be also cutting its aluminium output at its Valesul Aluminio plant in Rio de Janeiro to 40% of its 95,000t capacity due to the high cost of energy at the unit. – Mining Journal
Vale, the world`s largest producer of iron ore, said a 20% reduction in world steel industry output was having a direct impact on demand for ore.
"Keeping in view that the sole use for iron ore is for the making of steel, its demand has suffered directly and immediately the effects of the retraction in steel production," Vale said in a statement. The reduction in output amounts to 30Mt/y.
Last year, Vale produced 296Mt of iron ore, accounting for about 55% of its total revenues. The company said there was not sufficient space to simply store the mined ore as stocks of the size of tens of millions of tonnes. "The new global scenario demands, therefore, that Vale adjust its production programs in various countries, that will imply a reduction in the levels of output practiced up through September," it said.
The company said as of November 1 it will be suspending activities at some mines that produce ore of lower quality in the southern system of mines in the state of Minas Gerais. It said it will be implementing mandatory paid leave for workers at the affected mines. Vale added that the contraction in global industrial output has considerably affected the demand for base metals such as nickel and aluminium, which is resulting in a "significant accumulation of stocks."
The company`s manganese and ferroalloy production will also be shutdown this December and in January.
The Dunkerque plant of ferroalloy in France will remain closed until April. And the company`s plant in Mo I Rana, Norway, will remain under maintenance until June 2009. Owing to these shutdowns, Vale will reduce its manganese output by 600,000t and ferroalloy by 90,000t in the first half of 2009.
The company reiterated that it would be cutting its fuel oil-fired thermoelectric generation operations that will reduce its Indonesian nickel output by about 20%, or by 17,000t. Its nickel processing operations in Dalina, China will run at only 35% of their 60,000t/y capacity.
Vale will be also cutting its aluminium output at its Valesul Aluminio plant in Rio de Janeiro to 40% of its 95,000t capacity due to the high cost of energy at the unit. – Mining Journal
Global demand concerns drag copper 9 pct lower
Copper pulled industrial metals deep into negative territory on Friday, losing more than 9 percent as concerns over global demand triggered a sell-off across commodities. By 1031 GMT, copper for three month delivery on the London Metal Exchange fell to $3,845 a tonne from $4,210 at the close on Thursday and compared with a session low at $3,832.
Prices of the metal used in power and construction have fallen more than 50 percent since a record high of $8,940 in July.
Analysts said fears over global demand in the face of a worldwide economic downturn are to blame for the slump in prices.
"(Base metals are) not looking too clever," said Dan Smith, a metals analyst at Standard Chartered. "We are going to see prices remaining under pressure for the time being ... it's a sell-off across all the base metals in response to worries about the demand outlook."
"This tone is going to be with us for a while because people are waiting to get some clarity on the underlying picture. Certainly demand is getting softer," Smith said.
In industry news, Chile's Codelco, the world's largest copper producer, said its copper output fell 8.2 percent in the first nine months of the year, citing a strike by subcontract workers and falling ore grades.
Aluminium hit $1,997 a tonne, but was last at $2,000 from $2,065. Adding to the gloom, LME aluminium stocks jumped 1,150 tonnes to 1.5 million tonnes -- a reminder of the metal's weakened state of demand -- while copper stocks rose 6,775 tonnes to 230,650 tonnes.
"We are not out of the woods in terms of metals prices and economic recovery," said Fairfax analysts in a note. "Chinese demand remains a marked unknown and could make the difference between small and larger LME stock levels." Nickel was at $11,300 a tonne from $11,900 at the close on Thursday, lead was down 4.3 percent at $1,454 from $1,520 and zinc at $1,125 from $1,160. Tin fell 4.8 percent to $13,900 a tonne from $14,600.
Producers in the last few months have started to cut back production across metals as falling prices put profit margins under pressure.
Macquarie Bank analysts said in a note: "Although output cuts and project delays have been significant in recent months, the shorter term bearish demand outlook means that base metals need to remain at or below current price levels for a sustained period until we see sufficient production cuts as to tighten up the metals markets by say, the end of 2010."
Metal Prices at 1038 GMT Metal Last Change Pct Move End 2007 Ytd Pct
move LME Cu 3850.00 -360.00 -8.55 6670.00 -42.28 SHFE Cu* 31400.00 -1700.00 -5.14 56880.00 -44.80 LME Alum 1999.00 -66.00 -3.20 2403.00 -16.81 SHFE Alu* 13905.00 -550.00 -3.80 18180.00 -23.51 COMEX Cu** 188.85 0.00 +0.00 303.05 -37.68 LME Zinc 1119.00 -41.00 -3.53 2370.00 -52.78 SHFE Zinc* 9095.00 -420.00 -4.41 18950.00 -52.01 LME Nick 11150.00 -750.00 -6.30 26350.00 -57.69 LME Lead 1452.00 -68.00 -4.47 2550.00 -43.06 LME Tin 13750.00 -1475.00 -9.69 16400.00 -16.16 ** 1st contract month for COMEX copper * 3rd contact month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 – Forbes
Prices of the metal used in power and construction have fallen more than 50 percent since a record high of $8,940 in July.
Analysts said fears over global demand in the face of a worldwide economic downturn are to blame for the slump in prices.
"(Base metals are) not looking too clever," said Dan Smith, a metals analyst at Standard Chartered. "We are going to see prices remaining under pressure for the time being ... it's a sell-off across all the base metals in response to worries about the demand outlook."
"This tone is going to be with us for a while because people are waiting to get some clarity on the underlying picture. Certainly demand is getting softer," Smith said.
In industry news, Chile's Codelco, the world's largest copper producer, said its copper output fell 8.2 percent in the first nine months of the year, citing a strike by subcontract workers and falling ore grades.
Aluminium hit $1,997 a tonne, but was last at $2,000 from $2,065. Adding to the gloom, LME aluminium stocks jumped 1,150 tonnes to 1.5 million tonnes -- a reminder of the metal's weakened state of demand -- while copper stocks rose 6,775 tonnes to 230,650 tonnes.
"We are not out of the woods in terms of metals prices and economic recovery," said Fairfax analysts in a note. "Chinese demand remains a marked unknown and could make the difference between small and larger LME stock levels." Nickel was at $11,300 a tonne from $11,900 at the close on Thursday, lead was down 4.3 percent at $1,454 from $1,520 and zinc at $1,125 from $1,160. Tin fell 4.8 percent to $13,900 a tonne from $14,600.
Producers in the last few months have started to cut back production across metals as falling prices put profit margins under pressure.
Macquarie Bank analysts said in a note: "Although output cuts and project delays have been significant in recent months, the shorter term bearish demand outlook means that base metals need to remain at or below current price levels for a sustained period until we see sufficient production cuts as to tighten up the metals markets by say, the end of 2010."
Metal Prices at 1038 GMT Metal Last Change Pct Move End 2007 Ytd Pct
move LME Cu 3850.00 -360.00 -8.55 6670.00 -42.28 SHFE Cu* 31400.00 -1700.00 -5.14 56880.00 -44.80 LME Alum 1999.00 -66.00 -3.20 2403.00 -16.81 SHFE Alu* 13905.00 -550.00 -3.80 18180.00 -23.51 COMEX Cu** 188.85 0.00 +0.00 303.05 -37.68 LME Zinc 1119.00 -41.00 -3.53 2370.00 -52.78 SHFE Zinc* 9095.00 -420.00 -4.41 18950.00 -52.01 LME Nick 11150.00 -750.00 -6.30 26350.00 -57.69 LME Lead 1452.00 -68.00 -4.47 2550.00 -43.06 LME Tin 13750.00 -1475.00 -9.69 16400.00 -16.16 ** 1st contract month for COMEX copper * 3rd contact month for SHFE AL, CU and ZN SHFE ZN began trading on 26/3/07 – Forbes
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