The base metals were mostly lower on Tuesday. Copper was in the green until late in the pre-dawn hours, then fell into the red and never quite recovered, finishing at $1.6362/lb., down nearly 2½ cents.

Nickel declined from the pre-dawn hours until the noon hour, rallied into the afternoon but not enough to take it back to break-even as it closed at $4.5888/lb., down just under 7 cents. Zinc pushed slowly northward throughout the day, ending just off its intraday high at $0.5603/lb., up more than three-quarters of a cent. Aluminum peaked in the late pre-dawn hours, then dropped straight through the day, just coming off its intraday low at $0.7935/lb., down a third of a cent, while lead traded flat until the afternoon, during which it lost a penny and a quarter, to $0.5295/lb.

Copper’s modest uptrend failed to hold, as traders’ pessimism evidently reasserted itself and they sold into the

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Key News• The Japanese economy entered its first recession in seven years, as growth declined for the second quarter running by a wider margin than expected, raising fears the situation could deteriorate amid the global downturn. (FT)• Mining companies -- which couldn't dig minerals out of the earth fast enough just a few months ago -- now are struggling to climb out of a very deep hole. On Friday, the world's biggest miner, BHP Billiton, said major Chinese customers are trying to delay purchases of iron ore as China's building boom slows sharply. (WSJ)• Australian retail sales rose in the third quarter by less than economists forecast. (Bloomberg)• Key Reports (WSJ):8:30a.m. Nov NY Fed Manufacturing Index: Expected: -27. Previous: -24.6. 9:15a.m. Sep Industrial Production: Expected: +0.4%. Previous: -2.8%. 9:15a.m. Sep Capacity Utilization: Expected: 76.7. Previous: 76.4.

Quotable “It is fascinating to watch politicians come up with

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The base metals were nearly all in positive territory on Tuesday. Copper prolonged its rally, with buying coming in on dips through the day, and finishing at its intraday high of $1.9204/lb., up more than 7 2/3 cents. Nickel soared in the afternoon hours, before easing a bit late to close at $5.2435/lb., up 23 1/3 cents.

Zinc plummeted in the late morning and never found its way back, ending at $0.4885/lb., down nearly 2 cents. Aluminum had a very strong day, pushing to an intraday high of $0.9402/lb., up better than 4 cents, while lead raced to $0.6402/lb., up just over 7 cents.

Copper led most of the industrial metals higher yesterday as it followed equities markets up in anticipation of a rate cut by the Fed today.

“We’ve seen some signs of life coming back to the market with equities rebounding and commodities rising today across the board,” says Matt

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The base metals were nearly all in positive territory on Tuesday. Copper prolonged its rally, with buying coming in on dips through the day, and finishing at its intraday high of $1.9204/lb., up more than 7 2/3 cents. Nickel soared in the afternoon hours, before easing a bit late to close at $5.2435/lb., up 23 1/3 cents.

Zinc plummeted in the late morning and never found its way back, ending at $0.4885/lb., down nearly 2 cents. Aluminum had a very strong day, pushing to an intraday high of $0.9402/lb., up better than 4 cents, while lead raced to $0.6402/lb., up just over 7 cents.

Copper led most of the industrial metals higher yesterday as it followed equities markets up in anticipation of a rate cut by the Fed today.

“We’ve seen some signs of life coming back to the market with equities rebounding and commodities rising today across the board,” says Matt

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The hostile takeover bid by BHP Billiton (BHP) to acquire mining-giant rival Rio Tinto (RTP) just got a step closer.  Australia, the headquarters for BHP Billiton and Rio Tinto, Ltd. (an RTP subsidiary), has approved the merger, which has sent Australian shares of Rio Tinto to jump 12%.  This morning, RTP is up another 3.8% so far on the NYSE.

Rio Tinto had rejected an earlier offer from BHP, but this was prior to the U.S. financial market descending into crisis.  Now, world-wide conglomerates are looking toward each other in order to secure their long-term support.

Zacks senior equities analyst Mario Ricchio covers both companies.  In his latest RTP report, he reiterated his Hold recommendation with this comment: "Cost pressures due to ongoing supply constraints are adversely impacting Rio's margins and profitability." 

About the possible merger between BHP and RTP, he said this: "Notwithstanding the associated anti-trust issues, we believe

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Iron ore giant Vale has stopped shipping to China over a pricing dispute. Vale knows that China desperately needs iron ore, but Vale is making the mistake that they can't be replaced. BHP Billiton and Rio Tinto will be happy to take their place.

BHP Billiton CEO Marius Kloppers said nuclear energy would play a "bigger role" in China in the future and that BHP is "gearing up" to meet China's uranium demand. "That will take a couple of years, but clearly we are positioning the company to, from our side, participate in that over decades, not just a couple of years." "If the world is serious about cutting carbon emissions, then you cannot have a debate without the nuclear piece in that debate, because it is the most efficient way to cut carbon emissions." BHP does own a huge supply of uranium, but BHP is so diversified that any uranium boom will have a minor impact on BHP's profitability. If you want a pure uranium play, look at Cameco (NYSE:CCJ).

Global Alumina Corporation (TSX: GLA.U) is a low-cost supplier of alumina with a management team dedicated to being socially responsible and creating long-term shareholder value as they build and operate their world-class alumina refinery in the Republic of Guinea, West Africa.

Founded in 1999, the company has positioned itself to become one of the largest companies focusing solely on alumina production. They offer an opportunity for socially conscious investing in a country that holds one-third of global bauxite resources, yet is one of the world’s poorest countries. The company has commenced a consultation process at the village, state and national levels, and seeks to adhere to the highest social and environmental standards.

Global Alumina’s principal project is the development of an alumina refinery that has the capacity to produce 3.2 million metric tons-per-year located in the Sangaredi region of Guinea, along with the requisite energy, water, and transportation and social

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When I am in Asia, I'll talk to anyone I think can help me find the next home run stock. I have often learned a great deal by talking to bellmen, taxi drivers, sales clerks, or the lone diner at the table next to me. And some of the most useful information I've ever gathered comes when (and where) I least expect it. The latest example of this came during my recent trip to Beijing, where I spent a Sunday walking the Mutinayu section of the Great Wall of China. Most travelers to Beijing go to the much-closer Badaling section of the Great Wall, but I drove an extra hour to Mutinayu to avoid the crowds. Walking the Great Wall is truly one of the most memorable experiences of my life and is a ...

London-based Rio Tinto (RTP), the world's 3rd-largest mining company, posted a record profit in its most recent half-year earnings report.  This show of strength was a 112.5% improvement year over year, on increasingly strong demand for iron ore and other products in China.

Rio Tinto is also the object of a hostile $150 billion takeover bid from Australia-based BHP Billiton (BHP), a rival of Tinto's.  Though this strong RTP showing this morning would appear to put more pressure on BHP to raise its offer price, BHP shares are up as of mid-day trading, while RTP is down.

In his most recent research report on Rio Tinto, Zacks senior analyst Mario Ricchio had this to say: "With the acquisition of Alcan Inc., Rio has become a global leader in the aluminium industry with large, long life, low-cost assets across the globe and a strong pipeline of attractive growth projects for the future.

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