OFF THE WIRE

India’s state-run miner NMDC (NSE: NMDC) has put its planned foray into nickel on hold partly because of global oversupply concerns in Indonesia, a country that accounts for more than 60% of global output of the metal, two company officials with direct knowledge of the matter told Reuters.Reuters had earlier reported that India’s state-owned Steel Authority of India (SAIL) (NSE: SAIL) and NMDC were looking at boosting nickel supplies from Russia and acquiring coking coal assets.

Shenghe Resources (SHA: 600392) said it would sell majority stakes for its smelting and separation business for 1.66 billion and 1.81 billion yuan ($248.44 million-$270.89 million) to a subsidiary of state-owned China Rare Earth Group.Shenghe Resources will transfer a 51% stake at its Leshan Shenghe subsidiary, after spinning off the subsidiary’s non-rare earth smelting and separation business, to a wholly-owned subsidiary of China Rare Earth Group, according to a company filing on Sunday.

Oct 19 (Reuters) - The euro fell against the dollar on Monday as riots in France added ​to concerns about the country's worsening fiscal outlook, while the US currency was boosted by a rebound in AI ‌stocks.

India’s Hindustan Zinc (NSE: HZNC) posted a more than two-fold jump in quarterly profit on Monday, helped by higher metal prices, while cutting its annual zinc production cost forecast amid rising output and stronger by-product realisations.The Vedanta group firm’s zinc production cost forecast for fiscal 2027 now stands at $825 per ton to $850 per ton, compared with $975 per ton to $1,000 per ton earlier, Chief Executive Amarendu Prakash said in a post-earnings call.

South Korean copper smelter LS MnM is reviewing a potential reduction in output as shrinking refining margins and intensifying competition for copper concentrate pressure profitability, it said on Monday.The company, which operates a refinery with annual capacity of 680,000 metric tons, said it was considering “flexible adjustments” to copper concentrate purchases depending on market conditions and operational efficiency.