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.

With commodity prices falling and the global economic outlook uncertain, Melbourne-based mining titan BHP Billiton (BHP) pulled the plug on its hostile takeover of rival Rio Tinto PLC (RTP), saying the proposed deal is of no longer in the best interest of shareholders.

Not much. The world keeps turning. And the world economy keeps falling apart. Here in Australia, shares of port and rail outfit Asciano (AIO) fell off the table after a Citigroup analyst changed his valuation of the company and moved it from “buy” to “sell.” Asciano is down 93% from its all time high and was down nearly 60% yesterday before going into a trading halt.

Brazilian metals and mining company Vale (NYSE:RIO) has canceled its iron ore shipments to China until the country’s steelmakers cough up more dough. But China has other ideas. Vale may find its products aren’t as vital as it originally thought, says Stephanie Grimmett.

The base metals were all in positive territory on Friday. Copper spiked sharply higher during the pre-dawn hours, dropped off a little after the New York open, then traded dead flat through the day, finishing at $3.2086/lb., up 11 2/3 cents.

The base metals were mixed on Wednesday. Copper hit its peak just before the New York open but fell into negative territory from there and never escaped, finishing at $3.0991/lb., down a penny and a third. Nickel had a big dip around mid-morning, but recovered nicely to close at at $7.9122/lb., up nearly 3½ cents.

The base metals were all in the red on Tuesday. Copper bottomed at $3.07 around mid-morning and, though it rallied from there, failed to reach break-even, finishing at $3.1126/lb., down 4½ cents.

Mining is an expensive business. So if commodities prices fall sharply many mines are forced to close rather than operate at a loss. When this happens supply tightens and prices begin to recover. Chris Mayer says there are signs this is happening now… and a rally in mining stocks is on its way.

Taipan Publishing’s Sara Nunnally thinks we are seeing the first wave of renewable energy investments in Latin America. The region is one of the fastest growing in today’s global economy, and countries like Chile are turning to wind and solar power to boost local energy capacity. However, ongoing political and instability in the region makes any new venture risky, so Sara recommends sticking to established European firms for solid profit opportunities…

The resource rich Canadian markets essentially flatlined during Tuesday trading as bank earnings took centre stage.