Best Buy Names New CEO; IBM to Post Strong 2008 Earnings; BHP Cuts 6,000 Jobs; GM Loses Sales Crown to Toyota; Investors Retreat From Hedge Funds; Housing Market Index Hits New Low; Satyam Seeks Funding; Crude Futures Climb

The base metals were mixed on Tuesday. Copper fell during the pre-dawn hours, and a rally in New York wasn’t quite enough as it finished at $1.4837/lb., down 2½ cents from Friday.

The base metals were all glowing green on Friday. Copper rose from the pre-dawn hours to the New York open and tailed off from there, but still hung in positive territory to finish at $1.5089/lb., up 3¾ cents.

BHP Billiton Ltd. (NYSE:BHP) is getting stronger, says Horacio Marquez, even as commodity prices slump. With its low costs and diversified operations, the natural resources producer is well positioned to ride out the credit crisis. And when commodity prices rebound next year, Horacio says BHP will lead the recovery. He recommends buying shares at today’s distressed prices, and holding for big long-term profits.

Commodities will rebound in the New Year, says Martin Hutchinson. Supply and demand fundamentals remain bullish for natural resources. Even more importantly, massive increases in the money supply will create inflation, against which hard assets are an important hedge. Martin gives five ways to play this trend in 2009.

President-elect Barack Obama has made no bones about wanting to jump-start the renewable energy markets – pledging $150 billion for the development of biofuels, solar and wind power, other alternative energy sources during his first term.

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China may soon ask the world”s top iron ore producers to reduce the prices they charge for the key steel component by as much as 82%.

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.