Editing by Sara Ledwith Stocks China Russia

Poland, which currently receives direct Russian suppliesthrough westbound pipelines, has alarmed EU leaders by saying itfears Nord Stream would leave it short of gas and reduce its transport revenues. A spokesman for the Nord Stream project said it was findingmore favour the light of the latest dispute: "But unfortunately,the row also serves those seeking diversification away fromRussia as a fresh argument that gas offers itself to being usedfor political purposes," he added. The Nord Stream consortium, in which Gazprom holds a 51percent stake with E.ON and BASF of Germany each holding 20percent and Dutch Gasunie the remaining 9 percent,upholds the current timetable. "Nord Stream is a must, otherwise we would have to changeour entire energy supply around, and that won't work before2020," said A.T. Kearney's Haslauer.(Editing by Sara Ledwith) Stocks China Russia. By Polly Yam Stocks China HONG KONG, Jan 7 (Reuters) - Spot fees paid to Chinesesmelters to convert copper concentrate to finished metal arerising more after jumping by two-thirds in the fourth quarterlast year, as term fees are set to rise and smelters worry aboutdomestic copper demand.

Analysts in China expect Chinese copper smelters to receivetreatment and refining charges (TC/RCs) of at least $75 pertonne and 7.5 US cents per lb for 2009. This is the level signedbetween Japan's Mitsubishi Materials Corp (5711.T) andU.S.-based Freeport-McMoran Copper & Gold (FCX.N), which is isup 70 percent from 2008. ID:nT23206 That expected level will be lower than the $82-$90 and8.2-9.0 cents that Chinese smelters have asked from overseasminers for 2009 but it is still up nearly 60 percent from lastyear's $47.2 and 4.72 cents. "We received spot TC/RCs of about $90 and 9 cents for veryclean concentrate and higher fees for lower grades," a tradingmanager at a large copper smelter told Reuters on Wednesday. He added smelters were expecting fees of $100 and 10 centsin the coming two months. The fees were $88.5 and 8.85 cents in mid-December and about$50 and 5 cents in October last year. The manager said Chinese smelters and overseas miners werestill in talks on TC/RCs for 2009 and the term fees might befinalized in late January or February.

The fees, now at their highest for more than two years, arean important influence on profits both for Chinese smelters suchas Jiangxi Copper (0358.HK)(600362.SS) and for global minerssuch as BHP Billiton (BLT.L)(BHP.AX). Traders said sharp falls in copper prices triggered by theglobal financial crisis since October had made some buyers delay or cancel booked concentrate, spurring overseas sellers toresell the shipments in the spot market and pay higher TC/RCs. Such extra supply was falling, but spot TC/RCs were stillrising as worries over copper demand prevailed, limitingsmelters from building stocks of concentrate "Demand is very bad. Clients are worried about orders in thefirst quarter," a trader at producer Baiyin Nonferrous said.

A manager at a copper tube producer in China said the plantmight stop or reduce production during the Lunar New Yearholidays in late January for the first time in eight years. "There are probably no factories that can make a realproduction plan for this year," he added. Smelters in Japan are already cutting production, with thetwo top plants, Pan Pacific and Sumitomo Metal Mining (5713.T),adjusting down output by 5 percent and 7 percent ID:nT16167 (Editing by Anthony Barker) Stocks China. After the Lakers' less-than-stellar 7-3 start, the expectations surrounding this team had substantially lowered.