Glencore (LON:GLEN) is upping its presence in the African mining landscape through the purchase of stakes in two mines it already partially owns.For the last month the Switzerland-based commodities trader has been studying strategic options for the Mutanda copper mine in the DRC, an asset it jointly owns with billionaire mining tycoon Dan Gertler. There were questions about whether the government...Read More
EY's Canadian Mining Eye index declined 13% during Q4 2016. This is predominantly due to weakness in gold and nickel prices, offset partially by gains in both copper and zinc prices. For the full year 2016, the Canadian Mining Eye index rose 61%, which was better than 18% gains in S&P/TSX composite index. "The outlook for the Canadian mining sector remains healthy," says Jim MacLean, EY's Canadia...Read More
Australia's biggest gold producer, Newcrest Mining (ASX:NCM) posted some positive figures Monday, with first-half profit more-than doubling and news of an interim dividend to be paid.The miner attributed the good results to higher metals prices, increased gold and copper output and productivity improvements.Newcrest logged a net profit for the six months to December 31 of $187 million (A$243.7 mil...Read More
* Financials lead Wall Street higher* European stocks touch highest level since Dec. 2015* U.S. Treasury yields fall ahead of Yellen testimony (Updates with U.S. market open; changes byline, dateline)By Chuck MikolajczakNEW YORK, Feb 13 (Reuters) - A gauge of global equity markets advanced on Monday and bond yields rose, lifted by a reemergence of assets likely to benefit from reflationary policie...Read More
Feb 13 (Reuters) - Hindalco Industries Ltd HALC.NS* Dec quarter net profit 3.20 billion rupees* Consensus forecast for Dec quarter net profit was 3.93 billion rupees* Dec quarter income from operations 99.15 billion rupees* Net loss in Dec quarter last year was 327.5 million rupees as per IND-AS; income from operations was 87.16 billion rupees* Copper performance impacted due to lower demand in...Read More
Investing.com - Gold prices were slightly lower in European morning trade on Monday, as recent actions by U.S. President Donald Trump helped soothe investor worries about uncertainty surrounding the new administration's controversial policies.Gold for April delivery on the Comex division of the New York Mercantile Exchange dipped $3.90, or about 0.3%, to $1,232.00 a troy ounce by 3:15AM ET (08:15G...Read More
MILAN, Feb 13 (Reuters) - Live coverage of European markets now available on cpurl://apps.cp./cms/?pageId=livemarketsSummary:** European shares seen rising for 5th straight day** Equity index futures rising 0.2-0.3 percent** German drugmaker Stada seen up 16 percent after receiving takeover offers** Higher copper prices could support miners** Hooded vandals attack BHP Billiton (LON:BLT)'s Escondid...Read More
(Adds futures, company news items)Feb 13 (Reuters) - Britain's FTSE 100 index is seen opening up 17 points at 7,275 on Monday, according to financial bookmakers, with futures FFIc1 up 0.2 percent ahead of the cash market open.* The UK blue-chip FTSE 100 .FTSE index ended 0.4 percent higher at 7,258.75 points on Friday, after hitting an intra-day peak of 7,274.80, the highest since Jan. 17 as a ral...Read More
Feb 13 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up 17 points at 7,275 on Monday, according to financial bookmakers.* The commodity-heavy UK blue-chip FTSE 100 .FTSE index ended 0.4 percent higher at 7,258.75 points on Friday, after hitting an intra-day peak of 7,274.80, the highest since Jan. 17 as a rally in metals prices on soothing Chinese data and supply concerns boosted shar...Read More
The following factors are likely to influence Malaysian palm oil futures and other vegetable oil markets.FUNDAMENTALS* Malaysian palm oil futures fell on Friday, ending three sessions of gains and dragged down by higher than forecast inventory data from the Malaysian Palm Oil Board (MPOB). POI/* U.S. wheat Wc1 and corn Cc1 futures extended gains to set multi-month highs on Friday on follow-through...Read More
SHANGHAI, Feb 13 (SMM) – Base metals futures on the SHFE performed strongly today with nickel leading the gains with some 2% rise. Copper was up 1.5% while aluminium and zinc climbed close to 1%. Lead, however, edged down slightly.Ferrous metals prices rose across the board as iron ore increased by over 1% and coking coal went up 0.6%. Hot-rolled coil was up 0.53% while rebar and coke inched...Read More
SHANGHAI, Feb 13 (SMM) – Strikes are expected to be the biggest factor affecting copper ore supply in 2018, with 30 labour negotiations already planned this year in Chile alone.In addition, such negotiation at Escondida scheduled in August and a share transfer programme at Grasberg would also create uncertainties over output at the world’s two largest copper mines.Following a decrease...Read More
SHANGHAI, Feb 13 (SMM) –Copper: Copper prices rebounded following the global stock market rally and further upward room remains. We see SHFE copper trading at 51,300-51,900 yuan/mt with LME copper at $6,850-6,900/mt today. In the physical market, thin trading liquidity may see spot discounts widen to 300-250 yuan/mt.Aluminium: The increase in LME aluminium inventory reflected growing Chinese...Read More
Investing.com - Gold prices steadied on Friday, but remained below the week's three-month highs as the dollar pared back some of the gains made in the wake of U.S. President Donald Trump's promise of a major tax announcement.Gold for February delivery settled down 0.15% at $1,235.0 on the Comex division of the New York Mercantile Exchange. The precious metal was still 1.3% higher for the week.On W...Read More
SHANGHAI, Feb 12 (SMM) – Only SHFE aluminium resisted a drop among nonferrous metals today with a rise of close to 1%. SHFE tin lost 1.5% while zinc was down over 1%.In the ferrous complex, coking coal and rebar edged up when iron ore was down around 1% and coke was down 0.73%. Hot-rolled coil also slipped.Copper: The SHFE 1804 copper contract was trading below all moving averages as the mar...Read More
SHANGHAI, Feb 12 (SMM) –Copper: As investors grew cautious against the backdrop of falling global stock market and sluggish physical demand ahead of Chinese New Year, we see copper prices staying weak in the short term. However, we also see limited downward room with support level at 50,500-51,000 yuan/mt for SHFE copper. LME copper is expected to trade at $6,710-6,780/mt today.Aluminium: Ch...Read More
A leaked White House memo, which outlines the suspension of a portion of the Dodd-Frank rule on conflict minerals', will exacerbate already high levels of violence in DR Congo. US President Donald Trump is expected to sign an executive order that will relieve companies for at least the next two years from demonstrating to US authorities that the minerals they use have been sourced ethically. The m...Read More
In New York on Friday copper for delivery in March jumped by more than 4% to $2.7710 per pound or $6,100 a tonne after BHP Billiton declared force majeure at its Escondida mine in Chile.Copper is now trading at its highest level since late May 2015 with year-to-date gains of just under 10%. BHP confirmed on Friday it could no longer meet contractual obligations on metals shipments from the mi...Read More