Feb 8 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 8 points lower on Wednesday, according to financial bookmakers.* The UK blue chip index closed up 0.2 percent at 7,186.22 points on Tuesday, boosted by a weak sterling and a surge in services company DCC DCC.L , while UK mid-caps posted a record closing level. RIO TINTO: Global miner Rio Tinto RIO.AX , RIO.L said on Wednesday it wi...Read More
SHANGHAI, Feb 8 (SMM) – SHFE aluminium edged up slightly while all base metals fell more than 1%. SHFE copper dropped close to 2%. The ferrous complex saw mixed trading with hot-rolled coil and iron ore up slightly while rebar and coking coal slipped.Copper: SHFE copper is expected to follow its LME counterpart lower tonight as investors cut their long bets.Aluminium: We see pressure remain...Read More
SHANGHAI, Feb 8 (SMM) – China imported 443,000 mt of unwrought copper and copper-fabricated products in January, up 16.1% from the same month last year, according to customs data.However, this was down from 450,000 mt in December 2017, marking a decline for two consecutive months. This is due to limited construction activities in the winter season as well as a high output rate at home.Separa...Read More
SHANGHAI, Feb 8 (SMM) –Copper: Lower oil prices and a stronger US dollar are bearish on base metals but we see limited downward room for copper due to expectations of tighter concentrate supply in the future. We expect LME copper to trade at $6,880-6,950/mt today and SHFE copper at 51,800-52,240 yuan/mt. As the SHFE physical delivery is around the corner, it would be difficult for spot coppe...Read More
* Mining stocks began outperforming late 2016* Fundamentals stronger for mining versus oil - analysts* European oil vs mining, monthly returns http://reut.rs/2jGqkBV* BP , Statoil shares hit by earnings disappointmentBy Vikram Subhedar and Barbara LewisLONDON/CAPE TOWN, Feb 7 (Reuters) - Mining stocks are outpacing oil-related peers in a "reflation rally" sparked by U.S. President Donald Trump...Read More
Investing.com - Gold prices were little changed in European morning trade on Tuesday, holding steady near the prior session's three-month high as investors sought the perceived safety of the yellow metal amid growing concerns over political risks in Europe and around the globe.Gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on 25 cents, or less than 0.1%,...Read More
SHANGHAI, Feb 7 (SMM) – All nonferrous metals futures, except tin, closed lower on Wednesday February 7. SHFE tin edged up 0.79%. SHFE lead led the loss with a 1.5% drop while zinc and copper were down 1%.Coke led the gains in the ferrous complex by jumping 2%, while iron ore was up almost 1%. Both rebar and hot-rolled coil edged down.Copper: SHFE copper continued to see downward correc...Read More
SHANGHAI, Feb 7 (SMM) –Copper: The global stock market rout may have limited impact on commodities and we expect SHFE copper to gather enough momentum to go up in short term. We see the 1804 contract to trade at 52,700-53,300 yuan/mt today while LME copper is expected at $7,050-7,110/mt. Spot prices continued to be affected by the spread between the 1802 and 1803 contracts and spot copper is...Read More
The Philippines mining industry is fighting the government's recent decision to close more than half the country's mines and reduce nickel ore exports, saying it's "illegal and unfair."According to the country's Chamber of Mines, the order to close 23 of the nation's 41 mines and suspend another five not only did not follow standard legal procedures, but used alleged breaches of environmental and...Read More
Shares in Canadian junior Copper One (TSX-V:CUO) soared Monday, climbing as much as 15.4% in midday trading, as the company announced it had begun proceedings against the Quebec Ministry of Forests, Wildlife and Parks (MFFP) in the superior court over a denied permit.The Toronto-based miner said it has reasons to believe the province's Ministry of Energy and Natural Resources (MERN) influenced MFF...Read More
Investing.com - Gold prices gained in European morning trade on Monday, rising toward the highest level in about 12 weeks as investors scaled back expectations for a more aggressive pace of rate hikes from the Federal Reserve this year.Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to a session peak of $1,227.00 a troy ounce, the most since November 16.It wa...Read More
SHANGHAI, Feb 6 (SMM) – SHFE aluminium led the loss in base metals today with an over 1% drop, while nickel was down 0.75% and lead was 0.66% lower. Copper slid 0.51%.The ferrous complex showed much stronger performance today as coke and coking coal rose 2%. Iron ore also edged up slightly but hot-rolled coil and rebar dipped.Copper: SHFE copper was weaker due to an overall bearish sentiment...Read More
SHANGHAI, Feb 6 (SMM) – SMM assessed imported copper concentrate treatment charges (TCs) at $74-86/mt as of Friday February 2, unchanged from a week ago as the holiday mood kicked in.Trading liquidity was thin and enquiries were few and far between, sources told SMM. We expect the copper concentrate spot market to be quiet until early March.In the domestic market, the pricing coefficient of...Read More
SHANGHAI, Feb 6 (SMM) –Copper: We see firm support for SHFE copper at the 53,000 yuan/mt level with both sides of the market at a standoff. In the spot market, sellers were unwilling to let go their cargoes at big discounts as the price spread between the SHFE 1802 and 1803 contracts continued to expand. We expect spot copper to trade at a discount of 40 yuan/mt to a premium of 20 yuan/mt to...Read More
Taseko Mines (TSX:TKO) is not giving up on its plan to build a large copper-gold mine in north-central British Columbia, despite two earlier rejections by the Government of Canada.The Vancouver-based company last week appeared in Federal Court asking for a judicial review of the federal government's decision to reject, on environmental concerns, the New Prosperity Mine project located 125 kilomet...Read More
A recently excavated Buddhist stupa, or shrine, at Mes Aynak, 35 km south of Kabul. 2011 photo by Jerome Starkey, from Wikimedia Commons.Two Chinese state-owned mining companies plan to destroy an ancient Buddhist city in Afghanistan in order to get the copper underneath it, according to a new documentary. According to the film "Saving Mes Aynak," Metallurgical Group Corp. (MCC) and Jiangxi Copper...Read More
Investing.com - Gold ended slightly higher on Friday, after the latest U.S. jobs report showing weak wage growth last month dampened expectations for a faster rate of interest rate hikes this year.Gold for April delivery settled up 0.2% at $1,221.85 on the Comex division of the New York Mercantile Exchange.The Labor Department said the U.S. economy added 227,000 jobs in January from the prior mont...Read More