SHANGHAI, Jul 4 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar inched down to close at 94.58 on a stronger euro before the US Independence Day holiday. Base metals mostly went down, however, due to worries over global trade conflicts and weak Chinese manufacturing data released earlier this week. LME zinc le...Read More
By Sudarshan VaradhanCHENNAI, July 3 (Reuters) - Vedanta Ltd VDAN.NS has sought a permanent injunction against the Tamil Nadu (NS:TNNP) state government from interfering with the operations of its copper smelter, according to a petition filed with the country's environmental court.The Indian company, subsidiary of billionaire Anil Agarwal-controlled Vedanta Resources VED.L , also asked the court...Read More
By Ben MartinLONDON, July 3 (Reuters) - Billionaire Anil Agarwal faces investor resistance to his $1 billion bid to buy out minority shareholders in Vedanta Resources VED.L and take the London-listed Indian miner private.Vedanta, chaired by its 64-year-old founder Agarwal, on Monday announced that its independent board directors were prepared to back an 825 pence-a-share bid from Agarwal's famil...Read More
* FTSE 100 up 0.6 pct at close* Glencore drops after U.S. subpoena* IAG rises after price target increase (Adds detail, updates prices at close)By Kit ReesLONDON, July 3 (Reuters) - Britain's top share index climbed on Tuesday following a shaky start to the month, although mining giant Glencore GLEN.L fell after one of its subsidiaries received a U.S. subpoena.The blue-chip FTSE 100 .FTSE index...Read More
Investing.com - Gold prices were higher on Tuesday as the greenback fell and trade tensions lingered.Comex gold futures for August delivery surged 1.12% to $1,255.70 a troy ounce as of 11:01 AM ET (15:01 GMT).Trading is expected to be thin ahead of the U.S. independence day holiday, with the U.S. stock market closing early at 1:00 P.M. ET (17:00 GMT).Gold was bolstered by a weaker U.S. dollar. Gol...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 up 0.3 pct* Glencore drops after U.S. subpoena* IAG rises after price target increaseBy Kit ReesLONDON, July 3 (Reuters) - The UK's top share index climbed on Tuesday following a shaky start to the month, although mining giant Glencore GLEN.L fell after one of its subsidiaries received a U.S. subpoena.The blue-chi...Read More
* Trade war concerns grow as July 6 U.S. tariff deadline nears* Shanghai stocks lowest in 28 months, Hang Seng dives over 3 pct* Chinese yuan slips past 6.7 per dollar for 1st time in a year* Merkel says compromise reached on migration issue* European stocks seen opening higherBy Tomo UetakeTOKYO, July 3 (Reuters) - Chinese stocks went into a tail spin on Tuesday as turbulence gripped equity marke...Read More
SHANGHAI, Jul 4 (SMM) – Nonferrous metals fell across the board on Wednesday June 4 and sharply extended their losses in the afternoon. SHFE zinc led the decreases with a loss of over 3%. SHFE nickel and copper slumped over 2%, lead dropped over 1% and tin and aluminium dipped.The ferrous complex recovered some previous losses. Rebar, hot-rolled coil and coke increased close to 1% while...Read More
SHANGHAI, Jul 4 (SMM) – Overall economic activity across downstream copper sectors in China shrank in June as these industries, except for electronics and home appliances, entered the low season, SMM research found. This weighed on production rates across downstream copper sectors. The composite SMM purchasing managers' index (PMI) across five downstream sectors of copper in June ca...Read More
SHANGHAI, Jul 4 (SMM) – Spot copper was mostly offered at a discount of 60 yuan/mt to flat over the SHFE 1807 contract in Shanghai on Wednesday July 4. This narrowed from a discount of 120-50 yuan/mt on Tuesday amid active transactions, which were mostly contributed by traders. Offers for cargoes are likely to turn from discounts to premiums on Jul 5 as falling futures prices of co...Read More
SHANGHAI, Jul 4 (SMM) – Some 153,500 mt of copper scrap received the green light in the 15th batch of approvals for restricted solid scrap imports, marking the largest volumes so far this year.The approval was released on Monday July 2 by the solid waste management centre of China's Ministry of Ecology and Environment. The approved volume this time exceeded the 125,700 mt in the&nbs...Read More
SHANGHAI, Jul 4 (SMM) – Copper: Worries over trade war intensified last night as China’s Ministry of Foreign Affairs affirmed its stance towards the tariffs on US goods to be imposed on July 6. LME copper slumped to a low of $6,493/mt during the European trading session and closed at $6,509/mt last night. It is likely to test support at $6,500/mt again in the short term, with trad...Read More
LONDON, July 3 (Reuters) - Billionaire Anil Agarwal faces investor resistance to his $1 billion bid to buy out minority shareholders in Vedanta Resources and take the London-listed Indian miner private.Vedanta, chaired by its 64-year-old founder Agarwal, on Monday announced that its independent board directors were prepared to back an 825 pence-a-share bid from Agarwal's family trust, Volcan, to a...Read More
The London Metal Exchange (LME), the world's biggest market for industrial metals, is stepping up efforts to make sure cobalt traded on the exchange is not mined using child labour, particularly in the Democratic Republic of Congo.Starting next year, the LME will demand all companies that get at least 25% of their metal from small-scale mines in the DRC to be subject of a professional audit, Finan...Read More
Shares in miner and commodities trader Glencore (LON:GLEN) fell the most in two years after it revealed that US authorities had ordered it to hand documents and other records relating to possible corruption and money laundering.The stock fell as much as 13%, wiping more than 5.5 billion pounds ($7.3 billion) off Glencore's market value.The Swiss firm said Tuesday it had received a subpoena from by...Read More
SHANGHAI, Jul 3 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index rose above 95 with support from robust manufacturing data in the country. Base metals dipped across the board on strengthened US dollar and weaker Chinese manufacturing data, except for tin. LME nickel slumped over 2.5%, zinc fell over 1%, and alumin...Read More
* FTSE 100 down 1.2 pct at close* Cyclicals lead losses* Micro Focus up after co agrees software biz sale (Adds detail, updates prices at close)By Kit ReesLONDON, July 2 (Reuters) - Britain's index of leading shares began July on a negative note as worries over global trade kept the pressure on banking and mining stocks, though Micro Focus was lifted by news of the sale of one its software busin...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.9 pct* Cyclicals lead losses* Micro Focus up after co agrees software biz saleBy Kit ReesLONDON, July 2 (Reuters) - Britain's index of leading shares began July on a negative note as worries over global trade kept the pressure on banking and mining stocks, though Micro Focus was lifted by news of the sale o...Read More
(Adds detail)July 2 (Reuters) - Vedanta Resources Plc VED.L said on Monday chairman Anil Agarwal's family trust has agreed to buy the rest of Vedanta in a deal that values the mining conglomerate at 2.3 billion pounds ($3.03 billion).An independent committee, formed to review and evaluate the proposal, has indicated to Volcan Investments that it supports the offer and intends to recommend a firm...Read More