Gold, base metals downCapital marketsThe inevitability of a Chinese scrap mountain has been obvious for the past decade though it's taken until recently for the mountain to start moving back into the steel-production process....Read More
PolarX points to upsideSPONSOREDpolarx ltdThe board of Cumbres Andinas SA, the joint venture which owns Mina Justa vehicle Marcobre SAC, approved the construction and start of mining at the project in Peru's southern Ica region in a boa...Read More
Right when the debate about the legislation to ratify the Comprehensive and Progressive Agreement for Trans-Pacific Partnership is about to start in Australia's House of Representatives, the mining sector is out and about showing its support to the trade deal.This week, the Minerals Council of Australia issued a statement supporting the findings in a recent study about the so-called TPP-11. The re...Read More
NEW DELHI, Sept 8 (Reuters) - A working group of India's securities regulator on Saturday recommended relaxing foreign fund rules for non-resident Indians.Indian markets were hit by uncertainty emerging from concerns over an April circular from the Securities and Exchange Board of India (SEBI) that said foreign investment rules for companies of Indian origin had been tightened.Non-resident Indians...Read More
(Bloomberg) -- President Donald Trump is raising the stakes in his gamble that the world will line up behind the U.S. to take on China over trade.Trump said Friday he’s willing to slap tariffs on an additional $267 billion in Chinese goods, on top of duties of $200 billion in imports is already considering. The administration will act on the $200 billion “very soon depending on what ha...Read More
(Adds Trump comments about India)ABOARD AIR FORCE ONE, Sept 7 (Reuters) - U.S. President Donald Trump said on Friday the United States and Japan have begun discussion over trade, saying that Tokyo "knows it's a big problem" if an agreement cannot be reached, and that India has also asked to start talks on a trade deal."We're starting that," Trump told reporters aboard Air Force...Read More
China sustained a surge in aluminum shipments to world markets in August as buyers sought supplies from the largest producer to replace metal from United Co. Rusal, which has been hit by U.S. sanctions.Exports of unwrought aluminum and products reached 517,000 metric tons, almost the same as the 520,000 tons in July, which was the highest total in more than three years, according to customs data o...Read More
(Updates to add RBI's intervention details)By Suvashree ChoudhuryMUMBAI, Sept 7 (Reuters) - The Reserve Bank of India intervened heavily in the foreign exchange market on Friday, mounting a formidable defence of the 72 rupee to the dollar mark in a reversal of its light-handed approach in the last few weeks, dealers said.After briefly slipping to 72.04 to the dollar in early trade, the Indian rupe...Read More
Sept 7 (Reuters) - Walmart Inc's WMT.N unit has been asked to explain its business model in India after its acquisition of e-commerce platform Flipkart, following an objection raised by a local traders body.India's National Company Law Apellate Tribunal (NCLAT), which is in charge of matters related to Indian companies, issued an order to Walmart Inc subsidiary Wal-Mart (NYSE:WMT) International Ho...Read More
* Dollar up on U.S. August jobs report; trade tensions linger* S&P 500 drops as strong jobs data stoke U.S. rate hike fears* U.S. diesel, gasoline stocks up after lackluster driving season* U.S. oil drillers cut rigs for 2nd week in three -Baker Hughes (Adds CFTC data, Iraq news)By Ayenat MersieNEW YORK, Sept 7 (Reuters) - Oil prices were steady on Friday, with U.S. crude slipping on weak glob...Read More
Investing.com - Gold prices headed lower on Friday as the U.S. jobs report showed that wage inflation accelerated to its fastest pace since April 2009, increasing the odds that the Federal Reserve will follow through on two more interest rate hikes this year.At 10:48 AM ET (14:48 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange slipped $1.10, or 0....Read More
(Bloomberg) -- Aluminum faces a “doomsday scenario” if the U.S. proceeds with sanctions on United Co. Rusal in October, according to Wood Mackenzie Ltd., which says prices could exceed their seven-year highs in April.The market outside China is already in deficit, and would go “into a massive shortage” if a producer the size of Rusal can’t supply metal, Julian Kettle,...Read More
Sep 7 (Reuters) - Below are the ratings awarded by Credit Analysis and Research Ltd. (CARE) for local debt instruments as of September 6, 2018. COMPANYINSTRUMENTRATINGAMOUNT MOVEMENT(RS.MLN) ------------------------------ --------- SHORT TERM RATINGS: ------------------- Ahimsa Industries LtdST Bk FacCARE A4+50Reaffirmed Bansal Spinning Mills LtdST Bk FacCARE A4+650Revised fromCARE A3 (Issuer not...Read More
Graph background image: Strike DrillingAustralia is the world's number two gold producer; the country's tightening its grip on the trade in iron ore and coking coal; comes in at no 6 for copper; and is set to increase output of mineral-du-jour lithium from the current 38% to nearly half the global total within five years.That's the result not only of a rich mineral endowment but massive amounts of...Read More
After two years, and several attempts to gain access to copper and gold mines in Eritrea and Serbia, Canada's Lundin Gold (TSX:LUG) has decided to abandon its plan to acquire fellow miner Nevsun Resources (TSX, NYSEMKT:NSU).Faced with a competing bid from China's state-backed Zijin Mining, the Toronto-based company said it won't raise its offer for Nevsun."Lundin Mining continues to pursue strateg...Read More
MUMBAI, Sept 6 (Reuters) - The Reserve Bank of India is supporting the rupee from falling to 72 to the dollar mark, said two dealers on Thursday, citing spurts of dollars sales at the 71.95 level likely by the central bank.The Indian rupee INR=D2 quickly reversed some of its losses and was trading at 71.86 to the dollar after touching a intraday low of 71.95 in early trade. It had closed at 71.775...Read More
* U.S. crude stockpiles draw more than expected - EIA* U.S. gasoline stockpiles build unexpectedly - EIA* Emerging-market turmoil casts doubt over oil demand* OPEC expects oil demand to hit 100 mln bpd this year (Updates prices throughout)By Jessica Resnick-AultNEW YORK, Sept 6 (Reuters) - Crude futures reversed course, falling more 1 percent on Thursday after U.S. data showed gasoline inventories...Read More
NEW DELHI, Sept 6 (Reuters) - India's top court lifted a colonial-era ban on gay sex on Thursday, in a landmark judgement activists hope will improve rights for the LGBT community in the country.A five-judge panel in India's Supreme Court was unanimous in its decision to end the law commonly known as "Section 377", that prohibits "carnal intercourse against the order of nature with any man, woman...Read More
Investing.com - Gold prices headed higher in mid-morning trade as the safe-haven metal finally sparked buyer interest amid U.S.-China trade worries, while a weaker-than-expected reading on job creation also helped reduce worries over a faster pace of rate hikes from the Federal Reserve.At 10:53 AM ET (14:53 GMT), gold futures for December delivery on the Comex division of the New York Mercantile E...Read More
* Hokkaido Electric tumbles after powerful quake* Nikkei reshuffle announcement affects some stocksBy Ayai TomisawaTOKYO, Sept 6 (Reuters) - Japan's Nikkei fell on Thursday on the back of broad weakness in global equities, while investors awaited damage assessments after a powerful earthquake in Hokkaido, the latest in a series of natural disasters to hit the country this year.At least one person...Read More