Polish miner KGHM (WSE:KGH), Europe's second-largest copper producer, was given Monday environmental approval for a $2 billion expansion and upgrade of its flagship Sierra Gorda mine in northern Chile, 60 km south-west of the town of Calama.The state-controlled company grabbed the copper and molybdenum project in 2012, after completing the acquisition of Canadian rival Quadra FNX, in what was the...Read More
Investing.com - Trade-related headlines could be the main driver of sentiment in the week ahead, as investors watch further developments in the ongoing trade spat between the U.S. and its major trading partners.The ongoing trade tensions have left investors fearful than any escalation could results in a global economic slowdown or a hit to corporate profits.Meanwhile, on the data front, a report o...Read More
Investing.com - Gold prices look likely to remain vulnerable to swings in the dollar this week as the precious metal’s inverse relationship to dollar continues to offset safe haven demand.With another fairly light week on the economic calendar investors will continue to monitor developments on the U.S. political front after a bruising week for President Donald Trump, following the criminal c...Read More
Investing.com - The oil market is likely to remain on edge about potential oversupply in the upcoming week, despite signs that U.S. sanctions on Iran could curb output.Worries that a trade dispute between the United Stated and China would slow economic growth and hurt demand for oil have been at the forefront of the market recently.Despite these worries, the crude market will likely draw support f...Read More
Gold, base metals downCapital marketsSo far, the chaos in Canberra, which saw a popular prime minister in Malcolm Turnbull displaced in an Aussie version of a palace coup, has been largely ignored by financial markets.Read More
Manganese X Energy (TSXV: MN), a company that claims to focus on ethically sourced minerals, announced this week that it has signed a Property Option Agreement to acquire the Peter Lake copper-nickel-cobalt project located in the Mont-Laurier Terrane, in the Central Grenville Province, Quebec.The company said it will be exploring for cobalt and possible gold-platinum-palladium at the eastern Canad...Read More
JAKARTA, Aug 25 (Reuters) - Highlights of day eight of the 18th Asian Games in Jakarta and Palembang on Saturday (times GMT):1543 CHINA EXTEND LEAD AT TOP OF MEDALS TABLEChina added six more gold medals to their tally on Saturday, including victories in tennis, athletics and shooting, to sit on top of the standings ahead of Japan and South Korea.COUNTRYGOLDSILVER BRONZE TOTAL CHINA725130153 JAPAN3...Read More
(Adds close of U.S. markets)* S&P, Nasdaq hit record highs after Powell remarks* Oil surges on China demand, signs that Iran supply curbed* Dollar dips as Powell reaffirms Fed rate-hike policyBy Herbert LashNEW YORK, Aug 24 (Reuters) - Global equity markets rose on Friday after Federal Reserve Chairman Jerome Powell said the U.S. central bank's policies are best to keep the economy humming, sp...Read More
* Both benchmarks set for weekly rise, ending weeks of declines* China's Unipec will resume purchases of U.S. crude - sources* Dollar falls after Fed chair signals further rate hikes* North Sea strike to affect three oil, gas platforms* U.S. drillers cut most oil rigs in over 2 years- Baker Hughes (Updates with settlement prices, CFTC data, recasts lead)By Jessica Resnick-AultNEW YORK, Aug 24 (Reu...Read More
* Both indexes close 0.22 pct lower* Both post 5th straight weekly gainAug 24 (Reuters) - Indian shares closed lower on Friday after four straight sessions of gains, as investors took a breather following a record-setting spree.Financial and consumer stocks were among the top losers with ICICI Bank ICBK.NS shedding 2.1 percent and Yes Bank YESB.NS down 3.7 percent.The benchmark BSE index .BSESN...Read More
Investing.com - Bitcoin and other cryptocurrencies were higher on Friday after the U.S. Securities and Exchange Commission (SEC) said it would review a decision to reject the applications of Bitcoin exchange traded funds.The SEC rejected the applications from nine companies to list their Bitcoin ETF funds on Wednesday, citing concerns about fraud and manipulation of bitcoin markets. The proposals...Read More
* FTSE 100 up 0.2 pct at close* Weak dollar boosts miners, energy stocks* Norway sovereign wealth fund ruling boosts oil majors* Shire leads FTSE 100 on FDA drug approval(Adds detail and closing prices)By Helen ReidLONDON, Aug 24 (Reuters) - Britain's major stock index rose on Friday, propped up by Shire and commodity sectors as investors digested a speech by the U.S. Fed chief and the lack of a...Read More
Investing.com - Gold prices traded higher on Friday as Federal Reserve chairman Jerome Powell emphasized the central bank’s plans for gradual interest rate hikes would be conditioned on the continued strength of the U.S. economy and labor market.At 11:06 AM ET (15:06 GMT), gold futures for December delivery on the Comex division of the New York Mercantile Exchange gained $20.00, or 1.68%, to...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 flat* Norway sovereign wealth fund ruling boosts oil majors* Shire leads FTSE 100 on FDA drug approvalBy Helen ReidLONDON, Aug 24 (Reuters) - Britain's major stock index faltered on Friday, propped up by Shire and oil stocks, while investors awaited a speech by the U.S. Fed Chair and digested U.S.-China trade talk...Read More
The cobalt bluesSince hitting near decade highs in March, battery raw material cobalt is down by more than a third as new supply from the Congo, responsible for the bulk of cobalt mining, enter the market.Cobalt sulphate prices, the refined form commonly used in the battery supply chain, has also succumbed and is trading at its lowest level since November 2017.Cobalt is by far the priciest compone...Read More
Ford has issued a recall for more than 50,000 120-volt so-called "convenience" charging cables sold to customers of its battery-powered and plug-in hybrid vehicles in North America.According to a report in Collision Repair Magazine Ford said using the charging cord in an outlet that is not on a dedicated circuit, is damaged, worn or corroded could result in fires:We already expect US EV penetratio...Read More
MELBOURNE, Aug 24 (Reuters) - As Australia's big miners gear up for a new round of expansion after years of belt tightening, prices for everything from labour to fuel to equipment have begun to rise, driving up costs and eating into margins. Manage inflation pretty aggressively over the next 18 months otherwise it will erode margins.Having repaired their balance sheets after a harrowing shake-out...Read More
China's Sichuan Road & Bridge Mining Investment Development Corp. is gearing up to kick off copper, zinc, gold and silver production in Eritrea next year, following the country's recent end to its 20-year border war with neighbour Ethiopia.Asmara will be the third operating mine in the northeast African country, home until now to Nevsun Resources' Bisha gold-copper-zinc mine and Shanghai SFECO's...Read More
MUMBAI, Aug 23 (Reuters) - India's debt mutual fund managers need to be vigilant and appropriately value their investments in corporate papers, even as a bulk of the money comes from institutional investors, the chief of the country's market regulator said on Thursday."It is for the mutual fund industry which bears the credit risk," said Ajay Tyagi, Chairman, Securities and Exchange Board of India...Read More
* U.S.-China trade fight dampens global growth outlook* $16 billion trade tariffs imposed from Thursday* U.S. crude output rises back to 11 million bpd (Updates with settlement prices)By Jessica Resnick-AultNEW YORK, Aug 23 (Reuters) - Oil prices steadied on Thursday as the escalating trade war between the United States and China weighed on demand expectations a day after prices jumped on a big dr...Read More