SHANGHAI, Jun 29 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index dipped and closed at 95.3 overnight as the country’s economic growth in the first quarter was slower than previously estimated.During January-March, the US gross domestic product (GDP) grew 2% year on year, slower than the estimated 2.2%. Growth in...Read More
(Adds European stocks, MSCI ACWI and graphics, updates Chinese shares and levels throughout)* Asian shares hit 9-month lows as trade worries intensify* Chinese shares, yuan hit new lows before stabilizing* U.S. oil prices hit 3 1/2-year high as supply seen disruptedBy Hideyuki Sano and Tomo UetakeTOKYO, June 28 (Reuters) - Asian stocks slumped to nine-month lows on Thursday as investors worried th...Read More
Jun 28 (Reuters) - Below are the ratings awarded by Credit Rating Information Service of India ( CRISIL (NS:CRSL)) for local debt instruments as of June 27, 2018. COMPANYINSTRUMENTRATINGAMOUNT MOVEMENT(RS.MLN) --------------------------- --------- SHORT TERM RATINGS: ------------------- ABC Bearings LtdLOC & BGCRISIL A2100- (Continues on Rating Watch with Positive Implications) Abhitech Energ...Read More
BENGALURU, June 28 (Reuters) - Gold prices inched up on Thursday, but hovered close to an over six-month low hit in the previous session, as the dollar failed to build on overnight gains amid conflicting signals from Washington while the U.S.-China trade row deepened.FUNDAMENTALS* Spot gold XAU= was up 0.1 percent at $1,253.20 an ounce, as of 0127 GMT. In the prior session, it touched $1,250.30, i...Read More
SHANGHAI, Jun 29 (SMM) – Copper inventory in Shanghai bonded area stood at 492,500 mt as of Friday June 29, compared with 494,000 mt last Friday. Customs clearance losses were still seen this week amid thin trading of imported copper, SMM learned. Read More
SHANGHAI, Jun 29 (SMM) – Treatment charges (TCs) of imported clean copper concentrate for the week ended Friday June 29 rose $3/mt from a week ago to stand at $83-90/mt, according to SMM assessment.This led to higher refining charges by 0.3 cent/lb, to 8.3-9.0 cent/lb on the week. These marked the sixth consecutive week of increase. Read More
SHANGHAI, Jun 29 (SMM) – Nonferrous metals futures saw mixed trading on Friday June 29. SHFE nickel gained nearly 1.1%, while zinc and lead inched up. Copper lost 0.21%, aluminium fell 0.32%, and tin closed 0.39% lower. The ferrous complex rose across the board with coke leading the gains with a rise of nearly 3.1%. Rebar jumped 1.9%, iron ore grew 1.6%, hot-rolled coil at 1.4% higher,...Read More
SHANGHAI, Jun 25 (SMM) – Spot copper was mostly offered at a discount of 190-140 yuan/mt to the SHFE 1807 contract in the Shanghai market on Friday June 29. This narrowed from a discount of 200-150 yuan/mt a day earlier.The SHFE 1807 contract faced pressure at 51,600 yuan/mt after rising to a high of 51,590 yuan/mt in the afternoon.On the last trading day of June, transactions were mostly co...Read More
SHANGHAI, Jun 29 (SMM) –Copper: LME copper fell to a low of $6,589.5/mt during the European trading hours as longs saw limited support both from the macro and fundamental fronts. The SHFE 1808 contract rose above the daily moving average after touching a low of 51,080 yuan/mt. Copper prices remained under pressure in the short term given the strong US dollar and bearish sentiment in emerging...Read More
The price of copper succumbed to renewed weakness on Thursday crashing through the $3.00 a pound level in New York in brisk trade with over 1.2m tonnes of September copper worth $8 billion exchanging hands by lunchtime.Copper touched its lowest since the beginning of October last year in morning trade at $2.9515 or $6,507 a tonne on the Comex market, down more than 11% or $770 a tonne since hittin...Read More
(Bloomberg) - Miners across Africa are increasingly using one-time payments to settle disputes with governments, a trend that's disturbing some investors.A $150 million payment by Glencore Plc's Katanga Mining Ltd. to the Democratic Republic of Congo's Gecamines earlier this month followed Freeport McMoRan Inc.'s separate $100 million settlement with the state-owned company in January 2017. Last O...Read More
Shares in Canadian gold junior Lumina Gold (TSX-V:LUM) (OTC:LUMAF) jumped Thursday after the company announced it had received positive results of the Preliminary Economic Assessment (PEA) for its Cangrejos gold-copper project in southern Ecuador.Based on the PEA, the asset has gained a place in the list of top 15 undeveloped gold projects in the world based on its average annual production pote...Read More
A US law firm has filed a class action lawsuit against South Africa's Sibanye-Stillwater (JSE:SGL) (NYSE:SBGL) on behalf of shareholders over losses suffered after a series of deaths at its mines, which has caused a sharp drop of the stock price.Suit comes after a fatality at the Khomanani mine earlier this week brought the death toll on company's premises to 21 so far this year.Bernstein Liebhar...Read More
Investing.com - Gold prices were lower on Wednesday as the dollar strengthened and trade tensions eased.Comex gold futures for August delivery fell 0.20% to $1,257.40 a troy ounce as of 10:45 AM ET (14:45 GMT).Trade war worry eased after news that the White House administration istaking a less harsh approach to foreign investment restrictions. President Donald Trump wants Congress to pass and upda...Read More
SHANGHAI, Jun 28 (SMM) – The floor price of imported copper concentrate treatment charges (TCs) for the third quarter has yet to be decided by the China Smelters Purchase Team (CSPT) even though the meeting was held on Thursday June 28.In fact, there is a high probability that a floor price will not be set, for the first time, sources told SMM.In anticipation of further upward room...Read More
SHANGHAI, Jun 28 (SMM) – Nonferrous metals futures rose across the board on Thursday June 28 except for SHFE tin. Lead led the gains again with a rise of nearly 3%. Zinc went up nearly 1.5%, nickel rose over 1%, while aluminium and copper inched up.The ferrous complex mostly gained, except for coking coal. Rebar, coke, and hot-rolled coil rose over 1%. Iron ore went up 0.86%.Copper: The SHFE...Read More
SHANGHAI, Jun 28 (SMM) –Copper: The SHFE 1808 contract hit 52,050 yuan/mt overnight but pressure was seen at the 250-day moving average. While the falling Chinese yuan may provide some support, the hawkish views on US inflation would weigh on copper prices. The KDJ indicator suggested that copper prices are likely to stabilise if the trade situation does not deteriorate. We expect LME copper...Read More
SHANGHAI, Jun 28 (SMM) – This is a roundup of global macroeconomic news last night and what is expected today.Last nightThe US dollar index went up 0.64% to 95.3 overnight, on track for its second day of gains as trade-related worries eased following Washington’s less confrontational approach to Chinese investment. The upbeat economic data released on Wednesday also accounted for the g...Read More