(Bloomberg) -- Copper’s slump amid a deepening global trade conflict offers a long-term buying opportunity, according to Citigroup Inc (NYSE:C)., which shrugged off fears for world growth to boost its long-term forecasts.“Prepare for a decade of Dr. Copper on steroids,” analysts including Max Layton and Tracy Liao wrote in a July 17 note. The bank sees average annual prices a...Read More
(Adds company news items and futures)July 18 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 36 points higher at 7,662 on Wednesday, according to financial bookmakers, with futures FFIc1 up 0.37 percent ahead of the cash market open.* EASYJET: British low cost airline easyJet EZJ.L upgraded its full-year guidance, forecasting that profit could soar as much as 45 percent this year, benef...Read More
(Adds details)By Sudarshan VaradhanNEW DELHI, July 18 (Reuters) - India's southern state of Tamil Nadu (NS:TNNP) will ask the nation's environment court to dismiss a Vedanta Ltd VDAN.NS petition seeking to reopen its copper smelter, a lawyer representing the state government said on Wednesday.The Tamil Nadu government ordered the permanent closure of the plant and disconnected its power supply in...Read More
(Corrects day in first paragraph to Wednesday from Thursday)NEW DELHI, July 18 (Reuters) - Southern state of Tamil Nadu (NS:TNNP) will ask India's environment court to dismiss Vedanta Ltd's VDAN.NS petition seeking to reopen its copper smelter, a lawyer representing the state government said on Wednesday.The Tamil Nadu government ordered the permanent closure of the plant and disconnected its powe...Read More
Orla hits 147.7m at 1.25% copperResource definitionSolGold set to shineSPONSOREDsolgoldSince January last year, JS has flogged $8.5 billion in assets, including the entire coal business. The latest deal was the widely flagged $3.5 billion sale of Rio's post-2022 40% share of produ...Read More
(Bloomberg) - Copper's slump amid a deepening global trade conflict offers a long-term buying opportunity, according to Citigroup Inc., which shrugged off fears for world growth to boost its long-term forecasts."Prepare for a decade of Dr. Copper on steroids," analysts including Max Layton and Tracy Liao wrote in a July 17 note. The bank sees average annual prices at $8,000 a metric ton in 2022, p...Read More
BEIJING, July 18 (Reuters) - Three senior executives at Jiangxi Copper Co , one of China's biggest copper producers, have left their roles, the company said in a stock exchange filing on Wednesday, in a major managerial shake-up at the state-run firm.Wu Yuneng, a Jiangxi Copper veteran who was only appointed to the general manager job in January this year, will no longer serve in the role and also...Read More
Global miner BHP Billiton Ltd posted record iron ore output for fiscal 2018 on Wednesday as fourth-quarter production topped expectations and set a slightly higher target for the current year.Shares in the miner jumped more than 3% after both quarterly and full-year production rose 3% on improved productivity."BHP's FY18 production was in line with or slightly better than our expectations in all m...Read More
Investing.com - Gold prices fell to a two-and-a-half year low on Tuesday, as a stronger dollar weighed on the precious metal and Federal Reserve Chair Jerome Powell backed gradual rate increases.Comex gold futures for August delivery decreased 0.86% to $1,229.20 a troy ounce as of 10:37 AM ET (14:37 GMT).The price of gold fell as Powell reiterated the central bank should gradually increase interes...Read More
* MSCI Asia-Pacific index down 0.3 pct, Nikkei adds 0.8 pct* Spreadbetters expect European stocks to open a touch higher* Sharp decline by crude oil weighs on energy shares* Markets await Fed chairman's first congressional testimonyBy Shinichi SaoshiroTOKYO, July 17 (Reuters) - Asian stocks were mostly lower on Tuesday, with a sharp decline in crude oil prices weighing on energy shares, while the...Read More
Canadian scientists from Laurentian University have found that waterbodies impacted by decades of mining activity could be a potential new source of antibiotics.The group, led by Dr. J.A. Scott, a bioengineering professor, examined lakes and rivers located within five kilometres of abandoned Northern Ontario mine sites. The goal was to determine whether those stressed environments could produce al...Read More
It's the mining world's biggest dilemma: everyone's hunting for copper deals, but even the richest producers just can't pull the trigger.The largest miners all say they're bullish on copper and looking for growth in the metal that's forecast to be in ever-greater demand as cities expand and electric vehicles gain traction. The industry has deep pockets for deals right now - Rio Tinto Group may end...Read More
The London Metal Exchange (LME), the world's biggest and oldest market for industrial metals, is implementing an "implied pricing" functionality, a set of synthetic monthly prices, in an attempt to offset increasing competition from other exchanges such as those operated by CME Group.Starting on July 30, the exchange will provide the service for the six main base metals - copper, aluminum, zinc,...Read More
Base metals producer Nevsun Resources (TSX:NSU) has once again dismissed a takeover offer by Lundin Mining (TSX:LUN), as it believes the Cdn$1.4 billion (about $1.1bn) bid ignores the fundamental value of the company and its assets.Chief Executive Officer Peter Kukielski said Lundin's notional takeover offer represents only a 13 % premium to Nevsun's shares trading price, which closed Monday at Cd...Read More
* FTSE 100 down 0.8 pct* China data, trade worries, oil drop weigh* Downgrade hits Micro Focus * Indivior soars as court blocks sale of rival drug (Adds details closing prices)By Kit Rees and Danilo MasoniLONDON, July 16 (Reuters) - Britain's top share index retreated on Monday as soft Chinese data hit miners amid persistent worries over global trade.The blue chip FTSE 100 .FTSE index fell 0.8 pe...Read More
(For a live blog on European stocks, type LIVE/ in an Eikon news window)* FTSE 100 down 0.1 pct* China data, trade worries weigh* Downgrade hits Micro Focus * Indivior jumps after co wins preliminary injunctionBy Kit ReesLONDON, July 16 (Reuters) - The UK's top share index retreated on Monday as a stronger pound weighed while soft China data hit miners amid persistent worries over global trade.Br...Read More
(Bloomberg) -- After U.S. moves on global trade policy that have shredded decades of trust, watch out for deals to be struck before the midterm elections in November, Citigroup Inc (NYSE:C). said, flagging a potential rebound in commodity prices toward the year-end that’s aided by still-robust fundamentals.“U.S. trade actions have been brutal and unilateral and have punctured the t...Read More
(Bloomberg) - South Africa's mining industry is heading for the deadliest year since 2012 after six people died in an underground fire at Palabora Mining Co.'s copper operation.Sunday's accident brings the industry's total to at least 54 and is the second-worst incident this year after seven people died at a Sibanye Gold Ltd. mine when an earth tremor cased a rockfall. The incident will be invest...Read More
Investing.com - The strong dollar looks likely to remain a significant headwind for gold this week, with bearish price action in the precious metal looking set to continue despite growing risk aversion.Metals traders will be looking ahead to Federal Reserve Chairman Jerome Powell’s testimony on the economy and monetary policy to a Senate committee on Tuesday.Powell will likely face questions...Read More
The Chilean government asked both workers and management at BHP's (ASX, NYSE:BHP) Escondida copper mine, the world's largest, to put an end to the labour conflict they have been dragging for months now and that needs to be resolved before a 30-month contract expires on July 24.Speaking to local media, Finance Minister Felipe Larra?-n said an agreement must be reached soon to avoid a strike and, th...Read More