SHANGHAI, Jan 29 (SMM) - Copper: The physical market has been sluggish with the approaching Chinese New Year dragging copper prices. However, a weak US dollar would prevent them from dropping dramatically. We expect the SHFE 1803 contract to trade at 53,000-53,500 yuan/mt today and the LME copper at $7,060-7,110/mt. Spot discounts are seen stable at 160-100 yuan/mt.Aluminium: We see LME alumi...Read More
Shares in Freeport McMoRan Inc (NYSE:FCX), the world's largest listed copper miner, was hammered down on Wednesday after the US company announced fourth quarter earnings below expectations and warned about problems at its operations in Indonesia.But the stock soon rallied and on Friday, Freeport was trading up 3.7% in New York, bringing gains so far in 2017 to more than 24%. The pundits favouri...Read More
The South African government has singled out two of the country's biggest gold miners, Sibanye Gold (JSE:SGL) (NYSE:SBGL) and AngloGold Ashanti (JSE:ANG) (NYSE:AU), as responsible for risking workers lives by refusing to comply with mining laws."If companies cannot mine safely, they should not be mining at all, and should allow other potential holders," the Department of Mineral Resources said i...Read More
Gold dipped to a two-week low on Monday hurt by a stronger dollar and investors moving money into equities with major US stock markets continuing to trade at record levels.Gold for delivery in February, the most active contract on the Comex market in New York, was exchanging hands at $1,187.20 in late afternoon dealings, trimming year-to-date gains for the metal to 3%.Upside risks include geopoli...Read More
Anglo American (LON:AAL) reported Thursday higher output for most of the commodities it mines during the fourth quarter of last year, except for copper, which output declined a staggering 19% compared to the same period a year earlier.Anglo saw operational improvements across its portfolio, but copper output suffered from lower grades, bad weather and strikes at its Chilean mines.The significant d...Read More
(Adds company news item)Jan 26 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening up 13 to 18 points, or as much as 0.3 percent higher, according to financial bookmakers, with futures FFIc1 up 0.2 percent ahead of the cash market open.* The UK blue chip index closed up 0.2 percent at 7,164.43 points on Wednesday.* ANGLO AMERICAN: Anglo American AAL.L on Thursday reported an increase in p...Read More
Investing.com - Gold prices were at a two-week low in European morning trade on Thursday, as stocks around the world extended a rally after the Dow climbed past 20,000 for the first time overnight, dampening the metal's safe-haven appeal.Gold for February delivery on the Comex division of the New York Mercantile Exchange fell $2.00, or around 0.2%, to $1,195.85 a troy ounce by 4:10AM ET (09:10GMT)...Read More
SHANGHAI, Jan 26 (SMM)? 1/4 ?Nonferrous futures retreated today for the most part, except for a 2% rise in nickel prices. SHFE lead and aluminium dropped about 1%. Tin, copper and zinc all edged down slightly.The ferrous complex was mixed with coke registering a small rise. Hot-rolled coil finished flat while iron ore dropped 1.5% and coking coal slipped 0.5%. Rebar also closed lower.Copper: SHFE...Read More
SHANGHAI, Jan 26 (SMM) – The likely rebound of US dollar poses the biggest downside risk for commodities in the short term, according to Xu Maili, commodities research director at Guangda Futures.“Funds are currently holding quite a lot of long bets, I think the need to cover their positions once the US dollar becomes stronger would be intense,” Xu said in an interview with SMM.W...Read More
Shares in Freeport McMoRan Inc (NYSE:FCX), the world's largest listed copper miner, were hammered on Wednesday after the US company announced fourth quarter earnings below expectations and warned about problems at its flagship mine in Indonesia.Freeport was trading down 6.4% with nearly 50 million shares having already changed hands by 1pm in New York, making the counter the second most traded on...Read More
Canada's Barrick Gold (TSX, NYSE:ABX) said Wednesday that total output fell last year 9.8% to 5.52 million ounces, though lower all-in sustaining costs mitigated the impact of decreased production.The world's largest producer of the precious metal by output said all-in sustaining costs for 2016 were at or slightly below the low end of its forecast of $740-$775 per ounce of gold, based on prelimi...Read More
Investing.com - Gold prices edged lower during European morning trade on Wednesday, moving further away from this week's two-month high as the metal's safe-haven appeal was dampened amid a rally in global equity markets.Gold for February delivery on the Comex division of the New York Mercantile Exchange fell $8.15, or around 0.7%, to $1,202.65 a troy ounce by 3:50AM ET (08:50GMT), after declining...Read More
(Adds company news item)Jan 25 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 13 to 19 points higher, or up as much as 0.3 percent on Wednesday, according to financial bookmakers, with futures FFIc1 up 0.5 percent ahead of the cash market open.* The UK blue chip index , which touched a three-week low the previous day, had a volatile session after the UK Supreme Court ruled that Prime M...Read More
SEOUL, Jan 25 (Reuters) - South Korea bought 1,500 tonnes of copper and a total of 2,000 tonnes of zinc for April arrival via tenders that closed on Tuesday, state-run Public Procurement Service said on its website (http://www.g2b.go.kr).Details of the purchases are as follows:--CopperTONNES(M/T) ORIGINSUPPLIER/PREMIUM(PER TONNE)1,500 South Korea LS Nikko Copper Co Ltd/ $65--ZincTONNES(M/T) ORIGIN...Read More
SHANGHAI, Jan 25 (SMM)? 1/4 ?Nonferrous futures performed strongly today except for a slight drop in lead prices. SHFE nickel surged 5.6% and copper rose over 2%. Aluminium and zinc both rose around 1% as tin edged up. Ferrous metals also traded up, with coke rising nearly 4% and coking coal up almost 3%. Iron ore gained 1.5% and hot-rolled coil was up 1.4%. Rebar traded 1% higher.Copper: SHF...Read More
SHANGHAI, Jan 25 (SMM)? 1/4 ? China releases data on its import and export of copper in December 2017 (Unit: mt): Read More
SHANGHAI, January 25 (SMM) - Chinese customs released the import and export data on refined copper, primary aluminum, and other base metals in December 2017 (unit: mt): Read More