March 9 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening down 21 points at 7,314 on Thursday, according to financial bookmakers.* BT GROUP-RIO TINTO: Rio Tinto RIO.L Chairman Jan du Plessis is set to step down and take up the chairmanship of BT Group Plc BT.L , with the announcement to be made by Britain's top mobile and broadband operator on Thursday, the Financial Times reported. BHP...Read More
* Dollar gains after ADP report raises Fed hike bets* Wall Street pressured by slumping oil overnight* Toshiba skids, Nintendo gains on Switch hopesTOKYO, March 9 (Reuters) - Japan's Nikkei share average rose on Thursday, benefitting from a weaker yen after the dollar gained when U.S. jobs data cemented expectations the U.S. Federal Reserve is poised to raise interest rates next week.The Nikkei .N...Read More
(Repeats story published earlier with no changes to text.)* Nearly 3.5 mln T of capacity on maintenance in March -Citi* Low fees could shrink refined copper supplies, underpin prices* Traders redirecting copper shipments among Asian portsBy Melanie BurtonMELBOURNE, March 8 (Reuters) - Spot processing fees in Asia for copper concentrate have slid to their cheapest in four years as shutdowns at the...Read More
SHANGHAI, Mar 9 (SMM) – Nonferrous metals on the SHFE mostly dropped today except for tin, which inched up slightly. Zinc fell over 2%, copper slid almost 2%, and nickel dipped over 1%, while aluminium and lead edged down slightly.The ferrous complex saw larger drops in the afternoon as iron ore led the slump with a decline more than 5%. Coke dropped 4.7%, rebar slipped nearly 4%, while hot-...Read More
SHANGHAI, Mar 9 (SMM) – China's car sales are expected to be flat in 2018 due to sluggish demand, according to the China Automobile Dealers Association (CADA).Inventory pressure in China's automobile market eased in February, as the vehicle inventory alert (VIA) index came in at 52.3, showed data from CADA.The February VIA index fell 14.9 month on month, but...Read More
SHANGHAI, Mar 9 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightThe US dollar rebounded above 90 overnight, while base metals saw mixed trading. SHFE copper, zinc, nickel dropped over 1%, lead edged down, while aluminium and tin inched up. LME nickel slid over 2%, copper lost close to 2%, while lead and zinc fell over 1%.China...Read More
SHANGHAI, Mar 9 (SMM) –Copper: As news of the simmering trade war rattled markets and as global inventories remained at highs from last year, base metals slumped across the board. We expect LME copper to weaken to $6,700/mt in the short term and to trade at $6,790-6,950/mt today. We see SHFE copper trading at 51,300-51,800 yuan/mt. In the physical market, spot discounts a...Read More
After finishing 2016 up 25 percent, commodities are getting another boost from bullish investors. Investment bank Citigroup forecasts commodity prices will increase this year on strengthening demand in China and mounting inflation inspired by President Donald Trump's "America First" policies. Commodity assets under management globally stood at $391 billion in January, up 50 percent from the same t...Read More
Attendance at the Prospectors & Developers Association of Canada's (PDAC) 2017 Convention totalled 24,161-a strong indication that confidence has returned to the mineral exploration and mining industry.The annual PDAC Convention-the world's largest industry event-attracted investors, analysts, mining executives, prospectors, geologists, government officials and students."The mineral exploration an...Read More
Nickel fell to a 13-year low of $7,725 a tonne ($3.50 a pound) in February last year; then rallied to more than $11,700 by mid-November only to end the year barely above $10,000.This year the rollercoaster continued as news from top suppliers Indonesia and Philippines pull the metal in different directions. After a 10% rally in February, the price of nickel has been hammered down this week losing...Read More
* Nearly 3.5 mln T of capacity on maintenance in March -Citi* Low fees could shrink refined copper supplies, underpin prices* Traders redirecting copper shipments among Asian portsBy Melanie BurtonMELBOURNE, March 8 (Reuters) - Spot processing fees in Asia for copper concentrate have slid to their cheapest in four years as shutdowns at the world's top two mines in Chile and Indonesia grind on long...Read More
Investing.com - Gold prices dropped to a five-week low during European morning hours on Wednesday, as traders bet on a strong likelihood the Federal Reserve will raise rates at its upcoming policy meeting next week.Comex gold futures touched a session low of $1,212.50 a troy ounce, a level not seen since February 3. It was last at $1,213.15 by 8:10AM ET (13:10GMT), down $2.75, or about 0.2%.Spot g...Read More
SHANGHAI, Mar 8 (SMM) – Nonferrous metals fell across the board in the afternoon with SHFE nickel leading the loss with a 2% drop. Copper and zinc were down over 1%, aluminium slid almost 1%, and other metals edged down.The ferrous complex also saw a weak performance, with iron ore and rebar leading the slump and closing 4% lower. Coke and coking coal dropped over 3%, and hot-rolle...Read More
SHANGHAI, Mar 8 (SMM) – The copper spot market in Shanghai was less active on Thursday March 7 than a day earlier with the red metal trading at a discount of 130-70 yuan/mt. As the SHFE copper edged down today with resistance at the five-day moving average, spot prices faced pressure with reluctant buyers.At noon, higher-grade copper traded at 51,720-51,800 yuan/mt, SMM learned. Fo...Read More
SHANGHAI, Mar 8 (SMM) – China's imports of unwrought copper and copper products in February stood at 352,000 mt, down 20% month on month while up 3.5% year on year, according to China Customs.The month-on-month drop was mainly due to the Chinese New Year holiday. However, losses made in copper imports last month also put a cap on the overall volumes.Imports for the first two months of th...Read More
SHANGHAI, Mar 8 (SMM) – This is a roundup of global macro-economic news last night and what is expected today.Last nightThe base metals fell across the board as US dollar rebounded and as the trade war brews. SHFE aluminium and lead slid over 1%, copper dropped close to 1%, while LME lead lost over 2% and aluminium fell close to 2% to a three-month low.China's foreign-exchange reserves i...Read More
SHANGHAI, Mar 8 (SMM) –Copper: LME copper touched a low of $6,900/mt with resistance from moving averages. We expect it to trade at $6,900-6,970/mt and the SHFE 1805 contract to trade at 52,000-52,600 yuan/mt today. In the physical market, spot discounts are seen smaller at 100-40 yuan/mt. Aluminium: LME aluminium edged down overnight and is set to test support...Read More
In New York on Tuesday copper for delivery in May fell as much as 1.7% to $2.6080 per pound or $5,750 a tonne after a surge in warehouse stocks in Asia limiting the impact of supply disruptions at the world's biggest mines.Reuters reports copper inventories at facilities controlled by the LME unexpectedly jumped by almost 39,000 tonnes, the biggest inflow in more than a decade and reversing a...Read More