Rio Tinto (ASX, LON:RIO), the world's second largest miner, delivered strong signs of a long-awaited turnaround in the industry by posting its first gain in annual profit since 2013.Higher iron ore prices boosted Rio's profit 12% to $5.1 billion last year, a significant turnaround from 2015, when it posted its worst underlying earnings in 11 years.The company, which is also the world's No. 2 iron...Read More
(Repeats with no changes to text)By Clyde RussellCAPE TOWN, Feb 8 (Reuters) - It should be a match made in heaven. Developing Africa's vast mineral resources to meet the needs of the resource-hungry economies of China and the rest of Asia.But if there is one message to take away from this week's Mining Indaba conference in Cape Town, it's that there remains a large gap between hopes and reality, a...Read More
* Euro weakens vs dollar, options show big bias for weaker euro* French bond yield spread over Germany widest since late 2012* Wall St set to dip after stocks gain in Europe and Asia* Oil falls on U.S. inventories; strikes push copper higher* Uncertainty pushes gold to three-month high* Graphic: World FX rates in 2017 http://tmsnrt.rs/2egbfVhBy Nigel StephensonLONDON, Feb 8 (Reuters) - Political u...Read More
* European shares up 0.4 pct* Storebrand touches 9-year high on dividend* France's Vinci gains on 2017 forecasts* CAC 40 up 0.5 pct, outperforming peers (ADVISORY- Follow European and UK stock markets in real time on the Reuters Live Markets blog on Eikon, see cpurl://apps.cp./cms/?pageId=livemarkets)By Helen ReidLONDON, Feb 8 (Reuters) - European shares edged higher on Wednesday led by mining...Read More
Investing.com - Gold prices fell modestly in European morning trade on Wednesday, but remained supported close to the prior session's three-month high amid growing concerns over political risks in Europe and economic uncertainty in the U.S.Gold for April delivery on the Comex division of the New York Mercantile Exchange shed $2.70, or about 0.2%, to $1,233.35 a troy ounce by 3:00AM ET (08:00GMT),...Read More
(Adds company news items and updates futures)Feb 8 (Reuters) - Britain's FTSE 100 futures FFIc1 were up 0.11 percent ahead of the cash market open on Wednesday.* The UK blue chip index .FTSE closed up 0.2 percent at 7,186.22 points on Tuesday, boosted by a weak sterling and a surge in services company DCC DCC.L , while UK mid-caps posted a record closing level. RIO TINTO: Global miner Rio Tinto...Read More
(The opinions expressed here are those of the author, a columnist for Reuters.)By Clyde RussellCAPE TOWN, Feb 8 (Reuters) - It should be a match made in heaven. Developing Africa's vast mineral resources to meet the needs of the resource-hungry economies of China and the rest of Asia.But if there is one message to take away from this week's Mining Indaba conference in Cape Town, it's that there re...Read More
Feb 8 (Reuters) - Britain's FTSE 100 .FTSE index is seen opening 8 points lower on Wednesday, according to financial bookmakers.* The UK blue chip index closed up 0.2 percent at 7,186.22 points on Tuesday, boosted by a weak sterling and a surge in services company DCC DCC.L , while UK mid-caps posted a record closing level. RIO TINTO: Global miner Rio Tinto RIO.AX , RIO.L said on Wednesday it wi...Read More
SHANGHAI, Feb 8 (SMM) – SHFE aluminium edged up slightly while all base metals fell more than 1%. SHFE copper dropped close to 2%. The ferrous complex saw mixed trading with hot-rolled coil and iron ore up slightly while rebar and coking coal slipped.Copper: SHFE copper is expected to follow its LME counterpart lower tonight as investors cut their long bets.Aluminium: We see pressure remain...Read More
SHANGHAI, Feb 8 (SMM) – China imported 443,000 mt of unwrought copper and copper-fabricated products in January, up 16.1% from the same month last year, according to customs data.However, this was down from 450,000 mt in December 2017, marking a decline for two consecutive months. This is due to limited construction activities in the winter season as well as a high output rate at home.Separa...Read More
SHANGHAI, Feb 8 (SMM) –Copper: Lower oil prices and a stronger US dollar are bearish on base metals but we see limited downward room for copper due to expectations of tighter concentrate supply in the future. We expect LME copper to trade at $6,880-6,950/mt today and SHFE copper at 51,800-52,240 yuan/mt. As the SHFE physical delivery is around the corner, it would be difficult for spot coppe...Read More
* Mining stocks began outperforming late 2016* Fundamentals stronger for mining versus oil - analysts* European oil vs mining, monthly returns http://reut.rs/2jGqkBV* BP , Statoil shares hit by earnings disappointmentBy Vikram Subhedar and Barbara LewisLONDON/CAPE TOWN, Feb 7 (Reuters) - Mining stocks are outpacing oil-related peers in a "reflation rally" sparked by U.S. President Donald Trump...Read More
Investing.com - Gold prices were little changed in European morning trade on Tuesday, holding steady near the prior session's three-month high as investors sought the perceived safety of the yellow metal amid growing concerns over political risks in Europe and around the globe.Gold for April delivery on the Comex division of the New York Mercantile Exchange tacked on 25 cents, or less than 0.1%,...Read More
SHANGHAI, Feb 7 (SMM) – All nonferrous metals futures, except tin, closed lower on Wednesday February 7. SHFE tin edged up 0.79%. SHFE lead led the loss with a 1.5% drop while zinc and copper were down 1%.Coke led the gains in the ferrous complex by jumping 2%, while iron ore was up almost 1%. Both rebar and hot-rolled coil edged down.Copper: SHFE copper continued to see downward correc...Read More
SHANGHAI, Feb 7 (SMM) –Copper: The global stock market rout may have limited impact on commodities and we expect SHFE copper to gather enough momentum to go up in short term. We see the 1804 contract to trade at 52,700-53,300 yuan/mt today while LME copper is expected at $7,050-7,110/mt. Spot prices continued to be affected by the spread between the 1802 and 1803 contracts and spot copper is...Read More
The Philippines mining industry is fighting the government's recent decision to close more than half the country's mines and reduce nickel ore exports, saying it's "illegal and unfair."According to the country's Chamber of Mines, the order to close 23 of the nation's 41 mines and suspend another five not only did not follow standard legal procedures, but used alleged breaches of environmental and...Read More
Shares in Canadian junior Copper One (TSX-V:CUO) soared Monday, climbing as much as 15.4% in midday trading, as the company announced it had begun proceedings against the Quebec Ministry of Forests, Wildlife and Parks (MFFP) in the superior court over a denied permit.The Toronto-based miner said it has reasons to believe the province's Ministry of Energy and Natural Resources (MERN) influenced MFF...Read More
Investing.com - Gold prices gained in European morning trade on Monday, rising toward the highest level in about 12 weeks as investors scaled back expectations for a more aggressive pace of rate hikes from the Federal Reserve this year.Gold for April delivery on the Comex division of the New York Mercantile Exchange rose to a session peak of $1,227.00 a troy ounce, the most since November 16.It wa...Read More