08252016Thu
Last update: Thu, 25 Aug 2016 07am

Australia

Markets - Commodities - Australia

Iron ore miner Fortescue eyes dividend rise as profit leaps SYDNEY: Australia's Fortescue Metals Group Ltd, the world No. 4 iron ore producer, reported a tripling of its annual net profit on Monday to nearly $1 billion and said it could shoulder a big jump in future dividend payouts. Fortescue surpassed analysts' forecasts by boosting its final dividend by 500 percent to A$0.12 ($0.90) a share for fiscal 2016, taking its total payout for the year to 36 percent of net profit.With iron ore prices holding up better than expected and an attack on production costs and debt, the company's payout ratio could exceed its 40 percent target "in the not too distant future," Chief Executive Nev Power told an analysts' call.Power said global iron ore supply was now in balance with demand, while China's ability to produce half the world's steel was underpinning the company's prospects.Fortescue, which has built Australia's third-biggest iron ore miner over the past decade to ...

Markets - Commodities - Australia

London nickel sinks on profit-taking, copper steady MELBOURNE: London nickel fell on Thursday from a one-year high hit in the previous session as traders booked profits on the near completion of a Philippine mine review, while copper held steady not far from four-week lows.Nickel and zinc contracts on the London Metal Exchange rallied on Wednesday to their highest since 2015 as a weaker dollar and a greater risk appetite spurred buying in the metals that have the brightest fundamental outlooks for this ...

Markets - Commodities - Australia

Australia monthly wheat exports to soar, easing worries over slow sales SYDNEY: Australian wheat exports in August look set to hit an eight-month high as the lowest prices in a decade draw Southeast Asian millers to market, easing worries that the fourth-biggest seller would fail to meet official forecasts for the season. Exports will hit 1.4 million tonnes in August, port shipping data shows, a rise of nearly 30 percent from July and the largest business month since December 2015.The jump in Australian exports comes after ...

Markets - Commodities - Australia

Soybeans rise for fifth session on strong demand for US crop SYDNEY: US soybeans rose for a fifth straight session on Tuesday, lingering near a one-week high touched during the previous session, as recent strong export demand for US supplies supported prices.Corn firmed after the US Department of Agriculture (USDA) pegged the condition of the crop below market forecasts, while wheat edged higher.The most active soybean futures on the Chicago Board Of Trade rose 0.1 percent to $9.86 a bushel, after rising 1.1 percent on Monday ...

Markets - Commodities - Australia

Soybeans hit 1-week high on wave of US export deals SYDNEY: US soybeans rose on Monday for a fourth straight session, the longest unbroken rally in nearly four months, as strong export demand pushed the oilseed to a one-week high.Wheat rose more than 0.5 percent, extending gains made last week. Corn edged lower on ample supply expectations.The most active soybean futures on the Chicago Board Of Trade rose 0.8 percent to $9.82-1/4 a bushel by 0403 GMT, having earlier touched $9.89 a bushel - the ...

Markets - Commodities - Australia

Soybeans rise for a second session on demand for US supplies SYDNEY: US soybeans rose for a second session on Thursday, drawing support from international demand for US supplies, though favourable weather forecasts for key producing regions capped the rally.Corn was little changed, under pressure from expectations of silo-bursting supplies, while wheat rose for a second session.The most active soybean futures on the Chicago Board Of Trade rose 0.31 percent to $9.58-1/2 a bushel, having firmed 0.3 percent on Wednesday."The market will be tallying the net ...

Markets - Commodities - Australia

London copper hemmed in on fitful global factory growth MELBOURNE: London copper was stuck in the summer doldrums on Tuesday after a glimmer of an improvement at smaller Chinese factories in July was offset by modest reports on global manufacturing elsewhere, dampening optimism over demand.Growth eased in the euro zone last month, with factories in China, Japan and elsewhere in Asia offering only crumbs of comfort, surveys indicated, even as British manufacturers slammed on the brakes last month after the Brexit vote.A summer slowdown ...