04302016Sat
Last update: Sat, 30 Apr 2016 04am

Australia

Markets - Commodities - Australia

Australia's gold output rises as its currency shrinks SYDNEY: Australian miners are digging deeper for more gold as a weaker currency drives bullion prices higher, a survey released on Sunday showed.Gold output in Australia - the world's second-biggest producing country after China - climbed to 285 tonnes in 2015, almost two tonnes more than in 2014 and the highest annual total since 2003, according to Surbiton Associates, a private consultancy to the sector.Production in the fourth quarter of 2015 totaled 73 tonnes, slightly above that produced in the previous quarter, it said."For 2015, Australia's gold production of 285 tonnes was worth over A$14 billion ($9.98 billion) at the average gold price," said Sandra Close a Surbiton director. "The local gold sector has benefited from weaker U.S. dollar exchange rates."Gold denominated in Australian dollars averaged around A$1,540 per ounce in 2015, but since January has galloped to more than A$1,700 per ounce."The Australian dollar has fallen from near 95 ...

Markets - Commodities - Australia

Copper edges down as oil reversal saps risk appetite MELBOURNE: London copper dropped on Wednesday as falling oil prices blunted appetite for risk, while worries resurfaced over the depth of demand from top consumer China.Oil prices slid after top exporter Saudi Arabia ruled out production cuts and industry data showed a further build in U.S. crude stockpiles."If you want metal markets and mined commodities to bottom, there are a few things that need to happen, one of which is stability or a lift in ...

Markets - Commodities - Australia

London copper faces biggest weekly drop in one month MELBOURNE: London copper firmed on Friday but was still on track for its biggest weekly drop in a month as a holiday in top consumer China eroded buying and fears about the strength of European banks fuelled jitters over the global economy.Metals prices were insulated by a weaker dollar which held around four-month lows against a basket of currencies.But as traders jostle for position ahead of China's return on Monday, some did not expect the ...

Markets - Commodities - Australia

Copper recovers after Fed statement undercuts dollar MELBOURNE: Copper climbed off its weakest level in a fortnight on Thursday after US Federal Reserve Chair Janet Yellen stressed that US interest rates would rise gradually, sending the dollar lower.The Fed is unlikely to reverse its plan to raise rates further this year, but tighter credit markets, volatile financial markets, and uncertainty over Chinese economic growth have raised risks to the US economy, Yellen said.The dollar hit a fresh 15-month low versus the yen ...

Markets - Commodities - Australia

Rio Tinto slumps into annual net loss as slowdown bites SYDNEY: Rio Tinto on Thursday posted an annual net loss of US$866 million in what the world's number two miner said was a "highly challenging environment" as commodity prices plunge and a growth slowdown in key market China bites deep.And in a reflection of the painful trading conditions, the firm joined other large players including Swiss giant Glencore and Brazil's Vale in slashing its dividend payouts to shareholders as it looks to shore up its ...

Markets - Commodities - Australia

London copper set for third weekly rise ahead of Lunar New Year MELBOURNE: London copper fell on Friday, but was set for a third consecutive week of gains as signs of stabilisation in the market and a weaker dollar convinced traders to close short positions ahead of Lunar New Year holidays next week in China. The dollar steadied in Asian trading on Friday but remained on track for weekly losses, as investors braced for US employment figures later in the session for the latest clues on the ...

Markets - Commodities - Australia

Australia iron ore miner Fortescue steps up cost-cuts to stay in black MELBOURNE: Australia's Fortescue Metals Group said on Thursday that it could weather far lower iron ore prices than previously touted, as the world's No.4 exporter of the steelmaking ingredient cuts costs faster than planned.The company said it would push on with its drive to slash costs after hitting a cost-reduction target six months early due to improved efficiency at its operations, lower debt and falling prices for oil and freight."If you stack all those together ...