05272016Fri
Last update: Fri, 27 May 2016 11pm

Australia

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 balance sheet.The dire result compared with a US$6.53 billion net profit in 2014 and comes as markets -- particularly commodities -- are hammered by a collapse in global demand, chiefly from China where economic growth is at a 25-year low.Underlying profit in the 12 months to December 31, a measure Melbourne-based firm miner prefers, slumped 51 percent to US$4.54 billion, from US$9.31 billion previously.The company, which is heavily reliant on iron ore, said it was ...

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 ...

Markets - Commodities - Australia

London copper posts fragile gains as oil steadies MELBOURNE: London copper climbed on Thursday as oil prices stabilised on signs that Asian economies were steadying as regional equity markets bounced back, though traders are keeping an eye on China's stock market for clues to its economic health.Oil prices rose in early trading on Thursday after hitting fresh 2003 lows the session before, but analysts said a persistent global glut would keep pressuring markets.Copper has traded near its lowest level since 2009, but has ...

Markets - Commodities - Australia

Iron ore shipments to China up 1pc in Dec-Pilbara Ports SYDNEY: Iron ore shipments to China through Australia's Port Hedland rose 1 percent in December despite the spot price for the steelmaking ingredient dropping to its lowest on record and a gloomy outlook heading into the new year. Shipments to China from the port reached 32.17 million tonnes in December versus 31.73 million tonnes in November, Pilbara Ports Authority figures released on Wednesday showed. For all of 2015, shipments to China rose to 377.88 million ...

Markets - Commodities - Australia

Australia wheat regains Asia market share on competitive prices SINGAPORE: Australian wheat is making a comeback in Asia, with buyers in the region locking in supplies for early 2016, as prices have dropped below that of cargoes from the United States and Canada.Asian buyers, including Indonesia - the region's biggest importer of the grain, have signed deals to take Australian wheat right up to February and are now in the market negotiating deals for March delivery, traders said on Monday."Australia is one of cheapest ...

Markets - Commodities - Australia

Iron ore shipments to China from Port Hedland rise 3pc in Nov-port SYDNEY: Monthly iron ore shipments to China through Australia's Port Hedland rose 3 percent in November amid a sharp weakening in prices for the raw material used in steel production, port data released on Monday showed. Shipments to China, the world's biggest importer, reached 31.73 million tonnes last month versus 30.73 million in October, according to the Pilbara Ports Authority. The port, the world's largest for exporting iron ore, is used by large producers such ...