07272016Wed
Last update: Wed, 27 Jul 2016 06am

Australia

Markets - Commodities - Australia

London copper hits one-month low as support crumbles MELBOURNE: London copper dropped to a one-month low on Thursday, as simmering demand concerns undermined prices that, having broken a key chart support, came under further selling pressure.Prices fell through support around $4,770 a tonne to the weakest since early March. Traders and analysts said there was no clear reason behind the move, but break-in support had triggered technical selling."Copper fell below $4,750 which triggered further selling pressure," said analyst Eugen Weinberg at Commerzbank.Copper prices had earlier found support as minutes of a Federal Reserve meeting showing caution among policymakers on raising U.S. interest rates knocked down the dollar and underpinned metal prices.The U.S. central bank appears unlikely to raise rates before June amid concerns over its limited ability to counter the blow of a global economic slowdown, minutes from the March 15-16 policy meeting suggest.The Fed's caution hit the dollar, which was pinned at 94.420 against a basket of ...

Markets - Commodities - Australia

London copper hits more than two-week low on slowdown worries MELBOURNE: London copper slipped to a more than two-week low on Wednesday on simmering concerns over global economic growth, although a softer dollar after the U.S. Federal Reserve chair stressed the need for caution on interest rate hikes checked losses.Fed Chair Janet Yellen said the U.S. central bank should proceed only cautiously as it looks to raise rates, pushing back on a handful of her colleagues who suggested another move may be just around the ...

Markets - Commodities - Australia

London copper slips but signs of China housing recovery support MELBOURNE: London copper edged lower on Wednesday as the dollar held firm but was underpinned by signs of a revival in China's housing market, with trade beginning to tail off ahead of Easter holidays later this week.Asian markets were consolidating gains on the back of a brightening economic outlook, despite a spike in risk aversion after several bomb blasts in Brussels.On a fundamental basis, supply cuts by firms like Glencore and Freeport McMoRan will help ...

Markets - Commodities - Australia

LME copper consolidates below four-month peak on China concerns MELBOURNE: London copper fell on Thursday, declining further from a four-month high reached last week, as rising Chinese inflation fanned concerns over its economic growth, offsetting support from a European monetary stimulus expected later today. A weaker dollar and a pledge by China to resolve its oversupplied industries had helped fuel a broad commodities rally, but that was shot down this week by poor Chinese trade data for February. "I think the complex has rallied ...

Markets - Commodities - Australia

Iron ore industry wavers between hope and reality: Russell PERTH: If the price of the product your company produced had just experienced a 20 percent price surge in one day, its biggest jump ever, it would be reasonable for you to be overjoyed. But maybe not if you are an iron ore miner. This month's leap in Asian spot iron ore prices coincided with the annual Global Iron Ore and Steel Forecast conference in Perth, capital of Western Australia state and home to the ...

Markets - Commodities - Australia

Corn rebounds from six-week low though supply caps gains SYDNEY/PARIS: US corn rose for the first time in three sessions on Monday, rebounding off a six-week low, though gains were checked by the U.S Department of Agriculture forecasting stocks at the end of next season at a 12-year high.Soybeans were little changed, having earlier hit their lowest in nearly three weeks, while wheat rose 0.5 percent.The Chicago Board of Trade's most-active corn contract climbed 0.5 percent to $3.61-1/4 a bushel by 1213 GMT, having ...

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 ...