09292016Thu
Last update: Thu, 29 Sep 2016 01am

Australia

Markets - Commodities - Australia

London copper holds above 4-month low on softer dollar MELBOURNE: London copper held above four-month lows on Monday as the dollar weakened following comments by a Federal Reserve official suggesting fewer U.S. interest rate hikes were on the cards.St. Louis Fed President James Bullard has said the U.S. economy may only need one rate hike for as long as 2-1/2 years. A weaker greenback boosts demand for commodities priced in the dollar by making it cheaper for holders of other currencies.Three-month copper on the London Metal Exchange rose 0.7 percent to $4,583.50 by 0045 GMT, after small gains on Friday. Prices are building a fragile base above $4,483.50, a four-month bottom hit on June 9, in a well-supplied market.Shanghai Futures Exchange copper climbed 0.6 percent to 35,320 yuan ($5,364) a tonne."We continue to look for a well-supplied market for the next few months ... so we see prices continuing to drift lower," said analyst Dan Morgan at UBS in ...

Markets - Commodities - Australia

London copper up as dollar stays weak, China holiday thins trade MELBOURNE: London copper rose on Thursday as the dollar stayed weak on expectations of a delayed rate hike by the Federal Reserve with a two-day holiday in China draining volumes and direction from metals.Rising production costs for copper on the back of higher energy prices are set to offer price support, while a strong pick up in China's housing starts and power sectors will most likely drive a pick up in demand in three to ...

Markets - Commodities - Australia

London copper revives from 2-week lows on solid China imports MELBOURNE: London copper climbed away from near its lowest level in a fortnight on Wednesday, as the dollar stayed weak and after China reported strong copper imports in May.China's copper imports jumped 19.4 percent from the same month a year ago to 430,000 tonnes last month, customs data showed on Wednesday."The normal seasonal slowdown in Chinese commodity imports didn't materialise in May, with most commodities recording strong growth," said analyst Daniel Hynes of ANZ in ...

Markets - Commodities - Australia

London copper revives from two-week lows as dollar softens MELBOURNE: London copper edged away from near its lowest level in fortnight on Wednesday as the dollar fell and after hefty stock builds in Asian warehouses underlined the tepid state of Chinese demand.A surge of copper into Asian warehouses has revived concerns that China is shipping out its surplus metal, ramping downward pressure on international prices. Chinese trade data out later in the day is expected to cast fresh light on demand in May.At the ...

Markets - Commodities - Australia

London copper slips from 4-week high on slow demand, but weaker dollar supports MELBOURNE: London copper fell back on Tuesday as demand slackened after prices hit four-week highs in the previous session, but a weaker dollar offered support after Federal Reserve Chair Janet Yellen said a rate hike was on the horizon but did not specify when.Yellen on Monday gave a largely upbeat assessment of the U.S. economic outlook and said interest rate hikes are coming but gave little sense of timing.The dollar was lose to four-week lows ...

Markets - Commodities - Australia

London copper hits four-week high as dollar stumbles MELBOURNE: London copper climbed on Monday to its highest in four weeks after a shock miss in May's U.S. jobs data pushed back expectations for a rate rise this month and pummeled the dollar.The U.S. economy created the fewest number of jobs in more than 5-1/2-years in May, which could make it harder for the Federal Reserve to raise interest rates.As a result, the dollar languished at its lowest in over three weeks in early ...

Markets - Commodities - Australia

Adani may withdraw from Australian coal mine project, citing delays MELBOURNE: Indian conglomerate Adani Enterprise Ltd may walk away from its proposal to build one of the world's biggest coal mines in Australia, citing long delays caused by legal challenges to the project by groups concerned about the environment. Adani is battling multiple legal challenges from green groups opposed to its $10-billion Carmichael mine, rail and port project.The Australian on Saturday reported that the company's founder and chairman, Gautam Adani had told the newspaper the ...