05022016Mon
Last update: Mon, 02 May 2016 01pm

Australia

Markets - Commodities - Australia

Australian coal prices jump 10pc as storm halts shipments SINGAPORE: Australian coal cargo prices soared 10 percent this week after a huge storm hit the country's east coast, forcing the Newcastle export terminal to stop all ship movements, while meteorologists have warned that another storm was gathering off the coast.The cyclonic storm, which is lashing Australia's east coast for a third day and has been declared a catastrophe, has destroyed houses, cut power to more than 200,000 homes and caused millions of dollars of damage in Sydney and other cities.The Bureau of Meteorology warned that a second storm cell was gathering off the coast north of Sydney, packing gale force winds of up to 100 km per hour (62 miles per hour) and heavy winds hitting the coast.Australia's Newcastle coal terminal, the world's biggest, is on Australia's east coast, around 100 km north of Sydney, and the port authority said that it had stopped all ship movements due to ...

Markets - Commodities - Australia

Shanghai nickel slides 3pc on China construction worries MELBOURNE: Shanghai nickel slid 3 percent on Wednesday, echoing losses in London, on concerns that China's struggling construction sector would corrode demand for the stainless steel ingredient."Clearly the market is seeing the general weakness in the Chinese steel market as having a future impact on speciality feed markets as well - nickel has been suffering as a consequence," said strategist Daniel Hynes at ANZ in Sydney."If it continues, then zinc is vulnerable as well."The most-traded ...

Markets - Commodities - Australia

Wilmar warns of potential Australian sugar production shortfall SYDNEY: Australia's sugar production during the 2014/15 season may miss official estimates as a result of recent dry weather across the northeast coast of the world's third-largest raw sugar exporter, Wilmar International Ltd said on Wednesday.Much of Queensland, which accounts for more than 95 percent of the Australian sugar cane production, received less than half the typical levels of rain between January and March, Wilmar said.Australian sugar production relies on rains during the first few ...

Markets - Commodities - Australia

Nickel cuts weekly losses on technical, physical buys MELBOURNE: London nickel climbed nearly 2 percent on Thursday on technical buying, sparked after traders brought more into China following a steep price drop earlier in the week.Traders have stepped up imports of nickel and related products into China this week, after domestic nickel pig iron (NPI) plants shut due to a crackdown on pollution, and global prices fell to six-year lows, industry sources said.NPI is used in the production of stainless steel and as ...

Markets - Commodities - Australia

London copper drifts ahead of Easter break MELBOURNE: London copper drifted towards two-week lows on Thursday as traders showed little urgency to lock-in stocks given sluggish demand growth in top consumer China, instead squaring positions ahead of a four-day Easter weekend in some countries.Companies struggled in China and much of the rest of Asia in March, suggesting central banks may have to resort to more stimulus. Slowing economic growth in China has dampened industrial demand for copper, keeping a lid on prices."We're ...

Markets - Commodities - Australia

London copper steadies as consumers baulk at higher prices MELBOURNE: London copper steadied on Monday as last week's run up in prices blunted consumer buying, while liquidity thinned ahead of a holiday-shortened week in many countries.Buying from top consumer China has been tepid, with an initial gauge of Chinese factory health in March suggesting industrial activity has not picked up pace."The recent moves in base metals prices were a combination of supply outages and a bit of short-covering," said analyst Joel Crane at Morgan ...

Markets - Commodities - Australia

London copper off 2-1/2 month peak on slightly firmer dollar MELBOURNE: London copper slipped on Wednesday from more than two-month highs hit the previous session as the dollar firmed, but expectations of falling mine supply supported prices.The dollar clung to modest gains early in the session, partly after U.S. consumer prices rebounded in February keeping the Federal Reserve on course to raise interest rates this year.A stronger dollar erodes the purchasing power of buyers paying with other currencies.Copper demand from top consumer China is picking ...