07262016Tue
Last update: Tue, 26 Jul 2016 07am

Australia

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 oil," said analyst Dan Morgan at UBS in Sydney.Falling oil prices cut the cost of commodity production, also shoring up supply, he added."I still think this year that copper is more vulnerable than other commodities. We exited last year with a surplus and we think it will widen a tad this year."Top global miner BHP Billiton expects the copper market to remain in surplus until the end of the decade.Three-month copper on the London Metal ...

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 ...

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 ...