08252016Thu
Last update: Thu, 25 Aug 2016 07pm

Australia

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 iron ore operations of three of the world's four biggest producers. Spot iron ore soared to $62.60 a tonne on March 7 from a prior close of $52.40, a record in percentage terms and the biggest dollar move in four years. The problem for the insiders at the Perth conference is that as much as they would like to believe the move is sustainable, nobody really does.The question that came up repeatedly was whether there ...

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 ...

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 ...

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 ...