News

Copper hits 3-1/2-week low, nickel slides more than 5 pct

Date Jan 17 2018 13:47:41 Source:Reuters

    LONDON, Jan 16 (Reuters) - Base metals slid on Tuesday with copper and nickel hitting multi-week lows as a steadier dollar weighed, profit-taking set in following strong gains late last year and worries lingered over fading demand in China before the Lunar New Year.

    Three-month copper on the London Metal Exchange  CMCU3  ended down 1.8 percent at $7,078 a tonne, having hit its weakest since Dec. 22 at $7,035.

    Stainless steel ingredient nickel  CMNI3  closed down 2.4 percent at $12,550, having slid more than 5 percent to its lowest since Dec. 29 at $12,190.

    The dollar index was up 0.15 percent at 90.59  USD= , recovering from Monday's three-year low. A stronger dollar makes dollar-priced metals costlier for non-U.S. investors.

    "(We're seeing) a bit of profit-taking on the back of a strong run (and) we had some trade data from China last week which indicated imports of refined metals have been somewhat slow," said Nitesh Shah, commodity strategist at ETF Securities.

     

    * IRON ORE: Iron ore futures in China ticked up on Tuesday after dropping 2 percent in the previous session, but record stockpiles of the steelmaking ingredient at the country's ports kept a lid on price gains.

    Broker Marex Spectron cited disappointing steel demand and more talk of a sell-off across ferrous metals as impacting nickel. It also noted broader risk-off sentiment in the wider metals markets in China, the world's top industrial metals consumer.

    "The Chinese are in wind down ahead of their new year. They have not been the drivers of the metal moves higher over the past few weeks, reflected in the declining onshore premiums," it said in a note. 

    * COPPER, ALUMINIUM SUPPLY: Rio Tinto  RIO.AX   RIO.L  stuck to a 2018 production target of 510,000-610,000 tonnes of mined copper and 225,000-265,000 tonnes of refined copper. Aluminium production is targeted at 3.5-3.7 million tonnes. For 2017, aluminium production eased 1 percent and mined copper output fell 9 percent.

    "ING estimates a (copper) concentrate deficit of 145,000 tonnes last year but a return to growth in mine supply should mean a more balanced 2018," ING said in a note.

    * COPPER, ZINC STOCKS: Headline LME copper inventories have climbed 12 percent since the start of December to 204,650 tonnes. Zinc 'on-warrant' or available inventories have slid 38 percent in two weeks to 112,850 tonnes.  0#LME-STOCKS . 

    * OTHER METALS: Zinc  CMZN3  ended down 0.5 percent at $3,404.50, having hit its highest in more than a decade on Monday. Lead  CMPB3  closed down 1.3 percent at $2,554, aluminium  CMAL3  ended down 1.7 percent at $2,189 while tin CMSN3  ended up 0.8 percent at $20,470.

 

 

 

Edited by SHMET

Kaiser Aluminum Announces 10 Percent Increase In Quarterly Dividend Payment

Date Jan 17 2018 13:45:48 Source:Reuters

    Jan 16 (Reuters) - Kaiser Aluminum Corp  KALU.O :

    * ORATION ANNOUNCES A 10 PERCENT INCREASE IN QUARTERLY DIVIDEND PAYMENT

    * SETS QUARTERLY CASH DIVIDEND OF $0.55PER SHARE

 

 

Edited by SHMET

Oz Minerals Says Gold Guidance Exceeded For 2017, Up 34 PCT On Prior Quarter

Date Jan 17 2018 13:44:58 Source:Reuters

    Jan 17 (Reuters) - Oz Minerals Ltd OZL.AX :

    * GOLD GUIDANCE EXCEEDED FOR 2017 AND UP 34 PERCENT ON PRIOR QUARTER

    * COPPER PRODUCTION GUIDANCE ACHIEVED FOR FY 2017 




Edited by SHMETEdited by SHMET

Eldorado Reports Preliminary 2017 Gold Production Of 285,919 Ounces

Date Jan 17 2018 13:43:42 Source:Reuters

    Jan 16 (Reuters) - Eldorado Gold Corp  ELD.TO :

    * ELDORADO ANNOUNCES PRELIMINARY 2017 OPERATIONAL RESULTS AND PARTIAL 2018 GUIDANCE

    * ELDORADO GOLD CORP - PRELIMINARY 2017 GOLD PRODUCTION OF 285,919 OUNCES

    * ELDORADO GOLD CORP - PRELIMINARY 2017 CASH OPERATING COSTS AVERAGED $509 PER OUNCE

    * ELDORADO GOLD CORP - PRELIMINARY 2017 ALL IN SUSTAINING COSTS EXPECTED TO BE ABOUT $900 PER OUNCE

 

Edited by SHMET

South32 Posts Q2 Alumina Production Of 1,262 KTCORRECTED-SOUTH32 LTD

Date Jan 17 2018 13:43:02 Source:Reuters

    Jan 17 (Reuters) - South32 Ltd  S32.AX :

    * Q2 ALUMINA PRODUCTION 1,262 KT VERSUS 1,279 KT IN PRIOR QUARTER

    * WORSLEY ALUMINA FY18 PRODUCTION GUIDANCE REMAINS UNCHANGED AT 4.0 MT 

    * Q2 METALLURGICAL COAL PRODUCTION 788 KT VERSUS 494 KT IN PRIOR

QUARTER

    * Q2 MANGANESE ORE PRODUCTION 1,526 KWMT VERSUS 1,304 KWMT IN PRIOR QUARTER

    * Q2 ALUMINUM PRODUCTION 246 KT VERSUS 249 KT IN PRIOR QUARTER

    * MAINTAINED FY18 GUIDANCE FOR ALL OPERATIONS WITH EXCEPTION OF SOUTH AFRICA MANGANESE

    *  REMAIN ON TRACK TO PRODUCE 4.5MT OF COAL AT ILLAWARRA METALLURGICAL COAL IN FY18

    * "ACTIVELY RESHAPING OUR PORTFOLIO WITH SOUTH AFRICA ENERGY COAL TO BE MANAGED AS A STAND-ALONE BUSINESS FROM APRIL 2018"

    * INCREASED FY18 ORE PRODUCTION GUIDANCE FOR SOUTH AFRICA MANGANESE BY 8% TO 2,040KWMT

 

 

Edited by SHMET
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