August 20, 2013
The most-traded December copper contract on the Shanghai Copper Futures Exchange closed barely changed at 52,740 yuan ($8,600) a tonne. Markets are waiting to see if minutes of the Fed’s last policy meeting will provide some clarity on when it might start scaling back stimulus – with far-reaching implications for borrowing costs across the globe. The minutes are due on Wednesday.
Glencore Xstrata is expected to write down the value of assets inherited from Xstrata by as much as $7 billion when it reports first-half earnings on Tuesday – the first full set of results since the takeover that created the mining giant in May. BHP Billiton will also report on Tuesday. RUSAL, the world’s largest aluminium producer, said it would cut aluminium output by 357,000 tonnes, or around 8.5 percent of production, more than previously planned cuts of 7 percent. Courtesy Reuters
Published in ZaraiMedia.com