Browsing Tag

Copper

Indonesian copper project sets sights on IPO

May 05, 2014 A $4 billion copper and gold project in Indonesia, snatched from an Australian company two years ago, is set to come back to the market this year in a public offering by its new owners, led by two local coal tycoons. The owners of Tujuh Bukit plan an initial public offering in the third quarter of 2014, looking to raise up to $75 million and aiming for a market capitalisation of at least $800 million on listing, a controlling stakeholder said. Work will initially focus on a…

Copper slightly up

October 19, 2013 Copper prices rose slightly on Friday, supported by data showing China's economy had expanded as forecast in the third quarter, although concerns that the faster growth may be temporary limited gains. China's economy grew 7.8 percent in the third quarter, its fastest pace this year, as strengthening foreign and domestic demand helped factory production and retail sales. China is the biggest consumer of copper, accounting for 40 percent of world demand. Benchmark…

Shanghai copper climbs October 16, 2013

October 16, 2013 The most traded January copper contract on the Shanghai Futures Exchange climbed 0.5 percent to close at 52,150 yuan ($8,500) a tonne on Tuesday. Earlier it reached its highest in a week at 52,390 yuan. Markets waited for news about a possible end to the US fiscal deadlock, while Shanghai copper eased back from one-week highs after chasing overnight gains in London. "What is happening in the US is probably keeping market participants on the sidelines for now," said…

Copper steadies October 16, 2013

October 16, 2013 Copper steadied on Tuesday as signs of progress over the US debt ceiling showdown was not enough to convince investors worried about a growing surplus to bid the red metal higher for a fourth consecutive day. There were positive comments from US senators signalling that a last-minute deal to raise the debt ceiling and end the government shutdown could be reached. The Treasury is due to run out of money on Thursday. Copper prices bounced last week from the bottom end of…

China’s oil, iron ore imports set records in September, copper at 18-month high

October 13, 2013 China's daily imports of crude rebounded in September from the previous month to a fresh record, bearing out forecasts for the country to overtake the United States as the world's largest oil importer, as refineries restarted following maintenance. Iron ore arrivals also surged to a record of more than 74 million tonnes as mills ramped up production, while copper shipments jumped 18 percent from August to hit their highest in 18 months, as end-users rebuilt inventories on a…

Shanghai copper rises

October 12, 2013 The most traded January copper contract on the Shanghai Futures Exchange closed up by 0.47 percent at 51,650 yuan ($8,400) a tonne on Thursday. "There has been quite a bit of improvement in overnight markets in the US on the hope of a resolution, but so far there is insufficient detail. We are not out of the woods yet," said Thomas Lam, chief economist at DMG & Partners Securities in Singapore. "Metals fundamentals might soften in the fourth quarter, but I don't…

Copper up as US opens, market weighs shutdown impact

October 05, 2013 Copper rose 1 percent on Friday, helped by bullish technical signals and as investors weighed whether the US government shutdown could delay a Federal Reserve move to cut its stimulus program. Stainless steel material nickel rose as much as 4 percent and soldering material tin rose as much as 5.5 percent to its highest in 6 1/2 months. US investors have been influencing metal prices more than usual this week, with participants in top metals consumer China away from the…

Copper edges up

September 27, 2013 Copper edged higher on Thursday, supported by improving demand in top consumer China, but renewed worries over the US fiscal outlook and federal debt kept gains in check. Benchmark copper on the London Metal Exchange closed at $7,251 a tonne, up from a last bid of $7,193 on Wednesday. Prices of the metal have been trapped in a $7,000 to $7,500 range for the past month, down about 9 percent for the year. Strong seasonal demand in China is providing support to prices…

Shanghai copper gains

September 27, 2013 The most-traded December copper contract on the Shanghai Futures Exchange closed 1.1 percent higher at 52,280 yuan ($8,500) a tonne on Thursday, supported by firm demand in top consumer China, although renewed worries over a US federal debt default kept gains in check. "For some end uses, like electrical wire and consumer goods, demand is picking up seasonally because factories have started producing for Christmas holidays," said analyst Chunlan Li at consultancy CRU in…

Copper keeps falling

September 25, 2013 Copper fell for a third straight session on Tuesday on renewed uncertainty about when the US Federal Reserve will start trimming its stimulus programme and as more supply hits the market. Three-month copper dropped 1.4 percent to close at $7,148 a tonne, extending losses of nearly half a percent from Monday. Copper has given up all its gains sparked by the Fed's surprise decision last week to hold off tapering its debt-buying programme that injects $85 billion of…

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