Mining majors' shares pull back as iron, copper prices retreat
VANCOUVER (miningweekly.com) – Major miners saw their respective stocks pull back on Tuesday on the back of weaker iron-ore and base metals prices, despite the latest Chinese economic data showing better-than-expected growth in the first quarter of 2017.
Major miners traded in the red on Tuesday, including the world’s largest iron-ore producer Vale, which traded down 4.2% at $8.43 a share on the NYSE; BHP Billiton – the world’s largest miner by market capitalisation – lost as much as 2.84% on the Nasdaq to trade at $35.22 a share; and London-listed Glencore lost as much as 5.7% in the morning session at £2.92 a share.
Iron-ore futures on the Dalian Commodity Exchange, in China, were off 3.7% on Tuesday on top of a nearly 3% decline on Monday, with prices having now undone all gains seen earlier in the year and posting a 5.3% decline year-to-date.
Iron-ore with 62% iron content, including cost and freight to Tianjin, traded on the spot market at $61.2/t on Tuesday, compared with $66.5/t a week earlier. Steel rebar prices in China are also weak (-2.2%) taking the year-to-date run to -0.1%.
Copper prices were also slightly off on Tuesday, trading at $5 655/t, and extending the recent weakness in the metal’s price amid the ramp up of major operations following temporary disruptions.
Gold prices came just $5/oz short of the $1 300/oz mark on Monday, before settling at $1 293/oz on Tuesday morning, on the back of safe-haven demand amid continuing aggressive rhetoric between North Korea and the US.
Comments
Announcements
What's On
Subscribe to improve your user experience...
Option 1 (equivalent of R125 a month):
Receive a weekly copy of Creamer Media's Engineering News & Mining Weekly magazine
(print copy for those in South Africa and e-magazine for those outside of South Africa)
Receive daily email newsletters
Access to full search results
Access archive of magazine back copies
Access to Projects in Progress
Access to ONE Research Report of your choice in PDF format
Option 2 (equivalent of R375 a month):
All benefits from Option 1
PLUS
Access to Creamer Media's Research Channel Africa for ALL Research Reports, in PDF format, on various industrial and mining sectors
including Electricity; Water; Energy Transition; Hydrogen; Roads, Rail and Ports; Coal; Gold; Platinum; Battery Metals; etc.
Already a subscriber?
Forgotten your password?
Receive weekly copy of Creamer Media's Engineering News & Mining Weekly magazine (print copy for those in South Africa and e-magazine for those outside of South Africa)
➕
Recieve daily email newsletters
➕
Access to full search results
➕
Access archive of magazine back copies
➕
Access to Projects in Progress
➕
Access to ONE Research Report of your choice in PDF format
RESEARCH CHANNEL AFRICA
R4500 (equivalent of R375 a month)
SUBSCRIBEAll benefits from Option 1
➕
Access to Creamer Media's Research Channel Africa for ALL Research Reports on various industrial and mining sectors, in PDF format, including on:
Electricity
➕
Water
➕
Energy Transition
➕
Hydrogen
➕
Roads, Rail and Ports
➕
Coal
➕
Gold
➕
Platinum
➕
Battery Metals
➕
etc.
Receive all benefits from Option 1 or Option 2 delivered to numerous people at your company
➕
Multiple User names and Passwords for simultaneous log-ins
➕
Intranet integration access to all in your organisation