https://www.engineeringnews.co.za

Mining majors' shares pull back as iron, copper prices retreat

Mining majors' shares pull back as iron, copper prices retreat

Photo by Bloomberg

18th April 2017

By: Henry Lazenby

Creamer Media Deputy Editor: North America

     

Font size: - +

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.

Edited by Creamer Media Reporter

Comments

Showroom

SBS Tanks
SBS Tanks

SBS® Tanks is a leading provider of innovative water security solutions with offices in Southern Africa, East and West Africa, the USA and an...

VISIT SHOWROOM 
SABAT
SABAT

From batteries for boats and jet skis, to batteries for cars and quad bikes, SABAT Batteries has positioned itself as the lifestyle battery of...

VISIT SHOWROOM 

Latest Multimedia

sponsored by

Magazine round up | 19 April 2024
Magazine round up | 19 April 2024
19th April 2024

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?

MAGAZINE & ONLINE

SUBSCRIBE

RESEARCH CHANNEL AFRICA

SUBSCRIBE

CORPORATE PACKAGES

CLICK FOR A QUOTATION







sq:0.074 0.127s - 156pq - 2rq
Subscribe Now