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25 October 2018 07:46 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average24,58325,191-608.00-2.41-7.21
S&P 5002,6562,741-85.00-3.09-8.90
NASDAQ7,1087,438-329.00-4.43-11.23
FTSE 100 Index6,9636,9558.000.11-7.25
DAX 3011,19211,274-83.00-0.73-9.56
CAC 40 Index4,9534,968-15.00-0.29-9.60
Nikkei 225 (Japan)22,09122,01180.000.37-7.72
HKSE25,25025,347-97.00-0.38-8.18
SSE Composite Index2,6032,5958.000.33-6.39
S&P/TSX Composite Index14,90915,285-376.00-2.46-7.74
NZ 508,5158,642-127.00-1.47-8.89
US Volatility (Vix)25
Overseas Market Report

US sharemarkets fell on Wednesday after chipmakers Texas Instruments (-8.2%) and STMicroelectronics (-13.8%) warned of slowing demand. AT&T shares tumbled 8.1% after the wireless carrier's quarterly profit rose less than expected, held back by its declining satellite TV business. But Boeing shares rose 1.3% after raising its full-year profit outlook. Technology shares remained under pressure, led lower by Netflix (-9.4%). The Dow Jones fell by608 points or 2.4%. The S&P500 index fell 3.1% and the Nasdaq index lost 329 points or 4.4%.

Global oil prices were mixed on Wednesday. The US Energy Department said that gasoline stocks fell by 4.8 million barrels to 229.3 million barrels last week. Distillates were down 2.3 million barrels, both more than forecast. The EIA data also showed US crude inventories rose by 6.3 million barrels, more than the 3.7 million barrel increase expected in a Reuters poll. Brent crude fell by US27 cents or 0.4% to US$76.17 a barrel, but the US Nymex price rose by US39 cents or 0.6% to US$66.82 a barrel.

Base metal prices fell on the London Metals Exchange on Wednesday on US dollar strength. Nickel was the worst performer(-1.2%) followed by lead (-0.5%) and zinc (-0.4%).

The gold futures price fell by US$5.70 an ounce or 0.5% to $1,231.10 an ounce. The spot gold price was trading near US$1,232 an ounce in late US trade. Iron ore rose by US$1.60 or 2.1% to US$76.40 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent76.1776.44-0.27-0.35-6.19
Oil - West Texas crude66.3566.82-0.47-0.70-8.20
Gold Spot $/OZ1,234.001,234.000.500.042.74
Silver Spot $/OZ14.7014.700.00-0.051.47
Iron Ore68.8069.10-0.30-0.386.20
Thermal Coal Newcastle109.80109.500.300.23-3.52
Coking Coal FOB ECP AUS0.000.000.000.000.00
Aluminium ($US/t)1,9781,982-5.00-0.25-2.51
Copper Mar-18 ($US/lb)2.742.74-1.40-0.49-2.12
Lead ($US/t)1,9901,999-10.00-0.48-2.24
Nickel ($US/t)12,14212,290-149.00-1.21-5.62
Zinc ($US/t)2,7102,722-12.00-0.425.78
Tin ($US/t)19,32719,341-14.00-0.071.78
Uranium ($US/lb)28.0028.000.000.001.83
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,8045,927-122.00-2.06-7.85
S&P/ASX 2005,7105,829-119.00-2.05-7.70
ASX 24 Futures5,696
Australian Market Report

Wednesday 24 October - close. The Australian share market's weak October trend has continued with lower commodity prices weighing on the indices. The benchmark S&P/ASX200 index was down 14.1 points, or 0.24 per cent, at 5829.0 points on Wednesday, while the broader All Ordinaries was down 0.31 per cent.

Ashanti Headlines

Bald Hill JV Tantalum Concentrate Sales

  • JV partners Tawana Resources NL & Alliance Mineral Assets Limited have announced the sale of tantalum concentrate produced at Bald Hill Lithium and Tantalum Mine
  • Tawana and Alliance have agreed to sell approx. 20-30 DMT of high grade tantalum conc (~30% contained Ta2O5) to H>C> Starck Tantalum and Niobium GmbH.
  • Additionally, Tawana and Alliance have agreed to sell ~400 WMT of low-grade tantalum conc (3-4% contained Ta2O5) produced by the Bald Hill Mine between April and July 2018 under a one-off sales contract to Global Advanced Metals Greenbushes Pty Ltd.
  • The Bald Hill Mine produces a premium 30% tantalum pentoxide concentrate that has notably low levels of U, Th, As and Sb. The Bald Hill Mine has produced into saleable concentrates a total of approximately 28.4t (62,600Lbs) of contained Ta2O5 between April and September 2018. The relatively high-grade concentrates of between 20% and 40% Ta2O5 is produced from the lithium circuit fines and commissioning of a gravity circuit to remove tantalum from the spodumene concentrates has also recently commenced
  • TAW MD Mark Calderwood commented “Tawana and Alliance are pleased to have finalised the initial sales for its Bald Hill tantalite concentrate stockpiles with two of the world’s leading suppliers of tantalum products. Tantalum pricing has been relatively strong in 2018 and we are encouraged by the level of interest in high quality tantalum concentrates with low levels of deleterious elements. Details of pricing is kept confidential at the request of the purchasers, however premium +30% Ta2O5 concentrates from Bald Hill command prices well in excess of those previously budgeted.”
  • Please contact the desk on +61 8 6169 2668 should you wish to discuss further
  • A link to the full announcement can be found here

Have a question? admin@ashanticapital.com.au

ERA Communications