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28 June 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,52726,537-10.00-0.044.65
S&P 5002,9252,91411.000.384.37
NASDAQ7,9687,91058.000.734.74
FTSE 100 Index7,4027,416-14.00-0.191.83
DAX 3012,271026.000.212.03
CAC 40 Index5,4945,501-7.00-0.133.41
Nikkei 225 (Japan)21,33821,087252.001.190.37
HKSE28,62128,222399.001.424.49
SSE Composite Index2,9972,97621.000.692.99
S&P/TSX Composite Index16,30816,312-4.00-0.030.06
NZ 5010,44010,4319.000.093.13
US Volatility (Vix)16
Overseas Market Report

US sharemarkets were mixed on Thursday. Investors were reluctant to push stocks too far ahead of the G20 meeting over the weekend, especially with mixed news about progress of US-China trade talks. Energy shares fell by 0.8% but the Philadelphia Semiconductor index rose by 1.5%. Shares in Ford rose 2.9% after the automaker announced it would cut 12,000 jobs in its Ford Europe division. The Dow Jones index closed down by 10 points or less than 0.1%. The S&P500 index rose by 11 points or 0.4%. But the Nasdaq rose by 58 points or 0.7%. 

Global oil prices were little-changed ahead of the G7 meeting this weekend and the meeting of OPEC nations at its allies on July 1. The Brent crude price rose by US6 cents to US$66.55 a barrel. And the US Nymex rose by US5 cents% to US$59.38 a barrel

Base metal prices were mixed on the London Metal Exchange (LME) on Thursday. Zinc lost 1.6% and aluminium fell by 1.4%, copper edged 0.1% while nickel did best, up 1.9%. 

The gold futures price fell by US$3.40 an ounce or 0.2% to US$1,412.00 an ounce. But the spot gold price was trading near US$1,408 an ounce in late US trade. Iron ore rose by US$1.60 or 1.4% to US$116.35 a tonne due to ongoing supply concerns.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent66.5566.490.060.09-5.08
Oil - West Texas crude59.3159.43-0.12-0.200.29
Gold Spot $/OZ1,409.001,410.00-1.00-0.0710.12
Silver Spot $/OZ15.3015.300.00-0.056.26
Iron Ore109.90110.000.00-0.0315.17
Thermal Coal Newcastle71.0070.900.100.14-15.12
APAC Hard Coking Coal FOB191.50192.00-0.50-0.26-6.13
Aluminium ($US/t)1,7701,795-25.00-1.38-0.03
Copper Mar-18 ($US/lb)2.722.710.600.240.57
Lead ($US/t)1,9311,92011.000.596.39
Nickel ($US/t)12,65812,424234.001.882.52
Zinc ($US/t)2,5532,595-42.00-1.62-6.17
Tin ($US/t)18,84318,77172.000.38-3.81
Uranium ($US/lb)25.0025.000.000.001.86
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,7436,71627.000.402.47
S&P/ASX 2006,6666,64026.000.392.80
ASX 24 Futures6,594
Australian Market Report

Thursday 27 June - close. Australian shares have snapped a two-day losing streak to end the session at intraday highs ahead of tomorrow’s G20 Summit in Japan. The ASX 200 rose by 25.8pts or 0.39 per cent to 6666.3 thanks to strong gains from mining, energy and bank stocks.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 18cps, m.cap A$7.88m with 44.7m SOI, Cash $4m, Copper Developer)

  • Cyprium Metals (formerly ARC Exploration) has approved the commencement of Resource extension and metallurgical drilling at the Cue Copper Project, immediately adjacent to its current Mineral Resource at Hollandaire. This programme is the first in a series of programmes designed to extend the Resource at Hollandaire and Hollandaire West. 
  • A Programme of Work (PoW) has been submitted to the WA Department of Mines, Industry Regulation and Safety, for the drilling of these holes and approval is expected by early July 2019. A drilling contractor will be mobilised to site shortly after approval has been received.
  • The Phase 1 Resource extension programme is intended to test for extensions of both the Hollandaire and Hollandaire West Resources. Figure 1 shows the locations of the drill hole collars around the current Hollandaire and Hollandaire West Resource. The targeted potential extensions are those that are closer to surface and the majority of which will be drilled into the Hollandaire West area. The holes planned for this phase are for over 4,000 metres of reverse circulation drilling. Following the completion of Phase 1, drilling programmes will continue for a further 8,000 metres of reverse circulation drilling, targeted at the deeper extensions of the current Resource.
  • The metallurgical drilling will be used for initial column test-work to determine the suitability for alternative extraction methods. The drill holes are targeting specific areas of the known Resource as shown in Figure 2. It is anticipated that following the success of this initial testwork that further samples will be required to continue to optimise the processing methodology.
  • A number of drill holes in these initial programs will be prepared for down hole geophysics programmes, which will assist in the planning of the subsequent phases of extensional drilling as the Company continues to expand the Resource.
  • Please see link to full announcement here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss the upcoming works program further

The Cue Copper Project

The Project is located in the Murchison region of Western Australia which is host to a number of Volcanic Massive Sulphide (“VMS”) deposits. VMS deposits usually occur in clusters when in favourable geological settings such as those in the Project area. The Exploration leases and Mining Licenses currently held by Musgrave Minerals Limited (MGV) are located approximately 20km to the east of Cue in Western Australia as detailed in Figure 3 below.

The Hollandaire VMS copper resource mineralisation is open to the south west and at depth. The preliminary exploration data has identified a number of high priority targets and drilling will be conducted at Hollandaire and Hollandaire West to determine the extent of the open mineralisation. In conjunction with the resource extension drilling, the Company will prioritise its other exploration drill targets. 


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ERA Communications