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09 August 2019 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,37826,007371.001.43-1.51
S&P 5002,9382,88454.001.88-1.39
NASDAQ8,0397,863176.002.24-1.26
FTSE 100 Index7,2867,19987.001.21-3.32
DAX 3011,8450195.001.68-4.75
CAC 40 Index5,3885,267121.002.31-3.30
Nikkei 225 (Japan)20,59320,51777.000.37-4.51
HKSE26,12125,997124.000.48-7.10
SSE Composite Index2,7952,76926.000.93-4.57
S&P/TSX Composite Index16,40516,265139.000.86-0.85
NZ 5010,90110,87427.000.243.44
US Volatility (Vix)17
Overseas Market Report

US sharemarkets posted solid gains in response to firmer Chinese trade data and an easing of jitters over the US-China trade war. Technology stocks led the gains. Shares in Advanced Micro Devices gained 16.2% after Reuters reported that "the chipmaker launched its second generation of processor chip and said that it had landed Alphabet Inc's Google and Twitter as customers." Shares in Symantec rose 12.3% on takeover reports. The Dow Jones finished higher by 371 points or 1.4%. The S&P500 was up 1.9%, while the Nasdaq lifted by over 176 points or 2.2%. 

Global oil prices rose by 2-3% on Thursday. Investors were comforted by stronger-than-expected Chinese trade data. Chinese oil imports in July were up 14% over the year. And some traders speculated about OPEC production cuts on news that Saudi Arabia had called other producers to discuss the slide in prices. The Brent crude price rose by US$1.15 or 2.0% to US$57.38 a barrel. And the US Nymex price rose by US$1.45 or 2.8% to US$52.54 a barrel. 

Base metal prices were sharply higher on the London Metal Exchange on Thursday. Nickel rose by 7% with lead up 4.5%. Tin recorded the smallest gain, up 0.6%.

The gold futures price fell by US$10.10 or 0.7% to US$1,509.50 an ounce. The spot gold price was trading near US$1,503 an ounce in late US trade. Iron ore rose by US$2.00 or 2.2% to US$94.80 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent57.3856.231.152.05-10.50
Oil - West Texas crude52.7152.540.170.32-8.85
Gold Spot $/OZ1,504.001,501.003.300.227.63
Silver Spot $/OZ17.0016.900.100.3112.43
Iron Ore102.00104.70-2.60-2.51-10.85
Thermal Coal Newcastle67.8067.800.000.07-9.84
APAC Hard Coking Coal FOB156.00157.00-1.00-0.64-15.56
Aluminium ($US/t)1,7491,71534.001.97-2.30
Copper Mar-18 ($US/lb)2.592.61-1.80-0.67-1.31
Lead ($US/t)2,0982,00891.004.5212.07
Nickel ($US/t)15,84414,8021.007.0424.99
Zinc ($US/t)2,2972,25146.002.04-3.06
Tin ($US/t)16,88016,780100.000.60-8.64
Uranium ($US/lb)25.0025.000.000.002.02
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,6426,58954.000.82-1.60
S&P/ASX 2006,5686,51949.000.75-1.46
ASX 24 Futures6,533
Australian Market Report

Thursday 8 August - close. The Australian share market has risen for a second day as US-China trade tensions eased and Chinese trade data beat expectations. The benchmark S&P/ASX200 index was up 48.6 points, or 0.75 per cent, to 6,568.1 points at 1615 AEST on Thursday, while the broader All Ordinaries was up 53.8 points, or 0.82 per cent, to 6,642.3 points. The ASX followed a similar pattern to moves in the United States, losing ground in the morning before rebounding and closing the day on a high.

Ashanti Headlines

Nickel Jumps Almost $2,000 on Indonesian Ban Speculation

  • Nickel prices on the London Metal Exchange notched their highest close in over a year yesterday, surging more than 7% on media reports about a ban on ore exports in Indonesia.
  • Three-month nickel contracts rose as high as $16,690 per metric ton earlier in the session, but settled at $15,880 per ton—still a 7.2% uptick from the previous day. 

  • Since the start of the year, Nickel has risen over 50% on the London Metal Exchange.
  • The main driver for nickel’s rise yesterday was a report that the Indonesian government could impose an export ban on nickel ore sooner than originally anticipated by the market, raising the specter of a tighter supply next year.
  • The original plan was for Indonesia to ban exporting nickel ore by 2022, as part of the country’s plan to build up its manufacturing base by using the country’s raw resources.
  • Nickel is by far the best-performing base metal this year and has benefited from dwindling global stockpiles, long-term prospects for a demand boost from its use in electric-vehicle batteries, as well as concerns that Indonesia could curb supplies.

  • Independence Group (IGO.ASX) & Cassini Resources (CZI.ASX) remain our preferred ASX listed Ni exposure.


Have a question? admin@ashanticapital.com.au

ERA Communications