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03 September 2019 06:50 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average26,40326,36241.000.16-0.31
S&P 5002,9262,9252.000.06-0.19
FTSE 100 Index7,2827,20775.001.04-1.69
DAX 3011,954015.000.120.69
CAC 40 Index5,4935,48013.000.232.50
Nikkei 225 (Japan)20,62020,704-84.00-0.41-2.21
SSE Composite Index2,9242,88638.001.311.96
S&P/TSX Composite Index16,44216,38458.000.351.05
NZ 5010,80310,8003.000.03-0.56
US Volatility (Vix)19
Overseas Market Report

US share and bond markets were closed on Monday for the Labor Day holiday. US equity futures fell on Monday after Bloomberg reported that Chinese and US officials struggled to schedule a planned meeting this month to continue trade talks.

Global oil prices fell on Monday on demand concerns over Hurricane Dorian and the imposition of US$110 billion of US tariffs on Chinese goods. The Brent crude price fell by US$1.77 or 2.9% to US$58.66 a barrel. And the US Nymex price fell by US33 cents or 0.6% to US$54.77 a barrel.

Base metal prices were mixed on the London Metal Exchange on Monday. Nickel prices (+0.6%) hit 5-year highs due to worries about shortages as top producer Indonesia said it would stop nickel ore exports from January 2020. Zinc rose by 2.1% and tin was up 2.8%. But copper (-1.1%) remained under pressure due to the US-China trade war. 

The spot gold price was trading near US$1,530 an ounce in European trade. Iron ore rose by US$5.30 or 6.2% to US$91.15 a tonne after China said that it would offer more support for its economy. Iron ore ended August with a record monthly loss.

PreviousChangeDaily %
Monthly %
Oil Brent58.6659.25-0.59-1.00-5.22
Oil - West Texas crude54.8155.10-0.29-0.53-1.53
Gold Spot $/OZ1,527.001,529.00-2.60-0.175.98
Silver Spot $/OZ18.4018.50-0.10-0.3513.59
Iron Ore87.8086.701.101.21-25.01
Thermal Coal Newcastle65.0064.200.801.25-5.93
APAC Hard Coking Coal FOB156.00152.004.002.630.65
Aluminium ($US/t)1,7211,724-3.00-0.19-1.15
Copper Mar-18 ($US/lb)2.522.53-1.80-0.71-2.20
Lead ($US/t)2,0122,013-2.00-0.073.39
Nickel ($US/t)18,11818,004114.000.6325.40
Zinc ($US/t)2,2582,21247.002.10-3.52
Tin ($US/t)16,81216,350462.002.83-0.94
Uranium ($US/lb)25.0025.000.000.00-0.59
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,6786,698-21.00-0.31-2.46
S&P/ASX 2006,5796,604-25.00-0.38-2.79
ASX 24 Futures6,537
Australian Market Report

Monday 2 September - close. The Australian share market has closed lower for the first time in five days, with telecom and energy shares leading losses. The benchmark S&P/ASX200 index finished Monday down 24.8 points, or 0.38 per cent, to 6,579.4 points, while the broader All Ordinaries was down 20.7 points, or 0.31 per cent, to 6,677.5 points.

Ashanti Headlines

Cassini Resources Ltd (CZI.ASX, 8.6cps, m.cap A$35.7m with 415.5m SOI, Cash cA$8.1m, Base Metals Explorer)

  • Cassini has released a presentation following the West Musgrave Project PFS update by JV partner (OZL.ASX 70%) found here
  • The Nebo-Babel PFS has been expanded to de-risk several significant value-based opportunities and is now expected to be completed by early 2020

Nebo-Babel PFS - Key Opportunities:

  • The expanded scope which seeks to de-risk the above opportunities is anticipated to deliver significant cost saving and processing efficiencies. This should in turn deliver further upside to project economics.
  • In addition, allow for a clearly defined single path forward for a BFS and reducing overall timeline to production
  • The OZL board approved an additional A$10m to complete the PFS which will take their expenditure to A$50-55M
  • There are few (if any) base metals developments as progressed in Australia as West Musgrave.
  • Cassini Resources remains our preferred ASX listed Ni/Cu development exposure as is highly leveraged to a long life, low cost base metals project in a stable jurisdiction
  • Please contact your adviser or the desk on +61 8 6319 7806 should you wish to discuss further.

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