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23 September 2019 08:15 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average26,93527,095-160.00-0.595.10
S&P 5002,9923,007-15.00-0.495.09
NASDAQ8,1188,183-65.00-0.804.72
FTSE 100 Index7,3457,356-12.00-0.163.52
DAX 3012,46812,45810.000.087.38
CAC 40 Index5,6915,65932.000.566.83
Nikkei 225 (Japan)22,07922,04435.000.166.61
HKSE26,43626,469-33.00-0.130.98
SSE Composite Index3,0062,9997.000.243.76
S&P/TSX Composite Index16,90016,85841.000.255.38
NZ 5010,85110,82921.000.202.15
US Volatility (Vix)15
Overseas Market Report

US sharemarkets fell on Friday. US President Trump said his team was "making a lot of progress" with Chinese trade talks, but he wasn't interested in "a partial deal". Investors became pessimistic about the potential for a trade war resolution after a Chinese delegation cancelled planned visits to US farms. The Dow Jones fell by almost 160 points or 0.6% after trading in an 168 point range. The S&P500 index fell by 0.5% and the Nasdaq lost 65 points or 0.8%. Over the week the Dow lost 1.05%, the S&P 500 lost 0.5% and the Nasdaq fell by 0.7%.

Global oil prices fell slightly on Friday. Traders continued to watch developments in US-China trade talks. Supporting prices was data showing the number of oil rigs in operation in the US fell by 14 to a 2-year low of 719. Reuters reported: "A Saudi-led coalition on Friday launched a military operation north of Yemen's port city of Hodeidah while the United States worked with Middle East and European nations to build a coalition to deter Iranian threats." The Brent crude price fell by US12 cents or 0.2% to US$64.28 a barrel. And the US Nymex price fell by US4 cents or 0.1% to US$58.09 a barrel. Over the week Brent rose by 6.7% and Nymex rose by 5.9%.

Base metal prices were mixed on the London Metal Exchange on Friday. Zinc and aluminium lost 0.1% and copper rose 0.1%. But lead, nickel and tin rose 1.2-1.5%. Over the week zinc and copper both lost 3%. But tin gained 1.6%. 

The gold futures price rose by US$8.90 or 0.6% to US$1,515.10 an ounce. The spot gold price was trading near US$1,517 an ounce in late US trade. Over the week gold rose by US$15.60 an ounce or 1.0%. Iron ore fell by US40 cents or 0.4% to US$91.60 a tonne. Over the week iron ore fell by US$7.50 a tonne or 7.6%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent64.8764.280.590.929.32
Oil - West Texas crude58.6958.090.601.038.34
Gold Spot $/OZ1,515.001,517.00-2.20-0.15-0.80
Silver Spot $/OZ18.0018.000.000.203.49
Iron Ore95.8096.60-0.80-0.783.43
Thermal Coal Newcastle65.5065.50-0.10-0.15-0.76
APAC Hard Coking Coal FOB133.00133.000.000.00-15.56
Aluminium ($US/t)1,7741,777-3.00-0.141.30
Copper Mar-18 ($US/lb)2.582.59-1.00-0.391.98
Lead ($US/t)2,1092,08524.001.152.52
Nickel ($US/t)17,66017,430230.001.3211.22
Zinc ($US/t)2,3122,315-3.00-0.134.31
Tin ($US/t)16,72616,484242.001.471.49
Uranium ($US/lb)26.0026.000.000.001.98
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8746,83935.000.523.93
S&P/ASX 2006,7646,73133.000.493.69
ASX 24 Futures6,751
Australian Market Report

Friday 20 September - close. The Australian share market has given up most of its early gains, but still managed to close higher for a 10th day in the past 12 sessions. After being up as many as 56 points in the morning, the benchmark S&P/ASX200 index closed Friday up just 13.3 points, or 0.2 per cent, to 6,730.8 points. It was rise of 61.6 points for the week, the fifth straight the index has risen. The broader All Ordinaries, meanwhile, was up 13.8 points, or 0.2 per cent, to 6,839 points.

Ashanti Headlines

US and Australia to unveil plan aimed at securing rare earth mineral supply

  • The goal of the plan by the U.S. and Australia to secure rare earth mineral supply was “to make sure there’s a stable and secure global market that’s not easily disrupted by shocks and outside influences,” according to a senior administration official.
  • This alliance has been formed amid concerns that China could restrict supply of critical minerals e.g. Li, Co and Rare Earths
  • Despite Australia only containing 2.8% of the world’s rare earth reserves, more than half of the new projects in the global pipeline are situated there.  
  • Furthermore, a Pentagon official said in August the Defence Department was in talks with Australia to host a facility that would process rare earth metals
  • The news demonstrates the US administration is getting serious over securing supplies of critical rare earth materials
  • The development of processing facilities in the UK and Australia should create competition for rare earth concentrates raising prices that will ultimately benefit rare earth development projects globally.  

Have a question? admin@ashanticapital.com.au

ERA Communications