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26 September 2019 07:52 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average26,97126,808163.000.614.14
S&P 5002,9852,96718.000.623.70
FTSE 100 Index7,2907,291-1.00-0.022.75
DAX 3012,23412,307-73.00-0.594.94
CAC 40 Index5,5845,628-45.00-0.794.35
Nikkei 225 (Japan)22,02022,099-79.00-0.368.68
SSE Composite Index2,9552,985-30.00-1.003.21
S&P/TSX Composite Index16,78416,798-14.00-0.084.26
NZ 5010,90110,86140.000.373.99
US Volatility (Vix)16
Overseas Market Report

US sharemarkets were higher on Wednesday after US President Trump told reporters at the United Nations that a US-China trade deal could come sooner “than you think.” Investors also pored through a released transcript of Mr. Trump’s call with the Ukrainian president after US House Speaker Nancy Pelosi launched an impeachment inquiry into President Trump. Shares of footwear company Nike jumped 4.2% to a record high after the company's first quarter results beat analyst expectations. The Dow Jones rose by 162 points or 0.6%. The S&P500 index also lifted by 0.6% and the Nasdaq rose by 83 points or 1.1%. 

Global oil prices fell on Wednesday on supply concerns. US crude inventories unexpectedly rose by 2.4 million barrels last week, the EIA said, instead of declining by 249,000 barrels as analysts forecast. The Brent crude price fell by US71 cents or 1.1% to US$62.39 a barrel. The US Nymex price fell by US80 cents or 1.4% to US$56.49 a barrel. 

Base metal prices were mostly higher on the London Metal Exchange (LME) on Wednesday on US-China trade optimism. Lead rose by 2.7%, getting support from a large position in LME inventories. Nickel was up by 1.0%, but aluminium fell by 0.6%. 

The gold futures price fell by US$27.90 or 1.8% to US$1,512.30 an ounce. The spot gold price was trading near US$1,504 an ounce in late US trade. Iron ore was unchanged at US$89.60 a tonne according to Platts and Reuters.

PreviousChangeDaily %
Monthly %
Oil Brent62.3963.10-0.71-1.135.14
Oil - West Texas crude56.6556.490.160.285.61
Gold Spot $/OZ1,507.001,504.002.900.19-1.33
Silver Spot $/OZ18.0017.900.100.441.87
Iron Ore93.3094.20-0.90-0.914.82
Thermal Coal Newcastle65.4065.200.200.31-0.53
APAC Hard Coking Coal FOB134.00128.006.004.69-9.46
Aluminium ($US/t)1,7291,740-11.00-0.62-0.86
Copper Mar-18 ($US/lb)2.602.590.600.212.57
Lead ($US/t)2,0992,04356.002.741.39
Nickel ($US/t)17,47517,295180.001.0411.14
Zinc ($US/t)2,3092,29712.000.532.49
Tin ($US/t)16,51516,48332.000.193.83
Uranium ($US/lb)26.0026.
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords6,8156,857-42.00-0.614.34
S&P/ASX 2006,7106,749-39.00-0.574.20
ASX 24 Futures6,702
Australian Market Report

Wednesday 25 September - close. The S&P/ASX 200 Index closed the session 38.7 points, or 0.6 per cent, lower at 6710.2 with hopes the RBA would cut rates when it meets on Tuesday tempering some losses. The materials sector led the market declines on Wednesday, with base metal prices falling after the People’s Bank of China said it wasn't in a rush to roll out massive rate cuts or begin quantitative easing.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 17cps, m.cap A$7.6m with 44.7m SOI, Cash $3.6m, Copper Developer)

  • CYM has released the results from the Phase 1 Reverse Circulation extensional drilling programme which totalled 4,038 metres at Hollandaire and Hollandaire West at the Cue Copper Project.
  • The majority of the Phase 1 Hollandaire drilling programme has been focused on the Hollandaire West copper mineralisation to test for shallow extensions where a number of Reverse Circulation drill holes were drilled; to twin historical holes to test the veracity of the historical results, to test mineralisation where there was a significant gap between historical intersections and to test extensions of the mineralisation.
  • Drilling Highlights:
    • 5m @ 2.3% Cu in drill hole 19HORC006 from 50m downhole including:
      • 3m @ 3.4% Cu with 0.3 g/t Au and 13.3 g/t Ag from 51m;
    • 16m @ 0.8% Cu from 59m including:
      • 7m @ 1.4% Cu with 0.1 g/t Au and 17.5 g/t Ag from 59m; and
    • 8m @ 0.9% Cu from 76m including:
      • 1m @ 5.2% Cu from 79m
    • 12m @ 1.3% Cu in drill hole 19HORC005 from 101m downhole including:
      • 8m @ 1.8% Cu with 0.2 g/t Au and 13.1 g/t Ag from 104m
    • 19m @ 1.1% Cu in drill hole 19HORC010 from 106m downhole including:
      • 8m @ 1.9% Cu with 0.9 g/t Au and 13.7 g/t Ag from 109m
    • 30m @ 0.7% Cu in drill hole 19HORC014 from 77 m downhole including:
      • 1m @ 1.0% Cu with 0.2 g/t Au and 5.0 g/t Ag from 80m and
      • 6m @ 2.0% Cu with 0.2 g/t Au and 6.7 g/t Ag from 84m
  • Infill drilling between historical holes is shown in the section in Figure 2 where 19HORC014 intersects the mineralisation between two historical holes. 19HORC15 also intersects mineralisation to extend down dip. It should be noted the intersection of mineralisation outside the historical wireframes which indicates the potential to increase the mineralised envelope in these areas.
  • Follow up sampling is in progress where sampled intervals ended in mineralisation.
  • Phase 2 drill holes are being designed to follow up on the Phase 1 intersections, particularly where the mineralisation remains open and a drill rig will be mobilised to site once this is finalised.
  • Metallurgical diamond holes have been received at the laboratory and have been measured and weighed prior to assaying. The results for this will be forthcoming in October 2019.
  • Executive Director Barry Cahill commented “We are extremely pleased with the high grade drill results in our maiden drill programme at Hollandaire West. The majority of the intercepts are less than 100 metres vertical depth making the copper mineralisation potentially open pittable. We await further assays at Hollandaire along with results from metallurgical holes and associated test-work which is currently underway. Our geological team is currently planning the Phase 2 drilling at Hollandaire as well as prioritising and planning our regional targets for drill testing at the same time.”
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further
  • A link to the full announcement can be found here.

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