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04 December 2019 06:51 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average27,50327,783-280.00-1.010.57
S&P 5003,0933,114-21.00-0.660.86
NASDAQ8,5218,568-47.00-0.551.60
FTSE 100 Index7,1597,286-127.00-1.75-1.97
DAX 3012,989025.000.190.22
CAC 40 Index5,7275,787-60.00-1.03-0.60
Nikkei 225 (Japan)23,38023,530-150.00-0.642.32
HKSE26,39126,445-53.00-0.20-4.20
SSE Composite Index2,8852,8769.000.31-3.05
S&P/TSX Composite Index16,89216,981-89.00-0.531.80
NZ 5011,20711,228-21.00-0.193.75
US Volatility (Vix)16
Overseas Market Report

US sharemarkets fell on Tuesday after US President Trump signalled delays in arriving at a trade agreement with China. At the close of trade, the Dow Jones index was down by 280 points or 1.0%. The S&P500 index fell by 0.7% and the Nasdaq index lost 47 points or 0.6%. 

Global oil prices were flat on Tuesday. Despite comments on trade by President Trump, investors remained focussed on production cuts from oil producers later this week. According to market sources that spoke to Reuters, OPEC producers are discussing a plan to increase an existing supply cut of 1.2 million barrels per day (bpd) by a further 400,000 bpd and extend the pact until June. OPEC nations meet on Thursday and the wider OPEC+ grouping meets on Friday. The most active Brent crude contract was down by US10 cents or 0.2% to US$60.82 a barrel. And the US Nymex price rose by US14 cents or 0.3% to US$56.10 a barrel. 

Base metal prices fell by up to 2.5% on the London Metal Exchange on Tuesday with nickel, zinc and aluminium down the most. But tin rose by 1.5%. 

The gold futures price rose by US$15.90 to US$1,478.20 an ounce. Spot gold was trading near US$1,477 an ounce in late US trade. Iron ore fell by US75 cents or 0.8% to US$88.00 a tonne.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent61.1960.920.270.44-0.81
Oil - West Texas crude56.1055.960.140.25-0.18
Gold Spot $/OZ1,478.001,478.000.100.01-2.12
Silver Spot $/OZ17.2017.200.000.06-4.82
Iron Ore83.8083.700.100.16-1.72
Thermal Coal Newcastle67.4067.60-0.20-0.300.22
APAC Hard Coking Coal FOB145.50139.006.504.680.69
Aluminium ($US/t)1,7741,813-38.00-2.11-0.91
Copper Mar-18 ($US/lb)2.612.63-2.40-0.93-1.70
Lead ($US/t)1,8841,890-5.00-0.28-13.18
Nickel ($US/t)13,31513,652-337.00-2.47-20.74
Zinc ($US/t)2,2132,261-48.00-2.13-14.26
Tin ($US/t)16,77116,516255.001.541.73
Uranium ($US/lb)26.0026.000.000.007.90
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords6,8186,965-147.00-2.110.27
S&P/ASX 2006,7126,862-150.00-2.190.38
ASX 24 Futures6,639
Australian Market Report

Tuesday 3 December 2019 - close. The Australian share market has suffered its worst day since mid-August on renewed fears over global trade uncertainty. The benchmark S&P/ASX200 index on Tuesday dropped 150 points, or 2.19 per cent, to 6,712.3 points, while the broader All Ordinaries fell 146.9 points, or 2.11 per cent, to 6,818.4 points.

Ashanti Headlines

Rio Tinto to invest $US1.5b in Kennecott copper mine - Positive read through for LT Copper Fundamentals

  • Rio Tinto said it will spend $US1.5 billion ($2.2 billion) over the next six years to extend the life of its Kennecott copper mine in Utah to 2032.
  • The money will be spent on more strip waste rock mining as well as support additional infrastructure development in the second phase of the South Wall Pushback project
  • The 6 year investment will see them producing close to 1Mt of refined copper between 2026-2032.
  • "The outlook for copper is attractive, with strong growth in demand driven by its use in electric vehicles and renewable power technologies, and declining grades and closures at existing mines impacting supply," Rio Tinto chief executive J-S Jacques said
  • We remain optimistic on the outlook for copper and our preferred exposures are OZL.ASX & CYM.ASX, as the leading producer and an exciting low-valued explorer

Have a question? admin@ashanticapital.com.au

ERA Communications