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24 February 2020 06:51 AM
Overseas Market ReportCurrent
PreviousChangeDaily %
Monthly %
Dow Jones Industrial Average28,99229,220-228.00-0.780.01
S&P 5003,3383,373-35.00-1.051.28
FTSE 100 Index7,4047,437-33.00-0.44-2.40
DAX 3013,57913,664-85.00-0.620.02
CAC 40 Index6,0306,062-33.00-0.540.09
Nikkei 225 (Japan)23,38723,479-92.00-0.39-1.85
SSE Composite Index3,0403,03010.000.312.12
S&P/TSX Composite Index17,84417,944-101.00-0.561.58
NZ 5011,96512,073-108.00-0.900.74
US Volatility (Vix)17
Overseas Market Report

US sharemarkets fell on Friday - the fifth consecutive week that share indexes had settled lower on a Friday. Coronavirus concerns and softer US economic data weighed on indexes. The S&P technology index fell by 2.3%. At the close of trade, the Dow Jones index was lower by almost 228 points or 0.8%. The S&P500 index lost 1.1% and the Nasdaq lost 174 points or 1.8%. Over the week the Dow fell by 1.4%, S&P 500 lost 1.3% and the Nasdaq eased by 1.6%. 

Global oil prices fell by up to 1.4% on Friday. Investors continue to worry that the coronavirus may have a more lasting impact on oil demand. The OPEC+ nations moved no closer to an agreement to trim more crude output. Supporting prices was a Reuters news story: "Yemen’s Houthis said on Friday they had struck facilities of Saudi oil giant Aramco in the Red Sea port of Yanbu with twelve drones and three rockets." Brent crude fell by US81 cents or 1.4% to US$58.50 a barrel. The US Nymex price fell by US50 cents or 0.9% to US$53.38 a barrel. Over the week Brent rose by 2.1% and Nymex rose by 2.6% - the second straight week of gains. 

Base metal prices were mixed on Friday. Lead, nickel and zinc fell up to 3.2% with lead down the most. Other metals rose up to 0.7%. Over the week, metals fell, with nickel down 3.8% and zinc down 1.8% but tin rose 0.7%. 

The gold futures price rose by US$28.00 an ounce or 1.7% to US$1,644.60 an ounce. Spot gold was trading near US$1,643 an ounce in late US trade. Over the week gold rose by US$61.90 or 3.9%. Iron ore rose by US70 cents or 0.8% to US$91.80 a tonne. Over the week iron ore rose by US$9.15 or 11.1%.

PreviousChangeDaily %
Monthly %
Oil Brent58.5059.31-0.81-1.37-9.43
Oil - West Texas crude53.3853.88-0.50-0.93-8.50
Gold Spot $/OZ1,643.001,620.0023.801.475.47
Silver Spot $/OZ18.5018.400.100.673.94
Iron Ore83.6082.101.501.85-6.83
Thermal Coal Newcastle67.9068.60-0.70-1.02-1.67
APAC Hard Coking Coal FOB159.00161.00-2.00-1.243.92
Aluminium ($US/t)1,6891,6863.000.19-6.90
Copper ($US/lb)2.612.592.000.77-6.64
Lead ($US/t)1,8711,934-63.00-3.25-4.46
Nickel ($US/t)12,44512,581-136.00-1.08-8.38
Zinc ($US/t)2,0962,100-4.00-0.18-15.42
Tin ($US/t)16,62716,57057.000.34-5.12
Uranium ($US/lb)25.0025.
Australian Market ReportCurrent
PreviousChangeDaily %
Monthly %
ASX All Ords7,2307,255-25.00-0.340.38
S&P/ASX 2007,1397,162-24.00-0.330.68
ASX 24 Futures7,039
Australian Market Report

Friday 21 February 2020 - close. The Australian share market has finished lower for the first time since Tuesday, with every sector down except financials after the two days of gains sent it into record territory. The benchmark S&P/ASX200 index closed Friday down 23.5 points, or 0.33 per cent, at 7,139, while the broader All Ordinaries index was down 24.8 points, or 0.34 per cent, at 7,230.4.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 21cps, m.cap A$11.8m with 56.1m SOI, Cash $3.5m, Copper Developer)

  • CYM has announced further Metallurgical test-work results on its copper sulphide heap leach project, Hollandaire. 
  • The 3rd column (Hollandaire West material) has also leached rapidly, with copper extraction of >75% in only 6 days. 
  • This follows recently announced test work from Hollandaire, that also leached quite quickly announcement here.
  • The plating of copper from the leached solution is underway and CYM will update the market on this progress in the coming weeks.
  • The initial Hollandaire metallurgical test results have produced exceptionally rapid leach times. The effect of the very short leach times on a potential project is significant as it decreases the size of the heap leach pads, and consequently reduces the capital and operating cost requirements over the life of the operation. Combined with the successful extensional resource drilling at Hollandaire (refer to CYM ASX Announcement 20012020), the critical mass of the copper resource required for project development is close to being achieved, consequently a scoping study on the Cue Copper Project was commenced.
  • Executive Director Barry Cahill commented “We are pleased to continue to announce such positive results from our metallurgical test-work programmes. The Hollandaire West material has performed better than the previous two test-work columns that we conducted on material from the Hollandaire prospect. The metallurgical results, in conjunction with recent extensional drilling success, is a step change that gives the Company even greater confidence in the projects quality and development potential. All these positive developments are being included in the Scoping Study that was recently commenced.”
  • Please see link to full announcement here
  • Please contact your adviser or the desk on +61 8 6319 7807 should you wish to discuss further

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