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09 March 2020 08:55 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average25,86526,121-257.00-0.98-11.13
S&P 5002,9723,024-52.00-1.71-10.68
NASDAQ8,5768,739-163.00-1.87-9.92
FTSE 100 Index6,4636,705-243.00-3.62-13.45
DAX 3011,54211,945-403.00-3.37-14.59
CAC 40 Index5,1395,361-222.00-4.14-14.77
Nikkei 225 (Japan)19,82620,750-923.00-4.45-16.79
HKSE26,14726,768-621.00-2.32-4.59
SSE Composite Index3,0353,072-37.00-1.215.51
S&P/TSX Composite Index16,17516,554-379.00-2.29-8.39
NZ 5011,13711,426-289.00-2.53-5.30
US Volatility (Vix)42
Overseas Market Report

US sharemarkets rallied into the close as traders squared positions on the risk that there could be fresh developments on COVID-19 and the response by finance officials over the weekend. The banks index fell by 4.7%. The Dow Jones was down 895 points at one stage and rallied 623 points in the last 40 minutes of trade. At the close, the Dow Jones index was lower by 257 points or 1.0% The S&P500 index lost 1.7% and the Nasdaq was down by 163 points or 1.9%. Over the week the Dow rose by 1.7%, the S&P 500 rose by 0.55% and the Nasdaq rose by 0.1%. 

Global oil prices slumped by 10% on Friday - the biggest daily loss in 11 years. Russia refused to back OPEC production cuts. Russia and OPEC then ended a 3-year production agreement. According to the Russian Energy minister "From April 1 neither OPEC nor non-OPEC have restrictions." Brent crude fell by US$4.72 or 9.4% to US$45.27 a barrel. The US Nymex price fell by US$4.62 or 10.1% to US$41.28 a barrel. 

Base metal prices were weaker by between 0.4-2.4% on Friday with nickel down the least and aluminium down the most. Lead bucked the trend, up by 0.6%. Over the week metals were mixed with nickel up 5% but zinc fell by 2.2%. 

The gold futures price rose by US$4.40 an ounce or 0.3% to US$1,670.80 an ounce. Spot gold was trading near US$1,674 an ounce in late US trade. Over the week gold rose by US$106.70 or 6.8%. Iron ore fell by US$2.40 or 2.6% to US$89.50 a tonne. Over the week iron ore rose by US$5.60 or 6.7%.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent35.9245.27-9.35-20.65-34.06
Oil - West Texas crude32.8241.28-8.46-20.49-34.78
Gold Spot $/OZ1,699.001,674.0025.301.518.19
Silver Spot $/OZ17.4017.300.000.17-1.83
Iron Ore84.9083.101.802.186.06
Thermal Coal Newcastle65.9066.40-0.50-0.75-5.45
APAC Hard Coking Coal FOB154.00155.50-1.50-0.962.67
Aluminium ($US/t)1,6631,704-42.00-2.43-2.85
Copper ($US/lb)2.512.57-6.40-2.49-1.72
Lead ($US/t)1,8881,87612.000.641.75
Nickel ($US/t)12,79112,836-45.00-0.35-1.43
Zinc ($US/t)1,9651,992-26.00-1.32-11.06
Tin ($US/t)16,85517,015-160.00-0.940.94
Uranium ($US/lb)24.0024.000.00-0.41-1.62
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,9566,288-332.00-5.28-16.37
S&P/ASX 2005,8946,216-322.00-5.18-16.07
ASX 24 Futures5,866
Australian Market Report

Friday 6 March 2020 - close. The Australian share market has suffered its second-worst day of the year as equities were once again routed on fears of the coronavirus. The benchmark S&P/ASX200 closed Friday down 179.5 points, or 2.8 per cent, at 6,216.2, its lowest level since May 14. The broader All Ordinaries index finished down 184.9 points, or 2.86 per cent, to 6,287.5, with every sector in the red as global coronavirus cases neared 100,000.

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 15cps, m.cap A$8.2m with 56.1m SOI, Cash $3.5m, Copper Developer)

  • CYM's metallurgical test work has plated copper cathodes from the leach solution derived from recent column leach test work. 
  • This is a significant milestone for the Company as it serves as a proof of concept for the management team’s proposed processing method. 
  • The results from the met test work will be used in the scoping study on the Cue Copper Project, which is currently underway.
  • Executive Director Barry Cahill commented “We are pleased to have now completed a full metallurgical processing cycle starting from drilling the mineralisation, to crushing and leaching, and now plating copper as a proof of concept of our low-cost treatment methodology. This has all been done in less than 6 months of commencing the column test-work. The Hollandaire material is very suitable for our methodology and it has outperformed our initial expectations. To produce such a clean copper plate of high purity so quickly is an extraordinary result. The parameters of the metallurgical test-work performed to date is forming part of the Scoping Study that is underway. Further samples will be taken in the next phases of drill programmes, which will be used for further metallurgical test-work to continue the optimisation of our low-cost and efficient treatment method.”
  • 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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ERA Communications