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05 May 2020 06:50 AM
Overseas Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Dow Jones Industrial Average23,75023,72426.000.1112.81
S&P 5002,8432,83112.000.4214.23
NASDAQ8,7118,605106.001.2318.14
FTSE 100 Index5,7545,763-9.00-0.166.25
DAX 3010,46710,862-395.00-3.649.88
CAC 40 Index4,3784,572-194.00-4.245.38
Nikkei 225 (Japan)19,61920,194-574.00-2.8410.10
HKSE23,61424,644-1.00-4.181.63
SSE Composite Index2,8602,82238.001.334.59
S&P/TSX Composite Index14,74514,620125.000.8513.96
NZ 5010,51710,47642.000.405.86
US Volatility (Vix)36
Overseas Market Report

US sharemarkets rose on Monday. Investors weighed the reopening of the US economy against brewing tensions between China and the US. Shares of Delta Air Lines (-6.4%), American Airlines (-7.7%) and Boeing (-1.4%) fell after Berkshire Hathaway announced that it had sold all of its airline holdings due to the virus outbreak. Shares of Tyson Foods fell 7.8% after it forecast meat sales to fall in the second half of the year. But shares of tech giants Microsoft, Amazon, Facebook and Netflix rose by 1.3%-3.1%. At the close of trade, the Dow Jones index rose by 26 points or 0.1%. The S&P500 index lifted by 0.4% and the Nasdaq index was up by 105 points or 1.2%. 

Global oil prices rose on Monday after Genscape reported a 1.8 million barrel build in inventories in Cushing, Oklahoma last week. If the US government reports a similar number on Wednesday, it would be the small increase at the hub since mid-March. The Brent crude price rose by 76 cents or 2.9% to US$27.20 a barrel. The US Nymex gained US61 cents or 3.1% to US$20.39 a barrel. 

Base metal prices were mixed on the London Metal Exchange on Monday. Tin rose by 0.6% and copper was up 0.3%, but nickel fell by 1.2% and zinc was down by 0.8%. 

The gold futures price rose by US$12.40 an ounce or 0.7% to US$1,706.90 an ounce. Spot gold was near US$1,703 an ounce in late US trade. Iron ore was unchanged at US$83.95 a tonne with China observing Labour Day from May 1-5.

CommoditiesCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
Oil Brent27.2026.440.762.87-20.26
Oil - West Texas crude21.2020.390.813.97-25.19
Gold Spot $/OZ1,702.001,702.00-0.30-0.025.00
Silver Spot $/OZ14.8014.800.000.162.88
Iron Ore81.8082.20-0.40-0.46-0.16
Thermal Coal Newcastle50.6051.20-0.60-1.27-23.39
APAC Hard Coking Coal FOB106.00107.00-1.00-0.93-26.39
Aluminium ($US/t)1,4431,449-6.00-0.43-0.36
Copper ($US/lb)2.322.320.600.246.00
Lead ($US/t)1,6061,6042.000.13-2.22
Nickel ($US/t)11,74111,887-146.00-1.235.01
Zinc ($US/t)1,8901,904-14.00-0.760.96
Tin ($US/t)15,19315,09796.000.637.07
Uranium ($US/lb)34.0034.000.000.0024.04
Australian Market ReportCurrent
Level
PreviousChangeDaily %
Change
Monthly %
Change
ASX All Ords5,3895,32565.001.215.53
S&P/ASX 2005,3205,24674.001.414.98
ASX 24 Futures5,335
Australian Market Report

Monday 4 May 2020 - close. The Australian share market has demonstrated its resilience, reversing its early losses of as much as 1.4 per cent to finish higher by a similar amount and start the week off on a positive note. After being down 76.3 points early, the S&P/ASX200 benchmark index closed Monday up 73.9, or 1.41 per cent, at 5,319.8 points, while the All Ordinaries index finished 64.5 points higher, or 1.21 per cent, at 5,389.5 points

Ashanti Headlines

Cyprium Metals Limited (CYM.ASX, 14.5cps, m.cap A$8.13m with 56.1m SOI, Cash $3.5m, Copper Developer)

  • Cyprium has announced the results of the Reverse Circulation (“RC”) drilling that was completed during March 2020 at the Hollandaire and Eelya South prospects. 
  • Hollandaire Drilling results include: 
    • 1.0m @ 1.08% Cu from 53m in drill hole 20HORC014  
    • 4.0m @ 1.20% Cu from 144m in drill hole 20HORC021  
    • 2.0m @ 1.49% Cu from 153m in drill hole 20HORC022  
    • 2.0m @ 1.78% Cu from 180m in drill hole 20HORC022  
    • 2.0m @ 1.49% Cu from 180m in drill hole 20HORC023 
  • Eelya South Drilling results include:  
    • 1.0m @ 1.10% Cu from 35m in drill hole 20ESRC028
  • The RC drilling programme at Hollandaire was conducted around the margins of the existing deposit to test extensions of the mineralisation. The results show continuation of the mineralisation and the intersections are being taken into consideration in the planning for testing of further depth extensions through geophysical and drilling programmes. 
  • An RC drilling programme was conducted to the north of the copper rich intersections from drillholes ER19 and 20ESRC014 at the Eelya South prospect which were hosted in a sulphide rich zone (CYM ASX Release 25 March 2020). There was a continuation of the sulphide rich zone in this RC drilling programme however significant copper grades were not intersected. Field work at the Eelya South prospect has resumed following the RC drilling results to evaluate the potential for further copper rich sulphides in the prospect area. 
  • Executive Director Barry Cahill commented “The extensions to the mineralised zone at the Hollandaire prospect are very pleasing to see and this is being taken into consideration in the ongoing Scoping Study, which includes a review of the most appropriate cut-off grade for the deposits. Further geological investigation is required at the Eelya South prospect as the sulphide zone is persisting but without the same tenor of copper mineralisation as previously encountered. The Scoping Study work is continuing in conjunction with our external consultants and we look forward to announcing the results in due course.” 
  • 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.

Have a question? admin@ashanticapital.com.au

ERA Communications