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10 July 2019 06:50 AM
Overseas Market ReportCurrent
Weekly %
Dow Jones Industrial Average26,7830.00
S&P 5002,9800.00
FTSE 100 Index7,5360.00
DAX 3012,4370.00
CAC 40 Index5,5720.00
Nikkei 225 (Japan)21,5650.00
SSE Composite Index2,9280.00
S&P/TSX Composite Index16,5450.00
NZ 5010,5380.00
US Volatility (Vix)14
Overseas Market Report

US sharemarkets were mixed on Tuesday ahead of a flood of central bank news. Trade concerns resurfaced after broker RBC Capital Markets downgraded 3M (-2.1%) shares to "sector perform", citing macroeconomic pressures from China on the auto and electronics sectors. PepsiCo reported better-than-expected second quarter earnings, but the stock fell by 0.6%. Netflix shares rose by 1.0% after the streaming company said the third season of “Stranger Things” posted a viewership record. And Facebook and Amazon shares both gained 1.8% each. The Dow Jones fell by 22 points or 0.1%. The S&P500 was up by 0.1%. And the Nasdaq rose by 43 points or 0.5%.

Global oil prices lifted on Tuesday due to ongoing tensions in the Middle East. Supporting prices was an Iranian military official's comments that Britain's seizure last week of an Iranian oil tanker off the coast of Gibraltar will not be "unanswered," according to the Tasnim news agency. The Brent crude price rose by US5 cents or 0.1% to US$64.16 a barrel. And the US Nymex price rose by US17 cents or 0.3% to US$57.83 a barrel. 

Base metal prices were mixed on the London Metal Exchange (LME) on Tuesday. Copper (-1.1%) fell on global growth and trade concerns. Tin (-1.5%), zinc (-0.6%) and nickel (-0.2%) all fell. But lead (+2.5%) and aluminium (+0.9%) rose. 

The gold futures price rose by US50 cents an ounce or 0.04% to US$1,400.50 an ounce. The spot gold price was trading near US$1,397 an ounce in late US trade. Iron ore rose by US$4.85 or 4.1% to US$122.60 a tonne.

Weekly %
Oil Brent64.160.00
Oil - West Texas crude58.510.00
Gold Spot $/OZ1,396.000.00
Silver Spot $/OZ15.100.00
Iron Ore114.500.00
Thermal Coal Newcastle74.900.00
APAC Hard Coking Coal FOB184.500.00
Aluminium ($US/t)1,8070.00
Copper Mar-18 ($US/lb)2.620.00
Lead ($US/t)1,9190.00
Nickel ($US/t)12,6460.00
Zinc ($US/t)2,3540.00
Tin ($US/t)18,1920.00
Uranium ($US/lb)25.000.00
Australian Market ReportCurrent
Weekly %
ASX All Ords6,7500.00
S&P/ASX 2006,6660.00
ASX 24 Futures6,632
Australian Market Report

Tuesday 09 July - close. The Australian share market has closed down for a second day as banks and tech stocks dragged on the market. The benchmark S&P/ASX200 index recovered somewhat in the final minutes of trading to close down 6.5 points, or 0.1 per cent, to 6,665.7 points at 1615 AEST on Tuesday. The broader All Ordinaries was down 7.3 points, or 0.11 per cent, to 6,750.1.

Ashanti Headlines

Greenland Minerals Limited: (GGG.ASX, 15cps, m.cap A$169.9m with 1,132.6m SOI, Cash $5.7m, Rare Earth's Developer)

  • Greenland Minerals Ltd has announced the results from its optimisation study which has resulted in a 40% reduction in capital cost estimate to US$505m for the 100% owned Kvanefjeld Project in southern Greenland.
  • The capital cost reduction is partly due to the development of an optimised flotation circuit capable of producing rare earth mineral concentrates with grades of between 22% and 25% rare earth oxide, or "REO", well above the 14% produced by the concentrator for the 2016 feasibility study. 
  • The concentrate refining process has also been simplified, which now includes a single state circuit and fewer solid-liquid separation steps.
  • The higher concentrate grade and the simplification of the refinery circuit has resulted in a reduction of the scale of the refinery circuit and the size of its processing equipment.
  • Optimisation programmes have increased rare earth production by c.8% to 32,000 tonnes per annum of REO, about 6,000 tonnes of which would consist of neodymium, praseodymium, terbium and dysprosium
  • Kvanefjeld will have an initial mine life of 37 years based on the 108 million tonne ore reserve estimate
  • In May, GGG announced is had reduced operating costs by 40% to below US$4 per kilogram of rare earth oxide after credits due to the improved metallurgical performance or its ores and other operational enhancements.
  • Please see attached link to the 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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