The major Asian markets were mostly higher in Tuesday’s session, with the exception of the Japanese and New Zealand markets. Sentiment improved partly due to a recovery by U.S. stocks overnight and due to follow through buying interest after Monday’s recovery. The Hong Kong market witnessed a broad based rally, while Australian shares rallied on buying interest found among energy and consumer staple stocks. However, the Japanese market ended lower on mixed corporate news. The price of crude continued to remain elevated.
Persistent selling kept the Japanese Nikkei 225 average below the unchanged line for the better part of Tuesday’s session. The index closed down 40.41 points or 0.23% at 17,249, marking the lowest level since April 25th. The market received support from positive earnings results, while economic data released during the day revealed a mixed mixture.
The auto space was mixed. Toyota Motor slipped 0.96%, while Honda edged up 0.23%. Isuzu and Mitsubishi Motors gained ground, while Hino, Mazda, Nissan and Suzuki Motors receded. Read more
Gold for August delivery was last down 30 cents at $663.80 an ounce on the New York Mercantile Exchange. It climbed $4 on Monday to end a three-session losing streak that subtracted nearly $25 from the contract. Read more.
Most of the trading volume has moved onto the December contract. December gold was last down 60 cents at $676. It’s trading almost $13 above the June 29 close of $663.20.
“Traders remain relatively cautious on this last trading day of a month that saw an encouraging advance in prices become sharply truncated once again by outside factors which impacted investor psychology to a high degree,” said Jon Nadler, analyst at Kitco Bullion Dealers, in an emailed note to clients.
Looking ahead, “dollar weakening and continued high oil prices should provide upside potential for gold, but the market remains nervous, with traders remaining focused on the stock markets,” said analysts at Action Economics. Read more
Nikanor plc, the AIM-listed miner developing the KOV copper and cobalt mine in the Democratic Republic of Congo (DRC) has given details of its US$130 million mining fleet order announced on July 23, which totalled 53 pieces of equipment.
The company told Mining Magazine that the main loading and haulage fleet will consist of 18 Caterpillar 218 t payload 793D haul trucks and five Terex Oamp;K RH340 face shovels, which weigh 552 t and have a standard bucket capacity of 34 m3. Additional Caterpillar equipment includes 12 dozers (D10T crawlers and 834H wheel dozers) and three front end loaders – 994F and 988H. The balance of the order is composed of graders, rock breakers, diesel and lube vehicles, other service vehicles and water trucks.
The order has been placed with Congo Equipment, the Caterpillar dealer in Katanga, itself a joint venture between Tractafric and Barloworld Equipment. The first of the haul trucks and shovels Read more
Nikanor plc, the AIM-listed miner developing the KOV copper and cobalt mine in the Democratic Republic of Congo (DRC) has given details of its US$130 million mining fleet order announced on July 23, which totalled 53 pieces of equipment.
The company told Mining Magazine that the main loading and haulage fleet will consist of 18 Caterpillar 218 t payload 793D haul trucks and five Terex Oamp;K RH340 face shovels, which weigh 552 t and have a standard bucket capacity of 34 m3. Additional Caterpillar equipment includes 12 dozers (D10T crawlers and 834H wheel dozers) and three front end loaders – 994F and 988H. The balance of the order is composed of graders, rock breakers, diesel and lube vehicles, other service vehicles and water trucks.
The order has been placed with Congo Equipment, the Caterpillar dealer in Katanga, itself a joint venture between Tractafric and Barloworld Equipment. The first of the haul trucks and shovels Read more
CALGARY — /PRNewswire-FirstCall/ — Suncor Energy Inc. yesterday filed a regulatory application for plans to expand the company’s oil sands mining operations. The planned Voyageur South expansion targets production of approximately 120,000 barrels of bitumen per day. The project is to be located southwest of Suncor’s existing operations near Fort McMurray, Alberta.
The regulatory application includes preliminary plans for mining, extraction, tailings storage, utilities and cogeneration facilities, as well as roads, pipelines and other related infrastructure. The application also includes detailed environmental and socio-economic impact analyses and an overview of the consultation process Suncor plans to undertake with stakeholders to help ensure their input is reflected in the project design.
“We believe the project has firm benefits for Suncor and for the regional, Alberta and Canadian economies,” said Rick George, president and chief executive officer. “As we work to manage the impacts of industrial development, we are also working to mitigate environmental and social Read more
Stocks lost their fire in mid-morning trading, easing off after a solid early run-up.
Truck parts makers, housewares and steel led the upside. Telecom and metal products distributors head downhill.
At 10:54 a.m. ET, the NYSE composite was still up 0.3%, after being up 1.1% earlier. The Nasdaq was down 0.1% at 10:54 a.m. ET. The Dow was up 0.2% and the S&P 500 had moved up less than 0.1%.
Volume was tracking higher acros the board.
Foreign markets were generally mixed. The Shanghai composite, China’s largest exchange, closed up a comparatively mild 0.7%. Tokyo’s Nikkei 225 lost 0.2% and London’s FTSE 100 racked up an unusual 2.0% gain as the yen and the dollar slipped vs. the euro. Read more
South African miner Palabora Mining on Monday reported that its net profit for the six months to June 30, 2007, had increased by 48% to R382-million, underpinned by a strong increase in copper and magnetite sales.
The company, which owns and operates South Africa’s largest copper mine, said that sales of products had increased by 53% to R3,11-billion in the period, when compared with a year earlier.
This was mainly as a result of higher copper, magnetite and vermiculite prices realised during the six months under review and a weakening rand-dollar exchange rate.
Palabora achieved an average realised selling price, post hedge, for copper rod and cathode of R39 182 and R35 585, respectively. This compared with R37 218 received for copper rod in 2006, and R31 711 for copper cathode last year. Read more