Chile Collahuasi Copper announced the miners finished strike on the mine Dona Ines, the world's third-largest copper mine. Workers started strike on Monday protesting against unfair employment contracts. The mine was obliged to cease its production in order to provide safety of miners and equipment during the strike.
Natural gas futures increased essentially after previous losses as the market sentiment was affected by forecasts that the peak heating period in the US is approaching. Natural gas prices usually tend to correlate with weather forecasts. On the New York Mercantile Exchange, natural gas futures for January delivery were traded at USD3.615 per million British thermal units at the U.S. morning trade, increasing by 2.57%.
Crude oil futures increased on the attack of the British embassy in Iran and the meeting of the finance ministers of the euro-zone. Escalated dispute between South Sudan and Sudan on the oil transit fee also contributed to price increase. On the ICE Futures Exchange, Brent oil futures for January delivery added 1.02% to USD110.11 a barrel, with the difference between the Brent and crude
Indian PM supported the reform aimed at opening retail market for global retail chains claiming that it will benefit both farmers and all other citizens. PM believes that allowing 51% ownership of retails outlets by foreign companies will boost technological development, improve infrastructure and provide better prices for farmer's crops. Opposition argues the reform would ruin local retailing. The parliament was unable to agree and
Despite recent cuts in the projected gold prices experts see high growing potential in the yellow metal's price. According to forecast of BNP the gold price will be about $2,025 an ounce in the next year as compared with $2,080 expected earlier but it will jump to $2,280 an ounce from $2,200 an ounce projected before.
The number of gold positions decreased essentially as hedge funds and money managers cut the number of their futures and options during last week, according to Commitment of Traders data. Gold market experienced a decline by 21,697 long positions and an increase by 679 short positions; the net cut in position in long contracts was by 13% to 149,256 as compared with 171,632 in previous
Facebook was accused of violating privacy rights of its users in 2009 when the social network made user details available publicly. The Federal Trade Commission announced today the case was settled with the Facebook did not admitting guilt and no fines imposed on the company. However, Facebook has to make stricter privacy controls and the company must undergo checks on privacy issues regularly.
Dow Jones Industrial Average Index gained 0.28% or 32.62 points and ended at 11,555.63 on Tuesday trade mirroring modest investor optimism towards Europe. Home Depot and Chevron Corp. posted biggest gains for the index adding 4.45% and 1.69% accordingly. Amid earlier successful retail data Coca-Cola Company and Wal-Mart Stores also positively contributed to index trading up 1.57% and 1.61% respectively. Gains were offset by financials as
World aluminium production rose by 5.85% in the 10 months of 2011, according to the report of International Aluminium Institute. The level of aluminium output continues to increase even despite this year's sharp price fall by 20% caused by global economic uncertainty. Currently LME Aluminium is trading at $2100/tonne.
World aluminium production rose by 5.85% in the 10 months of 2011, according to the report of International Aluminium Institute. The level of aluminium output continues to increase even despite this year's sharp price fall by 20% caused by global economic uncertainty. Currently LME Aluminium is trading at $2100/tonne.
World aluminium production rose by 5.85% in the 10 months of 2011, according to the report of International Aluminium Institute. The level of aluminium output continues to increase even despite this year's sharp price fall by 20% caused by global economic uncertainty. Currently LME Aluminium is trading at $2100/tonne.
British stocks fall sharply after Standard & Poor's Ratings Services downgraded ratings of many global financial institutions. The FTSE declined by 0.5% to 5,312.12 in early trade. The bank shares lead the decrease, Barclays PLC shares lost 1.8% and HSBC Holdings PLC edged down by 1.2% in early London trade.
US natural gas market waits for Energy Information Administration's weekly report on the commodity stockpiles for last week due on Thursday. Recent estimates show the stockpiles were at 3.852 trillion cubic feet just below the ever-high level of 3.867 in the beginning of November.
US natural gas market waits for Energy Information Administration's weekly report on the commodity stockpiles for last week due on Thursday. Recent estimates show the stockpiles were at 3.852 trillion cubic feet just below the ever-high level of 3.867 in the beginning of November.
Despite fall by more than 35% in silver prices since May, silver market seems bullish as many investors anticipate the third round of quantitative easing by US Fed and were affected by Eric Sprott's statement that he is going to buy $1.5 billion worth of white metal. After news about the previous QEs silver prices almost doubled while after Eric Sprott's said he would buy
EUministers of finance are discussing the prospects of the EU in Brussels. The meeting was organized after the announcement that the EU is very short of time to take action towards crisis resolution. The outcome was expansion of the EFSF to be capable to provide bailout funds if economies as Spain or Italy need them. The leaders also agreed on allowing the EFSF to secure
OPEC considers a possibility to decrease oil output. During OPEC meeting due December 14 the members are expected to change the level of oil output as Iraq, Iran and Venezuela said they would also support the production cut. Moreover, Saudi Arabia showed signs it would agree on the cause.
Ongoing strikes in the mines producing copper coupled with rising concerns over political clashes in Congo, the second largest copper producer, add to the probability of copper deficit in the next year. Currently copper prices are weak due to pessimistic economic outlook; however, decreasing supply of the raw metal may lead to a highly bullish sentiment on the market. At the moment copper is trading
On Tuesday Standard & Poor's 500 Index extended gains adding 0.22% or 2.64 points closing at 1,195.19. Index appreciated for the second trading day in a row led by energy companies. Cabot Oil & Gas Corp. added 3.84%, Teco Energy edged up 2.65%, while Denbury Resources jumped 4.24%. Financial shares that were leading the gains on Monday became the major losers on Tuesday after Italian
17-nation currency plunged toward 8-week record low against greenback on rising concerns that instruments proposed by European leaders will cease debt affliction. The common currency fell against the US Dollar for the second consecutive day. Euro lost 0.3% reaching $1.3284 in London morning trade. The pair currently is trading at $1.3301. Jeremy Hale, Citigroup Inc. executive of macro strategy, believes the markets are expecting
Euro zone officials announced they would like IMF to expand its role in tackling Europe sovereign debt crisis as the EFSF leverage still does not meet the target. Finance ministers agreed during their meeting to attempt to increase the IMF resources and to allow it join forces with EFSF. Dutch FM, Jan Kees de Jager, told IMF capital reserves should be increased to provide lending
According to Statistics Korea, South Korea's factory output dropped 0.7% in October compared to previous month. European debt turmoil is shrinking demand for goods from highly export-dependent Asian economies. Samsung Electronics Co. and LG Electronics Inc. have already reported declines in their profit as Europe struggles with surging borrowing costs.
The Bank of Thailand lowered borrowing rates for the first time since 2009. Thailand's national bank has cut its overnight rate by 0.25 percentage points to 3.25%. Central bank expects Thailand's economy will grow at 1.8% rate next year or 0.8% less than was predicted earlier. Nalin Chutchotitham, Kasikornbank Pcl's economist forecasts further cut of 0.5% percentage points in forthcoming two months.
Juergen Stark, the member of European Central Bank Executive Board said substantial wage cuts are the last instrument left for Eurozone to stop debt crisis. He argued that adjustment in relative prices through salary reductions may be the only approach to lessen total debt. Stark also reminded that ECB rejects calls to be a creditor of last resort as it doesn't have capacities to back