Tag Archives: All Precious Metals and Minerals

UPDATES 2-Euro bonds yield flat, new Italian issuance in focus | Instant News


* Eurozone suburban government bond yields tmsnrt.rs/2ii2Bqr (Updating prices, adding backgrounds)

LONDON, April 7 (Reuters) – Eurozone bond yields were flat on Wednesday, with southern European debt steady after a sell-off in the previous session as markets braced for fresh supplies from Italy and Portugal.

Italy began the process of selling its new 50-year and 7-year bonds through a syndicate of banks on Wednesday, after marking new issues the previous day.

Portugal raised, through a bank syndicate, 4 billion euros of 10-year bonds on the back of a demand of 30 billion euros, according to a memo of the chief manager.

The tone on eurozone debt markets was largely weak, with most 10-year bond yields down 1-2 basis points (bps) on the day following falling overnight US Treasury yields.

“Overall, the higher pull from US interest rates is still alive and well and the rebound in eurozone bond markets is largely technical and temporary,” said ING senior rates strategist Antoine Bouvet.

The yield on the German 10-year Bund was flat at -0.32%, down from recent highs around -0.26%.

The IHS Markit Eurozone Purchasing Managers’ Index (PMI) rose to 49.6 in March from February 45.7, higher than the flash forecast of 48.8 and just below the 50 mark that separates growth from contraction.

The eurozone economy is on track for a strong recovery in the second half of this year that could allow the European Central Bank to start phasing out its emergency bond purchases in the third quarter, said Dutch central bank head Klaas Knot.

The ECB bought net assets of 6.178 billion euros ($ 5.20 billion) last week as part of a quantitative easing program, below the 23.995 billion euros it bought a week earlier.

The yield on Italy’s 10-year bond was unchanged at 0.70%, after rising sharply on Tuesday as investors braced for new supplies. The difference in the yield on the German Bund is just over 100 bps.

Analysts said bond spreads are back in focus, especially after last month’s decision by Germany’s constitutional court to stop ratification of the EU Recovery Fund prompted investors to reassess some of the risks to peripheral bonds.

“Tesoro’s (Italian Treasury’s) announcement of a new 50-year BTP syndication caught the market off guard, with 10-year and 30-year spreads versus the Bund widened by 7 bps to its highest level in nearly a month,” said Michael Leister, chief interest rate strategist. at Commerzbank, referring to Tuesday’s market moves.

“While thinner Easter liquidity may also play a role, this move adds weight to our short tactics in Italy versus semi-core (bonds) and Spain as the risk of indigestion is exacerbated by doubts about the NGEU (Next Generation EU), the ECB’s settles and makes a difference. the less generous. “(Reporting by Dhara Ranasinghe; Additional reporting by Yoruk Bahceli; Editing by Pravin Char)

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Australian stocks rose on US stimulus, hopes of economic recovery | Instant News


* Benchmarks increased by almost 2%

* Tech stocks rose after 4 days

* Mercury NZ is the highest winner on the NZ index

March 8 (Reuters) – Australian stocks rose sharply on Monday and are set for their best day in two months after the US Senate endorsed a $ 1.9 trillion COVID-19 aid plan, while last week’s upbeat US jobs data also supported sentiment.

The S & P / ASX 200 index was up 1.8% to 6,830.7 at 2240 GMT. The benchmark ended 0.7% lower on Friday.

The US Senate on Saturday endorsed President Joe Biden’s COVID-19 assistance plan, one of the biggest stimulus bills in US history, a day after data showed that the US economy created more jobs than expected in February.

Over the weekend, Australia has also started vaccinating its citizens against the coronavirus with the AstraZeneca vaccine. Inoculation with the Pfizer / BioNTech vaccine began in February.

Among the individual sectors, mining stocks rose by 2.8%, with BHP and Rio Tinto gaining 3.4% and 3%, respectively.

Tech stocks rose as much as 2.7%, snapping a fourth straight session of losses. Buy now, pay later, Afterpay increased by 4.6%, while Appen increased by 3.8%.

Financial stocks rose 1.5% to reach their highest level in more than a week. The “Big Four” banks rose between 1.2% and 1.9%.

The best performers in the financial sector were Janus Henderson Group and IOOF Holdings, up 4.7% and 3.1%, respectively.

Energy stocks rose nearly 2% to a 10-week high, following a surge in oil prices. Oil Search rose 4.3%, while Beach Energy gained 3.8%.

In New Zealand, the benchmark S & P / NZX 50 index rose 1.3% to 12,334.3.

The highest percentage increases on the index were Mercury NZ and Synlait Milk, up 3.7% and 2.9%, respectively. (Reporting by Aditya Munjuluru; Editing by Aditya Soni)

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PRECIOUS-Gold prices rose higher due to a weaker dollar | Instant News


    March 1 (Reuters) - Gold edged higher on Monday, recovering
from an eight-month low touched in the previous session, as a
weaker dollar lifted bullion's appeal.
            
    FUNDAMENTALS
    * Spot gold        rose 0.3% to $1,739.31 per ounce by 0108
GMT, after hitting its lowest since June at $1,716.85 on Friday.
U.S. gold futures        gained 0.4% to $1,736.10.
    * The dollar        slipped from a one-week high hit in the
previous session, making gold cheaper for holders of other
currencies.       
    * Bullion, however, posted its worst monthly fall since
November 2016 in February due to rising U.S. Treasury Yields,
which increase the opportunity cost of holding non-yielding
gold.       
    * U.S. House of Representatives passed a $1.9 trillion
coronavirus relief package early Saturday.             
    * A global bond market rout saw government bond yields in
the United States, Germany and Australia ending February with
their biggest monthly rises in years.                          
    * The U.S. government on Saturday authorized Johnson &
Johnson's         single-dose COVID-19 vaccine, setting the
vaccine up for additional approvals around the world.
            
    * Speculators decreased their bullish positions in COMEX
gold and silver contracts in the week to Feb. 23, the U.S.
Commodity Futures Trading Commission (CFTC) said on Friday.
            
    * Physical gold demand in India gained momentum last week as
retail buyers and jewellers lapped up bullion at near
eight-month low prices, while Singapore continued to see steady
interest for both gold and silver.         
    * Silver        gained 0.3% to $26.71 an ounce, while
palladium        was up 1% at $2,340.69. Platinum        rose
1.1% to $1,202.00.    
    
DATA/EVENTS (GMT)
0855  Germany  Markit/BME Mfg PMI
0900  EU       Markit Mfg Final PMI
0930  UK       Markit/CIPS Mfg PMI Final
1300  Germany  CPI, HICP Prelim YY
1445  US       Markit Mfg PMI Final
1500  US       ISM Manufacturing PMI

 (Reporting by Shreyansi Singh in Bengaluru; Editing by Rashmi
Aich)
  

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PRECIOUS-Gold faces its worst week in 12 as US Treasury yields strengthened | Instant News


    Feb 19 (Reuters) - Gold prices fell to their lowest in
nearly three months on Friday and headed for their worst week
since end-November, as recent strength in U.S. Treasury yields
dented the non-yielding metal's appeal.
    
    FUNDAMENTALS
    * Spot gold        fell 0.4% to $1,769.26 per ounce by 0100
GMT, having touched its lowest since Nov. 30 at $1,765.35
earlier in the session. Prices have declined 3% so far this
week.
    * U.S. gold futures        slipped 0.5% to $1,766.40.
    * Benchmark U.S. Treasury yields edged higher, having hit a
near one-year peak earlier in the week. Higher yields increase
the opportunity cost of holding bullion, which pays no interest.
    * The dollar        was also set to mark a weekly gain,
making gold expensive for holders of other currencies. 
    * U.S. jobless claims unexpectedly increased last week,
raising the possibility of a second straight month of tepid job
growth despite declining new COVID-19 infections.            
    * Switzerland's monthly gold exports to India in January
reached their highest since May 2019, though exports to China
and Hong Kong remained at rock bottom, customs data showed on
Thursday.             
    * Silver        eased 0.6% to $26.86 an ounce, after falling
over 1.8% so far this week, its worst since mid-January. 
    * Platinum        slipped 0.7% to $1,266.09 and was on
course to mark its third straight weekly gain, while palladium
       shed 0.3% to $2,345.02.

DATA/EVENTS (GMT)
0700  UK      Retail Sales MM, YY                Jan
0700  UK      Retail Sales Ex-Fuel MM            Jan
0745  France  CPI (EU Norm) Final MM, YY         Jan
0815  France  Markit Mfg, Serv, Comp Flash PMIs  Feb
0830  Germany Markit Mfg, Serv, Comp Flash PMIs  Feb
0900  EU      Markit Mfg, Serv, Comp Flash PMIs  Feb
0930  UK      Flash Mfg, Serv, Comp PMIs         Feb
1445  US      Markit Mfg, Serv, Comp Flash PMIs  Feb
1500  US      Existing Home Sales                Jan

 (Reporting by Sumita Layek in Bengaluru; Editing by Devika
Syamnath)
  

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UPDATE 2-Newcrest Australia beat Q2 gold production forecasts, maintaining the annual target | Instant News


(Adding details, analyst comments)

MELBOURNE, Jan 28 (Reuters) – Newcrest Mining’s second-quarter gold production beat analyst expectations, helped by a 22% recovery in output at the Lihir mine in Papua New Guinea, he said on Thursday.

Australia’s biggest gold miner produced 535,477 ounces for the quarter ended December 31, beating UBS’s forecast of 528,000 ounces, but down 2.8% compared with last year’s 551,115 ounces.

Miner output rose 6.4% compared to the previous quarter, driven by increased throughput and recovery at Lihir.

“We are very concerned about the impressive progress across NCM’s growth options, particularly Havieron (Western Australia) and Red Chris (Canada),” said brokerage Shaw & Partners, who has a buy rating on the stock as expectations of low interest rates pushed gold prices up by one to three years. the next three years.

A gold producer in January said it had won regulatory approval to begin construction work on the Havieron gold-copper project in a highly prospective area, while also agreeing to spend A $ 146 million ($ 113.4 million).

Newcrest in October also approved an expansion of the Cadia mine in the state of New South Wales and a recovery project in Lihir to boost production, following production cuts in the previous two quarters.

Miners warned of planned closures at the Cadia and Lihir mines in the March quarter, expecting a possible reduction in factory throughput compared to the three months ended December.

Production from Lihir increased to 200,173 ounces from 163,994 ounces a year earlier, but Australia’s main Cadia mine saw production drop to 194,088 ounces from 239,722 ounces last year.

However, the company maintains estimates of annual gold production of between 1.95 million ounces and 2.15 million ounces, and prospects of copper production of between 135,000 tonnes to 155,000 tonnes.

All-in shoring costs for the group in the quarter were $ 968 an ounce, compared with $ 980 a year earlier, partly due to higher copper prices and sales volume in Cadia where costs were negative $ 6.

Newcrest is doubling costs related to managing COVID-19 for the year to $ 60 million-70 million, up from an estimated $ 30-40 million. (Reporting by Melanie Burton in Melbourne; Additional reporting by Sameer Manekar and Arpit Nayak in Bengaluru; Editing by Vinay Dwivedi and Stephen Coates)

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