Tag Archives: Metal Market

The Australian, New Zealand dollar is poised for another week of gains due to boom in commodity prices | Instant News


SYDNEY, April 30 (Reuters) – The Australian and New Zealand dollars are set for another week of gains on Friday, led by stronger commodity prices with iron ore rising more than 30% in the past month and copper at its highest decade.

Prices of soft commodities and food have also risen in recent days, particularly benefiting the kiwi dollar.

The Australian dollar is last at $ 0.7774 with the next chart resistance seen at $ 0.7820. Critical chart support lies at $ 0.7699.

The Aussie is up 0.4% so far for the week, on track for its fourth consecutive weekly gain. That jumped 2.4% in April alone.

The New Zealand dollar was at $ 0.7247, not too far from the two-month high of $ 0.7286 reached on Thursday.

The kiwi is up 0.7% so far this week, set for the fifth consecutive weekly gain. So far it has risen 3.8% in April.

Analysts said the combination of strong commodity prices and a weak US dollar has driven the antipodean currency. Iron ore is Australia’s main export while New Zealand is the world’s leading supplier of dairy products.

Investors ‘attention will turn to the Reserve Bank of Australia (RBA)’ s May policy meeting on Tuesday where it is widely expected to keep interest rates at a record low of 0.1%.

Next Friday, the RBA will present its quarterly economic outlook, “which will formalize strength in labor market conditions through an increase in the unemployment rate forecast,” ANZ economists said in a note.

Australia’s federal budget is due a week later, on May 11, and is expected to show a rapid increase in the country’s fiscal position.

The only policy event on the New Zealand calendar scheduled for next week is the country’s central bank’s Financial Stability Report.

“Given this backdrop, our bias is for some modest upside movement in AUD / NZD towards the top of the 2021 trading range,” added the ANZ economist.

The Aussie is last at $ 1.0729 against the kiwi, down from a six-month high of $ 1.0946 hit last month.

“The intersection of the 100 and 200 day moving averages at 1.0750 looks to be a pretty good entry level,” they said.

New Zealand government bonds sold out, sending yields about 3-4 basis points higher along the end of the curve.

Australian government futures also slipped, with the three-year bond contract down 1 tick at 99.73. The 10-year contract fell 3.5 ticks to 98.295. (Reporting by Swati Pandey; Editing by Muralikumar Anantharaman)

.



image source

FIXED-Australian wine exports to China fell 96% due to changing producer tariffs | Instant News


(Correction time period through December to March, not January to March, in paragraphs 1, 4)

SYDNEY, April 29 (Reuters) – Australian winemakers shipped just A $ 12 million ($ 9 million) of wine to China in the four months from December to March, from A $ 325 million a year earlier, industry figures show, confirming that the new tariffs were hefty was worn. all but wiping out their biggest export market.

Figures from the Australian Wine industry body on Thursday show the swift impact of measures taken by China’s trade ministry and the country’s anti-dumping probe into last year’s Australian wine imports.

The figures also put a dollar value on the broader geopolitical dispute between Australia and its biggest trading partner that has spread to the sugar, lobster, barley and coal and copper ore industries.

From December to March, the period after China said it was investigating Australians on suspicion of exporting wine due to market share loss, or “dumping,” Australian wine shipments were virtually non-existent and remained there in early 2021, figures show.

That marks the end of years of double-digit growth in Australian-Chinese wine exports, by dollar value, which lasted through October before falling the following month, according to the figures.

For the year to March, sales to mainland China, which account for nearly a third of Australia’s wine exports, fell 24% to A $ 869 million. The next largest export market is the UK, up a third to $ 461 million as winemakers shift exports there.

“They’re out to play the political game, they want Australia on their knees, unfortunately we said no,” said Bruce Tyrrell, managing director of Tyrrell’s Wines, in the Hunter Valley north of Sydney, which previously shipped up to a quarter of sales overseas to China.

“We have countries like the US, UK, Canada, traditional markets. We must now increase our distribution in the countries we work with, “he told Reuters by telephone.

The value of wine exports to the United States rose 4% to A $ 432 million in the year to March, figures show Wine Australia.

$ 1 = 1.2819 Australian dollars Edited by Jacqueline Wong

.



image source

FIXED-Australian wine exports to China fell 96% due to changing producer tariffs | Instant News


(Correction time period through December to March, not January to March, in paragraphs 1, 4)

SYDNEY, April 29 (Reuters) – Australian winemakers shipped just A $ 12 million ($ 9 million) of wine to China in the four months from December to March, from A $ 325 million a year earlier, industry figures show, confirming that the new tariffs were hefty has been enacted. all but wiping out their biggest export market.

Figures from the Australian Wine industry body on Thursday show the swift impact of measures taken by China’s trade ministry and the country’s anti-dumping probe into last year’s Australian wine imports.

The figures also put a dollar value on the broader geopolitical dispute between Australia and its biggest trading partner that has spread to the sugar, lobster, barley and coal and copper ore industries.

From December to March, the period after China said it was investigating Australians on suspicion of exporting wine due to market share loss, or “dumping,” Australian wine shipments were virtually non-existent and remained there in early 2021, figures show.

That marks the end of years of double-digit growth in Australian-Chinese wine exports, by dollar value, which lasted through October before falling the following month, according to the figures.

For the year to March, sales to mainland China, which account for nearly a third of Australia’s wine exports, fell 24% to A $ 869 million. The next largest export market is the UK, up a third to $ 461 million as winemakers shift exports there.

“They’re out to play the political game, they want Australia on their knees, unfortunately we said no,” said Bruce Tyrrell, managing director of Tyrrell’s Wines, in the Hunter Valley north of Sydney, which previously shipped up to a quarter of sales overseas to China.

“We have countries like the US, UK, Canada, traditional markets. We must now increase our distribution in the countries we work with, “he told Reuters by telephone.

The value of wine exports to the United States rose 4% to A $ 432 million in the year to March, figures show Wine Australia.

$ 1 = 1.2819 Australian dollars Edited by Jacqueline Wong

.



image source

The mild inflation data helped Australian stocks snuff out 2 days of losses | Instant News


* Banks, energy stocks led gains on the benchmark Aussie

* Losses in gold, iron ore miners limit profits in ASX

* NZX50 increased 0.2%

April 28 (Reuters) – Australian stocks snapped two consecutive days of losses to close higher on Wednesday as light quarterly data showed a lack of inflation and quelled investor concerns over a faster-than-expected rate hike.

The S & P / ASX 200 index rose 0.44% to close trading at 7,064.7 points, with strength in financial and energy stocks pushing the benchmark near a 14-month high.

The Australian Bureau of Statistics reported lower-than-expected inflation for the March quarter. The consumer price index rose a modest 0.6% during the first three months of this year, less than the consensus forecast of 0.9%.

“We had a record low core inflation this quarter, which has eased investor jitters and will keep the RBA dovish,” said Henry Jennings, senior analyst at Marcustoday Financial Newsletter.

“The weak inflation figure means the RBA can keep interest rates lower for longer, which will be good for the market and the economy.”

Among the so-called “Big Four” banks, National Australia Bank led gains for the financial sub-index, rising as much as 1.6% to help the sub-index close 1.1% higher.

Australia’s biggest lenders Commonwealth Bank of Australia and Westpac Banking Corp. each gained 1.4%.

The ASX 200 Energy Index rose 1.1%, taking cues from oil prices which edged up on Tuesday, after OPEC (Organization of the Petroleum Exporting Countries), Russia and its allies agreed to slightly increase production starting May 1.

Oil and gas exploration Oil Search Ltd and Viva Energy Group Ltd led gains on the sub-index, up 1.2% and 1.9%, respectively.

Viva Energy extended gains from the previous session after the company said it expected $ 15 million in government aid to refineries in the first quarter.

Gold miners and iron ore miners slipped 4.4% and 1.3%, respectively, as bullion prices fell to one-week lows and Chinese iron ore futures retreated from record highs on Wednesday.

Gold miner Ramelius Resources Ltd fell 9.2% and emerged as the worst performer on the local bourse.

Across the Tasman Sea, New Zealand’s benchmark S & P / NZX 50 index rose 0.2% to 12,646.1 points.

Reporting by Riya Sharma in Bengaluru, Editing by Sherry Jacob-Phillips

.



image source

Australian stocks finished lower as technology and health care stocks slumped | Instant News


* Tech shares ended down 2.5%, hitting the lowest level in nearly 3 weeks

* Bingo Industries top winner on ASX on Macquarie deal

April 27 (Reuters) – Australian stocks closed lower on Tuesday as investors consolidated positions ahead of the US Federal Reserve meeting and awaited cues from a big profit week in the US.

The S & P / ASX 200 index fell 0.17% to close trading at 7,033.8 points, with the major miner’s advances shielding the impact of losses in the tech and healthcare sectors.

Many investors were caught on the sidelines ahead of the Fed’s monetary policy meeting ending Wednesday, where the US central bank is expected to confirm it will maintain easy monetary policy to boost the economy.

“While no major policy changes are expected at the Fed meeting, investors will be paying attention to comments from Chairman Jerome Powell,” said James Tao, market analyst at CommSec.

“Investors are also waiting ahead of the release of the Australian consumer price index for the first quarter this weekend while also waiting to see how the busiest week of US earnings plays out.”

Local tech stocks shrugged off the leading role of the tech-heavy Nasdaq overnight market, falling 2.5% to its lowest level since April 7. Buy-now-pay-later dear Afterpay Ltd fell 5.5%, followed by Xero Ltd, lost 2.2%.

The health care index ended 0.8% lower, following a weak dollar hovering near multi-week lows. Pharmaceutical company Mesoblast slumped 7.2% leading the losses on the sub-index.

In contrast, miners extended gains from Monday and continued moving forward, edging up 0.9% after copper prices hit a decade high overnight and Chinese steel futures closed at record peaks on Monday.

Tesla supplier Piedmont Lithium rose as much as 8% to be the best performer on the sub-index, while heavyweights – BHP Group, Rio Tinto and Fortescue – gained between 1.1% and 1.6%.

Waste manager Bingo Industries was the top percentage winner on the local exchange, up 6.7%, after the company agreed to be bought by Macquarie Group for A $ 2.3 billion ($ 1.79 billion). Bingo stocks are also the most traded by volume.

Across the Tasman Sea, New Zealand’s benchmark S & P / NZX 50 index was down 0.24% to 12,620.5. The top percentages of losers were A2 Milk Company Ltd, down 3.8%, and Fletcher Building Ltd, losing 1.5%.

$ 1 = 1.2827 Australian dollars Report by Riya Sharma in Bengaluru; Edited by Krishna Chandra Eluri

.



image source