Arab Today, arab today mining stocks fall in asia as commodity prices sink
Last Updated : GMT 12:19:12
Arab Today, arab today
Arab Today, arab today

Mining stocks fall in Asia as commodity prices sink

Arab Today, arab today

Arab Today, arab today Mining stocks fall in Asia as commodity prices sink

Traders in Shanghai sold up for a second day after China's securities
Hong Kong - AFP

Australian miners led losses in Asian commodity firms Tuesday, with giant BHP Billiton sitting at a 10-year low, as metals prices slip further on slack demand and a strong dollar.
Traders tracked losses in New York and Europe as concerns about the global economy returned, particularly the sharp growth slowdown in China, a crucial buyer of commodities.

Producers took a hit as the price of copper sank to a six-year low below $4,500 a tonne Monday, nickel was at its lowest for more than a decade, and zinc and silver declined.

Oil prices saw a pick-up after Saudi Arabia said it was prepared to work with other producers to stabilise prices, although dealers remain subdued owing to a long-running supply glut, continued overproduction and anaemic demand.

"Wild gyrations in oil and another copper tumble could see further pressure on resource stocks," Michael McCarthy, chief markets strategist in Sydney at CMC Markets, told Bloomberg News.

BHP, the world's biggest miner, fell 1.8 percent and rival Rio Tinto lost 1.5 percent, while Fortescue Metals was off more than three percent.

Hong Kong-listed Jiangxi Copper shed 1.4 percent and Aluminium Corp of China was 1.6 percent off.

In Shanghai mining and processing firm Shanghai U9 Game tumbled by its 10 percent daily limit.

Weakness in commodity prices weighed on Wall Street Monday, where all three main indexes ended in the red, while London, Paris and Frankfurt were also lower.

In Asia Tuesday Sydney shed one percent and Hong Kong ended off 0.4 percent, but Tokyo enjoyed a late rally to close slightly higher.

- US data in focus -

Traders in Shanghai were spooked after China's securities regulator said Monday it would restart initial public offerings next week in the city as well as in Shenzhen.

The China Securities Regulatory Commission froze IPOs in July as part of efforts to staunch a market rout that saw a 40 percent plunge in prices and wiped trillions of dollars off valuations.
The market has stabilised since August, rising more than 20 percent. But investors fear the arrival of new firms will divert cash from existing listings and lead to another round of volatility.

Shanghai ended 0.2 percent higher Tuesday, with bargain-hunting fuelling a late rally after the market spent most of the day in negative territory.

Regional traders are awaiting the release of fresh US data, including on economic growth, before an expected Federal Reserve interest rate rise next month.

A series of figures from Washington in recent months has led the bank's policymakers to support a small increase in borrowing costs for the first time in almost a decade, sending the dollar rallying against its major peers.

However, it was lower against most emerging-market units as dealers bet that any increase would be small and gradual.

The Malaysian ringgit jumped more than one percent thanks to a rise in the price of oil, a key export for the country, while the South Korean won pushed 0.4 percent higher. The Indonesian rupiah, Australian dollar and Taiwan dollar were each up about 0.2 percent.
In opening European trade London dropped 0.4 percent, Frankfurt slid 0.3 percent and Paris shed 0.5 percent.

Key figures around 0830 GMT

Tokyo - Nikkei 225: UP 0.2 percent at 19,924.89 (close)

Sydney: DOWN 1.0 percent at 5,226.4 (close)

Shanghai - composite: UP 0.4 percent at 3,616.11 (close)

Hong Kong: DOWN 0.6 percent at 22,587.63 (close)

Euro/dollar: UP to $1.0639 from $1.0636 in late New York trade

Dollar/yen: DOWN to 122.60 yen from 122.83 yen

New York - Dow: DOWN 0.17 percent at 17,792.68 (close)

New York - S&P 500: DOWN 0.12 percent at 2,086.59 (close)

New York - Nasdaq: DOWN 0.05 percent at 5,102.48 (close)

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mining stocks fall in asia as commodity prices sink Arab Today, arab today mining stocks fall in asia as commodity prices sink

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today mining stocks fall in asia as commodity prices sink Arab Today, arab today mining stocks fall in asia as commodity prices sink

 



Arab Today, arab today
Arab Today, arab today Designer Aql Faqih aspires to innovation

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation
Arab Today, arab today Italy regions back 'big bang' autonomy

GMT 07:10 2017 Monday ,23 October

Italy regions back 'big bang' autonomy
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Syrian children die of hunger

GMT 19:25 2017 Sunday ,22 October

Syrian children die of hunger
Arab Today, arab today Maltese demand justice for murdered

GMT 06:08 2017 Monday ,23 October

Maltese demand justice for murdered
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today World's deepest lake in peril

GMT 15:54 2017 Friday ,20 October

World's deepest lake in peril
Arab Today, arab today Ex-French minister Dati wants tough action

GMT 10:54 2017 Thursday ,19 October

Ex-French minister Dati wants tough action
Arab Today, arab today Delhi braces for pollution 'airpocalypse'

GMT 16:07 2017 Friday ,20 October

Delhi braces for pollution 'airpocalypse'
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Tesla to build wholly-owned plant

GMT 07:55 2017 Monday ,23 October

Tesla to build wholly-owned plant
Arab Today, arab today EU raids automaker BMW

GMT 11:06 2017 Saturday ,21 October

EU raids automaker BMW
Arab Today, arab today Rogina happy for reactions to “The Flood”

GMT 09:30 2017 Friday ,20 October

Rogina happy for reactions to “The Flood”
Arab Today, arab today Massacre fears spark race

GMT 19:09 2017 Thursday ,19 October

Massacre fears spark race

GMT 08:15 2017 Thursday ,19 October

Actress Mona Zaki praises husband’s role

GMT 18:15 2017 Monday ,16 October

British actress becomes fifth woman

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam

GMT 16:00 2017 Wednesday ,18 October

Climate-disrupting volcanoes helped topple

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 06:07 2017 Sunday ,22 October

15,000 Under Fives Die

GMT 12:54 2017 Saturday ,21 October

Malaysia Airlines picks new CEO

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 20:46 2017 Thursday ,19 October

Qualcomm files lawsuits in China to ban iPhones

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday