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Daily Iron Ore Price, Commodities and Precious Metals Update - November 2013
Topic Started: 4 Nov 2013, 01:05 PM (11,999 Views)
Perthite
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Multi billion?

400 million. Major blow.

http://www.businessinsider.com.au/rio-tinto-will-spend-400-million-to-boost-iron-ore-production-in-western-australia-2013-11
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Gold output lift defies price jitters

December 2, 2013
Phoebe Sedgman

Gold output in Australia, the world's second-biggest producer, expanded for a second quarter in the period ending in September because of higher ore grades, according to mining consultant Surbiton Associates.

Production was 69.5 metric tonnes, compared to 67 tonnes in the previous three months, Melbourne-based Surbiton said in a statement. Output was 62 tonnes in the same period a year earlier, it said.

The gold price rose 7.6 per cent in the third quarter, the first such gain in a year after a slump into a bear market in April spurred sales of coins, jewellery and bars. Bullion tumbled 26 per cent this year amid speculation that the US Federal Reserve would scale back monthly bond-buying that helped prices cap a 12-year bull run in 2012.

''The higher production was due to the treatment of higher ore grades, and this in turn reduced cash costs,'' said Sandra Close, a director at Surbiton. ''This is precisely what we expected, given the decline in gold prices in April and the lack of a significant recovery since then.''

Gold for immediate delivery dropped to $US1225.55 an ounce on November 25, the lowest since July 8. The metal traded at $US1242.05 late on Friday, heading for a third straight monthly loss.

Read more: http://www.smh.com.au/business/gold-output-lift-defies-price-jitters-20131201-2yjoy.html
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CBA Commodities Daily Alert 29-November-13

Posted Image

China’s manufacturing PMI beats forecasts

China’s official manufacturing PMI remained steady at 51.4 in
November but beat forecasts of 51.1. A reading above 50 indicates
manufacturing activity expansion.

Base metals finished higher on Friday on expectations China’s
manufacturing activity will expand in November. Gold futures rose on
physical demand hopes in China, while thermal coal increased
marginally over the last week to USD84.9/t (FOB Newcastle). Iron ore
remained flat at USD136.40/t (CFR China).

Ratings agency, Moody's, has upgraded Greece's credit rating two
notches from Caa3 to single C, reflecting progress with fiscal
consolidation. Standard & Poor's downgraded The Netherlands from
AAA to AA+ and upgraded the outlook on Spain to stable.

The total number of drill rigs deployed onshore in the US rose from
1,761 to 1,763 last week. Rigs deployed in oil plays rose from 1,387
to 1,391, while rigs deployed in gas plays fell from 369 to 367.

China’s natural gas imports rose 27.3% y/y to 1.83Mt in October,
while the average natural gas price fell 16% y/y to USD9.2/mmbtu.
From January to October, China’s natural gas imports were 16.49Mt,
above the level of LNG imports of 14.24Mt. The average price of
natural gas during this period was USD10.16/mmbtu, while the
average LNG price was 12.83/mmbtu.

India’s coal minister has asked Coal India, India’s state-owned coal
producer, to meet its production target of 482Mt for FY14 (ending 31
March), after the company missed its monthly production target in
October. The company cited the impact of Cyclone Phailin, which
affected production in Eastern India. Last fiscal year Coal India,
which accounts for 80% of India’s coal output, produced 452.5Mt of
coal, below the target of 464Mt.
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FMG sees iron ore price over $110

Fortescue Metals Group is tipping the iron ore price will sit between US$110 and US$130 over the next two years.

Fortescue, the world's third biggest iron ore miner, predicts the price would be highly unlikely to fall below US$100 a tonne in the near term -- the next two to three years.

Speaking at a tour of Fortescue's Kings operations in the Pilbara, chief financial officer Stephen Pearce said the miner's modelling put the price at US$110 to US$130 in the near term.

The estimate is in line with some analysts’ forecasts. UBS recently raised its rating on Fortescue to buy from neutral, on the current strength of iron ore prices.

“With the iron ore price expected to average above $US100 a tonne out to the end of 2015 and the success of Fortescue in obtaining pre-payments for sales and infrastructure access, we now see Fortescue degearing comfortably and the market likely to ascribe a higher multiple to its earnings,” UBS analysts said.

However, Credit Suisse is forecasting that iron ore prices will fall to $US115 by the end of the year and slide to $US90 by the end of next year.

Read more: http://www.businessspectator.com.au/news/2013/12/2/resources-and-energy/fmg-sees-iron-ore-price-over-110
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China demand may buoy economy as iron ore price stays high

The resilience of the iron ore price has failed to sway 2014 forecasts for the steel-making commodity, but some economists believe Chinese demand will support the economy for longer than anticipated.

Commonwealth Bank senior economist Michael Workman said market expectations had wrongly indicated the iron ore price would be 10 to 20 per cent lower than its current value. “The iron ore price has held up at much higher levels than people thought were possible,” he said. “The market tended to be sharply divided six to nine months ago on the outlook for China’s activity levels and the flow of data recently has confirmed that this year, and as it looks for next year, China will achieve its targeted growth rates. That’s been pretty assuring for the market.”

Daniel Morgan, a commodities analyst at UBS, said the end-of-year slump the market usually relies on had not materialised. “The price performance has been higher than what we expected over the last month or so and the central driver has been China’s steel production rates which have been stronger for longer through 2013,” he said. “This year the feature of the trade has been how China’s steel production rates have been very strong since the middle of year and haven’t really rolled over.”

He described the thinking among miners following a conference at the end of November as “cautious optimism” with regards to the price outlook, but conceded “even they were looking at the prices and they were suggesting they see downside risk into next year”.

Read more: http://www.afr.com/p/markets/china_demand_may_buoy_economy_high_eiOXJMyBmZgNHfM70CcL1H
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Perthite
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Over 3000 jobs go as Sino enters production.

http://au.news.yahoo.com/thewest/business/a/-/wa/20113024/premier-launches-sino-iron-project/
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Pig Iron
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Bogan scum

Perthite
29 Nov 2013, 04:37 PM
good to see you keep repeating this even after i corrected you.
Perthite
2 Dec 2013, 08:34 PM
your take on this is laughable.

the operation will generate many times the economic activity of its construction over its life time.
Edited by Pig Iron, 2 Dec 2013, 10:09 PM.
I am the love child of Tony Abbott and Pauline Hanson
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Perthite
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Pig Iron
2 Dec 2013, 10:07 PM
good to see you keep repeating this even after i corrected you.

your take on this is laughable.

the operation will generate many times the economic activity of its construction over its life time.
I'm sure that will make the ex workers feel happy with life.

I heard today Chevron's operations at AMC are about to end. Hundreds of jobs will go. Should be announced soon.
Edited by Perthite, 2 Dec 2013, 10:53 PM.
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Pig Iron
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Bogan scum

Perthite
2 Dec 2013, 10:50 PM
I'm sure that will make the ex workers feel happy with life.

I heard today Chevron's operations at AMC are about to end. Hundreds of jobs will go. Should be announced soon.
they should feel better because that is the kind of economic activity that supports the next job they go to.
and if they took a fixed term construction job thinking it was forever then i suspect nothing will help them
I am the love child of Tony Abbott and Pauline Hanson
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Perthite
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Pig Iron
2 Dec 2013, 10:59 PM
they should feel better because that is the kind of economic activity that supports the next job they go to.
and if they took a fixed term construction job thinking it was forever then i suspect nothing will help them
They have been moving from one project to the next... then the gig is up.
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