Mark Pervan News
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BHP Billiton Ltd., the world’s biggest exporter of steelmaking coal, may face a drop in contract prices to a record low in the third quarter amid rising supply and weaker Asian demand.
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Gold consumers in India, the world’s biggest importer, thronged jewelry stores across the country for a second week on speculation that bullion may extend a rally after the biggest plunge in three decades.
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Gold climbed, paring a fourth weekly decline, as rising physical demand from Australia to China countered outflows from exchange-traded products. Silver headed for the worst week in almost 19 months.
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Gold will rebound from its two-year low and rally as much as 27 percent by December as skepticism over the global recovery increases demand, according to billionaire Indian jeweler T.S. Kalyanaraman.
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Iron ore is poised to decline through the end of March as China, the world’s largest user, has a week-long holiday next month and mills buy more domestic supplies, Australia & New Zealand Banking Group Ltd. said.
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Gold traded near the lowest level in almost a week as investors reduced holdings of the metal on speculation that the U.S. Federal Reserve may scale back stimulus as the recovery gains traction.
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Iron ore will probably fall in the next two months as prices near the highest level since October 2011 discourage buyers in China, the world’s largest importer, according to Australia & New Zealand Banking Group Ltd.
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Australia & New Zealand Banking Group Ltd. lowered its forecast for crude oil in New York by 1 percent next year, citing higher-than-average inventories and slowing economic growth in the U.S.
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Coal imports into China, the world’s biggest consumer, jumped 34 percent to a record in July, said Australia & New Zealand Banking Group Ltd.
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Hedge funds increased bullish commodity bets for the fourth straight week and became the most bullish on copper since December on signs of faster growth in the U.S. and China.
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