Market Pulse - Commodities
US Fed hikes rates, balance sheet reduction seen in 2017
The US central bank raised its benchmark policy rate, as had been widely expected, while at the same time announcing that it would likely begin to shrink its balance sheet in 2017.
HSBC trims Centrica target price, says political will to intervene undiminished
HSBC trimmed its target price on shares of Centrica, telling clients that political intervention and commodity prices were set to weigh on the company's earnings.
Commodities: Disappointing EIA data sees crude prices plunge further
Crude-oil futures ducked lower on Wednesday afternoon as traders once again reacted to disappointing US inventories data from the government's Energy Information Administration (EIA).
Credit Suisse reiterates underweight on Antofagasta
Analysts at Credit Suisse reiterated their 'underweight' stance on shares of Antofagasta, citing their near-record valuation and the deterioration in the company's previously high operational and corporate quality.
Commodities: Crude heads lower as Opec's May output rises 1%
Crude-oil futures were heading south on Tuesday afternoon as Opec confirmed its output rose in May on the back of higher production by Nigeria, Libya and Iraq.
Tri-Star Resources rockets after part-owned SPMP inks supply deal
Tri-Star Resources' share price rocketed after partly-owned Strategic & Precious Metals Processing inked an antimony and antimony gold concentrate supply agreement with Traxys Europe.
Glencore acquistion of Coal&Allied should be value-accretive, HSBC says
Glencore's "opportunistic" bid for Rio Tinto's Coal&Allied assets may pay-off, analysts at HSBC said.
Commodities: Oil gets a boost as Qatar affirms adherence to Opec output cuts
Crude-oil prices got a boost higher after Qatar affirmed it would continue with its share of Opec oil production cuts.
JP Morgan hails BP's best-in-class cash break-evens
Analysts at JP Morgan reiterated their 'overweight' stance on shares of BP despite their "cautious" outlook for the price of oil.
WTI futures steady despite 22nd consecutive oil rig count increase
The number of oil rigs in operation in the US rose for a 21st week running, rising by eight to 741 over, their highest level since 10 April 2015, according to Baker Hughes data for the seven days ended on 9 June.
Commodities: Copper storms ahead on China demand, supply disruptions
Copper stormed into the limelight on UK election Friday with both the spot and three-month prices for the industrial favourite bursting higher amid rising demand out of China and wider supply disruptions.
Funding risk at KAZ Minerals very limited even in bearish copper price scenario, Credit Suisse says
Analysts at Credit Suisse reaffirmed their 'Outperform' recommendation and 630. 0p target price for Kaz Minerals say that funding risks for the copper miner were now "very limited" even under 'bearish' copper price assumptions.
Gem Diamonds not out of the woods yet, RBC says as it upgrades shares
Analysts at RBC upgraded their recommendation on Gem Diamonds on expectations for improved large stone recoveries.
China CPI gains in May but underlying pressures limited
Consumer price gains in China accelerated during the month of May but economists warned that the underlying pressures were pointing in the opposite direction.
Commodities: Safe-haven gold down as market works through 'blockbuster' Thursday
Gold was heading lower as the market worked its way through 'blockbuster' Thursday, which featured the UK election, the ECB standing pat on interest rates and former FBI boss James Comey's testimony in the US.
Demand for Chinese exports holds up better-than-expected in May
Foreign demand for Chinese exports held up better than expected last month as did domestic appetite for wares from abroad, although some economists believed strength in imports was unlikely to be sustained.
Commodities: Crude cliff dives on shock EIA stores build
Crude-oil futures cliff-dived lower on Wednesday afternoon as bears dumped the asset in wake of a shock build in US stockpiles, which added to existing concerns about Opec's output cut extension.
Commodities: Gold supplants crude as traders embrace its safe-haven appeal
Gold supplanted crude oil futures as the centre of traders' attentions on Tuesday as the yellow metal got a boost higher on its safe-haven appeal ahead of 'blockbuster' Thursday.
Canaccord downgrades Genel Energy, cautious after founder announces exit
Analysts at Canaccord Genuity downgraded their recommendation on shares of Genel Energy following the recent string of top level management exiting the firm, especially those announced the day before.
Commodities: Crude sinks as Saudi et al cut diplomatic ties with Qatar
Crude-oil futures rounded lower on Monday as traders already nervy about Opec's extended output curbs took fright at four Middle East countries today cutting diplomatic ties with Qatar.