July 22, 2015 / 2:56 PM / 2 years ago

BUZZ-Miners: Hit by languishing metal prices

2 Min Read

(Updates)

** Chinese steel prices tumbled and iron ore futures hit a floor limit because of shrinking demand in the world's top consumer of the two commodities

** London copper slid to two-week lows on Wednesday, reflecting plentiful supply and persistent concern over industrial demand in top consumer China

** Gold fell for a seventh session in eight, reflecting sustained downward pressure partly motivated by a looming hike in U.S. interest rates

** Dow Jones U.S. iron & steel index falls 2.3 pct to a 4-yr low; iron ore miner Cliffs Natural slumps 22 pct to a 12-year low

** BHP Billiton Ltd down 3.6 pct , Rio Tinto down 2 pct - steepest intraday declines in two weeks

** Shares of Canadian miners Hudbay Minerals Inc down 2.6 pct, First Quantum Minerals Ltd down 3.7 pct

** Thomson Reuters Canada metal and mining index hits 7-year low

** HSBC analysts reduce their 12 month target gold price to $1275 from $1325; but add they expect a rebound in gold and in the sector in the next few quarters

** On FTSE 250, Acacia Mining down nearly 4 pct, Centamin down 3.5 pct, Kaz Minerals down 3.3 pct

** HSBC analysts cut Acacia to "hold" from "buy" citing recent strong share price performance

** BHP reports results on Wednesday, expects hit of $650 mln from copper writedowns (venkateshasoumithri.mamidipudi.thomsonreuters.com@reuters.net)

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