BUZZ-Miners: Hit by languishing metal prices

Wed Jul 22, 2015 10:52am EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]


** 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   Continued...