Despite economy growth rate of over seven percent, the Indian stock markets are suffering from the selloff by foreign investors. The domestic stock markets may enter bear territory soon after the fall in Shanghai and Tokyo markets. The cash-strapped foreign investors are offloading in Indian stocks since November 2015. On the other hand, Asian stocks gaining momentum following the marginal rebound in oil price.
Basic Materials
Breaking News
The stockpiles levels in China, the biggest commodity consumer, are impacting copper prices in the global markets. Copper price is hovering at $4,400 per metric ton and is moving in consolidation phase. Chinese smelters may cut down output and stop increasing capacities this year.
Alcoa Inc. announced that it will shut down one of the U.S.’s biggest aluminum smelters, Warrick Operations in Evansville, IN. The closure is expected to result in the loss of 1,270 jobs.
Petra Diamond Ltd and Ekapa Minerals Pty have acquired De Beers oldest diamond mine in Kimberley.
Copper price slipped below $2.40/lb (1lb=453.59265gm), a key support level, and was trading at $2.3260. With the $2.4 level becoming the key resistance level, the copper price needs to break this level to gain upward movement.
Lowe's Companies Inc reports this year's second quarter net earnings at $1.13 billion, an eight percent increase from last year's $1.04 billion.
Shares of U.S.-based agribusiness Andersons Inc (ANDE.O) jumped more than 6 percent on Friday, outpacing the sector, after a Bloomberg News report speculated that Glencore PLC (GLEN.L) could be interested in acquiring the company.
BHP Billiton has put far less debt than expected into its $13 billion South32 spin-off, positioning the company formed from its unloved assets to weather tough markets and still pay a dividend.
Swiss company Holcim (HOLN.VX) came under pressure on Monday to secure improved terms for its shareholders in a planned merger with France's Lafarge (LAFP.PA) that would create the world's largest cement maker.
China's top cotton producer, a quasi-military body formed 60 years ago to settle the far west Xinjiang area, is resisting a government policy that could force it to cut output in an industry employing hundreds of thousands in the restive region.
Argentines have been complaining for a while now about the country's product shortages. And, until recently, the government has managed to brush aside such protests, which have centered around Argentina's import restrictions.
United Arab Emirates-based RAK Ceramics RKCE.AD, one of the world's biggest makers of floor and wall tiles, said on Sunday that it would sell its stake in a joint venture with U.S. firm Laticrete for an undisclosed sum.
Former Xstrata Plc Chief Executive Mick Davis is considering a bid for Vale SA's (VALE5.SA) (VALE.N) nickel business, Bloomberg reported.
Bankers are lining up just over 1 billion pounds ($1.51 billion) of debt financing to back private equity firm KKR’s potential bid for the UK assets of cement makers Lafarge (LAFP.PA) and Holcim (HOLN.VX), banking sources said on Friday.
China has scrapped a quota system aimed at restricting exports of rare earths, a group of 17 metals used in high tech sectors, as it moves to comply with a World Trade Organisation (WTO) ruling last year, official Chinese media reported on Monday.
