Anglo American decided on abandoning its diamond, platinum, and coal operations in order to realign its operations on nickel and avoid acquisitions offered by BHP Group.
Botswana's metals industry, the country's economic lifeblood, experiences a meltdown due to commodity price slump. The BCL Ltd. has closed its operations after being put under provisional liquidation.
The largest mining company's shares dropped as nickel and metal price plunge, following order reduction from China. Last week, nickel reached its lowest price in 13 years.
Nickel and copper lead the gains on the London Metal Exchange as Chinese equity market gained, which calmed concerns over financial turmoil in the world’s second largest economy.
China to face decline in copper imports for the next year as the response of its weak domestic demand on copper driven by slowing economy in the country. China released weaker than expected economic data that raised serious concerns over the country's future demand for industrial metal.
The International Monetary Fund raises concern about the potential fallout of a US rate hike this year. The fund says raising interest rates at this time puts the already fragile global economy at risk. "Monetary policy must stay accommodative to prevent real interest rates from rising prematurely," the IMF said Wednesday in a letter to top central bankers and finance ministers meeting in Turkey this week.
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.
China's crude oil imports hit a record high in April as falling prices encouraged stockpiling, but coal imports plunged and shipments of other commodities generally eased on a year earlier amid a sluggish economy.
China and Afghanistan remain deadlocked over a stalled $3 billion copper mine five months after Beijing demanded royalties be slashed by almost a half, underlining Kabul's struggles to support itself as foreign aid dries up.
The dollar resumed its fall on Monday after its steepest weekly drop in 3-1/2 years, as comments by a top Federal Reserve official added to last week's dovish policy message.
Diamond company De Beers, once a niche business for global miner Anglo American, is rapidly rising to become the jewel in its crown - with a brighter outlook than many of its metals.
European shares fell and borrowing costs for the euro zone's most indebted states rose on Monday as the leftist Syriza party looked set to take on Greece's international lenders after a crushing victory in early elections.
The euro skidded to an 11-year low and stock prices fell on Monday as Greece's Syriza party promised to roll back austerity measures after sweeping to victory in a snap election, putting Athens on a collision course with international lenders.
After a head-spinning bout of volatility, next week will be dominated by one question: Will the European Central Bank take the ultimate policy leap or pull its punches?
Asian stocks mostly edged up on Thursday after a significant rebound in oil and copper prices brought a semblance of calm, while the dollar regained ground lost on disappointing U.S. retail sales.
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