Australian gold output slumps 8 pct in Q1 due to cyclone, rain
SYDNEY, May 28 Heavy rains and a cyclone led to an 8 percent, or six-tonne drop in Australian gold production in the first quarter, a survey released on Sunday showed.
SHANGHAI, April 13 London copper rolled back some gains on Friday after rising more than 2 percent in the previous session as investors exercised caution ahead of China's gross domestic product data. The Chinese economy, the world's second biggest, is forecast to have grown by 8.3 percent in the first quarter, the slowest in nearly three years, although gains across commodities and equities on Thursday suggested investors were betting on a higher number. FUNDAMENTALS * Three-month copper on the London Metal Exchange ticked down 0.2 percent to $8,202 tonne by 0125 GMT. * The most-active July copper contract on the Shanghai Futures Exchange gained 0.7 percent to 58,640 yuan ($9,300) per tonne, tracking prior gains on London, after rising a modest 0.7 percent in the previous session. * Chinese banks extended 1.01 trillion yuan ($160.1 billion) worth of new loans in March, way above forecasts for 800 billion yuan, a sign of fresh traction in China's efforts to ease monetary policy and boost credit creation to support a cooling economy. * The number of Americans filing for jobless aid hit a two-month high last week and more applications were received in the prior week than initially reported, suggesting a cooling in the labor market recovery. * The disappointing performance of the U.S. labor market in March shows it is too early to conclude the economy is out of the woods, despite months of encouraging economic data, New York Federal Reserve Bank president William Dudley said. * Concerns about Spain's deep budget problems pushed up borrowing costs sharply at an Italian bond auction on Thursday, signalling that markets doubt Europe's struggling economies are overcoming their debt problems. * North Korea's much hyped long-range rocket apparently crashed into the sea a few minutes after launch on Friday, South Korean and other officials said, dealing a blow to the prestige of the reclusive and impoverished state. * The CME Group will cut margins for silver, copper and palladium futures after close of business on April 16, it said in a statement late on Thursday. MARKET NEWS * Asian shares rose on Friday on better-than-expected demand for Italian sovereign debt, shrugging off a rocket launch by North Korea before the market open that South Korean officials said had failed. * The euro and commodity currencies held on to overnight gains in Asia on Friday, but where they go from here hinged squarely on Chinese growth numbers due later in the day with markets already positioning for a strong number. DATA/EVENTS (GMT) 0200 China GDP yy 0200 China Industrial output yy 0200 China Retail sales yy 0200 China Urban investment 0800 Italy Industrial output yy 1230 U.S. Consumer prices Mar 1700 Federal Reserve Ben Bernanke speaks Base metals prices at 0125 GMT Metal Last Change Pct Move YTD pct chg LME Cu 8202.00 -18.00 -0.22 7.92 SHFE CU FUT JUL2 58640 390 +0.67 5.41 LME Alum 2108.00 4.00 +0.19 4.36 SHFE AL FUT JUL2 16180 05 +0.03 2.15 HG COPPER MAY2 371.55 -0.50 -0.13 8.13 LME Zinc 2029.00 -11.00 -0.54 9.97 SHFE ZN FUT JUL2 15645 95 +0.61 5.75 LME Nickel 18602.00 -198.00 -1.05 -0.58 LME Lead 2081.00 -17.00 -0.81 2.26 SHFE PB FUT 15750 85 +0.54 3.01 LME Tin 22655.00 0.00 +0.00 17.99 LME/Shanghai arb 1919 Shanghai and COMEX contracts show most active months ^ LME 3-m copper in yuan, including 17 pct VAT, minus SHFE third month ($1 = 6.3073 Chinese yuan) (Reporting by Carrie Ho; Editing by Sugita Katyal)
BEIJING, May 27 China needs to shift away from over-reliance on heavy industries, large-scale and careless expansion, and the depletion of the country's natural resources, President Xi Jinping said on Saturday, according to state media.
BEIJING, May 27 China is determined to open its market and is positive about promoting talks on a China-EU investment agreement, a senior Chinese official said on Saturday ahead of Premier Li Keqiang's visit to Brussels for a summit with the European Union.