InDaily

Tag: commodities

  • State’s economy may be slowing but wage increases, business investment still shine

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    The decline in the June quarter was caused by declines in housing, consumer and trade components which were largely the same in all states. However ANZ pointed out that the ABS national accounts data highlighted Queensland’s strength over the past year with growth well above the national average buoyed by Government spending. It said business…

  • Farm sector breaks records but forecasts point to a drop

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    The neighbouring Western Downs was number two with a gross value of production of $1.11 billion followed by Bundaberg at $837 billion. The total valuation of $23.44 billion was the highest on record beating last year’s total of $23.37 billion. However, the Department of Agriculture and Fisheries has also forecast a downturn in the coming…

  • Russian giant Rusal booted out of Gladstone alumina refinery

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    Rusal had a 20 per cent stake in Queensland Alumina but has been pushed out at least temporarily by Australia’s sanctions on Russia. Rio said it had taken 100 per cent control of the capacity and governance of QAL until further notice. It’s unlikely that any compensation was paid due to the decision, which was…

  • How the Singaporean Army may derail Clive Palmer’s precious coal mine plans

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    Coal prices have soared and awakened a sector that was facing a long road to oblivion. However, any hopes of a domestic revival are likely tempered by the growing public and political opposition to coal, despite its financial benefits to Queensland. In the middle of it all is billionaire Clive Palmer who has vast interests…

  • China’s carbon cutback plans already impacting resources sector: ANZ

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    There is a public and investor demand for that change. Before COVID-19 came along there were estimates that climate issues led to protests in 185 countries in 2019. And the University of Sydney released a report today saying that if no new fossil fuel developments were approved anywhere in the world, carbon emissions from existing…

  • New Hope shares rocked by Mitsubishi’s selloff

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    New Hope Group has been dealt a major blow with its second-biggest shareholder, Mitsubishi, selling its 11 per cent stake in the company. The sale of the stake led to a 14 per cent, or $238 million, wipeout of the company’s shares on the market on Friday. Reuters reported the shares were sold in one…

  • Copper prices sink as US-China trade tensions flare

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    Provoking trade disputes is “naked economic terrorism,” Chinese Vice Foreign Minister Zhang Hanhui said on Thursday amid a lengthening trade row between the world’s top two economies. Tit-for-tat tariffs between the US and China resumed earlier this month. The United States blacklisted China’s Huawei Technologies and Chinese media hinted the government may use its dominant…

  • Market report: Thursday, December 3

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    At noon (AEDT) on Thursday, the currency was trading at 72.89 US cents, down from 73.05 cents on Wednesday. It has fallen steadily from its overnight peak after US Federal Reserve chair Janet Yellen indicated in a speech that she doesn’t want to wait too long before raising interest rates. The Australian dollar’s fall got…

  • RBA confident about China, commodities

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    Prices for iron ore, Australia’s biggest export, have fallen by about two thirds in past two years after reaching highs of about $US180 a tonne at the peak of the mining boom. But RBA assistant governor for economics Christopher Kent said commodity prices are still quite high. “One of the reasons why commodity prices now…