· Metals: Copper +0.4% to $4.35lb, iron ore -7.15% to US$170.05/t
· Energy: Brent crude +1.2% to US$71.2/bbl, WTI +1.4% to US$69.1/bbl
· Keyovernight stock moves: BHP LND -3.8%, Rio Tinto LND -4.2%, S32 (LDN) -1.0%, Anglo -5.0%, Glencore -1.6%, Vale -3.3%, Shell +1.3%, BP +0.9%, Exxon +0.6%, Chevron +0.9%, ConocoPhillips +1.9%
· GlobalIndices: S&P 500 +0.60%, DOW +0.78% & FTSE -0.05%
Seaborne iron ore prices fell on Thursday as sources continued to see strict steel production controls in China with the 62% Fe Iron Ore Index at $170.05/dry mt CFR North China on Aug. 5, down $13.10/dmt from Aug. 4. Market sources continued seeing a downside for Chinese iron ore demand on expectations that production cuts would continue to be stringent. Little demand was heard, and prices fell without any support. “There are hardly any speculative plays now, procurement is done only when necessary,” said a China-based trader source. Demand for higher grade iron ore has retreated and emphasis on lower impurities has weakened. (Platts)
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