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05/10/0218 – Argonaut Morning Note

    Home Stockbroking & Research Morning Notes 05/10/0218 – Argonaut Morning Note
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    05/10/0218 – Argonaut Morning Note

    By admin | Morning Notes | 0 comment | 5 October, 2018 | 0

    Market Update & Important Indicators:

    US stocks fell the most since June and volatility spiked higher as the rout in treasuries that took yields to multiyear highs fuelled a repricing of risk assets; Norsk Hydro ASA’s announcement that it will shut a major refinery threw the aluminium market into chaos on Wednesday; A day later, scepticism over the plan started to emerge. Aluminium rose to the highest since mid-June as investors weighed the fallout from the temporary closure of the Alunorte refinery for alumina (See Orient Express for More); Saudi Arabia, the world’s largest crude exporter, raised pricing for all oil grades for sale to Asia and the Mediterranean region as market concerns mount that demand may outpace supply; Oil dropped (the most in seven weeks) from the highest price in almost four years amid signs of a growing crude surplus; Copper LME falls 2% overnight as the dizzying price swings continue amid mounting trade tensions and compounding supply woes. Chilean mining companies are being forced to delay expansion projects north of $1bn due to the heightened volatility; A new $3bn pipeline is set to start in America’s biggest shale gas play, expanding Appalachian supplies to East Coast consumers.

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