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Bloomberg

Bloomberg delivers business and markets news, data, analysis, and video to the world, featuring stories from Businessweek and Bloomberg News.

Citi says it's 'only a matter of time' before gold hits a record

20th July 2020 Bullish factors building in the bullion market are set to see prices take out the record set in 2011, according to Citigroup. Prices are benefiting from loose monetary policy, low real yields, record inflows into exchange-traded funds and increased asset allocation, analysts including Ed Morse... 

BHP is said to rebuff early bids under plan to quit thermal coal

17th July 2020 BHP Group has rejected early offers for its Australian thermal coal business that missed the miner’s own valuation as the year-long hunt for a buyer continues, according to people familiar with the matter. Yancoal Australia and Adani Group’s Australian unit are among those to have had approaches... 

Rio says threat of virus second wave is roiling raw materials

17th July 2020 An uneven global recovery from the coronavirus pandemic and concern over the prospects for second waves of infections are weighing on the outlook across commodities markets, according to Rio Tinto Group. While demand is strong in China, the top raw materials consumer, the US copper market... 

Canada Ambassador asks for 'patience' in aluminium spat with US

17th July 2020 Canada said the US should be patient about determining whether to reimpose aluminum tariffs on imports, but says the country will retaliate if the US pulls the trigger. At the heart of the tariff debate is the question of whether Canadian raw-aluminum imports have surged since tariffs were... 

Conflict gold back in spotlight as investors flock to safe haven

17th July 2020 As demand for gold as a safe haven surged during the coronavirus pandemic, concerns about sourcing the precious metal responsibly have again been thrust into the spotlight. A report from Global Witness alleging one of the world’s biggest gold refiners has worked with a supplier that was at risk... 

Hedge funds in gold futures market get crushed by ‘big boy’ ETFs

17th July 2020 There’s a big shift in the balance of power in the global gold market. A relentlessly expanding physical hoard of bullion stored in London and New York means exchange-traded funds have usurped managed money in the futures market as the key driver of the price of the shiny metal. 

Copper’s 50% pandemic rally isn’t scaring bulls away yet

15th July 2020 For a metal intrinsically tied to economic growth, copper has had a spectacular few months, surging about 50% from a March low to more than recoup its initial losses in the pandemic. Despite the uncertain global outlook as the coronavirus spreads, prices are holding near a two-year high. Is this... 

Doomsday hedge fund sees gold topping $3 000/oz

15th July 2020 A hedge fund manager who returned 47% this year by betting on gold and Treasuries says the next decade is going to be marked by inflation that central banks are powerless to control. Diego Parrilla, who heads the $450-million Quadriga Igneo fund, says unprecedented monetary stimulus is fueling... 

Opec+ oil tensions ease after Saudis speak to Iraq and Nigeria

14th July 2020 Saudi Arabia commended Iraq for implementing almost all its pledged oil-production cuts and Nigeria told the kingdom it was committed to hitting its target, in further signs that disputes among Opec+ members over cheating of quotas are being resolved. Saudi Energy Minister Prince Abdulaziz Bin... 

World’s biggest ruby mine reports coronavirus outbreak

14th July 2020 The world’s biggest ruby mine, Gemfields’ Montepuez operation in northern Mozambique, has reported an outbreak of coronavirus. The company had already placed the operation under care and maintenance in April due to the pandemic, and on July 12 “a few” employees carrying out critical work tested... 

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