Skip to main content

Iron ore companies Bounce Higher

THE China-led boom will boost Australia's export revenue by at least $58 billion in the coming year, equivalent to almost $3000 for every person in the country.

Chinese millers agreed to pay Anglo-Australian miner Rio Tinto up to 96.5% more for their ore supplies under long-term contract this year, the largest-ever annual increase. This is against the annual price hike of 65% by Vale of Brazil.

Rio Tinto Group won as much as a 97 percent jump after renegotiationg the price of the steelmaking raw material Iron ore.

The federal Government's commodity markets adviser ABARE predicted mineral exports would soar 50 per cent in 2008-09 to $178 billion

Fortescue rose as much as 8.9 percent, making it Australia's 10th-biggest listed company with a market value of about A$35 billion ($33 billion)

Fortescue Metals rose 88 cents, or 7.5 percent, to A$12.59 at 2:18 p.m. Sydney time on the Australian exchange. It surpassed the $34.4 billion market value of Australia and New Zealand Banking Group Ltd.

Mt. Gibson Iron Ltd. gained 5.2 percent, Atlas Iron Ltd., building a mine in Western Australia, jumped 4.6 percent, and Sundance Resources Ltd. advanced 6 percent.

Analysts expect the surge in exports to bring Australia's international trade account back into surplus for the first time in six years.UBS chief economist Scott Haslem said improved commodity prices should translate to an additional $4 billion a month in exports, enough to deliver a surplus within months.

More news

Executive accused of insider trading

Sean Parnell AN electricity industry executive with links to the booming Queensland and West Australian markets is set to be charged withinsider trad...

Popular posts from this blog

Best Australian stock forums online ( finance forums)

Many traders and investors use forums to share ideas, learn from the more experienced, or simply to stave off boredom during long hours at the computer. Here we list the known universe of forums, complete with costs, member numbers, extra benefits and popular forum topics. Please post a message on Your 2 Cents if your favourite forum isn't listed here, or if you feel that there's more to add about the day-to-day goings on in your online community.Forum
Cost
Stock comps
Forum areas
Comments
AussieStockForums.comFreeASX by share code, General, Beginners, Derivatives, Commodities, International, Strategies/SystemsEasy to use, independent forum. Aussie Stock Forums has a group of very active and knowledgeable traders. Private messaging available. Australian forum.
Chimes in ExileFreeASX stocks, fundamental analysis, technical analysis, commodities, economics, investment tools The forum has a small group of regular contributors that form a genuine community of investor…

The diggers and dealers forum meet 2011

The diggers and dealers forum has just begun August 1. Its a three day annual event happening every year  at the WA country town of kalgoorlie.2011 Diggers & Dealers forumBig name brokers  keenly watching the event will be MacquarieDeutsche BankBell PotterGoldman SachsRBS MorgansEvans & PartnersHartleysBlack Swan Euroz.Well most other websites will give you the  finer details of the annual meet and greet that happens at kalgoorlie , so we will just stick with the bare minimum of details  and focus on the more enjoyable bits  of information that the dealers require to strike a good deal while in town.Bare detailsWebsite : Diggers & DealersEvents : Program and scheduleWatering holes and entertainment at Diggers and dealers forumPubs , clubs  and skimpy (barmaids) culture in kalgoorlie . There are about 25 pubs in Kalgoorlie-Boulder area and for a city that stretches just 67sq km the number of pubs makes for  a good choice on drinking holesand entertainmentExchange Hotel ( Pa…

Stock market and High frequency trading

High frequency and computerised trading androgue trading is again  in the news with  trader Mr Adoboli working for UBS  who was arrested at his desk, is alleged to have lost £1.3 billion through his rogue trades  according to the company , now also annoucing that they might go into a loss in this quarter. According to some reports in the media it was said that Mr Adoboli Himself had reported the  trade when the trade went bad before the computers picked up the loss.
Not so long ago in 2008 Jérôme Kerviel, the Paris-based Société Générale trader lost £4 billion in rogue trades, but fought it out in court contesting that the trading firm knew about his trades with large amounts.

High frequency computerised trading in Australia HFT drives the wild swings in global markets and in co-relation influences the local assets, the intensity is expected to rise with online exchange Chi-X to  begin operating in Australia soon with a limited number of stocks in November. The ASX will launch its Pur…