Gas – ITAR-TASS reported today that Kiev is in talks with European gas companies regarding a national gas consortium that would help Ukraine with its natural gas transportation system. Ukraine's parliament-appointed Minister of Energy and Coal Industry Yuriy Prodan told ITAR-TASS that he country has forwarded proposals to European gas companies, but that Kiev is not in talks with Moscow concerning the issue.
Resource Market News Directory
Coal – Bloomberg reported that Australian mining companies are producing and exporting coal at a loss due to take-or-pay contracts with freight companies.Losses from exporting coal at current low prices are much less than what it would cost to default on the freight agreements.
Coal – Reuters reported today that U.S. rail shipper Norfolk Southern (NYSE:NSC) reported a drop of 18 percent in profits for the first quarter of 2014, largely due to a 15 percent fall in earnings from coal shipments. However, Norfolk Chief Executive Wick Moorman told Reuters that the company expects a rebound following this quarter.
Oil – Reuters reported today that Nigeria has awarded oil contracts worth roughly $40 billion a year to domestic oil companies. The contracts make up the majority of Nigeria's long-term oil contracts, and the move is in line with the country's policy to increase the role of local businesses in the oil industry, according to Reuters.
Copper – Reuters reported today that the State Reserves Bureau for China has bought 2000,000 tonnes of imported copper between March and April. According to its sources, Reuters said that the stockpiler plans to move the copper stocks to state warehouses by June, and will also sell off older copper to rotate stocks.
Silver – This morning, silver rose 0.3 percent, or $0.06, to trade at $19.44 an ounce.
Gold – Today, spot gold prices fell 0.7 percent to trade at $1,280 per ounce. Meanwhile, US gold futures for June delivery were down $12 an ounce, to $1,276.
Copper – Three-month copper on the London Metal Exchange fell 0.6 percent or $39.67 to trade at $6,611.75 a tonne on Tuesday, according to Reuters. As an economic slowdown seems only likely to continue in China, the red metal is still feeling the impact of concerns regarding Chinese demand.
Silver – This morning, silver rose 0.4 percent, or $0.08, to trade at $19.46 an ounce. The dollar's diminished performance and continued tension in Ukraine both contributed to this lift in price.
Silver – In an article titled The Dark Side of the Silver Mining Industry, SRSrocco Report's Steve St. Angelo states that last year, the six top primary silver miners had an average yield of 7.6 ounces per tonne, down from 8.1 ounces per tonne in 2012.