Glencore Share Discussion Threads

[twixy] 15/8/2018 15:08

Hopefully we are seeing some aggressive buy backs today; rather hoover them up at GBP3 than a higher price later in the year or is that being too optimistic? ;-)

[waldron] 15/8/2018 12:29

Michele Maatouk
WebFG News
15 Aug, 2018 09:04
London open: Stocks flat as miners weigh; UK inflation data in focus
city of london skyline

London stocks were steady in early trade on Wednesday as investors eyed the latest UK inflation data for July, with worries about Turkey receding for now as the lira regained some poise.

At 0840 BST, the FTSE 100 was flat at 7,613.17, while the pound was unchanged against the dollar at 1.2727 and 0.1% higher versus the euro at 1.1224 ahead of the release of consumer, producer and retail price indices at 0930 BST.

Although the mood was lifted by a strengthening Turkish lira - which rose against the dollar after the country announced that it will implement retaliatory tariffs on some US products - weakness in the mining sector weighed, with BHP, Glencore, Antofagasta, Anglo American and Rio Tinto all in the red amid weak copper prices.

"Risk on sentiment returned and traders were once again in the mood for buying overnight," said London Capital Group analyst Jasper Lawler. "As the lira moved higher, Wall Street rebounded snapping a four-day losing streak on the Dow.

"Whilst the markets have regained their cool towards Turkey for the time being, it is highly unlikely that the whole crises can now be swept under the carpet. These confidence issues are rarely a one or two-day event, never to raise their head again. Not only is it unlikely that hostilities between Turkey and the US will simmer down quickly, but fundamentals are stacked against emerging markets right now as they struggle in a rising US interest rates climate."

As far as the UK data is concerned, the consumer price index is expected to print at 2.5% year on year in July, up slightly from June’s 2.4%, while core CPI is expected to remain constant at 1.9%.

[pander45] 15/8/2018 12:22

Agree, this is cheap. Buy for me.

[purplepanther] 15/8/2018 12:21

Everyone and his dog selling this one today so I'm going the other way and buying few for a trade. Not too bothered about short term direction of metal prices, esp after they have already all but crashed. I'd rather pay attention to the company EBITDA guidance and on that basis Glen is cheap

[dmf] 15/8/2018 12:00

Probably too late to start shorting GLEN !

[waldron] 15/8/2018 11:36

This is quite a signal

over the next day or so it will be confirmed whether GLEN has fallen into the

280 to 310p BOX

if so, surely a great buying opportunity imo

[scfc1] 15/8/2018 11:23

Even better now than 1 hour ago...or is it? Scfc

[a2584728] 15/8/2018 10:25

Great buying opportunity

[la forge] 15/8/2018 08:31

MARKET REPORT: Copper slump chisels £655m off miner Antofagasta

By Lucy White For The Daily Mail

Published: 00:52 BST, 15 August 2018 | Updated: 01:27 BST, 15 August 2018

e-mail

1

View comments

A slump in earnings at Chilean copper miner Antofagasta tarnished the company’s shine, wiping £654.6million off its market value.

Antofagasta announced that earnings for the first half of the year were down 16.2 per cent to £708.1million, as the strengthening Chilean peso meant costs climbed.

Copper production was also down 8.5 per cent due to lower grades of ore in its mines and a blockage found earlier this year at the Los Pelambres pipeline, which moves copper concentrates to nearby ports.
Falling profits: Chilean copper miner Antofagasta
+1

Falling profits: Chilean copper miner Antofagasta

Production of gold, which Antofagasta mines as a by-product of its copper operations, dropped by 35.8 per cent as a result of lower grades found at the Centinela mine.

Though the copper giant had already warned that its first-half figures could be disappointing, shares still sank by 7 per cent, or 66.4p, to 886.4p.

Antofagasta’s chief executive Ivan Arriagada said: ‘As we have guided, this year is a tale of two halves. The first half, on which we are reporting, is expectedly softer due to lower sales tonnes and grades and higher costs, but we are expecting tonnages and unit costs to improve substantially during the second half and well into 2019 as mined grades increase in line with our mine plan.’
RELATED ARTICLES

Previous
1
Next

Debenhams shares lifted by rumours Mike Ashley might merge...
Gucci, Prada... and Sports Direct: The brands Mike Ashley...
CITY DIARY: Informa boss Lord Carter could become the next...
DAILY BRIEFING: Price of bitcoin dipped below...

Share this article
Share

Arriagada was keen to impress on investors that it was still expecting full-year copper production to be between 705,000 tonnes and 740,000 tonnes.

In a silver lining for investors, revenue was up 3.6 per cent to £1.6billion as Antofagasta managed to nab higher prices for the copper it did sell to offset the lower volumes.

But the company added that current trade negotiations between President Trump and China were creating ‘considerable market uncertainty’. Ian Forrest, an analyst at The Share Centre, said: ‘Antofagasta still has the potential to deliver good results if demand for copper and prices continue on an upward path, especially as the group has been increasing its productive capacity and is reducing costs.’

In an otherwise uneventful day for the FTSE 100, Antofagasta’s decline weighed the index down. It ended the day 0.4 per cent, or 30.81 points lower, at 7611.6 points.

[la forge] 15/8/2018 08:30

MARKET REPORT: Copper slump chisels £655m off miner Antofagasta

By Lucy White For The Daily Mail

Published: 00:52 BST, 15 August 2018 | Updated: 01:27 BST, 15 August 2018

e-mail

1

View comments

A slump in earnings at Chilean copper miner Antofagasta tarnished the company’s shine, wiping £654.6million off its market value.

Antofagasta announced that earnings for the first half of the year were down 16.2 per cent to £708.1million, as the strengthening Chilean peso meant costs climbed.

Copper production was also down 8.5 per cent due to lower grades of ore in its mines and a blockage found earlier this year at the Los Pelambres pipeline, which moves copper concentrates to nearby ports.
Falling profits: Chilean copper miner Antofagasta
+1

Falling profits: Chilean copper miner Antofagasta

Production of gold, which Antofagasta mines as a by-product of its copper operations, dropped by 35.8 per cent as a result of lower grades found at the Centinela mine.

Though the copper giant had already warned that its first-half figures could be disappointing, shares still sank by 7 per cent, or 66.4p, to 886.4p.

Antofagasta’s chief executive Ivan Arriagada said: ‘As we have guided, this year is a tale of two halves. The first half, on which we are reporting, is expectedly softer due to lower sales tonnes and grades and higher costs, but we are expecting tonnages and unit costs to improve substantially during the second half and well into 2019 as mined grades increase in line with our mine plan.’
RELATED ARTICLES

Previous
1
Next

Debenhams shares lifted by rumours Mike Ashley might merge...
Gucci, Prada... and Sports Direct: The brands Mike Ashley...
CITY DIARY: Informa boss Lord Carter could become the next...
DAILY BRIEFING: Price of bitcoin dipped below...

Share this article
Share

Arriagada was keen to impress on investors that it was still expecting full-year copper production to be between 705,000 tonnes and 740,000 tonnes.

In a silver lining for investors, revenue was up 3.6 per cent to £1.6billion as Antofagasta managed to nab higher prices for the copper it did sell to offset the lower volumes.

But the company added that current trade negotiations between President Trump and China were creating ‘considerable market uncertainty’. Ian Forrest, an analyst at The Share Centre, said: ‘Antofagasta still has the potential to deliver good results if demand for copper and prices continue on an upward path, especially as the group has been increasing its productive capacity and is reducing costs.’

In an otherwise uneventful day for the FTSE 100, Antofagasta’s decline weighed the index down. It ended the day 0.4 per cent, or 30.81 points lower, at 7611.6 points.

[purplepanther] 15/8/2018 08:25

The good news is that Glencore is still on track for about $17.7bn of EBITDA this year with spot prices at or about current levels and LME copper stocks are plummeting. So sooner or later the technicals reassert themselves and Glencore will see potential for upward earnings revisions.

[action] 15/8/2018 08:22

Good news ex divi in Sept.

[leoneobull] 14/8/2018 22:27

Copper down, trade wars, bribery and corruption. Will sbdy give me some decent news like trump being impeached?!

[waldron] 14/8/2018 16:57

Rio Tinto
3,775 -1.27%


BHP Billiton
1,701.6 +0.50%


Anglo American
1,644.2 -2.15%



Glencore
316.4 -0.78%


Gold COMEX 1,203.90 +0.28%
Silver COMEX 15.06 +0.50%
Copper COMEX 2.69 -1.70%
Brent Crude Oil NYMEX 72.61 -0.37%

[waldron] 14/8/2018 16:28

Copper prices fell near a fresh year-to-date low on Tuesday after data showed fixed-asset investment in China slowed to a nearly two-decade low in the first seven months of the year and Bloomberg News reported that BHP Billiton Ltd. could avoid worker strikes at the world's largest copper mine.

Copper for September delivery slumped 1.7% to $2.6835 a pound on the Comex division of the New York Mercantile Exchange. Prices are down almost 20% from their June four-year highs, hurt by worries that trade tensions between the U.S. and China will accelerate a Chinese economic slowdown, weakening demand for materials used in construction and manufacturing.

China is the world's largest commodity consumer, accounting for about half the world's copper demand. Tuesday's data showed spending on factory machinery, public-works projects and other fixed-asset investments in China's nonrural areas grew 5.5% in the January-July period from a year earlier, matching a record low from 1999.

"The response of metals prices to the data from China is correspondingly negative," Commerzbank analysts said in a note to clients.

Other industrial metals including aluminum, tin and lead also fell on the London Metal Exchange.

As investors have grappled with the prospect of lower copper demand, data has pointed to steady production and disruptions from worker strikes that boosted copper last year haven't materialized.

Copper's losses accelerated Tuesday after Bloomberg reported that the union at Chile's Escondida mine is optimistic about reaching a wage agreement with BHP, potentially ending the prospect of a strike that could lower production. A 44-day strike at Escondida last year helped support copper prices.

Among precious metals, gold for December delivery edged up 0.4% to $1,203.80 a troy ounce, boosted by declines in the dollar. The dollar surging has pushed gold to its lowest level since January 2017 by making the yellow metal more expensive for overseas buyers.

On Tuesday, the WSJ Dollar Index, which tracks the dollar against a basket of 16 other currencies, fell 0.2% after closing at a fresh 15-month high Monday.

Write to Amrith Ramkumar at [e-mail] and David Hodari at [e-mail]



(END) Dow Jones Newswires

August 14, 2018 11:02 ET (15:02 GMT)

[waldron] 13/8/2018 17:27

Rio Tinto
3,823.5 +0.54%



BHP Billiton
1,693.2 -0.17%



Anglo American
1,680.4 +0.77%


Glencore
318.9 -0.70%


Gold COMEX 1,202.00 -1.41%
Silver COMEX 15.05 -1.76%
Copper COMEX 2.74 -0.18%
Brent Crude Oil NYMEX 71.38 -2.18%

[waldron] 13/8/2018 16:52

13/08/2018 | 1:45 p.m.
Glencore fell by 1.4% and thus underperformed the London FTSE (-0.6%), after Societe Generale's withdrawal of its preferred list ('premium list'), to which it had integrated in November 2017.

While maintaining its 'buy' advice and its target price of 420 pence on the action of the group of mines and commodity trading, the French bank wants to reduce its position of overweight the sector.

[deanowls] 13/8/2018 13:56

Most of their trading will be priced in usd so any costs would result in cheaper labor?

[action] 13/8/2018 13:23

If they drag this one down due to Turkey - Great buying opportunity. Compare to World GDP - Turkey's GDP is negligible.

[scoble2] 13/8/2018 11:19

I don't know Glencore is exposed to Turkey or SA. I am a Glencore shareholder.

[sarkasm] 13/8/2018 10:59

cheers guys


SCOBLE2

as you mentioned it

what sort of exposure to SA and Turkey

is it substantial, was it really worth mentioning

[fangorn2] 13/8/2018 10:49

Sarf Africa and Turkey - Warehousing assets



Mines, Energy,Agri, nah...from what i can see.Only had a cursory glance at the operations map tho.

[scoble2] 13/8/2018 10:30

Glencore is exposed to Turkey and South Africa?

[sarkasm] 13/8/2018 10:11

cheers fellas

have a great week