EUROPE POWER-Curve up with firm gas response to Russia/Ukraine
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- Published on Monday, 16 June 2014 08:25
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* Curve tracks Ukraine-driven energy price rises
* Cal '15 price highest since April 30
* Nearby German wind output to decline
FRANKFURT, June 16 (Reuters) - European power forwards on Monday traded higher in reflection of firmer gas prices, which responded to the unresolved row between Europe's main gas supplier Russia and transit country Ukraine over unpaid bills.
"Clearly the uncertainties must be priced into power but don't forget that prices had been low, so this morning's advances are not surprising," a curve trader said.
The German Cal 2015 baseload power contract for next-year delivery was up 63 cents from Friday levels at 34.83 euros ($47.4) per megawatt-hour, a near seven-week high after 34.95 euros on April 30.
METALS-Metals buoyed as Iraq conflict boosts commodity indexes
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- Published on Monday, 16 June 2014 08:21
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Reuters
* ShFE copper breaks through 100-day moving avg; hits 10-day high
* Oil prices at highest this year on Iraq supply threat
* Coming up: U.S. industrial output for May at 1315 GMT (Updates prices)
By Melanie Burton
SYDNEY, June 16 (Reuters) - London copper climbed on Monday as conflict in Iraq drove commodity indexes higher, while Shanghai copper hit a 10-day peak after breaking through a key level on charts.
The focus for metals markets has shifted to the Middle East, away from a gradually improving picture in the United States economy and China's fragile reaccelerating growth.
"People generally allocate towards commodities when geopolitical risk increases, and they tend to buy indices which tends to ripple across commodities
ArcelorMittal opens maiden steel plant in China through joint venture
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- Published on Monday, 16 June 2014 08:09
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ET Auto
NEW DELHI: NRI billionaire Laxmi Mittal-led
ArcelorMittal today opened its first steel making facility in China through a joint venture, VAMA, aimed at catering to the local automotive market with $ 832 million investment.
Valin ArcelorMittal Automotive Steel Co (VAMA), in which Chinese firm Hunan Iron and Steel Co also has stake, has an annual capacity of producing 1.5 million tonnes high-strength automotive steels. China imports such steel to meet domestic need, the world's largest steel maker said in a statement.
"VAMA will produce state-of-the-art grade steels for safe and cost-efficient light-weight design, superior surface quality and coating technology, helping to meet rapid growth in demand
Valin ArcelorMittal Automotive Steel Co (VAMA), in which Chinese firm Hunan Iron and Steel Co also has stake, has an annual capacity of producing 1.5 million tonnes high-strength automotive steels. China imports such steel to meet domestic need, the world's largest steel maker said in a statement.
"VAMA will produce state-of-the-art grade steels for safe and cost-efficient light-weight design, superior surface quality and coating technology, helping to meet rapid growth in demand
These 2 Things Could Give DryShips 33% Upside
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- Published on Monday, 16 June 2014 07:55
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Jun. 9, 2014 9:23 AM ET | About: DryShips Inc. (DRYS), Includes: ORIG by: Quoth the Raven
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. (More...)
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