Metals

Base Metal complex may witness short-covering in coming weeks: Deutsche Bank Over the next couple of weeks it appears likely that the base metals complex may see some short-covering as Chinese merchants/speculators square positions heading into holidays early next week (May Day), stated Frankfurt based Deutsche Bank (DB) in its recent market analysis. 29/4/2013
Copper Rises Before Report Predicted to Show Better U.S. Growth Copper rose for a second day in London before a report predicted to show economic growth sped up in the U.S., the world’s second-biggest consumer of the metal. 26/4/2013
Iron-Ore Market Seen by Investec Avoiding Supply Glut for Now The iron-ore market will avoid a “near-term” supply surplus as Chinese demand for the steelmaking raw material helps to absorb additional production, Investec Securities said. 26/4/2013
China steel prices, demand to remain low in May - industry body China's steel market will stay weak in May, traditionally a time of peak consumption, with downstream demand still uncertain and low prices expected to persist, the country's steel industry body warned on Thursday. 26/4/2013
Gold Resumes Climb as Physical Purchases Temper Drop in Holdings Gold gained after the biggest fall in a week yesterday, advancing for the sixth time in seven days as increasing physical purchases tempered shrinking assets in exchange-traded products. 25/4/2013
Copper Rises as Commodities Advance Amid Stimulus Speculation Copper rose in London, rebounding from three sessions of declines, as commodities and equities advanced amid speculation central banks will take more steps to spur economic growth. 25/4/2013
Morgan Stanley cuts 2013 base metals' forecasts Morgan Stanley Research cut its 2013 price outlooks for several base metals, citing a soft patch in global growth, which is being exacerbated by extended destocking in China and the growth of new capacity. 25/4/2013
Iron ore hits lowest in over 2 weeks on soft China steel outlook Spot iron ore prices drifted to a more than two-week low, reflecting slower buying interest from Chinese mills as they wait for steel demand in the world's top consumer to strengthen. 25/4/2013
Copper Drops for Third Day as China Flash PMI Trails Estimates Copper declined for a third day in London after a preliminary reading of China’s manufacturing in April trailed estimates, raising concerns about demand from the largest user. Aluminum, lead, nickel and zinc also fell. 24/4/2013
Morgan Stanley Raises Third Quarter Iron Ore Estimate on Demand Morgan Stanley raised its forecast for iron ore prices in the third quarter on prospects that demand will improve in China, the world’s biggest buyer, and a global surplus will be delayed to 2015. 24/4/2013

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5/21/2013
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Bumi Armada's Q1 earnings up 22%


Bumi Armada Bhd's earnings rose 22% to RM109.67mil in the first quarter ended March 31, 2013 from RM89.7mil a year ago.

It said on Tuesday the earnings were underpinned by increased activities in its offshore support vessel, transport and installation services and floating production.

Its order book was RM12.2bil of which RM7.9bil were firm contracts and the rest were optional extensions.

Its revenue rose 44% to RM488.75mil from RM335.11mil a year ago. Earnings per share were 3.74 sen compared to 3.06 sen last year.

Bumi Armada said the offshore oil and gas services remain positive with the long term oil price expected to remain above US$70 per barrel.




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