China’s Yantai Halts Gold Output after Fire; Zijin Mining, Zhaojin Decline
China’s largest gold-producing city halted output after a fire at a mine killed 16 workers, prompting investors to sell shares of Zijin Mining Group Co. and Shandong Gold Mining Co.
- Yantai, which accounted for 15 percent of the nation’s bullion output, ordered safety checks at most mines on Aug. 7, Zijin said today in a statement to the Hong Kong exchange. Shandong Gold said four of its mines are affected.
- Yantai, in Shandong province, has about a tenth of China’s gold resources, according to the city government, The nation is the biggest bullion producer. The fire, caused by overheated power cables, took place at Luoshan Gold mine, owned by state- owned Shandong Zhongkuang Group Co.
Pepper futures fall
Pepper futures on Monday fell sharply after remaining highly volatile on lower quotes from Vietnam and Sri Lanka. Vietnam has quoted $3,700 a tone (fob) for FAQ 500 GL pepper and on hearing it, Sri Lanka also started offering at the same price.
- Vietnam is reported to have exported 87,000 tonnes of pepper during January–July 2010. Besides, another 10,000 tonnes were moved out of that country through cross-border trade. Even after that, the producing country, which had been projecting a lower production and an availability of below one lakh tonnes, is reported to have 10,000-15,000 tonnes of pepper in hand, taking the total to 1,07,000-1,12,000 tonnes. This figure could also be misguiding, trade sources here said.
- What is surprising is that export figures are officially released frequently, while pepper import figures are not made available by the authorities concerned, trade sources said. Therefore, nobody knows how much volume of pepper is imported from various origins and how much out of it is shipped out. This needs to be made public, they said.
Today’s Strategy for Rubber
1) Go short below 17410 for a target of 17320 – 17250 with a Stop Loss at 17500
2) Go long above 17520 for a target of 17620 with a Stop Loss at 17440
3) Go short from 17690 for a target of 17570 with a Stop Loss at 17760
4) Go long from 17250 for a target of 17360 with stop loss at 17170.
