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    MEL   NZMELE0002S7

MERIDIAN ENERGY LIMITED

(MEL)
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Copper eases on stronger dollar

01/13/2021 | 11:02pm EDT

HANOI, Jan 14 (Reuters) - Copper prices fell on Thursday, as a stronger dollar buoyed by stimulus hopes and higher U.S. yields made greenback-priced metals more expensive to holders of other currencies.

Three-month copper on the London Metal Exchange slipped 0.4% to $7,981 a tonne by 0328 GMT, while the most-traded March copper contract on the Shanghai Futures Exchange fell 0.2% to 58,720 yuan ($9,075.73) a tonne.

The dollar extended its rebound from near three-year lows against major peers, supported by higher U.S. yields, as President-elect Joe Biden prepared to outline his plans for massive fiscal stimulus.

FUNDAMENTALS

* China's copper imports fell for a third straight month in December, official data showed, as construction and manufacturing demand was not enough to offset the closure of an arbitrage window that made 2020 a record year for shipments.

* China's exports grew more than expected in December, albeit at a slower pace than the month before, as global demand for Chinese goods remained solid, while import growth quickened.

* Global miner Rio Tinto said it had reached an agreement with electricity provider Meridian Energy MEL.NZ to allow its aluminium smelter in New Zealand to continue operations until December 2024.

* LME aluminium rose 0.2% to $2,016.50 a tonne, nickel advanced 0.3% to $17,730 a tonne while zinc fell 0.8% to $2,752 a tonne.

* ShFE nickel rose 0.5% to 130,990 yuan a tonne, zinc fell 1.3% to 20,530 yuan a tonne and lead rose 1.7% to 14,855 yuan a tonne.

* For the top stories in metals and other news, click or

MARKETS NEWS

* Bonds slipped, Japanese stocks jumped to a three-decade high and other Asian equities loitered near record peaks as investors focused on U.S. stimulus prospects and extended bets on global recovery and growth.

DATA/EVENTS (GMT)

0630 India WPI Inflation YY Dec

1330 US Initial Jobless Clm Weekly

($1 = 6.4700 yuan) (Reporting by Mai Nguyen; Editing by Rashmi Aich)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
MERIDIAN ENERGY LIMITED -0.40% 5.02 End-of-day quote.-32.35%
RIO TINTO PLC 0.51% 4672.5 Delayed Quote.-14.58%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) -0.13% 6.382 Delayed Quote.-1.74%
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Sales 2021 4 252 M 3 042 M 3 042 M
Net income 2021 252 M 181 M 181 M
Net Debt 2021 1 481 M 1 059 M 1 059 M
P/E ratio 2021 50,4x
Yield 2021 3,38%
Capitalization 12 925 M 9 227 M 9 245 M
EV / Sales 2021 3,39x
EV / Sales 2022 4,17x
Nbr of Employees 1 015
Free-Float 49,4%
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Spread / Average Target 8,53%
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Neal Anthony Barclay Chief Executive Officer
Michael John Roan Chief Financial Officer
Mark John Verbiest Chairman
Peter David Wilson Deputy Chairman
Anake Angus Murray Goodall Independent Non-Executive Director