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    RIO   GB0007188757

RIO TINTO PLC

(RIO)
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Delayed London Stock Exchange  -  05/25 11:37:53 am EDT
5659.00 GBX   +2.13%
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Shanghai nickel tumbles ahead of Fed meeting, China holidays

01/25/2022 | 01:22am EDT

Jan 25 (Reuters) - Nickel prices tumbled on Tuesday on profit-taking, ahead of a meeting of the U.S. Federal Reserve and holidays next week in China, with the Shanghai futures market hitting the session's 8% lower limit after a blistering rally to record highs.

The most-traded March nickel contract on the Shanghai Futures Exchange dropped to as low as 163,460 yuan ($25,823.88) a tonne.

Nickel futures in top consumer China scaled fresh peaks above 180,000 yuan on Monday, supported by concerns over low inventories at exchanges and robust demand prospects.

Three-month nickel on the London Metal Exchange was down 1.3% at $22,115 a tonne, as of 0553 GMT, extending losses after a 6.8% slump on Monday.

The metal used to make stainless steel and chemicals for electric vehicle batteries touched $24,435 a tonne last week, the highest since August 2011.

Traders said the adjustments in transaction fees and margin requirements for nickel, tin and stainless steel announced by the Shanghai exchange on Monday also prompted profit-taking.

But "there has been no significant change in the fundamentals of nickel," said Huatai Futures analysts in a note. "The global refined nickel inventory continues to decline and is at a low level."

* The Federal Reserve will begin its two-day meeting later on Tuesday, with worries over a more hawkish U.S. central bank roiling asset markets around the globe.

* Geopolitical tensions added to investors' concerns as the U.S. Department of Defense has announced that about 8,500 American troops were awaiting orders to deploy should Russia invade Ukraine.

* Rio Tinto Plc and the Mongolian government have reached an agreement to end a long-running dispute over the $6.93 billion expansion project for the Oyu Tolgoi copper-gold mining project.

* Shanghai tin shed 4.3% to 317,150 yuan a tonne, copper fell 1.7% to 69,890 yuan, aluminium slipped 0.3% to 21,135 yuan, zinc dropped 1% to 24,790 yuan, and lead lost 1.7% to 15,495 yuan.

* LME tin slumped 1.8% to $41,800 a tonne, copper was up 0.1% at $9,736.50, aluminium gained 0.2% to $3,035.50, zinc was virtually flat at $3,595, while lead shed 0.7% to $2,342. ($1 = 6.3298 yuan) (Reporting by Enrico Dela Cruz in Manila; Editing by Rashmi Aich and Shailesh Kuber)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
AUSTRALIAN DOLLAR / US DOLLAR (AUD/USD) -0.22% 0.70848 Delayed Quote.-2.40%
BRITISH POUND / US DOLLAR (GBP/USD) 0.28% 1.25764 Delayed Quote.-7.11%
CANADIAN DOLLAR / US DOLLAR (CAD/USD) 0.03% 0.77997 Delayed Quote.-1.14%
EURO / US DOLLAR (EUR/USD) -0.54% 1.06749 Delayed Quote.-6.03%
INDIAN RUPEE / US DOLLAR (INR/USD) -0.06% 0.0129 Delayed Quote.-3.95%
NEW ZEALAND DOLLAR / US DOLLAR (NZD/USD) 0.48% 0.6476 Delayed Quote.-5.73%
RIO TINTO PLC 2.13% 5659 Delayed Quote.13.27%
S&P GSCI ALUMINUM INDEX -0.95% 182.1909 Real-time Quote.3.13%
UNITED STATES DOLLAR (B) / CHINESE YUAN IN HONG KONG (USD/CNH) 0.77% 6.7082 Delayed Quote.4.79%
US DOLLAR / RUSSIAN ROUBLE (USD/RUB) 5.72% 59.6 Delayed Quote.-21.84%
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Financials (USD)
Sales 2022 59 820 M - -
Net income 2022 19 265 M - -
Net cash 2022 2 623 M - -
P/E ratio 2022 6,00x
Yield 2022 12,8%
Capitalization 118 B 118 B -
EV / Sales 2022 1,92x
EV / Sales 2023 2,18x
Nbr of Employees 49 000
Free-Float 65,4%
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Number of Analysts 23
Last Close Price 69,37 $
Average target price 79,48 $
Spread / Average Target 14,6%
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Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Dominic S. Barton Chairman
Mark Davies Chief Technical Officer
Arnaud Soirat Chief Operating Officer
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