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Australian miners report production numbers Asian stocks mixed for the day

Article By: ,  Financial Analyst
April 19, 2012 8:00 AM

Asian stocks were mixed despite negative offshore leads.

Australia’s ASX200 index was 0.3% higher at its close while Japan’s Nikkei 225 was last trading around 0.8% lower.

Mining companies in Australia continue to report their quarterly production numbers. The numbers have so far been well received by the market.

Iron ore producer Fortescue Metals today announced production below expectations and slightly higher operating costs, but shares managed to post a modest gain of 1.5%. Production has been impacted by adverse weather, much like the situation with Rio Tinto and BHP who have operations near Fortescue.

Energy giant Woodside Petroleum firmed 1.4% after reaffirming its production guidance for this year and saying its Pluto LNG development is about to commence production.

In currencies, the Australian dollar was last buying 1.0353 against the US dollar. The Euro was trading at 1.3114, in line with yesterday’s levels.

The Japanese Yen weakened during the session, with the US dollar last buying 81.49 as the Bank of Japan’s Governor Masaaki Shirakawa pledged to continue monetary easing.

Gold continues to slip, last buying US$1638/oz. Copper remains in the US$3.60-65/lb range despite weakness in other metals.

Emerging Australian copper producer Discovery Metals continues to creep up, last $1.70 which was 4.6% higher on for the day. Other copper exposures were also higher on the Australian market, including Cudeco.

Elsewhere, Silver is also relatively stable, last at US$31.49/oz.

 

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