Live Trading News » Copper

The Gold Price Report

Paul A Ebeling Jr — Thu, 16 May 2013 09:29:54 +0000

GOLD: Soros Fund lowered its investment in the SPDR Gold Trust (55% this year). GOLD: Funds run by Northern Trust and Blackrock also showed reductions in holdings. GOLD: India, gold premiums more than doubled to $40 an ounce yesterday. EURO-ZONE inflation rate dipped to 1.2 % in April from 1.7 % in March. EURO-ZONE: GDP [...]

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The Metals Hedge Fund: Inflation Protection

Shayne Heffernan — Fri, 26 Apr 2013 11:40:54 +0000

The Metals Hedge Fund: Inflation Protection Funds like HeffCap’s Metals Funds that have built a unique portfolio of Metals and Metal related derivatives and equities are set to see strong growth for the next few years. Marc Faber, S&P 500 Could Decline 40% Last month Economist Shayne Heffernan said, Sell in May, but start in [...]

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The Start of Something Big in Gold and Silver

Paul A Ebeling Jr — Mon, 22 Apr 2013 07:53:49 +0000

The Start of Something Big in Gold and Silver BLK, BAC, GS, ABX, NEM, RIO When the US economy is booming, Gold suffers, when the US economy looks dismal and shows little signs of growth, this strong because it signals that the US Fed will continue to keep the liquidity faucet wide open. In the [...]

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Become a Professional Day Trader

Shayne Heffernan — Wed, 13 Mar 2013 12:33:00 +0000

Firstly, start using the tools of professionals, we offer a free 30 Day trial download Thomson Reuters latest product that will start you on the way, Thomson Reuters Latest Charting and News Technology, Runs on Your Desktop and your iPad The first information that new traders should learn are the basics of trading. A good [...]

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Copper Trading News

Shayne Heffernan — Tue, 12 Feb 2013 07:55:17 +0000

Copper was stuck in a holding pattern on Tuesday with traders reluctant to take big positions due to a week-long holiday in top consumer China, while brightening economic prospects there and in the United States underpinned prices. 3M copper was little changed at $8,196, after falling more than 1 % in the previous session. G-7 [...]

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China is driving Copper higher

Paul A Ebeling Jr — Mon, 10 Dec 2012 18:11:23 +0000

China is driving Copper higher SCCO, FCX, JJC, COPX The data over the weekend showed China’s November industrial production gains of 10.1%, which is the highest reading since March. Higher production and higher Copper demand are good leading indicators. Copper futures are tapping the highest prices in 7 wks, with Comex March futures prices up [...]

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Copper Prices and Preview

Shayne Heffernan — Wed, 17 Oct 2012 07:55:38 +0000

Economist Shayne Heffernan of www.livetradingnews.com takes a look at Copper trading live from Asia Copper extended gains into a second session on Wednesday following strong U.S. earnings reports and after Moody’s Investors Service affirmed Spain’s investment grade, soothing some fears over the euro zone economy. Three-month copper on the London Metal Exchange rose 0.7 % [...]

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Copper Remains a Buy According to Shayne Heffernan

Shayne Heffernan — Tue, 16 Oct 2012 11:21:32 +0000

Economist Shayne Heffernan of www.livetradingnews.com has reissued a buy rating on Copper due to inflation as well as supply and demand factors, Copper has been over sold. Even though equity markets are questionable, Copper is worth buying now Heffernan said in a note to traders today. Copper prices firmed on Tuesday, lifted as equities and [...]

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Copper News: THEMAC Resources Group Limited Remains Under Valued

Shayne Heffernan — Wed, 03 Oct 2012 07:01:15 +0000

THEMAC Resources acquired 100% of the Copper Flat Project in May 2011. THEMAC Resources is in the preliminary phases of returning the Project, a porphyry copper-molybdenum-gold-silver mine to production in south-central New Mexico, USA. The southwestern region of the United States has one of the greatest concentrations of copper-porphyry deposits in the world and New [...]

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Commodities Price Update and Outlook Grains, Metals, Energy

Shayne Heffernan — Fri, 21 Sep 2012 09:37:26 +0000

Grain Prices Russia may limit grain exports this autumn if domestic prices rise sharply, Economy Minister Andrei Belousov said Friday, Russian newswires reported. “The question of shutting off the export of grain is one of the dynamics of the domestic price for grain. We are currently monitoring that trend. Given such trends, it’s entirely possible [...]

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Hana Mining Copper-Silver

Shayne Heffernan — Tue, 21 Aug 2012 19:58:55 +0000

Canadian miner finds new high grade Copper-Silver mineralization in Botswana Canada based Hana Mining has announced the new high grade Copper-Silver mineralization drilling results in its copper project in northwestern Botswana. Hana Mining on Tuesday continued it positive discoveries spree at Zone 5, after results from mineralization intersected 55 meters below current pit limits supports [...]

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Copper Price Outlook

Shayne Heffernan — Sun, 05 Aug 2012 15:40:35 +0000

Friday the Three-month copper on the London Metal Exchange ended at $7,445 a tonne, up 1.6 percent from a close of $7,330 on Thursday, when it hit its lowest since June 22. A recovery in China can push copper prices higher to $8,000. But a strong breakthrough of $8,000 is needed to reverse the downtrend [...]

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Indonesia Talks Up Unpopular Mining Laws

Paul A Ebeling Jr — Sun, 05 Aug 2012 06:30:46 +0000

Indonesia’s new mining policy could result in a decline in the export of raw minerals from mining but authorities here said that this would mean more benefits for the country in the long term. Indonesian Trade Minister Gita Wirjawan admitted that the government policy of restricting the export of 65 unprocessed mining products had cut [...]

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The Copper Shortage BHP, FCX, MS

Paul A Ebeling Jr — Wed, 18 Jul 2012 05:22:28 +0000

World Copper supply contracts, long term rally on the horizon BHP, FCX, MS, JPM, BCS, BAC, DB, RIO Analysts are narrowing predictions for the 1st Copper glut in 4 years as producers from Chileto Indonesia contend with aging mines and strikes at a time of record demand. The Global surplus will total 18,500 metric tons, [...]

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MAX completes eight drill holes at Majuba Hill silver/copper/gold project in Nevada

Shayne Heffernan — Sat, 16 Jun 2012 20:10:29 +0000

Of these eight holes, the first hole (MM-21) was drilled to a depth of 351 m and tested the southeast extension of near-surface high-grade supergene oxide mineralization identified by Max at the historic Majuba Hill mine during 2011. The remaining seven holes followed up on the discovery hole (MM-18) at the DeSoto zone 1.4 km [...]

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Asia Preview Gold, Silver, Copper and Crude Oil Trade

Shayne Heffernan — Wed, 23 May 2012 19:53:23 +0000

Asia looks at Gold, Silver, Copper and Crude Oil Trade US Gold futures prices finished pit trade sharply lower on Wednesday as the Bulls faded after showing a bit of strength late last week. Precious metals, like other raw commodity markets, were pressured by risk-aversion in the market Wednesday, including Bearish outside markets a sharply [...]

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Mark J. Lundeen Market Outlook

Shayne Heffernan — Mon, 14 May 2012 12:21:38 +0000

Markets on the Edge of Something Big Mark J. Lundeen In Early May, some potentially big things are happening that I want to bring to your attention. First, it appears that gold’s bear box is terminating. Remember, the step sum is a market sentiment indicator, and since February the price of gold has [...]

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Asia Trading Preview Gold, Silver, Copper and Crude Oil

Shayne Heffernan — Wed, 09 May 2012 19:57:06 +0000

US Gold futures prices finished US pit trade lower, but well off of the session lows. Prices tapped a new 17-wk low on Wednesday. The market had another raw commodity Bearish risk-off trading day Wednesday as the EU debt issues are in focus again. New technical selling also hit Gold and Silver this week. Jun [...]

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Mining News Peru: New Laws in Place BVN, NEM

Shayne Heffernan — Wed, 09 May 2012 08:44:36 +0000

Minas Conga can restart, must accept Peru government changes BVN, NEM Prime Minister Oscar Valdes said work will be able to restart at the stalled Minas Conga Copper and Gold project as soon as the company decides whether it will implement recommendations from the government. In April, President Ollanta Humala said Minera Yanacocha, the company [...]

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China and Copper Prices

Shayne Heffernan — Wed, 02 May 2012 13:48:29 +0000

China is stockpiling Copper, price to rise It was reported that the copper inventory on the London Metals Exchange (LME) declined by 4.1% last week, the latest weekly fall, indicating that Copper inventories in London have are reduced by about 50% since September 2011. A couple of related reasons come to mind; the shortage of [...]

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Time to Buy Copper

Shayne Heffernan — Sat, 28 Apr 2012 03:27:55 +0000

The London Metal Exchange, the World’s largest metals exchange, reports that Copper stockpiles from the US to China are at 2.5 yr lows and set to decline further. The news has awakened the Copper Bulls to move speculation, sentiment and pricing North. The Overall Technicals: May NY Copper closed up 725 pts to 377.25 cents [...]

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Mining Stalls in Peru, Again

Shayne Heffernan — Mon, 23 Apr 2012 17:41:19 +0000

Peru’s Miners Yanacocha seeks new solutions for stalled mine project NEM, BVN Minera Yanacocha, owner of Minas Conga Copper-Gold project, said late Saturday that it will seek technical and economic “alternatives” in order to allow work to resume on the stalled US$4.8-B project. Violent protests by anti-mine groups late last year led the administration of [...]

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Copper Miners Update FXC, BHP, RIO

Shayne Heffernan — Fri, 20 Apr 2012 11:33:14 +0000

Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Rio Tinto plc (NYSE:RIO), Southern Copper Corp. (NYSE:SCCO), BHP Billiton plc (NYSE:BHP) FXC, BHP, RIO, SCCO In February Copper weighed in at about 4.60 lb, and since the prices have declined to about 3.60 lb, which is a bit better than the price at the beginning of this year. [...]

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Gold, Silver, Oil, Copper Trading and Technical Overlook

Shayne Heffernan — Wed, 04 Apr 2012 20:11:20 +0000

Gold, Silver, Crude Oil + Copper Trading and Technical Overlook Gold futures prices finished US pit trade sharply lower Wednesday and hit a fresh 11-wk low, on follow-through selling pressure from Tuesday’s action. Fresh near-term technical damage has occurred in Gold and Silver. Prices on Tuesday sold off in the wake of Bearishly construed minutes [...]

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Facts about Copper: Resources, Supply/Demand, Production information

Shayne Heffernan — Sun, 01 Apr 2012 14:12:45 +0000

Facts about Copper: resources, supply/demand, uses and production information Copper: Metal used through the Ages Copper was one of the first metals ever extracted and used by humans, and it has made vital contributions to sustaining and improving society since the dawn of civilization. Copper was first used in coins and ornaments starting about 8000 B.C., and [...]

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Copper News, Cupru Min Abrud, Sold to Roman Copper $266m

Shayne Heffernan — Sun, 01 Apr 2012 14:09:43 +0000

Romania sells major Copper mine to Canadian group Romania sold its largest Copper mine, Cupru Min Abrud, to Canada’s Roman Copper Corp. for 200.8-M Euros (US$266-M) as part of it privatization program, the Economy Ministry said Friday. The state-owned company has estimated reserves of 900,000 tons of Copper, or about 60% of the European Union [...]

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Zijin Mining Group Co Ltd., 2899, 601899 Gold, Expansion, New Hong Kong IPO

Shayne Heffernan — Sun, 01 Apr 2012 12:18:04 +0000

Zijin Mining Group Co Ltd. (HKG:2899) (PINK:ZIJMY),(SS:601899) allocating $872-M for overseas acquisitions China’s Zijin Mining Group Co Ltd is planning to spend up to 5.5-B Yuan (US$872.19-M) for acquisitions, most of which will be overseas Gold and Copper assets, the Company’s Chairman said Thursday. Chen Jinghe, the Chairman, did not identify the targets, but last [...]

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Mining Laws in the Philippines, Copper, Gold, Zinc

Shayne Heffernan — Sun, 01 Apr 2012 11:52:50 +0000

Mining Laws in the Philippines, Copper, Gold, Zinc With an estimated population of about 94 million people, the Philippines is the world’s 12th most populous country. An additional 11 million Filipinos live overseas. The national economy of the Philippines is the 45th largest in the world, with an estimated 2011 gross domestic product (nominal) of [...]

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Gold and Copper Prices Move Higher

Shayne Heffernan — Fri, 30 Mar 2012 12:40:32 +0000

Gold and Copper Prices Move Higher Copper Copper firmed slightly Friday and was on track for an 11 percent gain the first quarter of 2012, supported by a weaker dollar and falling inventories in Asia, false fears lingered of weak demand in China. While journalists beat up the China hard landing story and Copper is [...]

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Best Mining ETF’s XME, REMX, URA

Shayne Heffernan — Thu, 29 Mar 2012 18:38:31 +0000

A fresh look at Mining ETF’s, time to rotate? XLB, XME, REMX, URA, LIT, ALUM As the World economy continues to grow, the basic materials sector has lagged a bit in Y 2012. So let’s have a fresh look at it as Basic Materials are a Key sector in a Bull Market IMO. The broad [...]

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Gold, Silver, Oil, Copper Trading

Shayne Heffernan — Wed, 28 Mar 2012 18:54:59 +0000

Gold, Silver, Oil + Copper Trading Gold futures finished US pit trade lower and near the session lows on Wednesday. It was a “risk off” day in the markets as most raw commodity markets, including the precious metals, were under selling pressure, led by Crude Cil. The other Key outside market pressuring gold and silver [...]

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Gold, Silver, Oil and Copper Price Report and Trade Summary

Shayne Heffernan — Mon, 26 Mar 2012 18:49:49 +0000

Gold, Silver, Crude Oil and Copper Trading Gold futures finished pit trade Monday with good gains, and near highs of the day, tapping a 2 wk high. The market saw some bargain hunting and Short covering early Monday, after solid gains posted last Friday. Commodity markets, including the precious metals, got a shot Monday morning [...]

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Shayne Heffernan Copper Report

Shayne Heffernan — Sun, 25 Mar 2012 20:17:28 +0000

Heffernan Capital Management Economist Shayne Heffernan takes a look at Copper Copper Remains Undervalued While journalists beat up the China hard landing story and Copper is trading very cheaply, many people have over looked the real copper news. Africa, South America, Australia and Asia are closing the door on foreign ownership, introducing taxes and changing [...]

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Gold & Copper News:THEMAC Resourse Group (CVE:MAC) Upgraded

Shayne Heffernan — Sun, 25 Mar 2012 20:03:23 +0000

THEMAC RESOURCES GROUP LIMITED (CVE:MAC) In October 2010, Kevin Maloney Chairman, Founder and 68.5% shareholder of THEMAC Resouces (via Tulla), sold his listed mining services group The MAC Services Group in a $651 million deal, from which he took about $340 million off the table. The MAC Services Group Mr Maloney built from the ground [...]

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Copper News: THEMAC Resources Group (CVE:MAC) to be Upgraded on New Data

Shayne Heffernan — Fri, 23 Mar 2012 09:28:20 +0000

THEMAC Resources Group (CVE:MAC) to be Upgraded on New Data. Heffernan Capital Management will be reviewing the current price target for THEMAC Resources Group (CVE:MAC) and there wil be an increase in the 2013 price target, the report will be released Monday THEMAC Resources Group (CVE:MAC) is now assuming a much increased mill throughput for [...]

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ASEAN News: Knightsbridge Law Extends Operations to Myanmar

Shayne Heffernan — Wed, 21 Mar 2012 15:19:44 +0000

Knightsbridge Law Extends Operations to Myanmar Changes in Myanmar have seen the very beginning of an Economic Boom as investment, taxation and commercial laws have been changing. Resource rich Myanmar is set to see unprecedented economic growth and the need for quality Legal, Lobby and Financial services has brought Knightsbridge Law to the country as [...]

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Mining Law Asia Update: Australia, Indonesia, Philippines, Myanmar

Shayne Heffernan — Tue, 20 Mar 2012 21:07:07 +0000

Mining Law Changes: Australia, Indonesia, Philippines The Philippine government intends to impose far heavier taxes and tougher environmental restrictions on the mining industry, President Benigno Aquino said Tuesday Aquino told AFP in an interview a review of the country’s mining policies was close to being finished, and the government would likely require all mining companies [...]

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Mining Law Changes: Australia, Indonesia, Philippines, Myanmar

Shayne Heffernan — Mon, 19 Mar 2012 14:13:51 +0000

Mining Law Changes: Australia, Indonesia, Philippines Shayne Heffernan is one of the leading legal advisors on Mining Law in Asia, Shayne Heffernan holds a Ph.D. in Economics and brings with him over 25 years of trading experience in Asia and hands on experience in Venture Capital, he has been involved in several start ups that [...]

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Better Fundamentals Lift Commodity Prices

Shayne Heffernan — Wed, 14 Mar 2012 04:52:45 +0000

Credit Suisse Group AG (ADR)(NYSE:CS) Nelson Louie, Global Head of Commodities in Credit Suisse Group AG (ADR) (NYSE:CS) Asset Management division, said, “Commodities were generally supported by an improved macroeconomic environment in February. The economic data released towards the end of the month highlighted continued gradual improvement in global growth momentum, which is supportive of [...]

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Gold, Silver, Copper and Crude Oil Trading

Shayne Heffernan — Wed, 07 Mar 2012 20:50:37 +0000

Gold, Silver, Copper and Crude Oil Trading Gold futures prices finished US pit trade higher on Wednesday. The market saw an upside corrective rebound and some bargain-hunting buying interest following recent strong selling pressure that sent prices to a 6-wk low on Tuesday. The Key outside markets were Bullish for the precious metals markets Wednesday, [...]

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Freeport-McMoRan NYSE:FCX and Newmont NYSE:NEM to Be Forced out of Indonesia

Shayne Heffernan — Wed, 07 Mar 2012 09:46:57 +0000

Value is building for reserves of minerals in the USA and Canada as Governments around the world close ranks on the sector. Indonesia has dealt a savage blow to foreign miners like Freeport-McMoRan NYSE:FCX and Newmont NYSE:NEM banning them from long term control of mines. Foreign holders of mining licenses including Freeport-McMoRan NYSE:FCX and Newmont [...]

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Gold, Silver and Crude Oil Trading

Shayne Heffernan — Wed, 07 Mar 2012 02:30:45 +0000

Gold, Silver and Crude Oil Trading Gold futures prices finished the US pit trade sharply lower Tuesday, tapping a 6-wk low. The precious metals Bulls faded, and need to step up and show new resolve to avoid serious near-term chart damage. The Key outside markets were Bearish for the precious metals markets on Tuesday, as [...]

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Mongolian economy to continue fast growth

Shayne Heffernan — Tue, 06 Mar 2012 16:57:15 +0000

Mongolian economy to continue fast growth in coming years Prime Minister Sukhbaatar Batbold said Monday that Mongolia’s economy will continue to grow fast in the coming years after expanding 17.3% in Y 2011 boosted by the booming mining industry. The prime minister spoke in his address at the third Mongolia Economic Forum, a gathering that [...]

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Indonesia Mining Law Showdown Looms

Shayne Heffernan — Tue, 06 Mar 2012 05:12:39 +0000

Economist Shayne Heffernan reports on a looming showdown in Indonesia over new mining laws. The changes will bring pressure to the supply of Coal, Gold, Copper and many more metals/minerals. Under the regulation, after May 7 no new contracts for exporting raw materials can be signed. The export ban will go into effect in 2014 [...]

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CME (NYSE:CME) Revenue to Fall as Trading Drops

Shayne Heffernan — Fri, 02 Mar 2012 17:29:22 +0000

CME (NYSE:CME) February daily Trade down 13% vs. last year CME Group Inc.’s daily trading volume fell 13% in February over a year- earlier period that hosted particularly strong trading volume due to a wave of unrest in the Middle East and North Africa. Daily volume at the world’s largest futures market operator averaged 12.8-M [...]

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Mirador Copper Project Update

Shayne Heffernan — Fri, 02 Mar 2012 17:22:55 +0000

Ecuador, Ecuacorriente reach deal on Mirador Copper project KGC, IMZLF Ecuador has reached an agreement with Ecuacorriente, the local unit of Canada’s Corriente Resources Inc., that allows the Company to mine the Mirador Copper project, Wilson Pastor, minister of nonrenewable natural resources, said Thursday. At a press conference, Pastor said the contract between the Ecuadorean [...]

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Copper up 13% this Year

Shayne Heffernan — Fri, 02 Mar 2012 04:20:08 +0000

Copper Bull Run extends on demand, longest since October Copper traders are Bullish for a 4 week running, the longest since October, as manufacturing strengthens from China to the US and stockpiles decline to the lowest in more than 2 yrs. Analysts surveyed expect the Red metal to extend the gain into next week. Inventories [...]

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Gold, Silver, Copper and Crude Oil Trading

Shayne Heffernan — Mon, 27 Feb 2012 20:28:10 +0000

Gold, Silver, Copper and Crude Oil Trading Apr Gold futures prices finished pit trade Monday with slight losses on a corrective, profit-taking pullback from recent gains that saw prices hit a 3-month high late last week. The Key outside markets were also in a bearish daily posture for the precious metals Monday, as the USD [...]

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Glenstrata to Face the Regulators

Shayne Heffernan — Mon, 27 Feb 2012 14:38:28 +0000

Glencore faces European Commission antitrust scrutiny Commodities trader Glencore’s (LN:GLEN) takeover of mining group Xstrata (LN:XTS) will face European Commission antitrust scrutiny, the companies said Friday, kicking off a Global regulatory process that could take many months. In a statement that follows a period of negotiation, the 2 firms involved in the proposed US$90-B combination [...]

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Commodities Outlook, Gold, Copper, Oil

Shayne Heffernan — Mon, 27 Feb 2012 14:08:43 +0000

Commodities seen to perform best in 2012 The Best: Gold: Copper, and Crude Oil The Worst: Nat Gas Investment in the commodities complex is due a rebound this year, after risk aversion caused many market participants to scale back their exposure in Y 2011, according to Barclays Capital’s 8th annual survey of institutional investors, published [...]

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Gold and Copper to Rise After Freeport McMoRan Violence

Shayne Heffernan — Sun, 26 Feb 2012 18:18:05 +0000

Freeport McMoRan NYSE:FCX has yet again suspended operations at the World’s largest gold and copper mine in eastern Indonesia due to rioting among its employees. Some 8,000 unionized employees walked off their jobs for four months last year demanding pay hikes. They ended their strike in December after getting a 37 percent raise and improved [...]

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Forex Metatrader 4 Broker, MT4 Download

Shayne Heffernan — Thu, 23 Feb 2012 18:11:11 +0000

The MetaTrader 4 terminal is a perfectly equipped trader’s workplace that allows trading in the financial markets (Forex, CFD and Futures). It provides the necessary tools and resources to analyze price dynamics of financial instruments, make trade transactions, create and use automated trading programs (Expert Advisors). It represents the all-in-one platform and is the most [...]

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Gold, Silver, Copper and Crude Oil Trading

Shayne Heffernan — Tue, 21 Feb 2012 20:07:50 +0000

Gold, Silver, Copper and Crude Oil Trading Apr Gold futures prices ended US pit trade sharply higher and near the daily high Tuesday. The precious metals market was boosted by news that Greece and the European Union secured a debt-restructuring deal. The Key outside markets were also in a Bullish daily posture for Gold and [...]

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Gold and Copper: Freeport-McMoRan NYSE:FCX and Newmont NYSE:NEM Costs Rise in Indonesia

Shayne Heffernan — Sun, 19 Feb 2012 17:16:27 +0000

Freeport-McMoRan NYSE:FCX and Newmont Mining NYSE:NEM to See Costs Rise in Indonesia, Freeport-McMoRan NYSE:FCX and Newmont Mining NYSE:NEM are going to come under pressure in the near future as they attempt to negotiate their continued presence in Indonesia Economist Shayne Heffernan said today. “both companies face rising costs at best and mine closures in the [...]

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Copper to Rally on China Demand

Shayne Heffernan — Tue, 07 Feb 2012 20:01:34 +0000

Shayne Heffernan on Copper Prices Copper supply shortfalls may deepen should growth accelerate. China’s official purchasing managers’ index increased to 50.5 last month, the highest since September, data from the statistics bureau on Feb. 1 showed. India’s manufacturing grew at the fastest pace in eight months in January, HSBC Holdings Plc and Markit Economics reported [...]

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Barclays Capital Buys Metals

Shayne Heffernan — Fri, 03 Feb 2012 20:42:07 +0000

Barclays Capital says “heavily overweight” precious and base metals Analysts at Barclays Capital, in their monthly Commodity rankings, gave a “heavily overweight” rating to the base and precious metals sectors, “slightly overweight” to agriculture and “underweight” to energy. “Better-than-expected economic data have helped to ease concerns over the outlook for Global growth,” Barclays says. “The [...]

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Commodities Bulls Going Long, Copper a Buy

Shayne Heffernan — Mon, 30 Jan 2012 18:03:30 +0000

Commodities Bulls Going Long Hedge funds increased bets on rising commodity prices to the highest in 2 months, and the rally in raw materials accelerated as the US Federal Reserve pledged to keep borrowing costs low for at least 3 more years. The CFTC reported that money managers raised combined Bullish positions across 18 US [...]

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China Demand Drives Copper Prices

Shayne Heffernan — Fri, 20 Jan 2012 07:11:39 +0000

Stockpiles monitored by the LME slid 26 percent since October to 351,200 tons, with Asian inventories plunging 82 percent in the period. Combined stockpiles tracked by bourses in London, New York and Shanghai tumbled 15 percent over the same period. China’s manufacturers started 2012 in a sluggish mode, suggesting Beijing will keep pulling pro-growth policy [...]

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Hot Chart: Copper a Buy

Shayne Heffernan — Sun, 15 Jan 2012 07:36:39 +0000

Dwindling stockpiles at LME warehouses will also provide support for copper, she said. Prices may decline as low as $6,500 a ton with an average price of $7,950 for 2012, the bank said in a January note to clients. Orders to draw copper from LME warehouses, or canceled warrants, gained 24 percent to 50,000 tons [...]

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Metals and Energy Trading News

Shayne Heffernan — Fri, 13 Jan 2012 03:37:19 +0000

Gold, Silver and Crude Oil + Copper Trading Feb Gold futures prices Thursday finished pit trade firmer but off of the early-session high. Prices marked a fresh 4-wk high early in the session. The Key “outside markets” were in a Bullish mode for the precious metals Thursday, a lower US Dollar index and firmer Crude [...]

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Copper as an Inflation Hedge

Shayne Heffernan — Thu, 12 Jan 2012 08:12:37 +0000

Copper prices may gain as much as 20 percent in 2012 steady demand from ASEAN and China, the world’s top consumer, amid tight supplies, according to Heffernan Capital Management. In a note to traders today Shayne Heffernan said “Prices of the metal, used in pipes, tubes and wires, will climb to as high as $9,500 [...]

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China Buys Kazak Copper

Shayne Heffernan — Sun, 18 Dec 2011 07:00:05 +0000

China Development Bank loans millions to Kazakhstan Copper company China Development Bank (CDB), one of the Country’s 3 policy banks, has signed 2 agreements with Kazak Copper giant Kazakhmys PLC, granting the mine and refinery operator US$1.34-B and 1-B Yuan (US$158-M)) for a new project. According to the agreements signed Friday in Urumqi, capital city [...]

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Copper and Gold Strike Worsens

Shayne Heffernan — Mon, 07 Nov 2011 18:45:16 +0000

Workers at the world’s largest Copper and Gold site, Freeport-McMoran Copper & Gold’s subsidiary in Papua have dropped their minimum wage increase demands from $7.50 to $4 an hour, the All Indonesian Workers Union said on Monday. Virgo Solosa, an official from the union, known as the SPSI, told the Jakarta Globe that they considered [...]

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Pressure on Copper and Gold as FCX Stalls in Indonesia

Shayne Heffernan — Wed, 26 Oct 2011 17:52:39 +0000

Freeport McMoran Copper and Gold Inc., (NYSE:FCX) Wednesday declared “Force Majeure” at its Grasberg mine in Papua of Indonesia as the strikes of thousands of its workers have declined outputs, spokesman of the firm said here. The production of the firm has been disturbed since thousands of its workers had gone on strikes since October [...]

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Copper Stocks a Strong Buy, SLT, FCX, BHP, RIO, SCCO

Shayne Heffernan — Tue, 18 Oct 2011 20:43:25 +0000

Southern Copper Corp. (NYSE:SCCO),Rio Tinto plc (NYSE:RIO),BHP Billiton Ltd. (NYSE:BHP),Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), Sterlite Industries (India) Ltd. (NYSE:SLT) China’s lust for oil, copper, aluminum, iron ore and coal will bounce back during second half of 2011, having been sluggish as the government’s campaign put the brakes on growth and inflation. The current retreat [...]

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More Strikes Diminish Copper Supply

Shayne Heffernan — Fri, 07 Oct 2011 20:00:22 +0000

More Strikes Diminish Copper Supply Slowing production at Grasberg, coupled with a spate of strikes at Freeport’s South American mines, has raised concerns of a global copper shortage. Workers at the Grasberg mining complex run by US giant Freeport-McMoran began a month long strike on September 15, demanding at least an eight-fold increase in the [...]

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Gold, Silver and Copper Trading

Shayne Heffernan — Tue, 04 Oct 2011 20:20:39 +0000

DIA, SPY, UUP, GLD, JJC, FCX, SCCO, GDX, SIL The DJIA (NYSE:DIA) and S&P 500 (NYSE:SPY) both closed in the Red on Monday. The US Dollar (NYSE:UUP) and Gold (NYSE:GLD) rallied, as silver (NYSE:SLV) fell back below $36 an ounce. With the jobs picture remaining dismal, via the latest unemployment data, Copper (NYSE:FCX) has also [...]

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CME Group (NYSE:CME) Margin Manipulation Hits Metals

Shayne Heffernan — Sat, 24 Sep 2011 09:23:42 +0000

CME Group raised Comex Gold margins by 21.5% and Silver Margins by 15.6% The CME Group (NYSE:CME) is raising the margins needed to trade Comex Gold and Silver futures are being increased by 21.5% and 15.6%, respectively, and the change will take effect after the close of business Monday, the exchange said late Friday in [...]

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US Dollar, the not so Safe Haven

Shayne Heffernan — Thu, 22 Sep 2011 16:40:07 +0000

For investors scrambling for a Safe Haven in troubling times the US Dollar seems to be a reflex action, however HCM do not see an investment in US Dollars now as a safe haven. Today HCM are falling the old Warren Buffett principle “Be fearful when others are greedy, and be greedy when others are [...]

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Miners Lead in Asia Sell Off

Shayne Heffernan — Thu, 22 Sep 2011 07:46:49 +0000

At the close of trade in Sydney, BHP Billiton was down $1.50 or 4 per cent, at $35.63, and Rio Tinto was down $4.49, or 6.45 per cent, at $65.10. Santos shares were down 37 cents, or 3.22 per cent, at $11.12, while Woodside shares were $1.15 lower, or 3.4 per cent, at $32.53. European [...]

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Copper Great Buying Under $4, TSXV: MAC, LON:XTA, ASX:CYU

Shayne Heffernan — Fri, 16 Sep 2011 08:21:17 +0000

Given the supply disruptions from strikes and the increasing demand, Copper under $4 represents real value. HCM maintain their year end target of $5.15 on the metal. Shayne Heffernan has kept his estimate on the Copper shortfall in 2011 at 700,000 tons, and expects December copper prices above $5.15 a pound as workers at some [...]

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Xstrata PLC, LON:XTA Upgraded on Copper Outlook

Shayne Heffernan — Sun, 11 Sep 2011 09:17:42 +0000

HCM have Upgraded Xstrata PLC, LON:XTA based the improved on Copper Outlook of the group. Shayne Heffernan has set a price target of 1,800 for 2012. Last year, the copper business made a $US3.82 billion operating profit representing 50 per cent of the mining giant’s total operating profit. “Charlie Sartain can take much of the [...]

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China Yunnan Copper Australia Limited, ASX:CYU a Strong Buy

Shayne Heffernan — Thu, 08 Sep 2011 20:25:52 +0000

China Yunnan Copper Australia Limited, ASX:CYU has been upgraded to a Strong Buy with a 2012 price target of $1.23 issued today by Shayne Heffernan. Chinalco Yunnan Copper Resources Limited (CYU) explores and develops minerals in Australia, Chile and Laos. Cornerstone investor Yunnan Copper Industry (Group) Co Ltd (YCI) is China’s third largest copper producer. [...]

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Copper, Gold, Silver, Oil Technical Report

Shayne Heffernan — Mon, 05 Sep 2011 07:42:25 +0000

Nymex Crude at 85.82 fell sharply as the fears on another recession increased following the bad US jobs data release Friday. Some Support is seen near 84 and a break below it would push it further down towards 80. Gold at 1881.20 has risen sharply as the market turned risk averse on increasing fears of [...]

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Copper Strikes Hit Peru

Shayne Heffernan — Sun, 04 Sep 2011 13:48:33 +0000

Peru’s Cerro Verde Copper mine workers to hold a 2-Day strike FCX, BVN, SSUMY Union workers at Peruvian Copper producer Sociedad Minera Cerro Verde said late Friday that they plan to hold a 2-day strike starting September 7 to seek a salary increase. The Union said in a release that workers could go on strike [...]

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Ventnor Resources Ltd, ASX:VRX Upgraded

Shayne Heffernan — Sat, 03 Sep 2011 09:12:27 +0000

Ventnor Resources Ltd, ASX:VRX has been Upgraded by HCM to a strong buy, Shayne Heffernan has isued a $2.10 price target on VRX for 2012. Ventnor Resources continues to rally with further spectacular copper intersections from the flagship Thaduna and Green Dragon Prospects situated 40 kilometres east of Sandfire Resources’ (ASX:SFR) DeGrussa Project (14.6Mt @ [...]

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New Commodities Trading Boom in Asia

Shayne Heffernan — Fri, 02 Sep 2011 16:01:29 +0000

Standard Chartered, which provides hedging services to its clients in precious and base metals, energy and agricultural products, could expand its physical trading to act as a link between its clients, both producers and consumers, Ashish Mittal, the bank’s global head of commodities sales said. Standard Chartered expects to post a 30 percent year-on-year growth [...]

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Copper Trading Update

Shayne Heffernan — Fri, 02 Sep 2011 07:58:48 +0000

LME Copper steady LME Copper prices were little changed Friday, after snapping a 6-day rally in the prior session, as investors remain cautious ahead of Key US payrolls data. While encouraging US factory and initial jobless claims numbers that tempered recession fears underpinned prices, concerns about the European economy were expected to weigh on sentiment. [...]

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Copper and Gold to Move Higher as South Africa Struggles

Shayne Heffernan — Wed, 31 Aug 2011 18:34:56 +0000

Copper and Gold to Move Higher as South Africa Struggles Copper and Gold prices will rally as supply dwindles as a result of strikes around the world and natioanlisation in Africa. Uncertainty on the role of Nationalisation in South Africa will likely keep investors worried until the issue is resolved. South Africa’s debate on nationalising [...]

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Glencore International Plc, LON:GLEN Profit up 50%

Shayne Heffernan — Thu, 25 Aug 2011 12:34:57 +0000

Glencore International plc, formerly Glencore International Limited, is a holding company operating through Glencore International AG and its subsidiaries. The Company has three segments. The Metals and Minerals segment focuses on commodity departments, such as zinc/copper/lead, alumina/aluminum and ferroalloys/nickel/cobalt/iron ore, supported by ownership interests in controlled and non-controlled industrial assets, such as mining, smelting, refining [...]

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Commodities News

Shayne Heffernan — Mon, 22 Aug 2011 19:47:38 +0000

On the Commodities Front Overall strength in the commodity complex took the CRB Commodity Index up 0.7% Monday. The Gold price rose more than 2% to trade just 1.00 shy of 1900 oz this afternoon. The move took the precious Yellow metal to a new record high before it closed pit trade with a 2.1% [...]

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Mining Crisis in South Africa, Strikes and Nationalisation

Shayne Heffernan — Mon, 22 Aug 2011 18:32:13 +0000

Investors fear the South African Government will push ahead with nationalisation in the mining sector despite ANC assurances they will not nationalise mining. The mining sector in South Africa is a strike torn minefield with the clouds of nationalisation now on the horizon, investment in the sector will slow and mining output will fall. The [...]

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The Value List DELL, VGCP, RYQG, FLO

Shayne Heffernan — Mon, 22 Aug 2011 13:39:01 +0000

Dell Inc. NASDAQ:DELL, Arizona Gold and Onyx Mining Co, PINK:VGCP, Royal Quantum Group, Inc. OTC:RYQG, Flowers Foods, Inc. NYSE:FLO Dell Inc. NASDAQ:DELL Dell Inc. (Dell), Dell Inc. (Dell) is a technology company that offers a range of technology product categories, including mobility products, desktop personal computers (PCs), software and peripherals, servers and networking products, storage [...]

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ASX Hot Stocks BHP Billiton, Rio Tinto, Woodside

Shayne Heffernan — Sun, 14 Aug 2011 17:25:54 +0000

BHP Billiton Limited (ADR) NYSE:BHP, Rio Tinto plc (ADR) NYSE:RIO, Woodside Petroleum Limited ASX:WPL World stock markets finished a roller coaster week on a high note on Friday, with traders breathing easier but still jittery over the shock waves of slower growth, the US credit downgrade and eurozone debt fears. One of the most volatile [...]

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Copper a Strong Buy Long Term

Shayne Heffernan — Sun, 14 Aug 2011 16:58:36 +0000

Even though Hedge funds and other money managers lowered their copper net-long position to 10,634 contracts from 27,345 on Aug. 2, according to data from the U.S. Commodity and Futures Trading Commission, long term our outlook remains bullish and we expect to see $5 Copper very soon. Along with supply concerns from strikes around the [...]

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Hot Charts: Copper Set to Rally

Shayne Heffernan — Mon, 08 Aug 2011 14:17:25 +0000

Copper will see a much higher valuation by 2012, the industry faces severe shortages and strikes are spreading around the world. A prolonged strike at Chile’s Escondido mine continues to affect copper supply. Workers at the mine have been striking for nearly two weeks, seeking higher wages and an $11,000 annual bonus. The mine accounts [...]

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Aussie Gold ASX:SBM, ASX:IAU, ASX:KCN

Shayne Heffernan — Sun, 07 Aug 2011 10:39:35 +0000

St. Barbara Limited, ASX:SBM, Intrepid Mines Limited (Australia), ASX:IAU, Kingsgate Consolidated Limited ASX:KCN There are some bargains to be had in Australia this week with the junior Gold Miners. St Barbara Limited is an Australia-based company. The Company is engaged in mining and the sale of gold, mineral exploration and development. The Company operates in [...]

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The Heffernan Report, NYSE:GS, NYSE:FCX, NYSE:CVX, S&P 500

Shayne Heffernan — Sun, 23 Jan 2011 19:07:24 +0000

Goldman Sachs Group, Inc. NYSE:GS, Freeport-McMoRan Copper & Gold Inc. NYSE:FCX, ConocoPhillips NYSE:COP, Chevron Corporation NYSE:CVX, NYSE:GS, NYSE:FCX, NYSE:CVX, S&P 500 Trading Outlook Last week we saw a much needed slowdown around the World. Many markets are now near multi year highs and investor sentiment has seen its strongest test of the rally and the [...]

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Asean Stocks, Krakatau Steel, Aboitiz, MAYBANK, CIMB, Noble Group, PTT

Shayne Heffernan — Thu, 20 Jan 2011 21:35:16 +0000

ASEAN Stocks will open lower again today but they may rally in the afternoon session. Overnight in the USA Commodities fell sharply after China reported that its economy expanded 10.3 per cent in 2010, renewing concerns that the country’s central bank will increase borrowing rates to slow growth. China’s inflation surged 4.6 per cent in [...]

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Gold, Silver and Crude Oil Report

Shayne Heffernan — Thu, 06 Jan 2011 16:33:27 +0000

Gold continues its pull back on upbeat jobs data and a stronger USD, Silver follows Gold futures on the COMEX Division of the New York Merc settled at the lowest level in about 3 weeks Wednesday, as stronger-than-expected US private sector employment data boosted players’ confidence in the US economic recovery, lessening the demand for [...]

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Gold, Silver and Crude Oil + Base Metals Report

Shayne Heffernan — Mon, 20 Dec 2010 08:17:23 +0000

Red’s Weekend Gold, Silver and Crude Oil + Base Metals Report The Fundamentals Last week the Commodity Markets were influenced again affected macro-economic developments and not Demand/Supply fundamentals. The sell-off in bond markets resulted in rise in yields and in turn triggered liquidations in commodities with Gold leading. The risk-on environment continued as the FOMC meeting was benign IMO. [...]

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Paul Ebeling Wall St Report, CRM, AAPL, ORCL, RIMM, STD, RBS

Shayne Heffernan — Mon, 20 Dec 2010 08:13:29 +0000

Watching the VIX: The CBOE Volatility index .VIX fell to its lowest level since April, dropping 7.4% to 16.11. Some indicators are pointing: to an “Overbought” market such as high levels of Bullishness, often seen as a contrarian indicator, as well as a high Call to Put ratio, indicating players may be complacent about hedging [...]

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Red’s Weekend Report on Gold, Silver and Crude Oil

Shayne Heffernan — Mon, 06 Dec 2010 13:44:33 +0000

Red’s Weekend Report on Gold, Silver and Crude Oil The Fundamental Outlook Gold futures on the COMEX Division of the New York Merc ran North Friday, capping a 5 day Winning streak, as the downbeat US employment data spurred investors to the perceived safe-haven of Gold. Silver rose to a 30 yr high, and Platinum [...]

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Paul Ebeling Weekly Report, CSCO, XOM, INTC, DIS

Shayne Heffernan — Mon, 15 Nov 2010 14:26:19 +0000

Paul Ebeling Weekly Red Roadmaster Report Featuring CSCO, XOM, INTC, DIS, HCEI, TOMZ, AEMC Paul Ebeling also takes a look at Wall St, FX and Commodities. Red’s Player Alert: The S&P 500 dipped below its 20 Day Moving Average Friday for the 1st time since September 1, but managed to close above it, in a [...]

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Commodity Super-Cycle Coming

Shayne Heffernan — Sun, 14 Nov 2010 13:04:23 +0000

In View: Commodity super-cycle looks to be a “Hot Runner” again How good is your memory? Do you remember the commodity super-cycle that had a big following in the City of London 5 yrs ago? Yes, I do for sure, the premise then was that the emergence of new the industrial Superpowers,China and India, would [...]

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China Stocks Dive Over 5%, ICBC, Vanke, Jiangxi

Shayne Heffernan — Fri, 12 Nov 2010 07:32:36 +0000

The Shanghai Composite Index dropped 167.31, or 5.2 percent, to 2,985.44 at the 3 p.m. close, the most since Aug. 31, 2009. The CSI 300 Index dived 6.2 percent to 3,291.83. The MSCI Asia Pacific Index lost 1.4 percent, while copper prices fell by the daily limit in Shanghai. Industrial & Commercial Bank of China [...]

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ASEAN Outlook, PTT, Genting, SGX, San Miguel

Shayne Heffernan — Wed, 27 Oct 2010 19:51:33 +0000

A great day to be buying ASEAN stock after an encouraging but lower night on Wall St. The Nasdaq led the market back after early losses and the news was better than expected on the earnings front. The big problem is that Wall St has factored in $500b in QE-2 stimulus from the Fed and [...]

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Paul Ebeling Wall St Technical Analysis, BIDU, AEMC, DIS

Shayne Heffernan — Mon, 25 Oct 2010 13:48:03 +0000

Red’s Bull Technical Alert: The S&P 500 sent a Bull Trading Signal as the index’s 50 Day Moving Average crossed above its 200 Day Moving Average, known as a “Golden Cross.” That upward momentum indicator last occurred in June 2009, and the Benchmark index rose more than 35% in the following 10 months. US Stocks [...]

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USD Falls Commodities Rally

Shayne Heffernan — Mon, 25 Oct 2010 08:22:55 +0000

The U.S. dollar index, a gauge of its performance against a trade-weighted basket of currencies, fell 0.3 percent =USD to 76.99 after two straight days of gains. Significant support for the index lies at 76.00, a move below which would likely accelerate selling of the U.S. currency. Investors were essentially putting back on bets against [...]

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Blackrock Hot for Copper

Shayne Heffernan — Mon, 25 Oct 2010 08:16:06 +0000

BlackRock Investment Management natural resources equity unit managing director Evy Hambro said copper companies were cheap compared to the price of the commodity. The copper price has recently surged to about $US8,300 a tonne after plunging to less than $US3,000/t in late 2008 amid the global financial crisis. ‘‘We like the outlook for copper,’’ the [...]

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Singapore Sparks ASX Rally

Shayne Heffernan — Mon, 25 Oct 2010 08:06:51 +0000

Australian Securities Exchange, has agreed to a $8.4 billion takeover offer, or $48 a share, by the Singapore Exchange. The news led to a strong rally on the ASX. ASX shares traded last at $34.96 before entering a trading halt on Friday, but when it resumed trading on Monday afternoon following the announcement, shares soared [...]

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Weekly Report on Gold, Silver, Base Metals and Crude Oil

Shayne Heffernan — Sun, 24 Oct 2010 15:54:37 +0000

The Macro-economic developments dominated the Commodity Market last week. Treasury Secretary Timothy Geithner reiterated the US’s ‘Strong Dollar’ policy, and People’s Bank of China raised both the savings deposit rate and lending rates by +25 bps. Both moves pressured commodities,and prices were choppy throughout the week as speculations for QE-2 remained but some players worried [...]

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After the Bell, BIDU, AXP, VZ, GOOG

Shayne Heffernan — Fri, 22 Oct 2010 21:51:40 +0000

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Aneka Tambang, Timah Lift Jakarta

Shayne Heffernan — Thu, 21 Oct 2010 19:40:29 +0000

In Jakarta, The JCI gained 9.06 points, or 0.3 percent, to close at 3,588.01. Volume was robust, with 7.8 billion shares worth Rp 4.6 trillion ($515 million) changing hands. Gainers outnumbered decliners 123 to 83. Metal producers led the way, with Aneka Tambang, a state-run nickel producer, rising 3.1 percent to Rp 2,500. Timah, the [...]

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Copper Prices Set for Long Term Gains

Shayne Heffernan — Fri, 15 Oct 2010 18:05:41 +0000

Standard Bank forecasts London Metal Exchange copper prices to average $7,375 a metric ton in 2010, $7,900/ton in 2011 and $8,700/ton in 2012, this is in line with Ebeling Heffernan estimates for the metal as demand in the Emerging markets soars. The Refined copper market will record a deficit of 58,000 tons this year, 199,000 [...]

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Metals Prices Touch Highs

Shayne Heffernan — Fri, 15 Oct 2010 06:15:35 +0000

The latest LME data showed that tin stocks held in LME-bonded warehouses rose by 135 tonnes net today, but they remain close to their lowest in almost one and a half years. Three month tin closed at $US26,950 per tonne, having printed a new high of $US27,338.50 earlier. Energy-intensive metal aluminium hit its highest since [...]

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Hot Money Hits the ASX and AUD

Shayne Heffernan — Thu, 14 Oct 2010 06:49:20 +0000

Today the ASX index was 79.2 points higher, or 1.7 per cent, at 4699.1, while the broader All Ordinaries index jumped 74.8 points, or 1.6 per cent, to 4765.9. All sectors except for health care posted gains, with materials rising 2.6 per cent, gold up 2.9 per cent and financials gaining 1.7 per cent. Health [...]

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Australia Growing on Commodities Demand

Shayne Heffernan — Wed, 13 Oct 2010 18:30:05 +0000

The Australian Bureau of Agricultural and Resource Economics estimates the current pipeline of resource projects in Australia at nearly $360 billion on sustained demand from China and India for resources from the world’s biggest exporter of iron ore and coal. Mining-investment plans are up almost 50 per cent, or five times more than levels six [...]

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Gold Higher in Singapore Trading

Shayne Heffernan — Wed, 13 Oct 2010 06:09:43 +0000

Bullion for immediate delivery rose as much as 0.4 per cent to $US1355.15 an ounce, within 0.7 per cent of its Oct. 7 record, and traded at $US1354.65 in Singapore. Gold has gained 8.7 per cent in the past month as the dollar dropped 5.6 per cent against a basket of six currencies. “The dollar [...]

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HCM to Launch Global CFD Platform

Shayne Heffernan — Tue, 12 Oct 2010 15:02:55 +0000

Heffernan Capital Management will offer instant access to financial instruments and securities around the world including prices on stocks, sectors, indices, currencies, commodities and interest rates. We will be providing the tools and the platform so our clients can trade global markets, our online trading platforms provide all of the needed tools. Our online and [...]

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ASX Dives, Miners Fall

Shayne Heffernan — Tue, 12 Oct 2010 06:58:07 +0000

The ASX had its worst day in two months to end 79.3 points lower, or 1.7 per cent, at 4618.2 and the All Ordinaries was down 75.8 points, or 1.6 per cent, at 4686.3. Materials stocks were down 2.2 per cent, industrials were 1.8 per cent lower and the financials index had fallen 1.6 per [...]

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Shayne Heffernan Issues Strong Buy on Indophil ASX:IRN

Shayne Heffernan — Mon, 11 Oct 2010 07:09:36 +0000

Indophil Resources NL (Public, ASX:IRN) chief executive Richard Laufmann is a man of action. So when China’s Zijin Mining walked away from a $1.28 a share takeover bid for the Melbourne-based group in June, there were punters prepared to back Laufmann’s ability to come up with Plan B, a Plan C and a Plan D [...]

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