Vale's net slips on currency, costs
![The miner said net debt reached $US22.12 billion in the quarter. It wants to reduce net debt to between $US15 billion ...](http://web.archive.org./web/20170730190245/http://www.afr.com/content/dam/images/g/s/k/z/f/j/image.related.afrIndexLead.320x210.gxkeel.png/1501191113063.jpg)
Vale, the world's largest producer of iron ore, was crimped by a weaker currency and higher output costs in its latest quarter.
Vale, the world's largest producer of iron ore, was crimped by a weaker currency and higher output costs in its latest quarter.
Goldman Sachs boosted its iron ore forecast for the next three months to $US70 a tonne, from $US55.
Tin hit its highest price in six months on reports of smelter shutdowns in China, the world's largest tin producer.
Australia is forecast to strengthen its position near the top of the LNG export ladder as low prices deter more new projects.
Kumba Iron Ore chief Themba Mkhwanazi expects iron ore to fall back to $US55-$US60 a tonne in the second half.
Copper surged, lifting shares of producers including Glencore, on bets that demand in China will fuel a global shortage.
China's steel rebar futures climbed for a third session as the crackdown on low-tech steel furnaces accelerated.
Gas exporters on the east coast are expecting no let-up in pressure from government to make more supply available to local buyers.
Oil rose 3.3 per cent to the highest close in more than a month amid signs US shale drilling may have peaked.
Brazil unveiled sweeping changes to its mining code, boosting royalties in the latest move to reduce a budget deficit.
Enjoy unlimited access to Australia's best business news and market insights across desktop, tablet and mobile
Already a subscriber? Log in