Email of the day (2)
"Iluka Resources here in Australia have announced some stunning price increases for rutile, synthetic rutile and zircon today. I can only find titanium dioxide in the chart library. Is it possible to get charts for the others please? Thanks for that and for doing a great job."
Eoin Treacy's view Thank you for these suggestions. Rutile is a common name for titanium
oxide. I'm afraid Bloomberg prices for synthetic rutile stop in 2009 so
we cannot post that chart. I have updated prices for Zirconium.
This article by Elisabeth Behrmann for Bloomberg may also be of interest:
Iluka
Resources Ltd., the world's biggest zircon producer, rose the most in more than
two years in Sydney trading to a record after increasing prices for the second
half.
Iluka
climbed 11 percent to A$17.56 at 10:35 a.m., the most since Feb. 19, 2009. The
Perth-based company has gained 92 percent since the start of the year after
prices and outlook for its products improved.
Customers
agreed to pay 70 percent to 75 percent more for most of Iluka's planned rutile
output in the second half and 35 to 40 percent more for zircon in the third
quarter, it said today in a statement. Rutile is used in paints and sunscreen
and zircon is used in ceramics.
Higher
pricing and demand prompted Goldman Sachs & Partners Australia Pty to raise
its 12-month target share price to A$19.50 from A$15.75, maintaining a "buy"
recommendation, analysts led by Malcolm Southwood said in a note dated June
2.
Iluka
Resources advanced spectacularly over the last year. Today's upward gap
is one of the largest dynamics posted within the course of the uptrend, from
a significantly higher level and from a wide overextension relative to the 200-day
MA. A pause and consolidation is looking increasingly likely but a reaction
of greater than A$2 would be required
to begin to question the consistency of the medium-term uptrend.