U.S. markets, Sept. 3-6

Jobs data in the U.S. showing that employers hired fewer workers than expected in August and that fewer Americans were looking for work raised hopes that the Federal Reserve would not trim its massive stimulus program when it meets on Sept. 17, driving the price for gold and copper higher. Meanwhile, the Baltic Dry Index, which measures commodity shipping costs, posted a 19% gain — its biggest weekly gain in three years — due to rising demand for shipping everything from metal to grains. The Dow Jones Industrial Average broke a four-week streak of declines, rising 0.76% — or 112.19 points to 14,922.50 — while the S&P 500 Index climbed 1.36% — or 22.2 points to 1,655.17 — after falling 3.1% in August.

Rio Tinto topped the value charts with a US$3 gain to US$48.11 per share. On the eve of exclusive viewings of the company’s Argyle pink diamonds tender in Hong Kong, Rio Tinto’s chief executive for diamonds and minerals, Alan Davies, said he expects demand for diamond jewellery in China will “grow strongly in the next decade, underpinned by an increase in wealth and a growing middle class.” Rio Tinto has partnered with Chinese diamond jewellery manufacturer and retailer Chow Tai Fook to promote the pink diamonds at more than 1,000 stores throughout China.

Rio Tinto reported on Sept. 2 that it had loaded the first iron ore shipment from its expanded port, rail and mine operations in Australia. The program is expected to boost capacity for Rio Tinto’s iron ore operations in Western Australia by 290 million tonnes per year.

BHP Billiton and fifty-fifty joint venture partner Mitsubishi Development celebrated opening their Daunia metallurgical coal mine in Central Queensland on Sept. 4. Construction got underway in 2011, and the project was completed under budget in July. The partners invested US$1.4 billion to build the 4.5-million-tonne-per-year coal mine.

BHP’s global coal business produced 111 million tonnes of coal in 2012. Shares of BHP climbed US$2.83 to end the trading week at US$64.93 per share.

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