ASX:LYC

ASX Preview: Australian Shares to Rise as Oil Surges on Middle East Tensions; Rio Tinto Group Reports Higher Q1 Copper Equivalent, Iron Ore Production

Australian shares are poised to rise on Tuesday, tracking higher global oil prices after Brent crude surged more than 5% on renewed Middle East tensions and escalating uncertainty around the Strait of Hormuz amid stalled US-Iran ceasefire talks.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average fell 0.2%, 0.3%, and 0.01%, respectively.In the macroeconomy, the ANZ-Roy Morgan Australian consumer confidence fell 0.2 points to 64.3 in the week of April 13 to 19, ANZ reported Tuesday.In corporate news, Rio Tinto Group (ASX:RIO) on Tuesday reported a 9% year-over-year increase in copper equivalent production in the first quarter, while global iron ore production jumped 12% to 82.8 million tonnes.Lynas Rare Earths (ASX:LYC) said its fiscal third-quarter gross sales revenue increased to AU$265 million from AU$123 million a year earlier, while sales receipts advanced to AU$234 million from AU$124.6 million.Australia's benchmark index rose 0.1% or 6.4 points to close at 8,953.30 on Monday.

Lynas Rare Earths Reports Higher Fiscal Q3 Gross Sales, Rare Earth Oxide Production

Lynas Rare Earths (ASX:LYC) said its fiscal third-quarter gross sales revenue increased to AU$265 million from AU$123 million a year earlier, while sales receipts advanced to AU$234 million from AU$124.6 million, according to a Tuesday filing with the Australian bourse.The company also reported quarterly rare earth oxide production of 3,233 tonnes, up from 1,911 tonnes in the prior-year period, as it achieved first-time samarium oxide production ahead of target in March, per the filing.The average selling price across all rare earth products during the fiscal third quarter was AU$84.60 per kilogram, in line with the prior quarter.Lynas Rare Earths said its cash payments for capital expenditure, exploration and development totaled AU$32.6 million in the fiscal third quarter, compared with AU$71.3 million a year earlier.

Morgan Stanley Downgrades Lynas Rare Earths to Equalweight from Overweight; Price Target is AU$20.45

Lynas Rare Earths Says JPMorgan Chase Ceases to be a Substantial Shareholder

Lynas Rare Earths (ASX:LYC) received notice that JPMorgan Chase and its affiliates are no longer substantial holders of the company from April 9, according to a Tuesday filing with the Australian bourse.JPMorgan Chase and its affiliates became a substantial holder of the company on Feb. 16, with a 5.24% total voting power, an earlier filing showed.