Daily FNArena News

Participants at Metal Bulletin’s recent Stainless and Special Steel summit in Finland were broadly positive on the market outlook and expect nickel prices to move higher.

Inflation in Australia remains at the top end of the RBA’s target zone of 2-3%, the monthly gauge by TD Securities and the Melbourne Institute suggests.

Jobs numbers were good, housing numbers were woeful (which is good), oil shot up again (which is good for oil stocks) and end of quarter window dressing is in play.

Copper weakened overnight and Barclays Capital chartists are cautious of a short-term top given the metal is approaching significant technical resistance.

Housing affordability in Australia will continue to fall according to Commonwealth Bank thanks to a combination of insufficient supply and people’s desire for larger houses.

Strength in Asian markets kept steel prices steady over summer but industry consultant MEPS sees scope for higher prices thanks to tighter markets and higher raw material costs.

The Dow ratcheted up another 100 points last night driven largely by GM. Bear Stearns rumours also fuelled the fire along with a very poor durable goods number.

After much anticipation BHP upgraded its Olympic Dam total ore resource by 75%, but its 2P resource by only 7%.

Base metal prices have peaked according to National Australia Bank but there is further upside in the bulks and rural commodities, particularly wheat and dairy.

News Sims Group will merge with Metal Management in the US has not changed the broking community’s mixed opinion on the stock, some arguing it is overvalued while others see further upside.