Daily FNArena News - Commodities

It is probably a fair assumption that spot U3O8 prices have seen their bottom with this week recording another rise.

According to Barclays Capital the market is underestimating Chinese oil demand growth, which it sees as supporting prices and eroding oil inventories.

Sellers have tried to raise their prices but their move pretty much brought the U3O8 spot market to a standstill last week.

Prices seldom fall forever, not even for uranium.

According to Barclays Capital the global oil market is moving closer to a new pricing phase in a range of US$80-$90 per barrel.

UxC has gone one step further than TradeTech this week.

Steel researchers at MEPS forecast higher prices, and higher production for stainless steel products this calendar year.

Short term trendlines have fallen below long term trendlines for uranium stocks around the globe. Meanwhile, spot prices continue falling.

In contrast to their technical brethren the fundamental analysts at Barclays Capital remain positive on the outlook for nickel prices.

The outlook for oil prices seems for further gains short-term. ANZ suggests this would make oil even more over-valued.