Daily FNArena News - Commodities

The Chinese steel market has shown signs of strength in recent weeks but Standard Chartered sees scope for oversupply to put some short-term pressure on prices.

The uranium spot price continues its rise, supported by robust demand.

According to Barclays Capital shorter-term traders are now driving the gold price and with expectations of a stronger US dollar in coming weeks this suggests the price of the metal could fall further.

A short-term correction in commodity prices is likely, but by year’s end stronger prices are expected as fundamentals improve.

TradeTech wasn’t the only one raising its price benchmark for spot uranium this week.

Spot U3O8 prices have continued their advance during the past week.

Base metal prices have gotten a little ahead of fundamentals and with a seasonally weaker period approaching prices may see a correction.

The Chinese are all too willing to talk business with junior iron ore producers, reports Apollo Minerals.

Spot U3O8 prices settled at US$50/lb on both TradeTech’s and UxC’s assessment.

Having gained around 50% in the past two months, nickel prices are likely to see some sort of correction in coming months.