Daily FNArena News - Commodities

Lost supply from Australian producers and scope for a technical bounce from oversold levels suggest some short-term upside for nickel prices.

ANZ Bank suggests signs the US dollar is bottoming implies commodity prices may trend lower in the short and medium-term. Any falls are believed unlikely to be significant.

Australia’s iron ore producers are set to enjoy a boom – not just due to Chinese demand, but due to the higher price of oil.

Resrouce Capital Research has released its latest report on the uranium industry and sees signs of an improvement in prices, with US$75 per pound a likely short-term target.

ANZ Bank suggests profit taking may hit commodity markets in coming sessions, with lower oil prices to push gold and base metal prices lower in sympathy.

Westpac has assessed the negative oil leverage of nations around the world, noting there is currently nowhere to hide as other fuel sources are also becoming more costly.

Non-OPEC production issues are the driving reason behind Scotiabank revising its oil price forecasts to US$125 per barrel this year and US$135-$140 per barrel in 2009.

The Great Debate – is it speculation, or is it simply supply/demand?

Steel industry consultant MEPS has revised up its steel price forecasts but mid-year may prove to be the peak if the global economy slows further.

Ux Consulting has lowered its weekly spot price to US$63/lb, US$2 below where fellow industry consultant TradeTech left it at its last sector update.