Daily FNArena News - Commodities

Mine workers in Peru – the world’s largest silver producer and second largest copper and zinc producer – were set to strike at midnight Sunday.

With the chance the US dollar will weaken further after the Fed left rates on hold ANZ sees scope for some profit taking among commodities this week, though any downside is expected to be limited.

GSJB Were and Rio Tinto see uranium prices heading higher next year but JP Morgan sees few catalysts to drive spot prices over the next 12 months or so.

De-stocking has meant weak Chinese demand for copper but Barclays Capital expects this will soon end and the increased demand will push up the price of the metal.

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.