Daily FNArena News - Commodities

Annual negotiations for iron ore contract prices are due to start soon. Chinese customers are advocating unity amongst steel firms, while BHP is as bullish as can be.

Credit Suisse likes the outlook for gold longer-term but sees potential for silver and platinum to outperform shorter-term as they play catch up to gold’s recent gains.

Global food prices are rising and the trend is likely to continue according to ANZ Bank, with less land, climate change and increased use of biofuels all contributing factors.

The world’s second largest central bank holder of gold bullion is not in a selling mood just yet.

Precious metals specialists at UniCredit believe spot gold can reach as high as US$1400/oz on a 3 to 5 years horizon.

National Australia Bank has joined the rush to lift forecasts for iron ore prices, the group forecasting a 15% increase but seeing price risk as to the upside.

Barclays Capital suggests the outlook is positive for metals leading into LME week next week, though ANZ’s commodities team sees scope for some short-term profit-taking.

The gold market’s worst kept secret has again become the stuff of headlines following a seemingly innocuous comment in a Citigroup report.

Industry consultant UxC has followed its peer TradeTech by equally cutting its weekly spot price indicator to US$75/lb.

Where is the bottom for spot uranium? It’s not at US$85 as TradeTech cut its spot price indicator by another US$10 to US$75/lb.