Daily FNArena News - Commodities

State-owned Chinese aluminium giant Chinalco has acquired Canadian-listed Peru Copper in a portent of things to come.

RBC Capital Markets advises any short-term seasonal weakness in silver prices is an opportunity as the medium-term outlook is positive.

Recent spot trades at US$138/lb have prompted more brokers to reassess their uranium price forecasts.

Macquarie and NAB have this week put up lengthy arguments for a higher US dollar gold price.

Two auctions in the past week have pushed up the spot uranium price by double digits. With another auction coming up in two weeks US$150/lb doesn’t look that far off anymore.

Excessive gold sales from the ECB and individual European central banks have acted as a tonne weight on the gold price, but now the ECB has called it quits for the fiscal year.

Industry consultants Ux and TradeTech are quoting different weekly spot prices for yellowcake.

National Australia Bank is expecting a bounce in rural output this year but cautions further rains are needed or expectations will be scaled back.

The immediate outlook for precious metals gold and silver is looking increasingly worrisome, technical chartists at Barclays Capital warn.

National Australia Bank’s monthly look at base metal markets suggests the trend appears to be for prices to ease into 2008.