Daily FNArena News - Commodities

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.

Credit Suisse and Morgan Stanley have lifted their iron ore price forecasts as continued strength in steel production is being exacerbated by a lower than expected supply response.

Funds have moved back in. The FOMC is expected to leave interest rates unchanged. So what does this mean for precious metals and gold in particular?

The opening session of Nymex U3O8 futures saw a high of US$140/lb and a settlement of US$135/lb on thin volume.

Is this time “it” ? Market watchers and experts believe gold seems finally poised to break through US$695/oz and beyond.

As the US dollar continued its bounce against the euro, supply data, fund buying and a strike in Peru combined to send gold higher last night.

As yet more gold sales are registered by European central banks, the market is starting to wonder whether talk of quota shortfalls might be misplaced.