Daily FNArena News - Commodities

The copper market seems ripe for a serious price pull back, experts say.

April’s auction at Mestena’s Corpus Christi headquarters saw some fierce bidding and spot uranium surging to US$113/lb.

Silver champion Ted Butler has again espoused the virtues of owning silver over gold and other investments as a long term trade. Substantial Comex short positions only add to his resolve.

A resolution in Iran and more central bank selling has not deterred gold as it breaks back out of its recent trading range.

Industry consultant GFMS has released its Gold Survey for 2007, the group suggesting conditions remain in place for gold to go above last year’s high and beyond.

The discovery of a big uranium deposit in South Australia has all the hallmarks of a new hype, being touted “the biggest uranium find in 25 years”.

National Australia Bank has lifted its commodity price forecasts for coming quarters and while it sees some weakening in 2008 suggests any falls will be modest.

Resource Capital Research suggests uranium prices could still go substantially higher, which should provide ongoing support for the juniors in the sector.

Spot gold has reached an important price level, trading guru Dennis Gartman believes. The immediate outlook is now whether the metal can confidently beat resistance at “666”.

European central banks sold another 12 tonnes of metal last week but still the gold price is higher.