Daily FNArena News - Commodities

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.

Credit Suisse has seen the market move towards its iron ore price forecasts for FY08, but not everyone shares its view prices will continue to rise in FY09.

Another significant price jump and a scheduled private auction have raised the odds uranium will be priced in three digits soon.

Queensland premier Peter Beattie has released a press statement to report that he will now proceed with the lifting of uranium bans in his state.

What looked like a sure fire bet in 2006 has turned out a massive struggle in 2007. Spot gold is still expected to write US$700/oz this year but in between lays a bumpy road.

Rumours abound Russia is attempting to create an OPEC style cartel of natural gas producers, which would control more than 40% of world production and around 70% of global reserves.

With some signs of a tightening in the copper market BHP Billiton has agreed the likely return to a surplus may take longer than expected thanks to supply side delays.