Analysts find little prospect for higher metals prices in the near term and investors are valuing yield over growth.
The past two nights have seen solid jumps in copper, gold and oil although iron ore has bucked the trend. Dow down a net 19 points over two sessions. (Accessible only for subscribers before 10:15 AEST)
Brokers suspect copper market bearishness is overdone, while cuts to nickel production are needed and iron ore price forecasts may turn out too low.
By Rudi Filapek-Vandyck, Editor FNArena A few snippets from the week past: – When measured in renminbi, China's Q1 GDP…
A scam tweet sent Wall Street spiralling last night, then rebounding immediately, on what was otherwise a strong session for earnings. Dow up 152. (Accessible only for subscribers before 10:15 AEST)
OZ Minerals’ share price was already under pressure before the company released a March production report which disappointed already pessimistic analysts. But is OZ now a cheap bet?
Wall Street is back in buy-the-dip mode, re-establishing the trend prevailing before the China GDP sell-off. Dow up 19. (Accessible only for subscribers before 10:15 AEST)
The Chartist is on the sidelines, remaining bullish in the wider picture but wary of further near-term downside for copper.
Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.
Commodities consolidated and some buying emerged, but weak data and mixed earnings results are maintaining the pressure on Wall Street. Dow down 81. (Accessible only for subscribers before 10:15 AEST)