Base Metals and Minerals

The US dollar rallies and metal prices fall, usually. Brokers look at rising copper production and portend an oversupply in iron ore.

Weak European data and the oversized shadow cast by Cyprus outweighed strong US and Chinese data last night. Dow down 90. (Accessible only for subscribers before 10:15 AEDST)

Wall Street shrugged off Cyprus and took heart in an unchanged Fed. Dow up 55. (Accessible only for subscribers before 10:15 AEDST)

A rejection of the bail-out package by the Cypriote parliament has sent the Eurozone ministers back to the drawing board. Dow up 3 points. (Accessible only for subscribers before 10:15 AEDST)

The mounting opinion is that the eurozone ministers will back down on the extremes of their bail-out package for Cyprus. Dow down 62. (Accessible only for subscribers before 10:15 AEDST)

Chinese steel movements pressure iron ore price but Oz miners are still competitive if price stays well above US$80/t. Base metals outlook continues to diverge.

Wrap of events affecting the market on Friday night and the weekend and a preview of the week ahead.

Brokers find coal looks forlorn while gold costs loom large. Nickel is stuck in a range while oil & gas producers may soon become yield stocks.

The S&P 500 is now only two points short of its all-time high. Is tonight the night? Dow up 83. (Accessible only for subscribers before 10:15 AEDST)

Jonathan Barratt of Barratt’s Bulletin believes copper may have seen a low, as long as Chinese economic data pick up post the New Year’s disruption.