Base Metals and Minerals

It was another bad night for financials on Wall Street, sending the US dollar down, commodities up, and the Dow down 130.

In a little over twelve months, life as we know it has changed dramatically. Financial markets are in crisis, the global economy is staring at recession, and now the commodity super-cycle has faltered. What lies ahead?

A report suggesting the US government will indeed need to bail out the terrible twins sent Wall Street scrambling again and the Dow down 180 points.

It was a whole lot of not much on Friday as oil edged lower and the Dow higher, with gold the only real casualty.

Wall Street traders awoke on Thursday morning and realised Wednesday was all just a dream. Last night it was back to dollar up, commodities down, and an 82 point rally in the Dow.

More financial sector downgrades helped the Dow fall 100 points but a sharp snap-back in the oil price saw all commodities turn markedly.

Weekly musings by your editor. It’s the time of many new beginnings: a correction for commodities, a global economic slowdown, falling interest rates and… prospects for better times ahead?

The Dow fell 140 as the financial sector spell was broken and reality brought Wall Street back to earth.

Gold crashed over US$30 last night and oil fell again despite the conflict in the Caucuses. The Dow hung on to a 48 point gain.

Higher sulphur costs have seen Minara’s earnings fall and as UBS notes additional funding will likely be required, which suggests little share price upside in the medium-term.