Proactive Investors reported that buyers for copper emerged after energy prices retreated from last week's sharp rally causing its biggest daily rise in 3 months and calming worries about inflation and the global economy. Copper remained off record highs at USD 10,190 per tonne in London and USD 4.6575 per pound.
Middle East uncertainty is likely to keep demand for precious metals high this week. Spot gold settled at USD 1,409.30 an ounce up 1.47% on the week. May silver settled at USD 32.898 an ounce up 1.86% on the week. US shares closed up as oil prices eased from recent highs. At the close the Dow Jones index was up 62 points or 0.51%, to 12130.
Trading on the LSE was interrupted after a technical malfunction closed it for almost all of the morning due to a market data issue. During the suspension, revised UK GDP data was released and investors were unable to react to calmer oil markets. However the FTSE 100 index ended up 1.37%, 81.22 points at 6001.
The Cac 40 index was 61 points higher at the close of trading at 4,070, whilst the Dax index ended the day 50 points higher at 7,181, having fallen 4% in recent days in response to the turmoil in the Middle East.
Leading Japanese shares rose slightly after the price of oil fell back from the two and a half year highs it hit. The main Nikkei index closed up 74.05 points or 0.7% at 10,526.76. The ASX all ordinaries remained flat at 4924 while the ASX SPI 200 was up 20 points at 4839.
The Australian dollar remained above parity with the greenback and is currently trading at USD 1.014 while remaining strong against other global currencies buying GBP 0.63, EUR0.73 and JPY82.9.
(Sourced from www.proactiveinvestors.com.au)
