China increases the appeal of commodities
October 15th, 2009 by Darren Brind
Closing Data
| Current | Change | % | |
|---|---|---|---|
| Dow Jones | 10015.86 | 144.8 | 1.5% |
| NASDAQ | 2172.23 | 32.34 | 1.5% |
| S P 500 | 1092.02 | 18.83 | 1.8% |
| FTSE 100 | 5256.1 | 101.95 | 2.0% |
| Nikkei 225 | 10060.21 | -16.35 | -0.2% |
| ASX 200 | 4,831 | 45.5 | 0.9% |
| COMEX Gold - Dec 09 | 1064.7 | -0.3 | -0.0% |
| COMEX Silver - Sep 09 | 17.908 | 0.068 | 0.4% |
| COMEX Copper - Sep 09 | 284.45 | 5 | 1.8% |
| WTI Spot | 75.18 | 1.03 | 1.4% |
| AUD-USD | 0.9147 | 0.0059 | 0.6% |
| Aluminium | 1905.5 | -9.5 | -0.5% |
| Copper | 6282 | 46 | 0.7% |
| Lead | 2301 | 38 | 1.7% |
| Nickel | 18560 | -250 | -1.3% |
| Tin | 15050 | -125 | -0.8% |
| Zinc | 2063.5 | 2.5 | 0.1% |
The local share market looks like it may open stronger this morning after U.S. stocks rallied overnight with the Dow Jones breaking through the 10,000 level following some better than expected earnings results and retail sales data.
Commodities
Copper prices rose, as purchases by China increased and the US dollar's slump bolstered the appeal of commodities. China,the world's biggest metal buyer, imported 399,052 metric tons of copper and related products in September, up 23% fromAugust.
Crude oil rose above US$75 a barrel in New York, the highest level in a year, on optimism that the global economic recoveryand fuel-demand growth will accelerate. Oil climbed for a fifth day as the USdollar declined and equities advanced around theworld. Crude imports by China, the fastest-growing energy user, were 15% higher in September than a year ago, according to agovernment report.
The SPI 200 is up 49 points.
The Aussie Dollar is buying 91.56 US cents, 81.89 Yen, 61.33 Euro cents and 57.28 Pence Sterling.
The RBA’s October Bulletin is due for release today, as well as the Melbourne Institute survey of consumer inflationary expectations for October, and the Westpac/ Melbourne Institute survey of consumer unemployment expectations for October.
Company News
Shares in project development and contracting company Leighton Holdings Ltd (LEI) gained 1.08 per cent to $38.24 yesterday. The company has appointed Peter Gregg Chief Financial Officer of the company. Mr Gregg was formerly Chief Financial Officer and a member of the board of Qantas. The appointment of Mr Gregg follows the sudden and surprise resignation of current CFO Scott Charlton. Leighton Holdings also announced that it has been chosen as the preferred contractor for the $550 million upgrade to the Hills M2 motorway
in North West Sydney. Leighton Holdings 2009 net profit dropped from its high the year before of $607.8 million.
Contact your Freeman Fox Stockbroker on 07 3031 9960 or 1800 003 369 Ext 7.
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