Intraday Market Thoughts

Archived IMT (2009.03.19)

by Ashraf Laidi
Mar 19, 2009 21:07

I've mentioned earlier the strength in copper prices as the metal hits 4-month highs on increased Chinese imports, expectations that China's stimulus would re-energize infrastructure spending and yesterday's jump prompted by the Fed's latest dosage of monetary injection. Reports that miners such as AngloGold Ashanti, the worlds 3rd biggest gold producer, may get approval for exploration in Colombia, reflects creeping confidence by producers that their favorable price outlook would compensate for production costs. Aussie is the best G10 currency positioned for copper-drive gains as Australia is the world's second biggest producer. See Chapter 8 of y book for detailed analysis on the metal-driven currencies such as the Chilean peso and Aussie and how they fared since 2000, 2002, 2005 and 2008. Aussie retreat to test 0.6820, backed by 0.6770 until fresh attempt towards 0.69.


Latest IMTs