US equities gave up early gains to close mostly modestly higher. Copper, nickel and silver surge. Gold, oil also rally. $A touches US67¢.
Already a subscriber?The S&P 500 eked out a modest gain in the final session of another positive week as it extended its fast start to the month of May. The Dow also edged higher, closing above 40,000 for the first time.
Global benchmark copper contracts on the London Metal Exchange rallied as much as 2.8 per cent on Friday to within striking distance of an all-time high set in March 2022, Bloomberg reported. Copper prices had already hit records in New York and Shanghai this week, as the global market reels from a short squeeze centred on the Comex exchange.
Spot silver surpassed $US30 an ounce to hit the highest level in more than a decade, Bloomberg also reported, in a rally that has become more forceful and fast than gold’s gains amid robust financial and industrial demand. While the LIC sector is under pressure, the 98-year-old Australian Foundation Investment Company is staying patient and hunting for value.
In contrast, Gilbert said the wave of broker upgrades ahead of the result indicates expectations are high and the stock’s advance means it’s no longer cheap.AUD +0.2% to 66.93 US centsIn New York: BHP +2.4% Rio +2.4% Atlassian -1.4%VIX -3.5% QQQ -0.1% TLT -0.7%Spot gold +1.6% to $US2415.22/oz at 4.58pm in New York10-year yield: US 4.42% Australia 4.21% Germany 2.51%Local: The RBA’s latest policy meeting minutes will be released on Tuesday.
Walsh said the $US12 trillion added to global central banks to kickstart the post-COVID recovery has yet to recede in a meaningful way. “The Fed isn’t fighting inflation, it is fighting the echo effects of all this stimulus.
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