Commodities lose steam

OVERSEAS stock markets were down last night as various reports suggested US central bankers could start cutting back the $US85 billion bond buying program next week.

The previously raised "tapering" plan will reduce the bond purchases to around $70 billion a month although some commentators believe it is already "priced-in" by the markets.

In anticipation of a stronger US dollar, key PNG commodities fell, especially gold.

Spot gold was trading at around $US1324.47 an ounce in the past hour, which is almost a 5% fall from the end of last week.

Singapore Tapis crude, the Asia Pacific benchmark, closed at $188.67 a barrel last night - a 2.8% fall from last Friday.

London Metal Exchange cash copper closed at $7028.40 a tonne overnight, slipping 1.4% from last Friday.

By the same comparison LME spot nickel was also 1.4% down to $13,713.25/t.

Coppermoly completed its recent capital raising efforts and was a key gainer on our watchlists for the week.

But pole position went to Nautilus Minerals, which soared more than 20% for this week.

The deepsea explorer is awaiting the outcome of its arbitration case against the PNG government and evidently some investors are confident of its chances.


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