Bougainville Copper resurgence

IMPROVING job figures in the US and European Central Bank intervention have helped lift markets but prices of key commodities could be running out of puff. In other news, Bougainville Copper shares are fighting back with a vengeance.

The ECB's long-term refinancing operation to shore up the books of various struggling banks has been declared a success in some quarters but there are other views that this injection of 530 billion euros ($A653.7 million) will sow the seeds for a later European debt crisis.

Copper and oil prices remain in high ground, seemingly providing little room for further growth.

London Metal Exchange cash copper closed at $US8625 a tonne overnight , up just 0.8% from last Friday.

By the same comparison, LME cash nickel was down 3% to $19,404/t last night.

Singapore Tapis crude has finally stopped climbing this week.

It was $133.28 a barrel overnight - down 0.6% from last Friday.

Spot gold is also losing some momentum.

It is trading around $1722.73 an ounce by in early afternoon trading (AEDT) - a fall of almost 3% from the end of last week.

Meanwhile, a standout performer of our recently updated watchlists was Bougainville Copper with a weekly gain of more than 20%.

There is increasing speculation over big announcements with regard to possibly reopening the Panguna copper-gold mine - but such a task is possibly one of the most challenging in Papua New Guinea.

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