Last week markets were more bullish on the back of European Central Bank President Mario Draghi's mere promises of a viable future for the region, with Reuters even calling it a "Draghi-sparked rally".

Last night Draghi failed to provide any suitable follow up on what can be done for the debt-plagued countries in the region. Widespread selling has resumed in Spanish and Italian stock markets.

London Metal Exchange spot nickel is getting awfully close to the dreaded $US15,000/t a level which can trigger the closure of higher-cost nickel operations according to precedents set during the global financial crisis.

LME spot nickel is down 4% from last Friday to $15,190 a tonne overnight.

By the same comparison, LME cash copper is down 3% to $7322.25/t last night.

Spot gold is trading around $1590.55 an ounce in the past hour - 2% down from last Friday's close.

The Asia Pacific benchmark of Singapore Tapis crude is treading water at $113.42 a barrel - just 42c up from last Friday.

As for PNG-related stocks, the three exciting explorers of Indochine Mining, Kina Petroleum and Foyson Resources are in front as expectations build on their positive news flow ahead.