Foreboding times

MARKETS are already falling ahead of the typically dangerous trading months of September and October. Continually weak US economic data and the ongoing eurozone debt crisis do not bode well for this September quarter.

The Spanish government is lobbying for European Central Bank stimulus as its borrowing costs escalate. There were widespread falls in European markets overnight, with Frankfurt's DAX 30 index notably falling 1.64%.

Meanwhile, layoffs in the US have increased over the past three weeks and there are fears over how the August payroll report will shape up.

Several key PNG commodities are still relatively holding their ground compared to falls in other mineral commodities over recent weeks.

Spot gold was trading at $US1656 an ounce in the past 30 minutes - less than 1% down from last Friday.

Singapore Tapis crude closed at $121.30 a barrel overnight, which is about 1.4% down from the end of last week.

LME cash copper closed at $7556.75 a tonne overnight. This is a fall of almost 1% from last Friday.

By the same comparison LME spot nickel is down 3% to $15,920/t - a move closer to the dangerous $15,000/t level which has closed nickel operations down before.

Most stocks on our watchlists are in the red for this week with the notable exception of a few junior explorers. Coppermoly has notably rallied, perhaps indicating its recent investor presentation hit the mark.


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