Back to the future

US FEDERAL Reserve chairman Ben Bernanke recently signalled that the inflation game was still on, leading to commodity price gains which lifted many PNG-related stocks.

In a speech overnight the central banker said US interest rates were likely to remain low and a "highly accommodative monetary policy" was needed for the foreseeable future.

The comments helped lift the S&P 500, the best measure of US stocks, by 1.36% and lifted the Australian dollar by US1.5c.

London Metal Exchange cash copper closed at $6992 a tonne overnight which was an encouraging 3% gain from last Friday.

By the same comparison, LME spot nickel closed up 2.5% to $13,562.50/t last night.

Singapore Tapis crude closed at $114.44 a barrel overnight which was a 2.2% jump from last Friday.

Spot gold was trading around $1282 an ounce in the past hour - up almost 5% from last Friday's close.

While there was a lot of green across our watchlists this week, there was little joy for Indochine Mining, Coppermoly and Marengo Mining.

Indochine's recent resource upgrade may have disappointed some investors, Coppermoly is in the throes of capital raising and Marengo recently decided to close its Perth office as part of cost cutting initiatives.


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