As the 2014/15 financial year draws to a close here in Australia, the world looks to the Eurozone and how they are going to handle the Greek debt crisis. There are some very tough decisions that need to be made which could have far reaching consequences if they get it wrong. Over the weekend, with residents trying to empty their bank accounts of Euros in case the Eurozone pulls out, (therefore forcing a return to the Drachma currency), the Greek Government ordered banks to close.

Our markets have been a little mixed with the Australian dollar falling around a cent over the weekend and is currently trading at 0.768. Not such a big deal in the grand scheme of things, but interesting considering that this is the biggest fluctuation we have seen all month.

In LME metal market news, it should be noted that the Nickel price took an absolute hammering overnight, currently trading at a 6 year low.


Please find the following article for your perusal;

**** Greece’s debt crisis sends stocks falling around the world **** AP AND NETWORK WRITERS AP JUNE 30, 2015 6:39AM

MOUNTING concerns about Greece has driven markets down after talks between the country and its creditors broke down, as thousands of anti-bailout protesters hit the streets.

US stocks fell sharply on Monday, while major indexes in Europe took even bigger losses.

Greece’s long-running debt crisis took a dangerous turn over the weekend after the country’s Prime Minister, Alexis Tsipras, said his government will hold a referendum on proposals made by the country’s lenders.

European officials refused to extend the country’s bailout program, which expires on Tuesday, the same day it’s supposed to make a debt payment to the International Monetary Fund.

European Commission chief, Jean-Claude Juncker, said he feels “betrayed” by the “egotism” shown by Greece in failed debt talks, according to the BBC.

He said Greek proposals were “delayed” or “deliberately altered” and the talks had been broken “unilaterally” after Mr Tsipras announced the referendum.


**** DJ Base Metals Hit By Greek Woes — Market Talk ****

0930 GMT [Dow Jones]–The industrial metals on the London Metal Exchange are being buffeted by strong headwinds in the form of the Greek debt crisis and the surrounding uncertainty. With the exception of copper, all the base metals are more than 1% lower. The biggest loser is nickel, which is trading down 4.8% at $11,850/ton. “The increased risk aversion among market participants due to the Greek debt crisis … is also having an impact on base metals. All of them are under pressure,” says Commerzbank.


**** DJ Nickel Hits Six-Year Low On Norilsk News — Market Talk **** By Ese Erheriene @

1626 GMT [Dow Jones]–Nickel futures on the London Metal Exchange continue to plummet, trading down 4.8% at $11,855/ton, as investors sell out of their long positions. The metal hit a six-year low at $11,730/ton, falling “very sharply – some might say almost like greased lightning,” says Steve Hardcastle, head of client liaison at Sucden Financial. The move by investors was a reaction in part “to the announcement from the Shanghai Futures Exchange that Norilsk Nickel has finally been accepted as a deliverable brand against SHFE contracts,” says Mr. Hardcastle.


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