Anzac Day marks the anniversary of the first campaign that led to major casualties for Australian and New Zealand forces during the First World War. Australians and New Zealanders recognise 25 April as a ceremonial occasion to reflect on the cost of war and to remember those who fought and lost their lives for their country. One of the traditions of Anzac Day is the ‘gunfire breakfast’ (coffee with rum added) which occurs shortly after many dawn ceremonies, and recalls the ‘breakfast’ taken by many soldiers before facing battle.
In LME markets, Copper and Lead have started to recover over the last week with gains of 3% and 1.3% respectively. Aluminium and Nickel have improved significantly showing gains of 4.2% and 5.7%. Increases on the metals side have once again been parred by AUD/USD however, which currently stands at 77.44 (compared to 76.04 last week).
****DJ Copper To Go Back To Tracking Fundamentals — Market Talk****
1133 GMT Copper prices closely tracked oil in the first quarter, but there could be some divergence ahead. The metal’s price was buffeted more by investor sentiment than underlying fundamentals in the first three months of the year, yet a stream of increasing bullish data from top consumer China could start to pull the base metal out of oil’s orbit.
“It’s a bit frightening how they’ve tracked each other since the start of the year,” says Caroline Bain, a commodities economist at Capital Economics. “We’ve been through a period where sentiment, particularly towards oil has been having a big impact on the metals … [but] we see copper differentiating itself from oil if the data from China can continue to improve.” (email@example.com)