In what is arguably one of the most important days of the year in respect to our countries short history, we wish you a safe and happy ANZAC Day for tomorrow. Whether you’re at the Dawn Service, watching it on TV, or just playing 2 up with your mates, have a great day and most importantly, remember the sacrifices that were made for us to be able to live the lives that we all enjoy today. Take a look at the article at the end of our market update, “How much do you really know about the ANZACS?”
**** LEST WE FORGET ****
The markets have remained reasonably steady throughout the week, although slight falls have been seen on many of our major indices. The Australian dollar has continued to trade in the realm of 1.03….. which has also helped markets remain quite steady.
**** DJ BASE METALS: LME Metals Slide On Weak Sentiment, Strong Dollar ****
–Base metals drop on weak sentiment, strong dollar –Poor China, euro zone PMI readings add to negative tone –Near-term risks for copper remain on downside, say analysts
By Rhiannon Hoyle of DOW JONES NEWSWIRES
LONDON (Dow Jones)–Base metals are lower on the London Metal Exchange Monday as a weak appetite for risky investments, and a subsequently stronger U.S. dollar, weigh on the industrial commodities, with industry participants tipping a further pullback for prices in the near-term. Base metals are denominated in U.S. dollars, and subsequently tend to fall in line with the euro when the greenback rises. Chinese manufacturing data added to the negative tone, with the preliminary HSBC Manufacturing Purchasing Managers Index for April showing an increase to 49.1 compared with a final reading of 48.3 in March. A figure below 50 reflects a contraction in activity.
Bearish sentiment dominated the Cesco copper conference in Chile last week and expectations are that the near-term risk for the red metal remains on the downside, said Macquarie analysts in a note. Still, they said physical market conditions are notably better than financial market sentiment reflects. “With Chinese market conditions improving and the copper concentrate market remaining fundamentally tight, the scene is set for a better copper price outlook in the second half, such that any further second-quarter falls could prove a good buying opportunity,” they said.