It’s interesting to note that only a month ago, the Australian Dollar was trading around 1.037, however here we are, now sitting around 0.96 and settling in quite nicely. We can only hope that these new levels quickly become a benefit to our manufacturing sector who have been struggling to fight imports against the high Australian Dollar.

**** DJ MARKET TALK: Copper Technicals Strengthening; China PMI Supports **** By Clementine Wallop @

Copper’s near-term technical outlook is turning more bullish, and the metal may benefit from a relief rally over the next few days following recent losses, particularly given China’s bullish official PMI data released over the weekend, Joyce Liu, investment analyst at Phillip Futures, says. “There’s some strength on the copper chart,” she says, noting that China’s official manufacturing data is so far outweighing bearish HSBC final PMI data in Monday’s trading, as copper is holding in positive territory. This week, base metal prices will take their cue from the U.S., she says, with manufacturing data Monday and Friday’s jobs numbers in focus. Stronger-than-forecast data is likely to fuel selling, as investors anticipate the curtailment of Fed stimulus measures.

**** DJ Copper Hits One-Week High on China Data, Mine Closure **** By Matt Day

NEW YORK–Copper futures climbed Monday after data showed Chinese manufacturing activity accelerated last month and Indonesian officials said a major copper mine could be closed for months following a deadly accident.

The official Chinese purchasing managers’ index showed activity in the country’s manufacturing sector grew in May, bucking expectations for contraction. The surprise gave metals market “a shot in the arm,” traders with RBC Capital Markets said in a note. China accounts for about 40% of global copper consumption.

Copper’s gains on Monday came despite other data showing a more mixed global manufacturing picture. HSBC’s separate gauge of Chinese manufacturing showed the sector shrank last month. Readings on activity in the euro-zone and U.S. both showed contraction.

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