News

June 27, 2009

That Was The Week That Was ... In Australia

By Our Man in Oz

Minews. Good morning Australia. It looks like you had another flat week.

Oz. It does, but only if you use the start and finish points as your guide. If you do that you see a fall in the overall metals and mining sector of less than one per cent, and a rise in the all ordinaries index of one tenth of one per cent. Anyone standing back and looking at those numbers might be inclined to yawn. But, if you look at the individual days you get a bit of excitement, and see the trading opportunities that were created on three days that produced an upward trend and two days when things headed south.

Minews. Did any sector stand out, either way?

Oz. Not really. It was a very mixed week with rises and falls scattered throughout the various commodities. Gold trended down, in line with the price of the metal in the opening days of the week. But we can expect better next week after London’s stronger close on Friday. Iron ore stocks were also down, with the odd move up. Same with uranium and coal. It was a slightly better picture among the base metals, with nickel stocks starting to attract...