Shifting global economic leadership back to the US has started to play a role in commodity prices, with base metals and oil leading the way up this week while Australian resource stocks also benefited from a continued slide in the A-dollar.
While it is far too early to declare the US the winner in its trade war with China, the early signs point that way with the US central bank head, Jay Powell, predicting that economic expansion could “continue for quite some time”.
The big miners may be the new superstars of the dividend scene, but this has failed to translate through to any big appetite for their shares over recent months (reports The Australian Financial Review).
A 15% fall in the nickel price from $US7 a pound to $US6/lb over the past two months has not endeared the metal to every investor but there is a gathering of the rich and famous in the nickel sector that is becoming hard, and perhaps unwise, to ignore as big bets are placed on its revival.
Todd River Resources has now confirmed continuous high-grade base metal mineralisation over more 300m at its Mount Hardy project in the Northern Territory, and so far there is every indication the EM1 prospect can continue to grow (reports MiningNews).
He won’t be there, but the shadow of Donald Trump will loom over next week’s Diggers and Dealers forum in Kalgoorlie with falling metal prices caused by his trade war with China likely to dampen optimism at the event, as they have on financial markets this week.
Our most successful “prospector”, Mark Creasy, has broken cover to confirm that his privately held Great Southern Nickel has indeed made what he thinks could be a substantial nickel-copper-cobalt discovery in Western Australia’s Fraser Range.