Copper and nickel staged a two-horse race on the Australian stock market this week with copper winning by a nose, but with most companies exposed to the metals enjoying strong support, led by Sandfire Resources in copper and Independence in nickel.
The US dollar gave gold a blood nose this week in a powerful demonstration that America remains the 600-pound gorilla in the financial world, but across the border in Canada there was a conference where another metal shone: copper.
If oil stocks are not part of your investment portfolio then you really ought to start thinking about adding a few because last week saw an acceleration of a re-awakening process that has lifted small oils into the ranks of top performers on the ASX
Resources stocks in Australia trended up over the past week, at least that’s how I saw the market from afar with this edition of Prospector’s Diary being filed from New York where interest in commodities is growing rapidly.
Gold, at least when priced in Australian dollars, saved the day for investors in what was a lacklustre and short trading week of falling values as the threat of a global economic slowdown grew larger and rising US interest rates helped build a wall of worry.