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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: stevenallen who wrote (16178)	7/5/2004 1:39:46 PM
From: russwinter	Read Replies (1) \| Respond to of 110194

Looks like the Pinocchio effect commodity rally is solidly underway: kitcometals.com And story: Canadian Resource Stocks May Rise as Commodity Prices Climb July 5 (Bloomberg) -- Canadian stocks may rise, led by resource producers such as EnCana Corp. and Teck Cominco Ltd., as commodity prices climbed in London trading. ``The Canadian market is largely about gold, gas and oil,'' said Steven Gold, who helps manage the equivalent of $250 million for Toronto's Leeward Hedge Funds. ``People are bullish about those commodities, so we'll see foreign money coming into our market to buy those stocks.'' The Standard & Poor's/TSX Composite Index has advanced 3.2 percent this year, helped by an 8.8 percent jump by oil-and-gas stocks. Raw-materials producers, including miners of gold and copper, have slumped 5.9 percent since Jan. 1 after climbing last year. Less trading is expected today at markets such as the Toronto Stock Exchange and the London Metal Exchange because U.S. markets are closed for the Independence Day holiday. Crude oil futures rose 62 cents to $36.65 a barrel in London trading as Iraqi exports were cut by half for a third day after a pipeline ruptured Saturday. Iraq is the Middle East's fifth- largest oil-producing nation. Natural gas prices also rose in the U.K. EnCana, Goldcorp EnCana, Canada's biggest gas producer, may rise 30 cents to C$57.50, according to bids for shares already placed at the Toronto Stock Exchange. Talisman Energy Inc., which produces oil and natural gas in Canada, Asia, the North Sea and Africa, is poised to climb 40 cents to C$29.70. Gold stocks may gain as bullion rose for a fourth day in London, rising $1.20 to $398.85 an ounce. A slowdown in U.S. job growth for June led to a fall in the country's dollar, making the dollar-priced precious metal more attractive. Wheaton River Minerals Ltd., which is the target of a hostile takeover offer from U.S. silver miner Coeur d'Alene Mines Corp., may rise 6 cents to C$3.87. Goldcorp Inc., Canada's fourth- largest gold producer, was shown adding 4 cents to C$15.85. Copper Teck Cominco, which mines for metals including gold and copper, was shown rising 56 cents to C$23.90. Other copper producers that may gain include Inco Ltd. and Inmet Mining Corp. Copper advanced 1.6 percent to a four-week high in London as speculators bought the metal amid threats of mine strikes and expectations of volatility. Workers at the Dona Ines de Collahuasi mine in Chile, the country's third largest, postponed a strike on Friday to continue wage talks with management. Grupo Mexico, the world's No. 3 copper producer, is in pay negotiations with workers at two Arizona mines and a Texas smelter belonging to its Asarco unit. Hedge funds boosted their holdings in copper futures in New York last week for the first time in four weeks, a report from the U.S. Commodity Futures Trading Commission showed.