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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers -- Ignore unavailable to you. Want to Upgrade?

To: LoneClone who wrote (38029)	4/11/2007 9:29:10 AM
From: LoneClone	Read Replies (1) \| Respond to of 78421

North American Markets to Pay Attention to Commodities By The Canadian Press 10 Apr 2007 at 10:00 AM GMT-04:00 resourceinvestor.com TORONTO (CP) -- North American stock markets will take their cue from a strong performance last week and grapple with questionable strength in commodities prices as they seek direction in what could otherwise be a quiet post-Easter trading week. Lingering uncertainty over crude oil prices will be a focus for investors who will be watching to see whether it remains above the $64 mark. John Johnston, chief strategist for The Harbour Group at RBC Dominion Securities, expects that oil will edge down in the wake of the British-Iranian hostage situation, which ended with the release of the 15 sailors and marines on Thursday. "The selloff in oil has been very mild. "There certainly seems to be room for maybe a bit more of a pullback in oil prices, towards maybe $61 or $62," he said. Meanwhile, base metal prices will be of particular interest after the price of nickel jumped to new highs. Last Thursday, nickel was driven to a second-consecutive records day, hitting $50,000 U.S. a tonne on the London Metal Exchange. Skyrocketing prices have been fuelled by reports that nickel inventories have shrunk to half a day's supply. Nickel has more than doubled its value over the last year. The Jinchuan Group, China's biggest nickel producer, criticized price advances last week, saying that they were unrealistic and would only plummet in due time. Bullion has also muscled its way upwards, closing last week at $679.40 an ounce, its highest price since Feb. 27. Last week's robust U.S. jobs report curbed hopes that central bankers will cut rates anytime soon. Investors will get a better idea of what the Fed's next move will be when it releases minutes of its most recent meeting on Wednesday. © The Canadian Press 2007