COPPER miner Antofagasta rose nearly £2 last week in anticipation of their quarterly figures. Revenues were up 30 per cent to March on the back of rising copper prices. Although the red metal has fallen from its record high in the first quarter, there are still concerns over short supply. The stock is also not too far away from its all time high of around 1,640p. Capital CFDs quotes 1,307.3p-1,309.7p.
We have non-farm payrolls this Friday and the expectations are 190k – against 244k last month, which still isn’t too bad. The other good news is that unemployment is expected to decrease again from last month’s 8.9 per cent figure. Clients are long of the Dow in anticipation, and Capital CFDs quotes 12,469-12,471.
The weakened outlook for the greenback is boosting all assets denominated in dollars, including gold, while the ongoing sovereign debt worries in Europe are encouraging flows into the classic safe haven too. The brief foray below $1,500 an ounce didn't mark a reversion, with opportunistic traders buying off the dip. Instead, all-time highs from the start of May around $1,575 will be the next level to aim for. Current IG Markets price is $1526.53-$1527.03
MINT POLO IN THE PARK
Next weekend will see three days of polo at the historic Hurlingham club. As sponsors of Team Sydney, IG Index is offering spreads on the possible winners of the tournament. All eyes are on City A.M. Team New York, last year’s winners. Spreads are offered as a binary market, meaning that if the team wins, it makes up at 100. If it doesn’t win, it makes up at 0.
● MINT Team London – 15-17
● Gaucho Team Buenos Aires – 17-19
● City A.M. Team New York – 21-23
● IG Index Team Sydney – 18-20
● Okritie Team Moscow – 12-14
● Team Abu Dhabi – 11-13