Good afternoon
The Chinese PMI has been in positive territory again, for the second month in a row - providing good support for commodities today.
The Index of LME-traded base metals has entered into a bull market, being up by more than 20% since the lows of January this year....Following a lacklustre start to the week in Asia, metals are moving higher in London...
Some relief for Deutsche Bank today...stock is strong - but I do not see this as a real change of trend....the problems are not solved!
May is setting a clearer time table for BREXIT...so far, the effects of it have been very limited...But financial instituitions are just watching, for now. I remain of the view, that it will have pretty bad consequences for London...we will find ou!
Uranium has made a fresh 11-year low, falling to just 22.50 US$/lb....Not many companies would be making money at these prices, but as you know, the contract price ( longer term price, under which the majority of uranium is being delivered generally ) is still at about 39 US$/lb.
Power has not been fully restored as yet to South Australia, following a storm-induced failure on Thursday afternoon. Mines like Olympic Dam of BHP are still on care and maintenance....Full deivery of power should start very soon again
Highfield - the head of teh socialist party in Spain, Sanchez, has resigned. He did not have the support of the majority of his party anymore, to continue with his un-compromising policy, which stopped the conservative party to form a new government. It is highly likely now, that Rajoy will be forming a socialist-tolerated, conservative minority government. We all hope, that the 9-month stand-still of Spanish politics will come to an end soon, resultinmg also in enviromental approval for Highfield´s new potash mine in Northern Spain.
Berkeley Energia - big jump in London today...trading at the equivalent of 93ct in Australia! Stock has been tipped in the Sunday Times!
Not much to report otehrwise on a quiet day!
Have a nice evening
WS