ASX today – Australian shares are heading for more gains in Week 49, up around +0.3% in futures right now on a surge in copper in London. The third-place precious metal may well be the leader into Friday as it hit a fresh record high.
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It certainly was on Wall Street, with the Dow Jones the biggest gainer, +0.9%. London’s bourse wasn’t so lucky and dropped -0.1% up to today’s bell.
The orange precious metal climbed to its all-time high in London trading after mining superpower Glencore trimmed its near-term output targets. The miner does plan to raise output long-term, but has cut now – and that impending shrink in supply has helped copper extend its CY25 surge to December.
(Less relevant for Oz, considering our tech stable, but U.S. stocks also gained after Marvell tipped more chip sales and Macy’s reeled in top profits.)
Let’s take a look at some company news Down Under this morning.
ASX stocks to watch
Under copper’s surge, BHP (ASX:BHP) and Rio Tinto (ASX:RIO) become close watches, especially after each gained +1.5% in London already.
Other producers in the space, like Sandfire Resources (ASX:SFR) and Capstone Copper (ASX:CSC), should also make moves this Thursday.
Elsewhere, Nuix Limited (ASX:NXL) has signed an agreement to acquire Linkurious, a graph-powered “AI decision” platform. Linkurious, based in Paris, builds tech that “allows customers to visually explore graph data.”
Lefroy Exploration (ASX:LEX) has got mining activities at Lucky Strike underway this week, too, with first ore haulage expected sometime in January next year.
And 6K Additive Inc., a U.S.-based metal powders producer, is joining the bourse at 11am this morning, under ticker code “6KA.” The value prop revolves around 6K’s UniMelt microwave plasma tech; it’ll hit at $1/share.
Bendigo Bank (ASX:BEN) has an investor day today, too.
Buck and ore
Now – in forex, the Oz dollar buys 66 U.S. cents.
Looking at commodities, all in the greenback,
Iron Ore is tracking copper, up +0.4% to $104.30 a tonne in Singapore,
Brent Crude gained +0.6%, to $62.83/bbl,
Gold is at $4,212 an ounce, and,
US natgas futures are up +3.4%, to $5 per gigajoule.
That’s HotCopper’s Market Open, I’m Isaac McIntyre – good luck, happy trading.
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