Will be interesting to see how the market responds to Alcoa's earnings and more importantly their guidance, which are released after the close tonight.
Some conflicting fundamental signals about at the moment. Financially traded commodities (i.e. copper, aluminium, oil etc) continue to rally higher. However the Baltic Dry index and non finacially traded contracts such as Iron Ore and coking coal continue in the doldrums.
The baltic dry index has actually fallen for the last 18 trading days in a row. Does not give a great impression of any muted pick up in global trade.
Would seem to suggest the rally in financially traded commodities is purely short covering.
chart, page-29
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Last
$42.68 |
Change
-0.470(1.09%) |
Mkt cap ! $216.4B | |||
| Open | High | Low | Value | Volume |
| $42.71 | $43.20 | $42.68 | $463.8M | 10.82M |
Buyers (Bids)
| No. | Vol. | Price($) |
|---|---|---|
| 1 | 13572 | $42.68 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $42.70 | 457 | 1 |
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| Last trade - 16.10pm 28/06/2024 (20 minute delay) ? |
| BHP (ASX) Chart |