daytrades march 30 pre-market

Morning traders.

Market wrap: A strong night on commodity markets and solid gains for U.S. equities point to a fresh 10-week high for local shares this morning.

Futures traders expect our market to open 16 points ahead, which would be the strongest open since mid-January. The June SPI futures contract closed at 4939.

Wall Street was cheered by fresh evidence of economic recovery and a second day of declines in the U.S. dollar, which made dollar-denominated commodities cheaper for foreign investors. The S&P 500 rallied 0.57%, the Dow 0.42% and the Nasdaq 0.39%.

The BNY Mellon Australia Classic ADR Index, which tracks Australian companies listed on American stock indexes or sold over the counter in the U.S., surged 2% overnight to a fresh 2010 high.

Consumer spending in America rose for a fifth straight month in February, rising 0.3%, and offering further evidence that this slow recovery remains on track. Personal income data were unchanged from the month before.

The euro was boosted by news that Greece successfully sold 7-year bonds to fund its debts as planned, albeit at a hefty premium. The dollar index, which measures the greenback against a trade-weighted basket of major currencies, fell 0.15%. Currency markets showed little reaction to bombings in Moscow.

Energy was the standout sector on the S&P 500 as crude oil futures bounced back from three days of losses, surging 3% or $2.42 to $82.42, near to January's 2010 high. U.S. inventory data is due tonight and tomorrow.

Precious metals were boosted by a World Gold Council report that Chinese demand for gold could double in the next decade. The spot price has pared gains in the last few hours to trade recently at $1,110.50 an ounce, a rise of $3.80 on Friday's New York closing price. Silver and platinum also advanced.

Industrial metals had a boom night, with copper breaking out to its highest level in 19 months, nickel at a fresh 21-month high and gains for other metals. In London, copper jumped 3.7%, aluminium 2.7%, lead 1.7%, nickel 1.3%, tin 1.3% and zinc 4.7%.

Copper stocks in London have fallen every day this month, suggesting improving demand. "The inventory numbers are starting to catch people's attention," A U.S. analyst told Reuters.

Most of the major European markets pared early gains. Britain's FTSE added 0.13%, Germany's DAX 0.6% and France's CAC closed unchanged.

TRADING THEMES TODAY

COPPER: The long-awaited breakout from the old trading range happened overnight. Evidence of falling stockpiles every day this month suggests the short-term outlook for the "metal with the degree in economics" is very healthy. It's also a positive sign for the recovering global economy. Read more here: http://www.forexyard.com/en/news/METALS-Copper-to-19-month-high-on-dollar-demand-outlook-2010-03-29T194455Z

ECONOMIC NEWS: A thin 24 hours ahead for economic news. RBA Assistant Governor Guy Debelle is due to address the Australian Mortgage Innovation Forum at 9.10 am. In the U.S. tonight: consumer confidence and the S&P House Price Index.

CORRECTION: I wrote yesterday that U.S. markets were open on Friday when monthly jobs figures are released. Wrong - they're closed. I should have said U.S. markets trade on Easter Monday, a day earlier than our market. Apologies for the mistake.

Good luck to all.