Daily ASX Market Open: Commodity prices to weigh | June 4, 2024

ASX News Market Summary
04 Jun 2024 09:40 (AEST)

The pricing of key commodities will matter this morning – as both iron ore and oil futures dropped on overseas markets overnight and that’s set to weigh on the ASX200.

Futures suggests the index will tip just slightly into the red (0.13%).

Lower manufacturing data had a hard landing in the US, showing demand had contracted. The Dow Jones traded down. However, despite this, the S&P500 managed to push ahead and the Nasdaq lifted about half a per cent, mostly thanks to Nvidia’s 5% hike on launching its next generation AI chips.

Back home, device tracking company, Life360 (ASX:360) has launched its prospectus for an IPO in the US, as it works towards a Nasdaq listing; and, Brisbane-based mineral and silica sands company Diatreme Resources (ASX:DRX) extended the offer period as it pursues an off-market takeover of Metallica Minerals (ASX:MLM). That’ll now close on June 14.

One Aussie dollar is buying 66.9 US cents. Bitcoin has run up nearly 1.6 per cent to just below US$69000 which equates to well above AUD$103,000.

Uranium’s shed about 1.5% to around US$88.60 a pound, copper’s up about the same amount to US$4.68, and despite the news from Singapore, Iron Ore’s still holding above US$117.50 a tonne today.

Brent crude has been down 3.7 per cent to around US$78 a barrel, gold has lifted about a per cent to US$2350.62 and natural gas added more than 6.5% to around $2.75 a gigajoule.


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