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Market:	ASX 200
Sector:	Investments and Funds
EPIC:	XJO

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Australia Market Wrap

A summary of all the major stories on the Australian Stock Exchange

Aussie stocks set for rise

Monday, September 06, 2010 by Proactive Investors

Ahead of the Labor Day holiday in the U.S, the Dow Jones industrial average on Friday kicked jumped 128 points, its fourth straight day of gains.

The Australian market is expected to firm today with the futures contract ahead by 50 points in pre-trading.

A better-than-expected report on employment Friday was the latest piece of improving news on the U.S. economy. Stocks also gained earlier this week following signs that manufacturing was gaining in the U.S. and China.

Copper prices increased to their highest level after gains in U.S. , China, India, and Brazil manufacturing. Growth in maufacturing created new hope for an improving U.S and global economic recovery.

Traders were encouraged after two reports showed improving manufacturing activity in the U.S. and China. Manufacturing has been one of the strongest parts of the U.S. economy as it emerges from recession.

US copper finished slightly higher, coming off four-month highs as tepid US service sector data cooled a market that had jumped on employment data that was not as weak as many had feared.

Copper for December delivery finished up 0.45 US cent, or 0.13 per cent, at $US3.50 per pound on the COMEX metals division of the New York Mercantile Exchange.

Copper came off highs when some participants trimmed positions ahead of a long US holiday weekend. COMEX will be closed on Monday for the Labor Day long weekend.

Copper prices got an early boost from the US non-farm payrolls report, but the rally fizzled when data showed the Institute for Supply Management's index measuring US non-manufacturing sector grew less than expected in August.

Gold ended lower on Friday, with the December contract settling down $US2.30 at $US1251.10 an ounce.

Silver climbed to its highest level since March 2008 as industrial metals rallied on a US labour market report that was much less weak than feared. The December contract settled down 27.7 US cents at $US19.949.\

Ferrochrome price has increased by 5% and high carbon ferrochrome has also raised by USD 1.16 to USD 1.23 per lb. Chrome ore prices rose in China, India, Albania, Turkey and South Africa.

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