Another strong day for the likes of BHP Billiton and Rio Tinto after copper prices had their best week for nearly two monthslast week.
Both miners enjoyed strong rises late last week as metal prices recovered and stocks rebounded from the shaking administered by the sharp rise in bond prices early in the week.
With Australian and US bond markets now more positive, after receiving good news from the Reverse Bank Governor, and producer and consumer price indexes respectively, we can expect more of the same in the coming week.
Copper Friday rose for a third day in New York and on the London metal Exchange, jumping five per cent in total for the best week's performance for seven weeks.
Copper is nowrecovering from the sharp drop a couple of weeks ago.(it was up 25 per cent in early May).
World nickel prices recovered the $US40,000 a tonne level after a short slide from more than $50,000 a tonne in the past month.
Gold and silver were also firmer, as was oil.
Core US consumer prices( which exclude food and energy) rose just 0.1 per cent last month after a 0.2 per cent gain in April.
It means inflation is not a problem, and won't be for several months until the Hurricane season swings into its most intense months from late July through September to October.
September copper futures rose 3.3 US cents to $US3.4215/lb on the Comex.
Helping drive prices higher were industrial disputes in Canada and Latin America.
Three months LME copper prices rose to $7,500 a metric ton ($US3.40 a pound).
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Gold and silver had a good end to the week with gains in New York on Friday as the dollar fell on the back of the better than expected consumer price inflation figures.
August gold futures rose $US2.80 to $658.70 an ounce on the Comex in New York, a gain of 1.3 per cent over the week.
July silver futures rose 9.5 US cents to $US13.26 an ounce, up 1.7 per cent in the week and 33 per cent in the past year.
Gold is up just three per cent and 2007 is turning into being a disappointing year for yellow metal bulls. Gold touched $US647 an ounce last Tuesday, the lowest price since March 16.
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LME zinc increased 2.9 per cent to $US3,745 a tonne this week amid concerns about declining stocks, while nickel dipped 0.9 per cent, stabilising after the previous week's sell-off.
Platinum traded at $US1,278 a troy ounce in London on Friday, and London gold rose 1.3 per cent to $US653.80 an ounce over the week.
