Key commodity price action for AUD traders and latest fundamentals - ANZ

Analysts at ANZ noted the activity around key commodities for Australia/China.

• AUD/USD bears lurking, looking to extend downside towards 0.7455?

Key Quotes:

"Base metals prices climbed after a report showed US durable goods increased more than expected in February. Copper prices also received a boost from reports that workers at Southern Copper’s Peruvian copper operations are about to start a strike. Workers are seeking a higher share of profits, embolden by the actions of other workers in the region. Prices were under pressure earlier in the trading day after news that Indonesia given approval to Freeport to export copper concentrate. The temporary licence is valid for eight months, with Freeport expected to resume in the coming weeks.

Iron ore prices rose slightly but failed to settle above USD80/t. With markets closed in China, physical trading has been relatively subdued.

Coking coal prices edged higher, with the physical market taking stock after news on Monday that Queensland coal exports would be heavily curtailed for at least 5 weeks. Reports that mines are back up and running quashed earlier fears of a complete shutdown of the industry. Port stocks are also expected to buffer some of the impact of the shutdown of the rail network."