Market Close To 5,000
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Australian shares paused yesterday & #160;on the edge of the 5,000 point mark & #160;for the second time & #160;this year.The & #160;ASX200 index ended up 7.2 points at 4960.9 points, while the broader All Ordinaries added 9.1 points to 4983.2 points.The ASX 200 hit an intra day peak of 4.971 and the close of 4960.9 was the highest this year, topping the previous closing high & #160;in mid January of 4951.The All Ords hit an intra day high of 4,992, the highest since mid January when it hit 4, 984 points.But a big fall on world markets overnight will see our market down today at the start and probably for the day.Driving the market yesterday was a series of bullish prices for major commodities, such as copper, oil nickel and iron ore.BHP Billiton & #160;is reported to have secured a 99.7% price rise from its Asian iron ore customers for the April-June quarter, according to & #160;Macquarie Bank.Citing steel industry sources in Japan, the bank's commodities analysts said that BHP's & #36;US120.08 a tonne for Pilbara fines iron ore & quot;represents a massive 99.7% rise over 2009 Japanese fiscal year contracts & quot;.Taking into account current freight rates, the settlement would result in Australian iron ore landing at around US & #36;131.50/tonne on a delivered Asia basis, a 22% discount to current spot levels, the bank said.Macquarie said it understands that prices for BHP's & quot;lump & quot; iron ore were settled at & #160; & #36;US135 a tonne tone for the March-June quarter, 88% above 2009 levels.Lump ore is preferred by the Japanese mills, fines by mills in China.BHP said last week that it had reached agreement with a significant number of customers in Asia to move existing iron ore contracts that were previously priced annually onto shorter term pricing arrangements.But no price details were revealed. & #160;The spot price for iron ore hit & #36;US162 a tonne this week.BHP shares eased 6 cents yesterday to & #36;44.57, Rio Tinto shares rose 22c to & #36;80.86.The news comes as copper prices topped the & #160; & #36;US8,000 a tonne level in London, leading other metals to their highest levels in 20 months.Copper prices at the London Metal Exchange on Tuesday rose to & #36;US8,010 a tonne, the highest level since August 2008 and up 90%. & #160;London metal Exchange copper has only traded above the & #36;US8,000 a tonne level during phases of strong economic activity, including the first half of 2008 and briefly in & #160;2006 and 2007.It hit an-all time high of & #36;US8,940 a tonne in July 2008. & #160;
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Daniel Kertcher established Platinum Pursuits in 2001 as a vehicle in which to share his knowledge of strategies to use the financial markets to grow wealth, with the aim of achieving financial freedom by making your money work for you.
His argument is that until you become financially literate and develop a method where you're able to get a reasonable return on your capital (i.e. making your money work for you), you will instead be forever working hard for your money.
Daniel Kertcher personally achieved financial freedom at a relatively young age, through his knowledge of property and then financial markets investing. Through using Options and leveraged instruments such as CFDs, Daniel developed a system to trade the markets where he could benefit from the leverage when the trade went in the direction he predicted, and hedged his positions so that there was a limited downside risk.
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To be truly financially literate, it can pay to explore all the options available when you are in a position to try to get ahead in life. Daniel currently presents free introductory seminars nationally on selected dates from February to November. |
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